XML 13 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Net sales $ 2,507,000,000 $ 2,272,000,000 $ 6,914,000,000 $ 6,880,000,000
Cost of sales 1,466,000,000 1,380,000,000 4,158,000,000 4,084,000,000
Gross margin 1,041,000,000 892,000,000 2,756,000,000 2,796,000,000
Operating expenses:        
Selling, general and administrative expenses 302,000,000 307,000,000 1,104,000,000 960,000,000
Research, development and engineering expenses 187,000,000 181,000,000 569,000,000 561,000,000
Amortization of purchased intangibles 17,000,000 12,000,000 46,000,000 40,000,000
Restructuring, impairment and other charges 0 0 78,000,000 0
Operating income 535,000,000 392,000,000 959,000,000 1,235,000,000
Equity in earnings of affiliated companies 19,000,000 39,000,000 119,000,000 195,000,000
Interest income 9,000,000 6,000,000 21,000,000 16,000,000
Interest expense (41,000,000) (38,000,000) (122,000,000) (101,000,000)
Translated earnings contract (loss) gain, net (237,000,000) (149,000,000) (2,295,000,000) 42,000,000
Gain 0 2,676,000,000 0
Other expense, net (28,000,000) (32,000,000) (70,000,000) (70,000,000)
Income before income taxes 257,000,000 218,000,000 1,288,000,000 1,317,000,000
Income tax (provision) benefit 27,000,000 (6,000,000) 835,000,000 (202,000,000)
Net income attributable to Corning Incorporated $ 284,000,000 $ 212,000,000 $ 2,123,000,000 $ 1,115,000,000
Earnings per common share attributable to Corning Incorporated:        
Basic (Note 6) (in dollars per share) $ 0.27 $ 0.16 $ 1.96 $ 0.84
Diluted (Note 6) (in dollars per share) 0.26 0.15 1.81 0.82
Dividends declared per common share (1) (in dollars per share) [1] $ 0.135 $ 0.12 $ 0.405 $ 0.24
[1] The first quarter 2015 dividend was declared on December 3, 2014.