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Note 14 - Reportable Segments - Reconciliation of Reportable Segment Net Income (Loss) to Consolidated Net Income (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Net income attributable to Corning Incorporated $ 563 $ 449 $ 1,144 $ 1,048
Gain on foreign currency hedges related to translated earnings 196 3 325 275
Research, development, and engineering expenses 240 242 488 464
Amortization of intangibles (30) (33) (61) (65)
Interest expense, net (72) (78) (143) (155)
Provision for income taxes (Note 3) (166) (67) (346) (293)
Gain on sale of a business     53 54
Operating Segments [Member]        
Net income attributable to Corning Incorporated [1] 625 595 1,210 1,108
Research, development, and engineering expenses [2] 203 200 416 387
Provision for income taxes (Note 3) [3] 170 158 330 294
Operating Segments [Member] | Reportable Segments [Member]        
Net income attributable to Corning Incorporated 600 610 1,193 1,147
Operating Segments [Member] | Nonreportable Segments [Member]        
Net income attributable to Corning Incorporated 25 (15) 17 (39)
Segment Reconciling Items [Member]        
Net income attributable to Corning Incorporated 563 449 1,144 1,048
Impact of foreign currency movements not included in segment net income (loss) (120) (20) (183) (14)
Gain on foreign currency hedges related to translated earnings 196 3 325 275
Translation gain on Japanese yen-denominated debt 153 5 237 123
Research, development, and engineering expenses (37) (42) (72) (77)
Amortization of intangibles (30) (33) (61) (65)
Interest expense, net (60) (67) (121) (141)
Provision for income taxes (Note 3) 4 91 (16) 1
Gain on sale of a business 40 53 54
Other corporate items $ (168) $ (123) $ (228) $ (216)
[1] Many of Corning’s administrative and staff functions are performed on a centralized basis. Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function. Other staff functions, such as corporate finance, human resources and legal, are allocated to segments, primarily as a percentage of sales. Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income (loss) to consolidated net income.
[2] Research, development and engineering expenses include direct project spending that is identifiable to a segment.
[3] Income tax (provision) benefit reflects a tax rate of 21%.