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Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2018
Reportable Segments [Abstract]  
Reportable Segments





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Display

 

Optical

 

Specialty

 

Environmental

 

Life

 

All

 

 

 



 

Technologies

 

Communications

 

Materials

 

Technologies

 

Sciences

 

Other

 

Total

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment net sales

 

$

 780 

 

$

 1,023 

 

$

 343 

 

$

 317 

 

$

 245 

 

$

 51 

 

$

 2,759 

Depreciation (1)

 

$

 146 

 

$

 53 

 

$

 35 

 

$

 30 

 

$

 13 

 

$

 10 

 

$

 287 

Research, development and
   engineering expenses (2)

 

$

 27 

 

$

 51 

 

$

 41 

 

$

 29 

 

$

 5 

 

$

 59 

 

$

 212 

Income tax (provision)
   benefit

 

$

 (51)

 

$

 (41)

 

$

 (17)

 

$

 (14)

 

$

 (8)

 

$

 21 

 

$

 (110)

Segment net income (loss) (3)

 

$

 192 

 

$

 150 

 

$

 64 

 

$

 54 

 

$

 31 

 

$

 (78)

 

$

 413 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Display

 

Optical

 

Specialty

 

Environmental

 

Life

 

All

 

 

 



 

Technologies

 

Communications

 

Materials

 

Technologies

 

Sciences

 

Other

 

Total

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment net sales

 

$

 777 

 

$

 882 

 

$

 337 

 

$

 263 

 

$

 221 

 

$

 47 

 

$

 2,527 

Depreciation (1)

 

$

 130 

 

$

 48 

 

$

 31 

 

$

 31 

 

$

 13 

 

$

 10 

 

$

 263 

Research, development and
   engineering expenses (2)

 

$

 23 

 

$

 40 

 

$

 37 

 

$

 27 

 

$

 6 

 

$

 52 

 

$

 185 

Income tax (provision)
   benefit

 

$

 (59)

 

$

 (35)

 

$

 (19)

 

$

 (10)

 

$

 (6)

 

$

 16 

 

$

 (113)

Segment net income (loss) (3)

 

$

 226 

 

$

 128 

 

$

 70 

 

$

 38 

 

$

 22 

 

$

 (62)

 

$

 422 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Display

 

Optical

 

Specialty

 

Environmental

 

Life

 

All

 

 

 



 

Technologies

 

Communications

 

Materials

 

Technologies

 

Sciences

 

Other

 

Total

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment net sales

 

$

 1,525 

 

$

 1,909 

 

$

 621 

 

$

 639 

 

$

 477 

 

$

 101 

 

$

 5,272 

Depreciation (1)

 

$

 290 

 

$

 105 

 

$

 68 

 

$

 59 

 

$

 27 

 

$

 21 

 

$

 570 

Research, development and
   engineering expenses (2)

 

$

 50 

 

$

 100 

 

$

 80 

 

$

 58 

 

$

 10 

 

$

 116 

 

$

 414 

Income tax (provision)
   benefit

 

$

 (100)

 

$

 (71)

 

$

 (29)

 

$

 (28)

 

$

 (15)

 

$

 41 

 

$

 (202)

Segment net income (loss) (3)

 

$

 377 

 

$

 259 

 

$

 110 

 

$

 106 

 

$

 58 

 

$

 (152)

 

$

 758 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Display

 

Optical

 

Specialty

 

Environmental

 

Life

 

All

 

 

 



 

Technologies

 

Communications

 

Materials

 

Technologies

 

Sciences

 

Other

 

Total

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment net sales

 

$

 1,559 

 

$

 1,700 

 

$

 637 

 

$

 538 

 

$

 431 

 

$

 83 

 

$

 4,948 

Depreciation (1)

 

$

 259 

 

$

 93 

 

$

 60 

 

$

 62 

 

$

 25 

 

$

 22 

 

$

 521 

Research, development and
   engineering expenses (2)

 

$

 42 

 

$

 77 

 

$

 73 

 

$

 52 

 

$

 12 

 

$

 104 

 

$

 360 

Income tax (provision)
   benefit

 

$

 (124)

 

$

 (65)

 

$

 (34)

 

$

 (22)

 

$

 (12)

 

$

 31 

 

$

 (226)

Segment net income (loss) (3)

 

$

 471 

 

$

 238 

 

$

 127 

 

$

 82 

 

$

 46 

 

$

 (122)

 

$

 842 

(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 (loss) income below.













A reconciliation of reportable segment and All Other net sales to consolidated net sales follows (in millions):





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended

 

Six months ended



 

June 30,

 

June 30,



 

2018

 

2017

 

2018

 

2017

Net sales of reportable segments and All Other

 

$

 2,759 

 

$

 2,527 

 

$

 5,272 

 

$

 4,948 

     Impact of foreign currency movements (1)

 

 

 (12)

 

 

 (30)

 

 

 (25)

 

 

 (76)

Net sales

 

$

 2,747 

 

$

 2,497 

 

$

 5,247 

 

$

 4,872 



(1)This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment.



Reconciliation of Reportable Segment and All Other Net Sales to Consolidated Net Sales)



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended

 

Six months ended



 

June 30,

 

June 30,



 

2018

 

2017

 

2018

 

2017

Net sales of reportable segments and All Other

 

$

 2,759 

 

$

 2,527 

 

$

 5,272 

 

$

 4,948 

     Impact of foreign currency movements (1)

 

 

 (12)

 

 

 (30)

 

 

 (25)

 

 

 (76)

Net sales

 

$

 2,747 

 

$

 2,497 

 

$

 5,247 

 

$

 4,872 



(1)This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment.

Reconciliation of Reportable Segment Net Income to Consolidated Net Income





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended

 

Six months ended



 

June 30,

 

June 30,



 

2018

 

2017

 

2018

 

2017

Net income of reportable segments

 

$

 491 

 

$

 484 

 

$

 910 

 

$

 964 

Net loss of All Other

 

 

 (78)

 

 

 (62)

 

 

 (152)

 

 

 (122)

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

   Impact of foreign currency movements

 

 

 (32)

 

 

 (40)

 

 

 (68)

 

 

 (90)

   Gain (loss) on foreign currency hedges
      related to translated earnings

 

 

 458 

 

 

 219 

 

 

 (164)

 

 

 (219)

   Translation gain (loss) on Japanese yen-denominated debt

 

 

 37 

 

 

 

 

 

 (2)

 

 

 

   Litigation, regulatory and other legal matters

 

 

 

 

 

 

 

 

 (132)

 

 

 12 

   Research, development, and engineering expense

 

 

 (30)

 

 

 (22)

 

 

 (68)

 

 

 (47)

   Equity in earnings of affiliated companies (1)

 

 

 30 

 

 

 31 

 

 

 69 

 

 

 110 

   Amortization of intangibles

 

 

 (22)

 

 

 (18)

 

 

 (41)

 

 

 (35)

   Interest expense, net

 

 

 (34)

 

 

 (27)

 

 

 (73)

 

 

 (52)

   Income tax (provision) benefit

 

 

 (16)

 

 

 (40)

 

 

 (48)

 

 

 139 

   Other corporate items 

 

 

 (66)

 

 

 (86)

 

 

 (82)

 

 

 (135)

Net income

 

$

 738 

 

$

 439 

 

$

 149 

 

$

 525 



(1)

Primarily represents the equity earnings of HSG.