Investments (Tables)

12 Months Ended

Dec. 31, 2012

Equity Method Investments

Investments comprise the following (in millions):

	Ownership	December 31,
	interest (1)	2012		2011
Affiliated companies accounted for under the equity method:
Samsung Corning Precision Materials Co., Ltd.	50%	$	3,346	$	3,315
Dow Corning Corporation	50%		1,191		1,160
All other	20%-50%		375		248
			4,912		4,723
Other investments			3		3
Total		$	4,915	$	4,726

(1) Amounts reflect Corning's direct ownership interests in the respective affiliated companies.  Corning does not control any of such entities.

Affiliate Result Of Operations

The results of operations and financial position of the investments accounted for under the equity method follow (in millions):

	Years ended December 31,
	2012		2011		2010
Statement of operations:
Net sales	$	10,131	$	11,613	$	11,717
Gross profit	$	3,708	$	5,216	$	6,107
Net income	$	1,541	$	2,925	$	3,901
Corning's equity in earnings of affiliated companies	$	810	$	1,471	$	1,958
Related party transactions:
Corning sales to affiliated companies	$	28	$	30	$	27
Corning purchases from affiliated companies	$	167	$	138	$	59
Corning transfers of assets, at cost, to affiliated companies (1)	$	77	$	113	$	121
Dividends received from affiliated companies	$	1,089	$	820	$	1,712
Royalty income from affiliated companies	$	84	$	221	$	268
Corning services to affiliates	$	24	$	50	$	37
	December 31,
	2012		2011
Balance sheet:
Current assets	$	8,249	$	9,088
Noncurrent assets	$	13,418	$	13,298 (2)
Short-term borrowings, including current portion of long-term debt	$	209	$	331
Other current liabilities	$	1,986	$	2,489
Long-term debt	$	847	$	1,445
Other long-term liabilities	$	7,445	$	7,161 (2)
Non-controlling interest	$	708	$	848
Related party transactions:
Balances due from affiliated companies	$	61	$	77
Balances due to affiliated companies	$	37	$	14

(1) Corning purchases machinery and equipment on behalf of Samsung Corning Precision Materials to support its capital expansion initiatives.  The machinery and equipment are transferred to Samsung Corning Precision at our cost basis, resulting in no revenue or gain being recognized on the transaction.

(2) The prior year noncurrent assets and noncurrent liabilities have been revised to reflect certain correcting adjustments as reported by Dow Corning.  Such correcting adjustments increased noncurrent deferred tax assets and noncurrent deferred tax liabilities by $529 million each for items that had previously been presented on a net basis. Those revisions had no impact on Corning's investment in or equity in earnings of Dow Corning for any of the periods presented.

Samsung Corning Precision Materials Co., Ltd. [Member]

Affiliate Result Of Operations

Samsung Corning Precision Materials' financial position and results of operations follow (in millions):

	Years ended December 31,
	2012		2011		2010
Statement of operations:
Net sales	$	3,139	$	4,171	$	4,856
Gross profit	$	2,080	$	2,942	$	3,731
Net income attributable to Samsung Corning Precision Materials	$	1,390	$	2,061	$	2,946
Corning's equity in earnings of Samsung Corning Precision Materials	$	699	$	1,031	$	1,473
Related party transactions:
Corning purchases from Samsung Corning Precision Materials	$	126	$	107	$	33
Corning transfer of machinery and equipment to Samsung Corning Precision Materials at cost (1)	$	77	$	113	$	121
Dividends received from Samsung Corning Precision Materials	$	979	$	492	$	1,474
Royalty income from Samsung Corning Precision Materials	$	83	$	219	$	265
	December 31,
	2012		2011
Balance sheet:
Current assets	$	3,282	$	3,560
Noncurrent assets	$	3,856	$	3,890
Other current liabilities	$	406	$	498
Other long-term liabilities	$	17	$	241
Non-controlling interest	$	12	$	11

(1) Corning purchases machinery and equipment on behalf of Samsung Corning Precision Materials to support its capital expansion initiatives.  The machinery and equipment are transferred to Samsung Corning Precision Materials at our cost basis, resulting in no revenue or gain being recognized on the transaction.

Dow Corning Corporation [Member]

Affiliate Result Of Operations

Dow Corning's financial position and results of operations follow (in millions):

	Years ended December 31,
	2012		2011		2010
Statement of operations:
Net sales	$	6,119	$	6,427	$	5,997
Gross profit	$	1,413	$	1,989	$	2,135
Net income attributable to Dow Corning	$	181	$	806	$	887
Corning's equity in earnings of Dow Corning	$	90	$	404	$	444
Related party transactions:
Corning purchases from Dow Corning	$	23	$	22	$	19
Dividends received from Dow Corning	$	100	$	310	$	222
	December 31,
	2012		2011
Balance sheet:
Current assets	$	4,117	$	4,873
Noncurrent assets	$	9,184	$	9,227 (1)
Short-term borrowings, including current portion of long-term debt	$	209	$	331
Other current liabilities	$	1,304	$	1,692
Long-term debt	$	844	$	1,440
Other long-term liabilities	$	7,371	$	7,052 (1)
Non-controlling interest	$	687	$	767

(1) The prior year noncurrent assets and noncurrent liabilities have been revised to reflect certain correcting adjustments as reported by Dow Corning.  Such correcting adjustments increased noncurrent deferred tax assets and noncurrent deferred tax liabilities by $529 million each for items that had previously been presented on a net basis. Those revisions had no impact on Corning's investment in or equity in earnings of Dow Corning for any of the periods presented.