Note 9 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

The following table presents the changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 (in millions):

	Optical Communications			Display Technologies			Specialty Materials		Life Sciences			Hemlock and Emerging Growth Businesses			Total
Balance as of December 31, 2020	$	943		$	132		$	150	$	618		$	617		$	2,460
Foreign currency translation adjustment and other		(28	)		(7	)				(2	)		(2	)		(39	)
Balance as of December 31, 2021	$	915		$	125		$	150	$	616		$	615		$	2,421
Acquired goodwill		4						1								5
Foreign currency translation adjustment and other		(14	)		(4	)				(10	)		(4	)		(32	)
Balance as of December 31, 2022	$	905		$	121		$	151	$	606		$	611		$	2,394

Corning’s gross goodwill balance and accumulated impairment losses were $8.9 billion and $6.5 billion, respectively, as of  December 31, 2022 and 2021. Accumulated impairment losses were generated primarily through goodwill impairments related to the Optical Communications segment.

Other Intangible Assets, Net

Other intangible assets, net consisted of the following (in millions):

	December 31,
	2022						2021
	Gross		Accumulated amortization		Net		Gross		Accumulated amortization		Net
Amortized intangible assets:
Patents, trademarks & trade names	$	496	$	300	$	196	$	498	$	279	$	219
Customer lists and other (1)		1,461		628		833		1,464		535		929
Other intangible assets, net	$	1,957	$	928	$	1,029	$	1,962	$	814	$	1,148

(1) Other consists of intangible assets related to developed technologies and intellectual know-how.

Corning’s amortized intangible assets are primarily related to Optical Communications, Life Sciences and certain businesses within Hemlock and Emerging Growth Businesses.  The net carrying amount of intangible assets decreased during the year, primarily driven by amortization of $123 million, offset by acquisitions of $9 million.

Annual amortization expense is expected to be approximately $119 million, $123 million, $121 million, $101 million and $94 million for years 2023 through 2027, respectively.