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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Net sales $ 2,343 $ 2,482 $ 4,608 $ 4,771
Cost of sales 1,368 1,450 2,704 2,804
Gross margin 975 1,032 1,904 1,967
Operating expenses:        
Selling, general and administrative expenses 337 322 653 719
Research, development and engineering expenses 191 208 380 406
Amortization of purchased intangibles 16 8 28 16
Restructuring, impairment and other charges   34   51
Operating income 431 460 843 775
Equity in earnings of affiliated companies 62 62 156 148
Interest income 5 4 10 16
Interest expense (33) (30) (63) (60)
Transaction-related gain, net       74
Foreign currency hedge gain (loss), net 164 (137) 206 (143)
Other (expense) income, net (23) (18) (53) 12
Income before income taxes 606 341 1,099 822
Provision for income taxes (Note 4) (110) (172) (196) (352)
Net income attributable to Corning Incorporated $ 496 $ 169 $ 903 $ 470
Earnings per common share attributable to Corning Incorporated:        
Basic (Note 5) (in Dollars per share) $ 0.38 $ 0.11 $ 0.68 $ 0.32
Diluted (Note 5) (in Dollars per share) 0.36 0.11 0.65 0.32
Dividends declared per common share (1) (in Dollars per share) $ 0.12 $ 0.10 $ 0.12 $ 0.20