2.2.0.25falsefalse11501 - Disclosure - Hedging Activitiestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<p style="text-align: left;"><b><font class="_mt" size="2">15. Hedging Activities</font></b></p>
<p style="text-align: left;"><font class="_mt" size="2">Corning operates in many foreign countries and is therefore exposed to movements in foreign currency exchange rates. The areas in which exchange rate fluctuations affect us include:</font></p>
<ul>
<li>
<p align="justify"><font class="_mt" size="2">Financial instruments and transactions denominated in foreign currencies, which impact earnings; and</font></p></li>
<li>
<p align="justify"><font class="_mt" size="2">The translation of net assets in foreign subsidiaries for which the functional currency is not the U.S. dollar, which impacts our</font> <font class="_mt" size="2">net equity.</font></p></li></ul>
<p style="text-align: left;"><font class="_mt" size="2">Our most significant foreign currency exposures relate to the Japanese yen, Korean won, New Taiwan dollar and the Euro. We manage our foreign currency exposure primarily by entering into foreign exchange forward contracts with durations of generally 18 months or less to hedge foreign currency risk. The hedges are scheduled to mature coincident with the timing of the underlying foreign currency commitments and transactions. The objective of these contracts is to reduce the impact of exchange rate movements on our operating results.</font></p>
<p style="text-align: left;"><font class="_mt" size="2">The forward and option contracts we use in managing our foreign currency exposures contain an element of risk in that the counterparties may be unable to meet the terms of the agreements. However, we minimize this risk by limiting the counterparties to a diverse group of highly-rated major domestic and international financial institutions with which we have other financial relationships. We are exposed to potential losses in the event of non-performance by these counterparties. However, we do not expect to record any losses as a result of counterparty default. Neither we nor our counterparties are required to post collateral for these financial instruments.</font></p>
<p style="text-align: left;"><u><font class="_mt" size="2">Cash Flow Hedges</font></u></p>
<p style="text-align: left;"><font class="_mt" size="2">Our cash flow hedging activities utilize foreign exchange forward and option contracts to reduce the risk that movements in exchange rates will adversely affect the eventual net cash flows resulting from the sale of products to foreign customers and purchases from foreign suppliers. Corning uses a regression analysis to monitor the effectiveness of its cash flow hedges both prospectively and retrospectively. Corning defers net gains and losses from cash flow hedges into accumulated other comprehensive income on the consolidated balance sheet until such time as the hedged item impacts earnings. At December 31, 2010, the amount of net losses expected to be reclassified into earnings within the next 12 months was $<font class="_mt">29</font> million.</font></p>
<p style="text-align: left;"><u><font class="_mt" size="2">Undesignated Hedges</font></u></p>
<p style="text-align: left;"><font class="_mt" size="2">Corning uses other foreign exchange forward contracts that are not designated as hedging instruments for accounting purposes. The undesignated hedges limit exposures to foreign currency fluctuations related to certain monetary assets, monetary liabilities and net earnings in foreign currencies.</font></p>
<p style="text-align: left;"><u><font class="_mt" size="2">Net Investment in Foreign Operations</font></u></p>
<p style="text-align: left;"><font class="_mt" size="2">In February 2000, we issued $<font class="_mt">500</font> million of Euro-denominated notes that were designated as a hedge of a net investment in foreign operations. The effective portion of the changes in fair value of the outstanding debt balance has been included as a component of the foreign currency translation adjustment (CTA) within accumulated other comprehensive income (loss). In February 2010, we repaid the remaining $<font class="_mt">48</font> million balance of this debt. At that time, the cumulative amount of CTA related to this debt was a net loss of $<font class="_mt">140</font> million, which will remain in accumulated other comprehensive income until ultimate disposition of the underlying Euro investment.</font></p>
<p style="text-align: left;"><font class="_mt" size="2">The following table summarizes the notional amounts and respective fair values of Corning's derivative financial instruments (in millions):</font></p>
<div class="MetaData" align="left">
<table border="0" cellspacing="0">
<tr><td width="10%"> </td>
<td width="2%"> </td>
<td width="7%"> </td>
<td width="2%"> </td>
<td width="8%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="5%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="4%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="9" align="center"><font class="_mt" size="2">Asset derivatives</font></td>
<td style="border-bottom: #000000 1px solid;" colspan="7" align="center"><font class="_mt" size="2">Liability derivatives</font></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; text-indent: 2px;" colspan="3" align="left"><font class="_mt" size="2">Notional amount</font></td>
<td align="center"><font class="_mt" size="2">Balance</font></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;" align="left"><font class="_mt" size="2">Fair value</font></td>
<td align="center"><font class="_mt" size="2">Balance</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="4" align="right"><font class="_mt" size="2">Fair value</font></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="left"><b><font class="_mt" size="2">2010</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">2009</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">sheet location</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font class="_mt" size="2">2010</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">2009</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">sheet location</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">2010</font></b></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"><font class="_mt" size="2">2009</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr><td colspan="17"> </td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" size="2">Derivatives</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font class="_mt" size="2">designated as</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font class="_mt" size="2">hedging</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font class="_mt" size="2">instruments</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr><td colspan="17"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><font class="_mt" size="2">Foreign</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="center"><font class="_mt" size="2">Other</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font class="_mt" size="2">exchange</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="center"><font class="_mt" size="2">Other current</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="center"><font class="_mt" size="2">accrued</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font class="_mt" size="2">contracts</font></td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="text-indent: 1px;" align="left"><b><font class="_mt" size="2">602</font></b></td>
