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Consolidated Statements of Income (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Net sales $ 1,982 $ 1,908 $ 3,796 $ 3,828
Cost of sales 1,099 1,100 2,143 2,196
Gross margin 883 808 1,653 1,632
Operating expenses:        
Selling, general and administrative expenses 266 286 525 559
Research, development and engineering expenses 179 185 357 369
Amortization of purchased intangibles 8 4 15 9
Asbestos litigation charge 6 [1] 5 [1] 8 [1] 6 [1]
Operating income 424 328 748 689
Equity in earnings of affiliated companies (Note 9) 166 259 339 477
Interest income 2 3 4 7
Interest expense (28) (24) (64) (44)
Other income, net (Note 1) 265 8 330 37
Income before income taxes 829 574 1,357 1,166
Provision for income taxes (Note 5) (191) (100) (225) (218)
Net income attributable to Corning Incorporated $ 638 [2] $ 474 [2] $ 1,132 [2] $ 948 [2]
Earnings per common share attributable to Corning Incorporated:        
Basic (Note 6) (in Dollars per share) $ 0.43 $ 0.31 $ 0.77 $ 0.63
Diluted (Note 6) (in Dollars per share) $ 0.43 $ 0.31 $ 0.76 $ 0.62
Dividends declared per common share (in Dollars per share) $ 0.10 $ 0.075 $ 0.19 $ 0.15
[1] In the three and six months ended June 30, 2013, Corning recorded a charge of $6 million and $8 million, respectively, to adjust the asbestos liability for the change in value of components of the Amended PCC Plan. In the three and six month ended June 30, 2012, Corning recorded a charge of $5 million and $6 million, respectively, to adjust the asbestos liability for the change in value of components of the Amended PCC Plan.
[2] As revised for the change in our method of recognizing pension expense. See Note 1 of Notes to Consolidated Financial Statements for a discussion of the change and the impacts of the change for the three and six months ended June 30, 2012.