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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net sales $ 3,173 $ 3,488 $ 9,594 $ 10,783
Cost of sales 2,169 2,426 6,574 7,192
Gross margin 1,004 1,062 3,020 3,591
Operating expenses:        
Selling, general and administrative expenses 468 461 1,329 1,381
Research, development and engineering expenses 270 278 787 766
Amortization of purchased intangibles 30 31 92 92
Operating income 236 292 812 1,352
Interest income 10 3 25 9
Interest expense (82) (73) (239) (216)
Translated earnings contract gain (loss), net (Note 10) 20 (68) 128 257
Other income, net 33 106 128 391
Income before income taxes 217 260 854 1,793
Provision for income taxes (Note 3) (35) (34) (178) (380)
Net income 182 226 676 1,413
Net income attributable to non-controlling interest (18) (18) (55) (61)
Net income attributable to Corning Incorporated $ 164 $ 208 $ 621 $ 1,352
Earnings per common share available to common shareholders:        
Basic (Note 4) (in dollars per share) $ 0.19 $ 0.25 $ 0.73 $ 1.60
Diluted (Note 4) (in dollars per share) $ 0.19 $ 0.24 $ 0.72 $ 1.58