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Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net sales [1] $ 9,111 $ 9,715 $ 7,819
Cost of sales 5,458 5,663 4,495
Gross margin 3,653 4,052 3,324
Operating expenses:      
Selling, general and administrative expenses 1,523 1,211 1,126
Research, development and engineering expenses 769 815 710
Amortization of purchased intangibles 54 33 31
Restructuring, impairment and other charges (Note 2)   71 67
Asbestos litigation (credit) charges (Note 7) (15) (9) 19
Operating income 1,322 1,931 1,371
Equity in earnings of affiliated companies (Note 7) 299 266 547
Interest income 21 26 8
Interest expense (140) (123) (120)
Transaction-related gain, net (Note 8)   74  
Foreign currency hedge gain, net 85 1,411 622
Other (expense) income, net (101) (17) 45
Income before income taxes 1,486 3,568 2,473
Provision for income taxes (Note 6) (147) (1,096) (512)
Net income attributable to Corning Incorporated $ 1,339 $ 2,472 $ 1,961
Earnings per common share attributable to Corning Incorporated:      
Basic (Note 18) (in Dollars per share) $ 1.02 $ 1.82 $ 1.35
Diluted (Note 18) (in Dollars per share) 1.00 1.73 1.34
Dividends declared per common share (1) (in Dollars per share) [2] $ 0.36 $ 0.52 $ 0.39
[1] Net sales are attributed to countries based on location of customer.
[2] The first quarter 2015 dividend was declared on December 3, 2014.