2.2.0.25falsefalse10701 - Disclosure - Investmentstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010 USD ($) USD ($) / shares $Duration_1_1_2010_To_12_31_2010http://www.sec.gov/CIK0000024741duration2010-01-01T00:00:002010-12-31T00:00:00Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit14Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit1Standardhttp://www.xbrl.org/2003/instancesharesxbrli0Unit13Standardhttp://www.xbrl.org/2003/instancepurexbrli0USDUSD$2true0glw_InvestmentsGlwAbstractglwfalsenadurationInvestments glw [Abstract]falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringInvestments glw [Abstract]falsefalseInvestments3false0us-gaap_EquityMethodInvestmentsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div> 7. Investments Investments comprise the following (dollars in millions): Affiliated Companies at Equity <table border="0" cellspacing="0"> <tr><td> </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" class="style16" align="left">  </td></tr> <tr valign="bottom"><td align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">Ownership </td> <td align="left">  </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="right">December 31, </td> <td style="border-bottom: #000000 1px solid;" class="style16" align="right">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">interest (1) </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2010 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" class="style16" align="center">2009 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Affiliated companies accounted for under the equity method: </td> <td align="left">  </td> <td align="left">  </td> <td align="right">  </td> <td align="left">  </td> <td align="right">  </td> <td class="style16" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 4px;" align="left">Samsung Corning Precision Materials Co., Ltd. </td> <td align="right">50% </td> <td align="left"> </td> <td align="right">$ </td> <td align="right">2,943 </td> <td align="right">$ </td> <td class="style16" align="right">2,772 </td></tr> <tr valign="bottom"><td style="text-indent: 4px;" align="left">Dow Corning Corporation </td> <td align="right">50% </td> <td align="left">  </td> <td align="right">  </td> <td align="right">1,186 </td> <td align="right">  </td> <td class="style16" align="right">992 </td></tr> <tr valign="bottom"><td style="text-indent: 4px;" align="left">All other </td> <td align="right">20%-50% </td> <td align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">240 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" class="style16" align="right">224 </td></tr> <tr valign="bottom"><td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="right">  </td> <td align="right">4,369 </td> <td align="right">  </td> <td class="style16" align="right">3,988 </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Other investments </td> <td align="left">  </td> <td align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="right">3 </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" class="style16" align="right">4 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left">Total </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">4,372 </td> <td style="border-bottom: #000000 1px solid;" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" class="style16" align="right">3,992 </td></tr> <tr><td colspan="7">  </td></tr></table> <div> <table border="0" cellspacing="0"> <tr valign="bottom"><td class="MetaData" colspan="7" align="right">(1) Amounts reflect Corning's direct ownership interests in the respective affiliated companies. Corning does not control any of such entities. </td></tr></table></div> The results of operations and financial position of the investments accounted for under the equity method follow (in millions): <div> <table border="0" cellspacing="0"> <tr><td width="58%">  </td> <td class="style1">  </td> <td class="style5">  </td> <td width="4%">  </td> <td width="5%">  </td> <td class="style7">  </td> <td width="3%">  </td> <td width="6%">  </td></tr> <tr valign="bottom"><td align="left">  </td> <td style="border-bottom: #000000 1px solid;" class="style1" align="right">  </td> <td style="border-bottom: #000000 1px solid;" class="style5" align="left">  </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="center">Years ended December 31, </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" class="style1" align="right">  </td> <td style="border-bottom: #000000 1px solid;" class="style5" align="center">2010 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" colspan="2" align="left">2009 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">2008 </td></tr> <tr><td colspan="8">  </td></tr> <tr valign="bottom"><td align="left">Statement of operations: </td> <td class="style1" align="right">  </td> <td class="style5" align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style7" align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left">Net sales </td> <td class="style1" align="right">$ </td> <td colspan="2" align="right">11,717 </td> <td align="left">$ </td> <td class="style7" align="right">10,211 </td> <td align="right">$ </td> <td align="right">10,049 </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left">Gross profit </td> <td class="style1" align="right">$ </td> <td colspan="2" align="right">6,107 </td> <td align="left">$ </td> <td class="style7" align="right">5,043 </td> <td align="right">$ </td> <td align="right">4,752 </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left">Net income </td> <td class="style1" align="right">$ </td> <td colspan="2" align="right">3,901 </td> <td align="left">$ </td> <td class="style7" align="right">2,944 </td> <td align="right">$ </td> <td align="right">2,724 </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left">Corning's equity in earnings of affiliated companies (1) </td> <td class="style1" align="right">$ </td> <td colspan="2" align="right">1,958 </td> <td align="left">$ </td> <td class="style7" align="right">1,435 </td> <td align="right">$ </td> <td align="right">1,358 </td></tr> <tr><td colspan="8">  </td></tr> <tr valign="bottom"><td align="left">Related party transactions: </td> <td class="style1" align="right">  </td> <td class="style5" align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style7" align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left">Corning sales to affiliated companies </td> <td class="style1" align="right">  </td> <td class="style5" align="left">$ </td> <td align="right">27 </td> <td align="left">$ </td> <td class="style7" align="right">50 </td> <td align="right">$ </td> <td align="right">41 </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left">Corning