Note 8 - Employee Retirement Plans

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

8. Employee Retirement Plans

Corning has defined benefit pension plans covering certain domestic and international employees. The Company’s funding policy is to contribute, over time, an amount exceeding the minimum requirements to achieve the Company’s long-term funding targets. During 2022, the Company expects to make cash contributions of $30 million to international pension plans.

The following table summarizes the components of net periodic benefit expense for Corning’s defined benefit pension and postretirement health care and life insurance plans (in millions):

	Pension benefits						Postretirement benefits
	Three months ended						Three months ended
	March 31,						March 31,
	2022			2021			2022			2021
Service cost	$	32		$	32		$	2		$	2
Interest cost		27			22			4			4
Expected return on plan assets		(55	)		(54	)
Amortization of prior service cost (credit)		1			1			(1	)		(1	)
Total pension and postretirement benefit expense	$	5		$	1		$	5		$	5

The components of net periodic benefit expense, other than the service cost component, are included in the line item other income, net, in the consolidated statements of income.