Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Major Categories of Financial Assets and Liabilities Measured on a Recurring Basis



			Fair value measurements at reporting date using
			Quoted prices in	Significant other		Significant
			active markets for	observable		unobservable
	June 30,		identical assets	inputs		inputs
	2017		(Level 1)	(Level 2)		(Level 3)

Current assets:
Other current assets (1)(2)	$	521		$	227	$	294
Non-current assets:
Other assets (1)	$	50		$	50

Current liabilities:
Other accrued liabilities (1)(3)	$	46		$	43	$	3
Non-current liabilities:
Other liabilities (1)(3)	$	378		$	358	$	20

(1)

Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities.

(2)

Other assets include a contingent consideration asset which was measured by applying an option pricing model using projected future Corning Precision Materials’ revenues.

(3)

Other accrued liabilities and other liabilities include contingent consideration that was measured using unobservable (Level 3) inputs. As of June 30, 2017 the fair value of the contingent consideration payables is $23 million.



			Fair value measurements at reporting date using
			Quoted prices in	Significant other		Significant
			active markets for	observable		unobservable
	December 31,		identical assets	inputs		inputs
	2016		(Level 1)	(Level 2)		(Level 3)

Current assets:
Other current assets (1)	$	435		$	435
Non-current assets:
Other assets (1)(2)	$	464		$	175	$	289

Current liabilities:
Other accrued liabilities (1)	$	88		$	88
Non-current liabilities:
Other liabilities (1)	$	282		$	282

(1)

Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities.

(2)

Other assets include asset-backed securities which are measured using observable quoted prices for similar assets and a contingent consideration asset which was measured by applying an option pricing model using projected future Corning Precision Materials’ revenues.