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Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2017
Reportable Segments [Abstract]  
Reportable Segments





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Display

 

Optical

 

Environmental

 

Specialty

 

Life

 

All

 

 

 



 

Technologies

 

Communications

 

Technologies

 

Materials

 

Sciences

 

Other

 

Total

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

 748 

 

$

 882 

 

$

 263 

 

$

 337 

 

$

 221 

 

$

 46 

 

$

 2,497 

Depreciation (1)

 

$

 130 

 

$

 48 

 

$

 31 

 

$

 31 

 

$

 13 

 

$

 10 

 

$

 263 

Amortization of purchased
   intangibles

 

 

 —

 

$

 11 

 

 

 —

 

 

 —

 

$

 5 

 

$

 2 

 

$

 18 

Research, development and
   engineering expenses (2)

 

$

 23 

 

$

 40 

 

$

 27 

 

$

 37 

 

$

 6 

 

$

 52 

 

$

 185 

Income tax (provision)
   benefit

 

$

 (86)

 

$

 (52)

 

$

 (16)

 

$

 (28)

 

$

 (7)

 

$

 30 

 

$

 (159)

Net income (loss) (3)

 

$

 211 

 

$

 101 

 

$

 32 

 

$

 56 

 

$

 14 

 

$

 (58)

 

$

 356 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Display

 

Optical

 

Environmental

 

Specialty

 

Life

 

All

 

 

 



 

Technologies

 

Communications

 

Technologies

 

Materials

 

Sciences

 

Other

 

Total

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

 801 

 

$

 782 

 

$

 259 

 

$

 266 

 

$

 215 

 

$

 37 

 

$

 2,360 

Depreciation (1)

 

$

 149 

 

$

 43 

 

$

 33 

 

$

 27 

 

$

 13 

 

$

 11 

 

$

 276 

Amortization of purchased
   intangibles

 

 

 

 

$

 8 

 

 

 

 

 

 

 

$

 5 

 

$

 2 

 

$

 15 

Research, development and
   engineering expenses (2)

 

$

 17 

 

$

 36 

 

$

 26 

 

$

 34 

 

$

 6 

 

$

 45 

 

$

 164 

Income tax (provision)
   benefit

 

$

 (86)

 

$

 (39)

 

$

 (19)

 

$

 (19)

 

$

 (8)

 

$

 23 

 

$

 (148)

Net income (loss) (3)

 

$

 204 

 

$

 77 

 

$

 37 

 

$

 38 

 

$

 17 

 

$

 (55)

 

$

 318 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Display

 

Optical

 

Environmental

 

Specialty

 

Life

 

All

 

 

 



 

Technologies

 

Communications

 

Technologies

 

Materials

 

Sciences

 

Other

 

Total

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

 1,484 

 

$

 1,700 

 

$

 538 

 

$

 637 

 

$

 431 

 

$

 82 

 

$

 4,872 

Depreciation (1)

 

$

 259 

 

$

 93 

 

$

 62 

 

$

 60 

 

$

 25 

 

$

 22 

 

$

 521 

Amortization of purchased
   intangibles

 

 

 

 

$

 22 

 

 

 

 

 

 

 

$

 10 

 

$

 3 

 

$

 35 

Research, development and
   engineering expenses (2)

 

$

 42 

 

$

 77 

 

$

 52 

 

$

 73 

 

$

 12 

 

$

 104 

 

$

 360 

Income tax (provision)
   benefit

 

$

 (188)

 

$

 (97)

 

$

 (30)

 

$

 (52)

 

$

 (15)

 

$

 55 

 

$

 (327)

Net income (loss) (3)

 

$

 460 

 

$

 183 

 

$

 63 

 

$

 104 

 

$

 31 

 

$

 (111)

 

$

 730 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Display

 

Optical

 

Environmental

 

Specialty

 

Life

 

All

 

 

 



 

Technologies

 

Communications

 

Technologies

 

Materials

 

Sciences

 

Other

 

Total

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

 1,506 

 

$

 1,391 

 

$

 523 

 

$

 493 

 

$

 419 

 

$

 75 

 

$

 4,407 

Depreciation (1)

 

$

 300 

 

$

 84 

 

$

 65 

 

$

 55 

 

$

 28 

 

$

 22 

 

$

 554 

Amortization of purchased
   intangibles

 

 

 

 

$

 15 

 

 

 

 

 

 

 

$

 10 

 

$

 4 

 

$

 29 

Research, development and
   engineering expenses (2)

 

$

 35 

 

$

 73 

 

$

 51 

 

$

 65 

 

$

 12 

 

$

 92 

 

$

 328 

Income tax (provision)
   benefit

 

$

 (179)

 

$

 (50)

 

$

 (35)

 

$

 (31)

 

$

 (14)

 

$

 66 

 

$

 (243)

Net income (loss) (3)

 

$

 413 

 

$

 94 

 

$

 71 

 

$

 64 

 

$

 29 

 

$

 (140)

 

$

 531 



(1)

Depreciation expense for Corning’s reportable segments includes an allocation of depreciation of corporate property not specifically identifiable to a segment.

(2)

Research, development and engineering expenses include direct project spending that is identifiable to a segment.

(3)

Many of Corning’s administrative and staff functions are performed on a centralized basis.  Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function.  Other staff functions, such as corporate finance, human resources and legal, are allocated to segments, primarily as a percentage of sales.  Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income to consolidated net income below.
Reconciliation of Reportable Segment Net Income to Consolidated Net Income





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended

 

Six months ended



 

June 30,

 

June 30,



 

2017

 

2016

 

2017

 

2016

Net income of reportable segments

 

$

 414 

 

$

 373 

 

$

 841 

 

$

 671 

Net loss of All Other

 

 

 (58)

 

 

 (55)

 

 

 (111)

 

 

 (140)

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Net financing costs (1)

 

 

 (26)

 

 

 (29)

 

 

 (52)

 

 

 (58)

Stock-based compensation expense

 

 

 (11)

 

 

 (14)

 

 

 (25)

 

 

 (23)

Exploratory research

 

 

 (23)

 

 

 (28)

 

 

 (47)

 

 

 (55)

Corporate contributions

 

 

 (6)

 

 

 (16)

 

 

 (22)

 

 

 (23)

Gain on realignment of equity investment

 

 

 

 

 

 2,676 

 

 

 

 

 

 2,676 

Equity in earnings of affiliated companies (2)

 

 

 31 

 

 

 48 

 

 

 110 

 

 

 104 

Unrealized loss on foreign currency hedges
   related to translated earnings

 

 

 148 

 

 

 (1,253)

 

 

 (370)

 

 

 (2,203)

Resolution of Department of Justice investigation

 

 

 

 

 

 (98)

 

 

 

 

 

 (98)

Income tax benefit

 

 

 15 

 

 

 653 

 

 

 233 

 

 

 1,054 

Other corporate items 

 

 

 (45)

 

 

 (50)

 

 

 (32)

 

 

 (66)

Net income

 

$

 439 

 

$

 2,207 

 

$

 525 

 

$

 1,839 



(1)

Net financing costs include interest income, interest expense, and interest costs and investment gains and losses associated with benefit plans.

(2)

For the periods ending June 30, 2017, the amounts represent the equity earnings of HSG.  For the periods ending June 30, 2016, the amounts primarily represent equity earnings from Dow Corning.  Refer to Note 7, Investments, for additional information.