<td align="right"><font class="_mt" size="2">$</font></td>
<td style="text-indent: 1px;" align="left"><font class="_mt" size="2">424</font></td>
<td align="center"><font class="_mt" size="2">assets</font></td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td align="center"><b><font class="_mt" size="2">4</font></b></td>
<td align="right"><font class="_mt" size="2">$</font></td>
<td align="center"><font class="_mt" size="2">17</font></td>
<td align="center"><font class="_mt" size="2">liabilities</font></td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" size="2">(33</font></b></td>
<td align="left"><b><font class="_mt" size="2">)</font></b></td>
<td align="right"><font class="_mt" size="2">$</font></td>
<td align="right"><font class="_mt" size="2">(1</font></td>
<td align="left"><font class="_mt" size="2">)</font></td></tr>
<tr><td colspan="17"> </td></tr>
<tr valign="bottom"><td align="center"><b><font class="_mt" size="2">Derivatives not</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font class="_mt" size="2">designated as</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font class="_mt" size="2">hedging</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font class="_mt" size="2">instruments</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr><td colspan="17"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><font class="_mt" size="2">Foreign</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="center"><font class="_mt" size="2">Other</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font class="_mt" size="2">exchange</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="center"><font class="_mt" size="2">Other current</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="center"><font class="_mt" size="2">accrued</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font class="_mt" size="2">contracts</font></td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="text-indent: 1px;" align="left"><b><font class="_mt" size="2">2,946</font></b></td>
<td align="right"><font class="_mt" size="2">$</font></td>
<td style="text-indent: 1px;" align="left"><font class="_mt" size="2">1,540</font></td>
<td align="center"><font class="_mt" size="2">assets</font></td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td align="center"><b><font class="_mt" size="2">1</font></b></td>
<td align="right"><font class="_mt" size="2">$</font></td>
<td align="center"><font class="_mt" size="2">36</font></td>
<td align="center"><font class="_mt" size="2">liabilities</font></td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" size="2">(122</font></b></td>
<td align="left"><b><font class="_mt" size="2">)</font></b></td>
<td align="right"><font class="_mt" size="2">$</font></td>
<td align="right"><font class="_mt" size="2">(11</font></td>
<td align="left"><font class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="center"><font class="_mt" size="2">Other</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td align="center"><font class="_mt" size="2">liabilities</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(45</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">(2</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">)</font></td></tr>
<tr><td colspan="17"> </td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" align="left"><font class="_mt" size="2">Total</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 3px;" align="left"><font class="_mt" size="2">derivatives</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left"><b><font class="_mt" size="2">3,548</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left"><font class="_mt" size="2">1,964</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font class="_mt" size="2">5</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">53</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(200</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">(14</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">)</font></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"><font class="_mt" size="2">The following tables summarize the effect on the consolidated financial statements relating to Corning's derivative financial instruments (in millions):</font></p>
<div align="left">
<table border="0" cellspacing="0">
<tr><td width="19%"> </td>
<td width="2%"> </td>
<td width="6%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="14%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="6%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td colspan="9" align="right"><font class="_mt" size="2">Effect of derivative instruments on the consolidated financial statements</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td 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;" 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="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="4" align="center"><font class="_mt" size="2">for the years ended December 31</font></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="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="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td colspan="4" align="right"><font class="_mt" size="2">Gain/(loss) recognized in</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td colspan="4" align="right"><font class="_mt" size="2">Location of gain/(loss)</font></td>
<td align="right"> </td>
<td colspan="5" align="right"><font class="_mt" size="2">Gain/(loss) reclassified</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td colspan="4" align="right"><font class="_mt" size="2">other comprehensive</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td colspan="4" align="center"><font class="_mt" size="2">reclassified from</font></td>
<td align="right"> </td>
