XML 32 R18.htm IDEA: XBRL DOCUMENT

Note 12 - Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2013

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Intangible Assets Disclosure [Text Block]

12. Goodwill and Other Intangible Assets

The carrying amount of goodwill by segment for the periods ended June 30, 2013 and December 31, 2012 is as follows (in millions):

	Telecom- munications		Display Technologies		Specialty Materials		Life Sciences		Total

Balance at December 31, 2012	$	209	$	9	$	150	$	606	$	974
Acquired goodwill (1)		32								32
Measurement period adjustment (2)								(4)		(4)
Foreign currency translation adjustment								(1)		(1)
Balance at June 30, 2013	$	241	$	9	$	150	$	601	$	1,001

(1)	The company recorded a small acquisition and consolidated an equity company due to a change in control in the second quarter of 2013.

(2)	The Company recorded the acquisition of the Discovery Labware business of Becton Dickinson and Company in the fourth quarter of 2012. In the second quarter of 2013, Corning recorded measurement period adjustments of $4 million.

Corning’s gross goodwill balances were $7.5 billion and $7.4 billion for the periods ended June 30, 2013 and December 31, 2012, respectively. Accumulated impairment losses were $6.5 billion for the periods ended June 30, 2013 and December 31, 2012, and were generated entirely through goodwill impairments related to the Telecommunications segment recorded primarily in 2001.

Other intangible assets are as follows (in millions):

	June 30, 2013						December 31, 2012
	Gross		Accumulated amortization		Net		Gross		Accumulated amortization		Net
Amortized intangible assets:
Patents, trademarks, and trade names	$	290	$	(133)	$	157	$	282	$	(128)	$	154
Customer lists and other		437		(36)		401		394		(26)		368

Total	$	727	$	(169)	$	558	$	676	$	(154)	$	522

Amortized intangible assets are primarily related to the Telecommunications and Life Sciences segments. The net carrying amount of intangible assets increased $36 million during the first six months of 2013, primarily due to a small acquisition completed in the second quarter of 2013, and the consolidation of an equity company due to a change in control. This was offset by amortization of $15 million and foreign currency translation adjustments of $5 million.

Amortization expense related to these intangible assets is estimated to be $32 million for 2013, and approximately $32 million for 2014 through 2018.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details