purchases from affiliated companies </td> <td class="style1" align="right">  </td> <td class="style5" align="left">$ </td> <td align="right">59 </td> <td align="left">$ </td> <td class="style7" align="right">56 </td> <td align="right">$ </td> <td align="right">46 </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left">Corning transfers of assets, at cost, to affiliated companies (2) </td> <td class="style1" align="right">$ </td> <td colspan="2" align="right">121 </td> <td align="left">$ </td> <td class="style7" align="right">78 </td> <td align="right">$ </td> <td align="right">173 </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left">Dividends received from affiliated companies </td> <td class="style1" align="right">$ </td> <td colspan="2" align="right">1,712 </td> <td align="left">$ </td> <td class="style7" align="right">755 </td> <td align="right">$ </td> <td align="right">546 </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" align="left">Royalty income from affiliated companies </td> <td class="style1" align="right">$ </td> <td colspan="2" align="right">268 </td> <td align="left">$ </td> <td class="style7" align="right">234 </td> <td align="right">$ </td> <td align="right">188 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 5px;" align="left">Corning services to affiliates </td> <td style="border-bottom: #000000 1px solid;" class="style1" align="right">  </td> <td style="border-bottom: #000000 1px solid;" class="style5" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">37 </td> <td style="border-bottom: #000000 1px solid;" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" class="style7" align="right">22 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="58%">  </td> <td class="style1">  </td> <td class="style5">  </td> <td width="4%">  </td> <td width="5%">  </td> <td class="style7">  </td> <td width="9%">  </td></tr> <tr valign="bottom"><td class="style14" align="left">  </td> <td style="border-bottom: #000000 1px solid;" class="style1" align="right">  </td> <td style="border-bottom: #000000 1px solid; text-indent: 8px;" colspan="3" align="center">December 31, </td> <td style="border-bottom: #000000 1px solid;" class="style7" align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" class="style14" align="left">  </td> <td style="border-bottom: #000000 1px solid;" class="style1" align="right">  </td> <td style="border-bottom: #000000 1px solid;" class="style5" align="center">2010 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" align="left">2009 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td class="style14" align="left">Balance sheet: </td> <td class="style1" align="right">  </td> <td class="style5" align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style7" align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" class="style14" align="left">Current assets </td> <td class="style1" align="right">$ </td> <td align="right">8,418 </td> <td align="left">$ </td> <td class="style7" align="right">7,236 </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" class="style14" align="left">Noncurrent assets </td> <td class="style1" align="right">$ </td> <td align="right">12,253 </td> <td align="left">$ </td> <td class="style7" align="right">11,081 </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" class="style14" align="left">Short-term borrowings, including current portion of long-term debt </td> <td class="style1" align="right">$ </td> <td align="right">842 </td> <td align="left">$ </td> <td class="style7" align="right">690 </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" class="style14" align="left">Other current liabilities </td> <td class="style1" align="right">$ </td> <td align="right">2,465 </td> <td align="left">$ </td> <td class="style7" align="right">2,145 </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" class="style14" align="left">Long-term debt </td> <td class="style1" align="right">$ </td> <td align="right">868 </td> <td align="left">$ </td> <td class="style7" align="right">745 </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" class="style14" align="left">Other long-term liabilities </td> <td class="style1" align="right">$ </td> <td align="right">6,297 </td> <td align="left">$ </td> <td class="style7" align="right">5,362 </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" class="style14" align="left">Non-controlling interest </td> <td class="style1" align="right">$ </td> <td align="right">728 </td> <td align="left">$ </td> <td class="style7" align="right">588 </td> <td align="left">  </td> <td align="left">  </td></tr> <tr><td colspan="7">  </td></tr> <tr valign="bottom"><td class="style14" align="left">Related party transactions: </td> <td class="style1" align="right">  </td> <td class="style5" align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style7" align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" class="style14" align="left">Balances due from affiliated companies </td> <td class="style1" align="right">$ </td> <td align="right">101 </td> <td align="left">$ </td> <td class="style7" align="right">122 </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 5px;" class="style14" align="left">Balances due to affiliated companies </td> <td class="style1" align="right"> $ </td> <td class="style5" align="right">7 </td> <td align="right">$ </td> <td align="right"> 2 </td> <td class="style7" align="right">  </td> <td align="left">  </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td>  </td> <td>  </td> <td>  </td></tr> <tr><td valign="top" width="2%" nowrap="nowrap">(1)      </td> <td width="98%" colspan="2"> In 2010, amounts include the following items:</td></tr> <tr><td width="2%">  </td> <td valign="top" width="2%" nowrap="nowrap"> <ul> <li> </li></ul></td> <td width="96%"> In 2009, equity in earnings of affiliated companies included a charge of $29 million ($27 million after-tax) for our share of the restructuring charges and a credit of $29 million ($27 million after-tax) primarily for excess foreign tax credits that Dow Corning generated from foreign dividends.</td></tr> <tr><td width="2%">  </td> <td valign="top" width="2%" nowrap="nowrap"> <ul> <li> </li></ul></td> <td width="96%"> In 2008, Dow Corning recorded an other-than-temporary impairment for certain securities of Fannie Mae and Freddie Mac, which reduced Corning's equity earnings by $18 million.</td></tr> <tr><td valign="top" width="2%" nowrap="nowrap">(2)      </td> <td width="98%" colspan="2"> Corning purchases machinery and equipment on behalf of Samsung Corning Precision to support its capital expansion initiatives. The machinery and</td></tr> <tr><td width="2%">  </td> <td valign="top" width="2%" nowrap="nowrap"> <ul> <li> </li></ul></td> <td width="96%"> are transferred to Samsung Corning Precision at our cost basis, resulting in no revenue or gain being recognized on the transaction.