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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Net sales $ 2,272 $ 2,540 $ 6,880 $ 7,311
Cost of sales 1,380 1,451 4,084 4,255
Gross margin 892 1,089 2,796 3,056
Operating expenses:        
Selling, general and administrative expenses 307 261 960 980
Research, development and engineering expenses 181 199 561 605
Amortization of purchased intangibles 12 9 40 25
Restructuring, impairment and other charges       51
Operating income 392 620 1,235 1,395
Equity in earnings of affiliated companies 39 95 195 243
Interest income 6 5 16 21
Interest expense (38) (31) (101) (91)
Transaction-related gain, net       74
Foreign currency hedge (loss) gain, net (154) 765 52 622
Other expense, net (27) (45) (80) (33)
Income before income taxes 218 1,409 1,317 2,231
Provision for income taxes (Note 4) (6) (395) (202) (747)
Net income attributable to Corning Incorporated $ 212 $ 1,014 $ 1,115 $ 1,484
Earnings per common share attributable to Corning Incorporated:        
Basic (Note 5) (in Dollars per share) $ 0.16 $ 0.77 $ 0.84 $ 1.08
Diluted (Note 5) (in Dollars per share) 0.15 0.72 0.82 1.03
Dividends declared per common share (1) (in Dollars per share) [1] $ 0.12 $ 0.10 $ 0.24 $ 0.30
[1] The first quarter 2015 dividend was declared on December 3, 2014.