Note 8 - Employee Retirement Plans

3 Months Ended

Mar. 31, 2023

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 may contribute, as necessary, an amount exceeding the minimum requirements to achieve the Company’s long-term funding targets. During 2023, the Company plans to make cash contributions of $28 million to international pension plans.

The following table presents the components of net periodic benefit expense for employee retirement plans, which other than the service cost component is recorded in other income, net in the consolidated statements of income (in millions):

	Pension benefits						Postretirement benefits
	Three months ended						Three months ended
	March 31,						March 31,
	2023			2022			2023			2022
Service cost	$	23		$	32		$	1		$	2
Interest cost		45			27			6			4
Expected return on plan assets		(46	)		(55	)
Amortization of actuarial net gain								(5	)
Amortization of prior service cost (credit)		2			1			(1	)		(1	)
Total pension and postretirement benefit expense	$	24		$	5		$	1		$	5