</td></tr></table></div> We have contractual agreements with several of our equity affiliates which include sales, purchasing, licensing and technology agreements. At December 31, 2010, approximately $4.4 billion of equity in undistributed earnings of equity companies was included in our retained earnings. A discussion and summarized results of Corning's significant affiliates at December 31, 2010 follows: Samsung Corning Precision Materials Co., Ltd. (Samsung Corning Precision) Samsung Corning Precision is a South Korea-based manufacturer of liquid crystal display glass for flat panel displays. In 2010, they changed their name from Samsung Corning Precision Glass Co., Ltd. to Samsung Corning Precision Materials Co., Ltd. <div> <table border="0" cellspacing="0"> <tr><td width="62%">  </td> <td width="2%">  </td> <td width="6%">  </td> <td width="4%">  </td> <td width="5%">  </td> <td width="6%">  </td> <td width="3%">  </td> <td width="6%">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" colspan="3" align="left">Samsung Corning Precision's financial position and results of operations follow (in millions): </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="right">Years ended December 31, </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2010 </td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2009 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">2008 </td></tr> <tr><td colspan="8">  </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Statement of operations: </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Net sales </td> <td align="right">$ </td> <td colspan="2" align="right">4,856 </td> <td align="right">$ </td> <td align="right">4,250 </td> <td align="right">$ </td> <td align="right">3,636 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Gross profit </td> <td align="right">$ </td> <td colspan="2" align="right">3,731 </td> <td align="right">$ </td> <td align="right">3,053 </td> <td align="right">$ </td> <td align="right">2,521 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Net income </td> <td align="right">$ </td> <td colspan="2" align="right">2,946 </td> <td align="right">$ </td> <td align="right">2,212 </td> <td align="right">$ </td> <td align="right">1,874 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning's equity in earnings of Samsung Corning Precision </td> <td align="right">$ </td> <td colspan="2" align="right">1,473 </td> <td align="right">$ </td> <td align="right">1,115 </td> <td align="right">$ </td> <td align="right">927 </td></tr> <tr><td colspan="8">  </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Related party transactions: </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning sales to Samsung Corning Precision </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="right">$ </td> <td align="right">30 </td> <td align="right">$ </td> <td align="right">9 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning purchases from Samsung Corning Precision </td> <td align="right">  </td> <td align="left">$ </td> <td align="right">33 </td> <td align="right">$ </td> <td align="right">37 </td> <td align="right">$ </td> <td align="right">30 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning transfer of machinery and equipment to Samsung Corning Precision </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 7px;" align="left">at cost (1) </td> <td align="right">  </td> <td align="left">$ </td> <td align="right">121 </td> <td align="right">$ </td> <td align="right">78 </td> <td align="right">$ </td> <td align="right">173 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Dividends received from Samsung Corning Precision </td> <td align="right">$ </td> <td colspan="2" align="right">1,474 </td> <td align="right">$ </td> <td align="right">490 </td> <td align="right">$ </td> <td align="right">278 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 6px;" align="left">Royalty income from Samsung Corning Precision </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">265 </td> <td style="border-bottom: #000000 1px solid;" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">232 </td> <td style="border-bottom: #000000 1px solid;" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">184 </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="62%">  </td> <td width="2%">  </td> <td width="6%">  </td> <td width="4%">  </td> <td width="5%">  </td> <td width="6%">  </td> <td width="3%">  </td> <td width="6%">  </td></tr> <tr valign="bottom"><td class="style2" align="left">  </td> <td style="border-bottom: #000000 1px solid;" class="style3" align="right">  </td> <td style="border-bottom: #000000 1px solid; text-indent: 8px;" colspan="3" align="right">December 31, </td> <td style="border-bottom: #000000 1px solid;" class="style4" align="left">  </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" class="style2" align="left">  </td> <td style="border-bottom: #000000 1px solid;" class="style3" align="right">  </td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2010 </td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2009 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" class="style2" align="left">Balance sheet: </td> <td class="style3" align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style6" align="left">  </td> <td class="style4" align="left">  </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Current assets </td> <td class="style3" align="right">$ </td> <td colspan="2" align="right">3,122 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">2,963 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Noncurrent assets </td> <td class="style3" align="right">$ </td> <td colspan="2" align="right">3,791 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">3,409 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Short-term borrowings, including current portion of long-term debt </td> <td class="style3" align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style6" align="left">  </td> <td class="style4" align="left">  </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Other current liabilities </td> <td class="style3" align="right">  </td> <td align="left">$ </td> <td align="right">696 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">565 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Long-term debt </td> <td class="style3" align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style6" align="left">  </td> <td