XML 86 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash Flows from Operating Activities:      
Net income $ 2,472us-gaap_NetIncomeLoss $ 1,961us-gaap_NetIncomeLoss $ 1,636us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,167us-gaap_Depreciation 971us-gaap_Depreciation 978us-gaap_Depreciation
Amortization of purchased intangibles 33us-gaap_AmortizationOfIntangibleAssets 31us-gaap_AmortizationOfIntangibleAssets 19us-gaap_AmortizationOfIntangibleAssets
Restructuring, impairment and other charges 71us-gaap_RestructuringCostsAndAssetImpairmentCharges 67us-gaap_RestructuringCostsAndAssetImpairmentCharges 133us-gaap_RestructuringCostsAndAssetImpairmentCharges
Loss on retirement of debt     26us-gaap_GainsLossesOnExtinguishmentOfDebt
Stock compensation charges 58us-gaap_ShareBasedCompensation 54us-gaap_ShareBasedCompensation 70us-gaap_ShareBasedCompensation
Equity in earnings of affiliated companies (266)us-gaap_IncomeLossFromEquityMethodInvestments (547)us-gaap_IncomeLossFromEquityMethodInvestments (810)us-gaap_IncomeLossFromEquityMethodInvestments
Dividends received from affiliated companies 1,704us-gaap_EquityMethodInvestmentDividendsOrDistributions 630us-gaap_EquityMethodInvestmentDividendsOrDistributions 1,090us-gaap_EquityMethodInvestmentDividendsOrDistributions
Deferred tax provision 612us-gaap_DeferredIncomeTaxExpenseBenefit 189us-gaap_DeferredIncomeTaxExpenseBenefit 18us-gaap_DeferredIncomeTaxExpenseBenefit
Restructuring payments (39)us-gaap_PaymentsForRestructuring (35)us-gaap_PaymentsForRestructuring (15)us-gaap_PaymentsForRestructuring
Employee benefit payments (in excess of) less than expense (52)glw_EmployeeBenefitPaymentsLessThanInExcessOfExpense 52glw_EmployeeBenefitPaymentsLessThanInExcessOfExpense 178glw_EmployeeBenefitPaymentsLessThanInExcessOfExpense
Gains on translated earnings contracts (1,369)us-gaap_DerivativeGainLossOnDerivativeNet (435)us-gaap_DerivativeGainLossOnDerivativeNet  
Unrealized translation losses on transactions 431us-gaap_ForeignCurrencyTransactionGainLossUnrealized 96us-gaap_ForeignCurrencyTransactionGainLossUnrealized 241us-gaap_ForeignCurrencyTransactionGainLossUnrealized
Contingent consideration fair value adjustment (249)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1    
Changes in certain working capital items:      
Trade accounts receivable (16)us-gaap_IncreaseDecreaseInAccountsReceivable (29)us-gaap_IncreaseDecreaseInAccountsReceivable (272)us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories 2us-gaap_IncreaseDecreaseInInventories (247)us-gaap_IncreaseDecreaseInInventories (23)us-gaap_IncreaseDecreaseInInventories
Other current assets (16)us-gaap_IncreaseDecreaseInOtherCurrentAssets 34us-gaap_IncreaseDecreaseInOtherCurrentAssets (81)us-gaap_IncreaseDecreaseInOtherCurrentAssets
Accounts payable and other current liabilities (3)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (23)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 189us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Other, net 169us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet 18us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet (171)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet
Net cash provided by operating activities 4,709us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 2,787us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 3,206us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash Flows from Investing Activities:      
Capital expenditures (1,076)us-gaap_PaymentsForProceedsFromProductiveAssets (1,019)us-gaap_PaymentsForProceedsFromProductiveAssets (1,801)us-gaap_PaymentsForProceedsFromProductiveAssets
Acquisitions of businesses, net of cash received 66us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (68)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (723)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Investment in unconsolidated entities (109)us-gaap_PaymentsToAcquireInterestInJointVenture (526)us-gaap_PaymentsToAcquireInterestInJointVenture (111)us-gaap_PaymentsToAcquireInterestInJointVenture
Proceeds from loan repayments from unconsolidated entities 23us-gaap_ProceedsFromCollectionOfAdvanceToAffiliate 8us-gaap_ProceedsFromCollectionOfAdvanceToAffiliate  
