Acquisition

12 Months Ended

Dec. 31, 2011

Acquisition [Abstract]

Acquisition

8.      Acquisition

On September 15, 2009, Corning acquired all of the shares of Axygen Bioscience, Inc. and its subsidiaries (Axygen) from American Capital Ltd. for $410 million, net of $7 million cash received.  Axygen is a leading manufacturer and distributor of high-quality life sciences plastic consumable labware, liquid handling products, and bench-top laboratory equipment.

The purchase price of the acquisition was allocated to the net tangible and other intangible assets acquired, with the remainder recorded as goodwill on the basis of fair value.  The following amounts represent the final valuation of the acquisition (in millions):

Total current assets	$	63
Other tangible assets		49
Other intangible assets		153
Current and non-current liabilities		(80)
Net tangible and intangible assets	$	185
Purchase price, including cash received		417
Goodwill (1)	$	232

(1) None of the goodwill recognized is deductible for U.S. income tax purposes.  The goodwill was allocated to the Life Sciences segment.

Goodwill is primarily related to the value of Axygen's product portfolio and distribution network and its combination with Corning's existing life sciences platform, as well as synergies and other intangibles that do not qualify for separate recognition.  Acquisition-related costs of $4 million in 2009 included costs for legal, accounting, valuation and other professional services and were included in selling, general and administrative expense in the Consolidated Statements of Income.  Supplemental pro forma information was not provided because Axygen is not material to Corning's consolidated financial statements.