class="style4" align="left">  </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Other long-term liabilities </td> <td class="style3" align="right">  </td> <td align="left">$ </td> <td align="right">252 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">189 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Non-controlling interest </td> <td class="style3" align="right">  </td> <td align="left">$ </td> <td align="right">35 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">31 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr></table></div> <div class="MetaData"> <table border="0" cellspacing="0"> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="right">Years ended December 31, </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2010 </td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2009 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">2008 </td></tr> <tr><td colspan="8">  </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Statement of operations: </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Net sales </td> <td align="right">$ </td> <td colspan="2" align="right">4,856 </td> <td align="right">$ </td> <td align="right">4,250 </td> <td align="right">$ </td> <td align="right">3,636 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Gross profit </td> <td align="right">$ </td> <td colspan="2" align="right">3,731 </td> <td align="right">$ </td> <td align="right">3,053 </td> <td align="right">$ </td> <td align="right">2,521 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Net income </td> <td align="right">$ </td> <td colspan="2" align="right">2,946 </td> <td align="right">$ </td> <td align="right">2,212 </td> <td align="right">$ </td> <td align="right">1,874 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning's equity in earnings of Samsung Corning Precision </td> <td align="right">$ </td> <td colspan="2" align="right">1,473 </td> <td align="right">$ </td> <td align="right">1,115 </td> <td align="right">$ </td> <td align="right">927 </td></tr> <tr><td colspan="8">  </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Related party transactions: </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning sales to Samsung Corning Precision </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="right">$ </td> <td align="right">30 </td> <td align="right">$ </td> <td align="right">9 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning purchases from Samsung Corning Precision </td> <td align="right">  </td> <td align="left">$ </td> <td align="right">33 </td> <td align="right">$ </td> <td align="right">37 </td> <td align="right">$ </td> <td align="right">30 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning transfer of machinery and equipment to Samsung Corning Precision </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 7px;" align="left">at cost (1) </td> <td align="right">  </td> <td align="left">$ </td> <td align="right">121 </td> <td align="right">$ </td> <td align="right">78 </td> <td align="right">$ </td> <td align="right">173 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Dividends received from Samsung Corning Precision </td> <td align="right">$ </td> <td colspan="2" align="right">1,474 </td> <td align="right">$ </td> <td align="right">490 </td> <td align="right">$ </td> <td align="right">278 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 6px;" align="left">Royalty income from Samsung Corning Precision </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">265 </td> <td style="border-bottom: #000000 1px solid;" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">231 </td> <td style="border-bottom: #000000 1px solid;" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">184 </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="62%">  </td> <td width="2%">  </td> <td width="6%">  </td> <td width="4%">  </td> <td width="5%">  </td> <td width="6%">  </td> <td width="3%">  </td> <td width="6%">  </td></tr> <tr valign="bottom"><td class="style2" align="left">  </td> <td style="border-bottom: #000000 1px solid;" class="style3" align="right">  </td> <td style="border-bottom: #000000 1px solid; text-indent: 8px;" colspan="3" align="right">December 31, </td> <td style="border-bottom: #000000 1px solid;" class="style4" align="left">  </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" class="style2" align="left">  </td> <td style="border-bottom: #000000 1px solid;" class="style3" align="right">  </td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2010 </td> <td style="border-bottom: #000000 1px solid;" colspan="2" align="right">2009 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" class="style2" align="left">Balance sheet: </td> <td class="style3" align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style6" align="left">  </td> <td class="style4" align="left">  </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Current assets </td> <td class="style3" align="right">$ </td> <td colspan="2" align="right">3,122 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">2,963 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Noncurrent assets </td> <td class="style3" align="right">$ </td> <td colspan="2" align="right">3,791 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">3,409 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Short-term borrowings, including current portion of long-term debt </td> <td class="style3" align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style6" align="left">  </td> <td class="style4" align="left">  </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Other current liabilities </td> <td class="style3" align="right">  </td> <td align="left">$ </td> <td align="right">696 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">565 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Long-term debt </td> <td class="style3" align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td class="style6" align="left">  </td> <td class="style4" align="left">  </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Other long-term liabilities </td> <td class="style3" align="right">  </td> <td align="left">$ </td> <td align="right">252 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">189 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style2" align="left">Non-controlling interest </td> <td class="style3" align="right">  </td> <td align="left">$ </td> <td align="right">35 </td> <td class="style6" align="right">$ </td> <td class="style4" align="right">31 </td> <td align="left">  </td> <td class="style15" align="left">  </td></tr></table></div>   <div> <table class="MetaData" border="0" cellspacing="0"> <tr><td valign="top" width="2%" nowrap="nowrap">(1)      </td> <td class="MetaData" width="98%"> Corning purchases machinery and equipment on behalf of Samsung Corning Precision to support its capital expansion initiatives. The machinery and equipment are transferred to Samsung Corning Precision at our cost basis, resulting in no revenue or gain being recognized on the transaction.