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Investments (Tables)
 12 Months Ended
Dec. 31, 2018
Investments



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

Ownership

 

December 31,



 

interest 

 

2018

 

2017



 

 

 

 

 

 

 

 

Affiliated companies accounted for by the equity
  method (1)(2)

 

20% to 50%

 

$

 354 

 

$

 280 

Other investments

 

 

 

 

 22 

 

 

 60 

Subtotal Investment Assets

 

 

 

$

 376 

 

$

 340 



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Affiliated companies accounted for by the equity
  method - HSG (1)(2)

 

50%

 

$

 

 

$

 105 

Subtotal Investment Liabilities

 

 

 

$

 

 

$

 105 



(1)

Amount reflects Corning’s direct ownership interests in the affiliated companies at December 31, 2018 and December 31, 2017.  Corning does not control any of such entities.

(2)

HSG indirectly holds an 80.5% interest in a HSG operating partnership.  At December 31, 2018, the carrying value of the investment in HSG was $42 million and recorded in Investments.  At December 31, 2017, the negative carrying value of the investment in HSG was $105 million and recorded in Other Liabilities.
Gain of Realignment



 

 



 

 

Cash

$

 4,818 

Carrying Value of Dow Corning Equity Investment

 

 (1,560)

Carrying Value of HSG Equity Investment

 

 (383)

Other (1)

 

 (199)

Gain

$

 2,676 



Primarily consists of the release of accumulated other comprehensive income items related to unamortized actuarial losses related to Dow Corning’s pension plan and foreign currency translation gains in the amounts of $260 million and $45 million, respectively.

Affiliated Companies [Member]  
Results From Operations



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Years ended December 31,



 

2018

 

2017

 

2016



 

 

 

 

 

 

 

 

 

Statement of operations:

 

 

 

 

 

 

 

 

 

Net sales

 

$

 1,759 

 

$

 2,346 

 

$

 4,024 

Gross profit

 

$

 424 

 

$

 560 

 

$

 1,006 

Net income

 

$

 835 

 

$

 721 

 

$

 565 

Corning’s equity in earnings of affiliated companies 

 

$

 390 

 

$

 361 

 

$

 284 



 

 

 

 

 

 

 

 

 

Related party transactions:

 

 

 

 

 

 

 

 

 

Corning sales to affiliated companies

 

$

 184 

 

$

 108 

 

$

 95 

Corning purchases from affiliated companies

 

$

 11 

 

$

 12 

 

$

 12 

Corning transfers of assets, at cost, to affiliated companies 

 

$

 2 

 

$

 22 

 

$

 44 

Dividends received from affiliated companies

 

$

 241 

 

$

 201 

 

$

 85 



 

 

 

 

 

 

 

 

 



 

Years ended December 31,

 

 

 



 

2018

 

2017

 

 

Balance sheet:

 

 

 

 

 

 

 

 

 

Current assets

 

$

 1,716 

 

$

 1,593 

 

 

 

Noncurrent assets

 

$

 1,922 

 

$

 1,999 

 

 

 

Short-term borrowings, including current portion
  of long-term debt

 

$

 8 

 

$

 3 

 

 

 

Other current liabilities

 

$

 810 

 

$

 700 

 

 

 

Long-term debt

 

$

 14 

 

$

 16 

 

 

 

Other long-term liabilities

 

$

 1,708 

 

$

 2,128 

 

 

 

Non-controlling interest

 

$

 259 

 

$

 313 

 

 

 



 

 

 

 

 

 

 

 

 

Related party transactions:

 

 

 

 

 

 

 

 

 

Balances due from affiliated companies

 

$

 95 

 

$

 47 

 

 

 



 

 

 

 

 

 

 

 

 



HSG [Member]  
Results From Operations



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Years ended December 31,



 

2018

 

2017

 

2016



 

 

 

 

 

 

 

 

 

Statement of operations:

 

 

 

 

 

 

 

 

 

Net sales

 

$

 1,158 

 

$

 1,716 

 

$

 1,119 

Gross profit

 

$

 367 

 

$

 469 

 

$

 361 

Net income

 

$

 814 

 

$

 706 

 

$

 421 

Corning’s equity in earnings of affiliated companies 

 

$

 388 

 

$

 352 

 

$

 212 



 

 

 

 

 

 

 

 

 

Related party transactions:

 

 

 

 

 

 

 

 

 

Dividends received from affiliated companies

 

$

 241 

 

$

 196 

 

$

 65 



 

 

 

 

 

 

 

 

 



 

Years ended December 31,

 

 

 



 

2018

 

2017

 

 

 

Balance sheet:

 

 

 

 

 

 

 

 

 

Current assets

 

$

 1,188 

 

$

 1,206 

 

 

 

Noncurrent assets

 

$

 1,414 

 

$

 1,522 

 

 

 

Short-term borrowings, including current portion
  of long-term debt

 

$

 3 

 

$

 3 

 

 

 

Other current liabilities

 

$

 540 

 

$

 484 

 

 

 

Long-term debt

 

$

 11 

 

$

 15 

 

 

 

Other long-term liabilities

 

$

 1,708 

 

$

 2,126 

 

 

 

Non-controlling interest

 

$

 259 

 

$

 313