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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities:      
Net income $ 1,339 $ 2,472 $ 1,961
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,130 1,167 971
Amortization of purchased intangibles 54 33 31
Restructuring, impairment and other charges   71 67
Stock compensation charges 46 58 54
Equity in earnings of affiliated companies (299) (266) (547)
Dividends received from affiliated companies 143 1,704 630
Deferred tax provision 54 612 189
Restructuring payments (40) (39) (35)
Customer deposits 197    
Employee benefit payments (in excess of) less than expense (52) (52) 52
Gains on foreign currency hedges related to translated earnings (80) (1,369) (435)
Unrealized translation losses on transactions 268 431 96
Contingent consideration fair value adjustment (13) (249)  
Changes in certain working capital items:      
Trade accounts receivable 162 (16) (29)
Inventories (77) 2 (247)
Other current assets (57) (16) 34
Accounts payable and other current liabilities (146) (3) (23)
Other, net 180 169 18
Net cash provided by operating activities 2,809 4,709 2,787
Cash Flows from Investing Activities:      
Capital expenditures (1,250) (1,076) (1,019)
Acquisitions of businesses, net of cash (paid) received (732) 66 (68)
Proceeds from sale of a business 12    
Investment in unconsolidated entities (33) (109) (526)
Proceeds from loan repayments from unconsolidated entities 6 23 8
Short-term investments – acquisitions (969) (1,398) (1,406)
Short-term investments – liquidations 1,629 1,167 2,026
Premium on purchased collars     (107)
Realized gains on foreign currency hedges related to translated earnings 653 361 87
Other, net (1) 4 1
Net cash used in investing activities (685) (962) (1,004)
Cash Flows from Financing Activities:      
Retirement of long-term debt, net     (498)
Net repayments of short-term borrowings and current portion of long-term debt (12) (52) (71)
Proceeds from issuance of long-term debt 745   248
Proceeds from issuance of short-term debt, net 3 29  
Proceeds from issuance of commercial paper 481    
(Payments) proceeds from the settlement of interest rate swap agreements (10)   33
Principal payments under capital lease obligations (6) (6) (7)
Proceeds from issuance of preferred stock (1) [1]   400  
Proceeds received for asset financing and related incentives, net 1 1 276
Payments to acquire noncontrolling interest     (47)
Proceeds from the exercise of stock options 102 116 85
Repurchases of common stock for treasury (3,228) (2,483) (1,516)
Dividends paid (679) (591) (566)
Net cash used in financing activities (2,603) (2,586) (2,063)
Effect of exchange rates on cash (330) (556) (4)
Net (decrease) increase in cash and cash equivalents (809) 605 (284)
Cash and cash equivalents at beginning of year 5,309 4,704 4,988
Cash and cash equivalents at end of year $ 4,500 $ 5,309 $ 4,704
[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).