</td></tr></table></div> In 2010, Samsung Corning Precision's earnings were positively impacted from a revised tax holiday calculation agreed to by the Korean National Tax service. Corning's share of this adjustment was $61 million. Balances due from Samsung Corning Precision were $29 million at December 31, 2010. Balances due to Samsung Corning Precision were $5 million at December 31, 2010. Balances due from Samsung Corning Precision were $36 million at December 31, 2009. Balances due to Samsung Corning Precision were $14 million at December 31, 2009. Corning owns 50% of Samsung Corning Precision. Samsung Electronics Co., Ltd. owns 43% and other shareholders own the remaining 7%. On December 31, 2007, Samsung Corning Precision acquired all of the outstanding shares of Samsung Corning Co., Ltd. (Samsung Corning). After the transaction, Corning retained its 50% interest in Samsung Corning Precision. Samsung Corning Precision accounted for the transaction at fair value, while Corning accounted for the transaction at historical cost. Prior to their merger, Samsung Corning Precision and Samsung Corning were two of approximately thirty co-defendants in a lawsuit filed by Seoul Guarantee Insurance Co. and thirteen other creditors (SGI and Creditors) for alleged breach of an agreement that approximately twenty-eight affiliates of the Samsung group (Samsung Affiliates) entered into with SGI and Creditors on August 24, 1999 (the Agreement). The lawsuit is pending in the courts of South Korea. Under the Agreement it is alleged that the Samsung Affiliates agreed to sell certain shares of Samsung Life Insurance Co., Ltd. (SLI), which had been transferred to SGI and Creditors in connection with the petition for court receivership of Samsung Motor Inc. In the lawsuit, SGI and Creditors allege a breach of the Agreement by the Samsung Affiliates and are seeking the loss of principal (approximately $1.95 billion) for loans extended to Samsung Motors Inc., default interest and a separate amount for breach. On January 31, 2008, the Seoul District Court ordered the Samsung Affiliates: to pay approximately $1.30 billion by disposing of 2,334,045 shares of SLI less 1,165,955 shares of SLI previously sold by SGI and Creditors and paying the proceeds to SGI and Creditors; to satisfy any shortfall by participating in the purchase of equity or subordinate debentures issued by them; and pay default interest of 6% per annum. The ruling has been appealed. On November 10, 2009, the Appellate Court directed the parties to attempt to resolve this matter through mediation. The parties agreed not to accept the court's attempt at mediation. A portion of an escrow account established upon completion of SLI's initial public offering ("IPO") on May 7, 2010 was used to pay court ordered interest for the delay of the IPO. Samsung Corning Precision has concluded that no provision for loss should be reflected in its financial statements. Possible appeals are being considered. Other than as described above, no claim in these matters has been asserted against Corning or any of its affiliates.  In connection with an investigation by the Commission of the European Communities, Competition DG, of alleged anticompetitive behavior relating to the worldwide production of LCD glass, Corning and Samsung Corning Precision received a request on March 30, 2009, for certain information from the Competition DG. Corning and Samsung Corning Precision have responded to those requests for information. On October 9, 2009, in connection with its investigation, the Competition DG made a further request for information from both Corning and Samsung Corning Precision to which each party has responded. Samsung Corning Precision has also responded to the Competition DG and authorities in other jurisdictions, including the United States in connection with similar investigations of alleged anticompetitive behavior relating to worldwide production of cathode ray tube glass.   In September 2009, Corning and Samsung Corning Precision formed Corsam Technologies LLC (Corsam), a new equity affiliate established to provide glass technology research for future product applications. Samsung Corning Precision invested $124 million in cash and Corning contributed intellectual property with a corresponding value. Corning and Samsung Corning Precision each own 50% of the common stock of Corsam, and Corning has agreed to provide research and development services at arms length to Corsam. Corning does not control Corsam because Samsung Corning Precision's other investors maintain significant participating voting rights. In addition, Corsam has sufficient equity to finance its activities, the voting rights of investors in Corsam are considered substantive, and the risks and rewards of Corsam's research are shared only by those investors noted. As a result, Corsam is accounted for under the equity method of accounting for investments. Dow Corning Corporation (Dow Corning)Dow Corning is a U.S.-based manufacturer of silicone products. Corning and the Dow Chemical Company (Dow Chemical) each own half of Dow Corning. Dow Corning's financial position and results of operations follow (in millions): <div> <table border="0" cellspacing="0"> <tr><td width="61%">  </td> <td width="2%">  </td> <td width="13%">  </td> <td width="5%">  </td> <td width="6%">  </td> <td width="3%">  </td> <td width="6%">  </td></tr> <tr valign="bottom"><td align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="right">Years ended December 31, </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" align="center">2010 </td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" colspan="2" align="right">2009 </td> <td style="border-bottom: #000000 1px solid;" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">2008 </td></tr> <tr><td colspan="7">  </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Statement of operations: </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Net sales </td> <td align="right">$ </td> <td align="center">5,997 </td> <td align="left">$ </td> <td align="right">5,093 </td> <td align="right">$ </td> <td align="right">5,450 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Gross profit </td> <td align="right">$ </td> <td align="center">2,135 </td> <td align="left">$ </td> <td align="right">1,760 </td> <td