Note 8 - Employee Retirement Plans

9 Months Ended

Sep. 30, 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 made cash contributions of $25 million to its international pension plans.  The Company does not expect to make additional contributions in the fourth quarter of 2023.

The following table presents the components of net periodic benefit expense (income) 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						Nine months ended						Three months ended						Nine months ended
	September 30,						September 30,						September 30,						September 30,
	2023			2022			2023			2022			2023			2022			2023			2022
Service cost	$	25		$	32		$	75		$	96		$	1		$	3		$	4		$	7
Interest cost		45			28			133			82			6			3			17			11
Expected return on plan assets		(46	)		(55	)		(138	)		(164	)
Amortization of actuarial net gain														(6	)					(17	)
Amortization of prior service cost (credit)		2			1			5			4			(2	)		(2	)		(4	)		(4	)
Recognition of actuarial loss (gain)		12						(16	)		22						(2	)					(3	)
Special termination benefit charge								5
Total pension and postretirement benefit expense (income)	$	38		$	6		$	64		$	40		$	(1	)	$	2		$	—		$	11