Note 8 - Investments

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

8.      Investments

Dow Corning Corporation (“Dow Corning”)

Dow Corning is a U.S.-based manufacturer of silicone products.  Dow Corning’s results of operations follow (in millions):

	Three months ended March 31,
	2015		2014
Statement of Operations:
Net sales	$	1,364	$	1,524
Gross profit (1)	$	358	$	483
Net income attributable to Dow Corning	$	185	$	191
Corning’s equity in earnings of Dow Corning	$	92	$	92

(1) Gross profit for the three months ended March 31, 2015 includes research and development costs of $62 million (2014: $67 million).

Dow Corning’s net income in the first quarters of 2015 and 2014 includes pre-tax gains on settlements of long-term sales agreements in the amounts of $178 million and $32 million, respectively, and a pre-tax loss of $27 million and a pre-tax gain of $99 million, respectively, on a derivative instrument.