align="right">$ </td> <td align="right">1,953 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Net income attributable to Dow Corning </td> <td align="right">$ </td> <td align="center">887 </td> <td align="left">$ </td> <td align="right">573 </td> <td align="right">$ </td> <td align="right">739 </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning's equity in earnings of Dow Corning </td> <td align="right">$ </td> <td align="center">444 </td> <td align="left">$ </td> <td align="right">287 </td> <td align="right">$ </td> <td align="right">369 </td></tr> <tr><td colspan="7">  </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left">Related party transactions: </td> <td align="right">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td> <td align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" align="left">Corning purchases from Dow Corning </td> <td align="right">$ </td> <td align="center">19 </td> <td align="left">$ </td> <td align="right">17 </td> <td align="right">$ </td> <td align="right">14 </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 6px;" align="left">Dividends received from Dow Corning </td> <td style="border-bottom: #000000 1px solid;" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" align="center">222 </td> <td style="border-bottom: #000000 1px solid;" align="left">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">222 </td> <td style="border-bottom: #000000 1px solid;" align="right">$ </td> <td style="border-bottom: #000000 1px solid;" align="right">206 </td></tr></table></div>   <div> <table> <tr><td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td> <td>  </td></tr> <tr><td colspan="7">  </td></tr> <tr valign="bottom"><td class="style9" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid; text-indent: 8px;" colspan="2" align="center">December 31, </td> <td style="border-bottom: #000000 1px solid;" class="style11" align="left">  </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" class="style9" align="left">  </td> <td style="border-bottom: #000000 1px solid;" align="right">  </td> <td style="border-bottom: #000000 1px solid;" class="style10" align="center">2010 </td> <td style="border-bottom: #000000 1px solid; text-indent: 3px;" colspan="2" align="right">2009 </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" class="style9" align="left">Balance sheet: </td> <td align="right">  </td> <td class="style10" align="left">  </td> <td align="left">  </td> <td class="style11" align="left">  </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style9" align="left">Current assets </td> <td align="right">$ </td> <td class="style13" align="right">4,625 </td> <td align="left">$ </td> <td class="style11" align="right">3,581 </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style9" align="left">Noncurrent assets </td> <td align="right">$ </td> <td class="style13" align="right">8,024 </td> <td align="left">$ </td> <td class="style11" align="right">7,203 </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style9" align="left">Short-term borrowings, including current portion of long-term debt </td> <td align="right">$ </td> <td class="MetaData" align="right">842 </td> <td align="left">$ </td> <td class="style11" align="right">683 </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style9" align="left">Other current liabilities </td> <td align="right">$ </td> <td class="style13" align="right">1,446 </td> <td align="left">$ </td> <td class="style11" align="right">1,230 </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style9" align="left">Long-term debt </td> <td align="right">$ </td> <td class="style13" align="right">867 </td> <td align="left">$ </td> <td class="style11" align="right">742 </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style9" align="left">Other long-term liabilities </td> <td align="right">$ </td> <td class="style13" align="right">5,996 </td> <td align="left">$ </td> <td class="style11" align="right">5,108 </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr> <tr valign="bottom"><td style="text-indent: 6px;" class="style9" align="left">Non-controlling interest </td> <td align="right">$ </td> <td class="style13" align="right">625 </td> <td align="left">$ </td> <td class="style11" align="right">558 </td> <td class="style8" align="left">  </td> <td class="style12" align="left">  </td></tr></table></div>   At December 31, 2010, Dow Corning's marketable securities included approximately $535 million of auction rate securities, net of impairments of $36 million. As a result of a temporary impairment, unrealized losses of $29 million, net of $8 million for a minority interests' share, were included in accumulated other comprehensive income in Dow Corning's consolidated balance sheet. Corning's share of this unrealized loss was $14 million and is included in Corning's accumulated other comprehensive income. In January 2010, Dow Corning received approval for U.S. Federal Advanced Energy Manufacturing Tax Credits of approximately $169 million. The tax credits were granted as part of the American Reinvestment and Recovery Act of 2009, and are focused on job creation from U.S. manufacturing capacity which supplies clean and renewable energy products. In response to economic challenges, Dow Corning incurred restructuring charges associated with a global workforce reduction in 2009. Our share of these charges was $29 million. In 2008, Dow Corning recorded an other-than-temporary impairment of $37 million, net of $14 million for a minority interests' share, which was included in Dow Corning's net income for certain securities of Fannie Mae and Freddie Mac. Corning's share of this loss was $18 million and is included in equity earnings in Corning's consolidated statements of income. No additional impairment on the Fannie Mae and Freddy Mac securities was recorded during the year ended December 31, 2009. The majority of Dow Corning's securities are collateralized by portfolios of student loans that are guaranteed by the U.S. government. Auctions for these securities have failed since the first quarter of 2008, reducing the immediate liquidity of these investments. Since Dow Corning does not know when a market will return or develop for these securities, Dow Corning has classified these securities as non-current. Market conditions could result in additional unrealized or realized losses for Dow Corning. Corning's equity earnings from Dow Corning would be reduced by our 50% share of any future impairment that is considered to be other-than-temporary. In 2008, Dow Corning changed its depreciation method and the estimated useful lives of certain fixed assets. These changes were accounted for as a