Short-term investments – acquisitions (1,398)us-gaap_PaymentsToAcquireShortTermInvestments (1,406)us-gaap_PaymentsToAcquireShortTermInvestments (2,270)us-gaap_PaymentsToAcquireShortTermInvestments
Short-term investments – liquidations 1,167us-gaap_ProceedsFromSaleOfShortTermInvestments 2,026us-gaap_ProceedsFromSaleOfShortTermInvestments 2,269us-gaap_ProceedsFromSaleOfShortTermInvestments
Premium on purchased collars   (107)us-gaap_PaymentsForDerivativeInstrumentInvestingActivities  
Realized gains on translated earnings contracts 361us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities 87us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities  
Other, net 4us-gaap_PaymentsForProceedsFromOtherInvestingActivities 1us-gaap_PaymentsForProceedsFromOtherInvestingActivities 8us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Net cash used in investing activities (962)us-gaap_NetCashProvidedByUsedInInvestingActivities (1,004)us-gaap_NetCashProvidedByUsedInInvestingActivities (2,628)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash Flows from Financing Activities:      
Retirement of long-term debt, net   (498)us-gaap_RepaymentsOfLongTermDebt (280)us-gaap_RepaymentsOfLongTermDebt
Net repayments of short-term borrowings and current portion of long-term debt (52)us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths (71)us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths (26)us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
Proceeds from issuance of long-term debt, net   248us-gaap_ProceedsFromIssuanceOfLongTermDebt 1,362us-gaap_ProceedsFromIssuanceOfLongTermDebt
Proceeds from issuance of short-term debt, net 29us-gaap_ProceedsFromShortTermDebt    
Proceeds (payments) from the settlement of interest rate swap agreements   33us-gaap_PaymentsForProceedsFromDerivativeInstrumentFinancingActivities (18)us-gaap_PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
Principal payments under capital lease obligations (6)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (7)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (1)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations
Proceeds from issuance of preferred stock (1) 400us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock [1]    
Proceeds received for asset financing and related incentives, net 1us-gaap_ProceedsFromOtherDebt 276us-gaap_ProceedsFromOtherDebt  
Payments to acquire noncontrolling interest   (47)us-gaap_PaymentsToMinorityShareholders  
Proceeds from the exercise of stock options 116us-gaap_ProceedsFromStockOptionsExercised 85us-gaap_ProceedsFromStockOptionsExercised 38us-gaap_ProceedsFromStockOptionsExercised
Repurchases of common stock for treasury (2,483)us-gaap_PaymentsForRepurchaseOfCommonStock (1,516)us-gaap_PaymentsForRepurchaseOfCommonStock (720)us-gaap_PaymentsForRepurchaseOfCommonStock
Dividends paid (591)us-gaap_PaymentsOfOrdinaryDividends (566)us-gaap_PaymentsOfOrdinaryDividends (472)us-gaap_PaymentsOfOrdinaryDividends
Other, net     2us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Net cash used in financing activities (2,586)us-gaap_NetCashProvidedByUsedInFinancingActivities (2,063)us-gaap_NetCashProvidedByUsedInFinancingActivities (115)us-gaap_NetCashProvidedByUsedInFinancingActivities
Effect of exchange rates on cash (556)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations (4)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations (136)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
Net increase (decrease) in cash and cash equivalents 605us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (284)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 327us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of year 4,704us-gaap_CashAndCashEquivalentsAtCarryingValue 4,988us-gaap_CashAndCashEquivalentsAtCarryingValue 4,661us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of year $ 5,309us-gaap_CashAndCashEquivalentsAtCarryingValue $ 4,704us-gaap_CashAndCashEquivalentsAtCarryingValue $ 4,988us-gaap_CashAndCashEquivalentsAtCarryingValue
[1] In the first quarter of 2014, Corning issued 1,900 shares of Preferred Stock to Samsung Display Co., Ltd. in connection with the acquisition of their equity interests in Samsung Corning Precision Materials Co., Ltd. (Note 8). Corning also issued to Samsung Display an additional 400 shares of Preferred Stock at closing, for an issue price of $400 million in cash (Note 17).