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Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net sales $ 14,082 $ 11,303 $ 11,503
Cost of sales 9,019 7,772 7,468
Gross margin 5,063 3,531 4,035
Operating expenses:      
Selling, general and administrative expenses 1,827 1,747 1,585
Research, development and engineering expenses 995 1,154 1,031
Amortization of purchased intangibles 129 121 113
Operating income 2,112 509 1,306
Equity in earnings (losses) of affiliated companies (Note 3) 35 (25) 17
Interest income 11 15 21
Interest expense (300) (276) (221)
Translated earnings contract gain (loss), net (Note 15) 354 (38) 248
Transaction-related gain, net (Note 4)   498  
Other income (expense), net 185 (60) (155)
Income before income taxes 2,397 623 1,216
Provision for income taxes (Note 8) (491) (111) (256)
Net income attributable to Corning Incorporated $ 1,906 $ 512 $ 960
Earnings per common share attributable to Corning Incorporated:      
Basic (Note 18) (in dollars per share) $ 1.30 $ 0.54 $ 1.11
Diluted (Note 18) (in dollars per share) $ 1.28 $ 0.54 $ 1.07
Net income attributable to Corning Incorporated $ 1,906 $ 512 $ 960
Series A convertible preferred stock dividend (24) (98) (98)
Excess consideration paid for redemption of preferred stock (1) [1] (803)    
Net income available to common shareholders $ 1,079 $ 414 $ 862
[1] Refer to Note 17 (Shareholders' Equity) and Note 18 (Earnings per Common Share) to the consolidated financial statements for additional information.