change in estimate resulting in increased net income of $40 million of which Corning's share was $20 million. Dow Corning has borrowed the full amount under its $500 million revolving credit facility and believes it has adequate liquidity to fund operations, its capital expenditure plan, breast implant settlement liabilities, and shareholder dividends. In 1995, Corning fully impaired its investment of Dow Corning upon its entry into bankruptcy proceedings and did not recognize net equity earnings from the second quarter of 1995 through the end of 2002. Corning began recognizing equity earnings in the first quarter of 2003, when management concluded that Dow Corning's emergence from bankruptcy protection was probable. Dow Corning emerged from bankruptcy in 2004. See discussion below for additional information and for a history of this matter. Corning considers the $249 million difference between the carrying value of its investment in Dow Corning and its 50% share of Dow Corning's equity to be permanent. Corning and Dow Chemical each own 50% of the common stock of Dow Corning. In May 1995, Dow Corning filed for bankruptcy protection to address pending and claimed liabilities arising from many thousands of breast implant product lawsuits. On June 1, 2004, Dow Corning emerged from Chapter 11 with a Plan of Reorganization (the Plan), which provided for the settlement or other resolution of implant claims. The Plan also includes releases for Corning and Dow Chemical as shareholders in exchange for contributions to the Plan. Under the terms of the Plan, Dow Corning has established and is funding a Settlement Trust and a Litigation Facility to provide a means for tort claimants to settle or litigate their claims. Inclusive of insurance, Dow Corning has paid approximately $1.7 billion to the Settlement Trust. As of December 31, 2010, Dow Corning had recorded a reserve for breast implant litigation of $1.6 billion and anticipates insurance receivables of $3 million. As a separate matter arising from the bankruptcy proceedings, Dow Corning is defending claims asserted by a number of commercial creditors who claim additional interest at default rates and enforcement costs, during the period from May 1995 through June 2004. As of December 31, 2010, Dow Corning has estimated the liability to commercial creditors to be within the range of $81 million to $267 million. As Dow Corning management believes no single amount within the range appears to be a better estimate than any other amount within the range, Dow Corning has recorded the minimum liability within the range. Should Dow Corning not prevail in this matter, Corning's equity earnings would be reduced by its 50% share of the amount in excess of $81 million, net of applicable tax benefits. In addition, the London Market Insurers (the LMI Claimants) have claimed a reimbursement right with respect to a portion of insurance proceeds previously paid by the LMI Claimants to Dow Corning. This claim is based on a theory that the LMI Claimants overestimated Dow Corning's liability for the resolution of implant claims pursuant to the Plan. The LMI Claimants offered two calculations of their claim amount: $54 million and $93 million, plus minimum interest of $67 million and $116 million, respectively. These estimates were explicitly characterized as preliminary and subject to change. Litigation regarding this claim is in the discovery stage. Dow Corning disputes the claim. Based on settlement negotiations, Dow Corning has estimated that the most likely outcome will result in payment to the LMI Claimants in a range of $10 million to $20 million. Dow Corning has recorded a liability for an amount within this range as of December 31, 2010. There are a number of other claims in the bankruptcy proceedings against Dow Corning awaiting resolution by the U.S. District Court, and it is reasonably possible that Dow Corning may record bankruptcy-related charges in the future. The remaining tort claims against Corning relating to breast implant products are expected be channeled by the Plan into facilities established by the Plan or otherwise defended by the Litigation Facility.  Pittsburgh Corning Corporation (PCC)  Corning and PPG Industries, Inc. (PPG) each own 50% of the capital stock of Pittsburgh Corning Corporation (PCC). Over a period of more than two decades, PCC and several other defendants have been named in numerous lawsuits involving claims alleging personal injury from exposure to asbestos. On April 16, 2000, PCC filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Western District of Pennsylvania. At the time PCC filed for bankruptcy protection, there were approximately 11,800 claims pending against Corning in state court lawsuits alleging various theories of liability based on exposure to PCC's asbestos products and typically requesting monetary damages in excess of one million dollars per claim. Corning has defended those claims on the basis of the separate corporate status of PCC and the absence of any facts supporting claims of direct liability arising from PCC's asbestos products. Corning is also currently involved in approximately 10,300 other cases (approximately 38,700 claims) alleging injuries from asbestos and similar amounts of monetary damages per case. Those cases have been covered by insurance without material impact to Corning to date. As described below, several of Corning's insurance carriers have filed a legal proceeding concerning the extent of any insurance coverage for these claims. Asbestos litigation is inherently difficult, and past trends in resolving these claims may not be indicators of future outcomes. On March 28, 2003, Corning announced that it had reached agreement with the representatives of asbestos claimants for the resolution of all current and future asbestos claims against it and PCC, which might arise from PCC products or operations (the 2003 Plan). The 2003 Plan would have required Corning to relinquish its equity interest in PCC, contribute its equity interest in Pittsburgh Corning Europe N.V. (PCE), a Belgian corporation, contribute 25 million shares of Corning common stock, and pay a total of $140 million in six annual installments (present value $131 million at March 2003), beginning one year after the plan's effective date, with 5.5 percent interest from June 2004. In addition, the 2003 Plan provided that Corning would assign certain insurance policy proceeds from its primary insurance and a portion of its excess insurance. On December 21, 2006, the Bankruptcy Court issued an order denying confirmation of the 2003 Plan for reasons it set out in a memorandum opinion. Several parties, including