Acquisition

12 Months Ended

Dec. 31, 2012

Acquisition [Abstract]

Acquisition

8.      Acquisition

On October 31, 2012, Corning acquired all of the shares of Discovery Labware, Inc. and Plasso Technology Limited and certain other assets (collectively referred to as "Purchased Assets") from Becton Dickinson and Company for approximately $723 million, net of $1.4 million cash received at closing.  The Purchased Assets constitute a business, therefore the acquisition was accounted for as a business combination.  The business, referred to as Discovery Labware, will design, manufacture, market and supply cell culture, other laboratory reagents, core and advanced consumables for basic and applied research for life scientists, clinical researchers, and laboratory professionals globally.

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 as follows (in millions):

Inventory and other current assets	$	74
Fixed Assets		81
Other intangible assets		279
Current and non-current liabilities		(21)
Net tangible and intangible assets	$	413
Purchase price		723
Goodwill (1)	$	310

(1) 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 the Discovery Labware 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.  Other intangible assets consist mainly of distributor relationships, trademark and trade names and are amortized over a useful life of 20 years.  Acquisition-related costs of $22 million in the twelve months ended December 31, 2012 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 the Purchased Assets are not material to Corning's consolidated financial statements.