Corning, filed motions for reconsideration. These motions were argued on March 5, 2007, and the Bankruptcy Court reserved decision. On January 29, 2009, a proposed plan of reorganization (the Amended PCC Plan) resolving issues raised by the Court in denying confirmation of the 2003 Plan was filed with the Bankruptcy Court. As a result, Corning believes the Amended PCC Plan, modified as indicated below, now represents the most probable outcome of this matter and expects that the Amended PCC Plan will be confirmed by the Court. At the same time, Corning believes the 2003 Plan no longer serves as the basis for the Company's best estimate of liability. Key provisions of the Amended PCC Plan address the concerns expressed by the Bankruptcy Court. Accordingly, in the first quarter of 2008, Corning adjusted its asbestos litigation liability to reflect components of the Amended PCC Plan. The proposed resolution of PCC asbestos claims under the Amended PCC Plan requires Corning to contribute its equity interests in PCC and PCE and to contribute a fixed series of payments, recorded at present value. Corning will have the option to use its shares rather than cash to make these payments, but the liability is fixed by dollar value and not the number of shares. The Amended PCC Plan originally required Corning to make (1) one payment of $100 million one year from the date the Amended PCC Plan becomes effective and certain conditions are met and (2) five additional payments of $50 million, on each of the five subsequent anniversaries of the first payment, the final payment of which is subject to reduction based on the application of credits under certain circumstances. Documents were filed with the Bankruptcy Court further modifying the Amended PCC Plan by reducing Corning's initial payment by $30 million and reducing its second and fourth payments by $15 million each. In return, Corning will relinquish its claim for reimbursement of its payments and contributions under the Amended PCC Plan from the insurance carriers involved in the bankruptcy proceeding with certain exceptions. These modifications are expected to resolve objections to the Amended PCC Plan filed by some of the insurance carriers. Confirmation hearings on the Amended PCC Plan were held in June 2010 and briefs discussing the legal issues have been filed. The Bankruptcy Court's opinion on the Amended Plan is pending. The Amended PCC Plan does not include non-PCC asbestos claims that may be or have been raised against Corning. Corning has recorded an additional $150 million for such claims in its estimated asbestos litigation liability. The liability for non-PCC claims was estimated based upon industry data for asbestos claims since Corning does not have recent claim history due to the injunction issued by the Bankruptcy Court. The estimated liability represents the undiscounted projection of claims and related legal fees over the next 20 years. The amount may need to be adjusted in future periods as more data becomes available. The liability for the Amended PCC Plan and the non-PCC asbestos claims was estimated to be $633 million at December 31, 2010, compared with an estimate of liability of $682 million at December 31, 2009. For the years ended December 31, 2010 and 2009, Corning recorded asbestos litigation expense of $5 million and $20 million, respectively. In the first quarter of 2010, Corning recorded a credit of $54 million to reflect the change in terms of Corning's proposed payments under the Amended Plan. The entire obligation is classified as a non-current liability as installment payments for the cash portion of the obligation are not planned to commence until more than 12 months after the Amended PCC Plan becomes effective and the PCE portion of the obligation will be fulfilled through the direct contribution of Corning's investment in PCE (currently recorded as a non-current other equity method investment). In the first quarter of 2008, Corning recorded a credit to asbestos settlement expense of $327 million as a result of the increase in likelihood of a settlement under the Amended PCC Plan and a corresponding decrease in the likelihood of a settlement under the 2003 Plan. For the year ended December 31, 2008, after the first quarter adjustment to the settlement amount, Corning recorded a benefit of $13 million to reflect the change in value of the estimated liability under an Amended PCC Plan. The Amended PCC Plan is subject to a number of contingencies. Payment of the amounts required to fund the Amended PCC Plan from insurance and other sources are subject to a number of conditions that may not be achieved. The approval of the Amended PCC Plan by the Bankruptcy Court is not certain and faces objections by some parties. Any approval of the Amended PCC Plan by the Bankruptcy Court is subject to appeal. For these and other reasons, Corning's liability for these asbestos matters may be subject to changes in subsequent quarters. The estimate of the cost of resolving the non-PCC asbestos claims may also be subject to change as developments occur. Management continues to believe that the likelihood of the uncertainties surrounding these proceedings causing a material adverse impact to Corning's financial statements is remote. Several of Corning's insurers have commenced litigation for a declaration of the rights and obligations of the parties under insurance policies, including rights that may be affected by the potential resolutions described above. Corning is vigorously contesting these cases. Management is unable to predict the outcome of this insurance litigation and therefore cannot estimate the range of any possible loss. At December 31, 2010 and 2009, the fair value of PCE significantly exceeded its carrying value of $129 million and $125 million, respectively. There have been no impairment indicators for our investment in PCE and we continue to recognize equity earnings of this affiliate. PCC filed for Chapter 11 reorganization in the U.S. Bankruptcy Court on April 16, 2000. At that time, Corning determined it lacked the ability to recover the carrying amount of its investment in PCC and its investment was other than temporarily impaired. As a result, we reduced our investment in PCC to zero. </div>7. Investments Investments comprise the following (dollars in millions): Affiliated Companies at Equity            falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringEquity investment disclosure, or group of investments for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20% of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 falsefalseInvestments12InvestmentsUnKnownUnKnownUnKnownUnKnownfalsetrue