<td colspan="5" align="right"><font class="_mt" size="2">from accumulated OCI into</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="center"><b><font class="_mt" size="2">Derivatives in hedging</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="4" align="center"><font class="_mt" size="2">income (OCI)</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td align="right"> </td>
<td colspan="4" align="right"><font class="_mt" size="2">accumulated OCI into</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="5" align="right"><font class="_mt" size="2">income (effective) </font><font class="_mt" size="1">(2)(3)</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">relationships</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">2010</font></b></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"><font class="_mt" size="2">2009</font></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;" colspan="4" align="center"><font class="_mt" size="2">income (effective)</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">2010</font></b></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;" colspan="2" align="right"><font class="_mt" size="2">2009</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr><td colspan="19"> </td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" size="2">Cash flow hedges</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="center"><font class="_mt" size="2">Sales</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" size="2">(1</font></b></td>
<td align="left"><b><font class="_mt" size="2">)</font></b></td>
<td align="right"> </td>
<td align="left"><font class="_mt" size="2">$</font></td>
<td align="right"><font class="_mt" size="2">0</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" size="2">Interest rate hedge</font></td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" size="2">3</font></b></td>
<td align="left"> </td>
<td align="right"><font class="_mt" size="2">$</font></td>
<td align="right"><font class="_mt" size="2">0</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="center"><font class="_mt" size="2">Cost of sales</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" size="2">(9</font></b></td>
<td align="left"><b><font class="_mt" size="2">)</font></b></td>
<td align="right"> </td>
<td align="left"><font class="_mt" size="2">$</font></td>
<td align="right"><font class="_mt" size="2">2</font></td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" size="2">Foreign exchange contracts</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(68</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">28</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td align="right"> </td>
<td align="center"><font class="_mt" size="2">Royalties </font><font class="_mt" size="1">(1)</font></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(14</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" colspan="2" align="right"><font class="_mt" size="2">(32</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">)</font></td></tr>
<tr><td colspan="19"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" size="2">Total cash flow hedges</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(65</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">28</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(24</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" colspan="2" align="right"><font class="_mt" size="2">(30</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">)</font></td></tr>
<tr><td colspan="19"> </td></tr>
<tr valign="bottom"><td align="left"><b><font class="_mt" size="2">Net investment hedges</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" size="2">Foreign denominated debt</font></td>
<td align="right"><b><font class="_mt" size="2">$</font></b></td>
<td align="right"><b><font class="_mt" size="2">2</font></b></td>
<td align="left"> </td>
<td align="right"><font class="_mt" size="2">$</font></td>
<td align="right"><font class="_mt" size="2">(1</font></td>
<td align="left"><font class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" size="2">Other</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(3</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">0</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr><td colspan="19"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" size="2">Total net investment hedges</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(1</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">(1</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">)</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr><td colspan="19"> </td></tr>
<tr><td colspan="19"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td colspan="4" align="right"><font class="_mt" size="2">Gain/(loss) recognized in</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td colspan="4" align="right"><font class="_mt" size="2">Location of gain/ (loss)</font></td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">income</font></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 align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">Undesignated derivatives</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="4" align="right"><font class="_mt" size="2">recognized in income</font></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"><b><font class="_mt" size="2">2010</font></b></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"><font class="_mt" size="2">2009</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr><td colspan="19"> </td></tr>
<tr valign="bottom"><td align="left"><font class="_mt" size="2">Foreign exchange contracts</font></td>
<td align="right"> </td>
<td colspan="4" align="right"><font class="_mt" size="2">Other income/(expense)</font></td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(291</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">9</font></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr><td colspan="19"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">Total undesignated</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">(291</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">)</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">9</font></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="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="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr></table></div>
<div>
<table class="MetaData" border="0" cellspacing="0">
<tr><td valign="top" width="2%" nowrap="nowrap"><font class="_mt" size="1">(1)</font> </td>
<td class="MetaData" width="98%">
<p align="justify"><font class="_mt" size="1">Included in the 2009 amount is a loss of $<font class="_mt">8</font> million relating to derivatives that were de-designated by the company in the fourth quarter of 2009 for which the amounts recorded in accumulated OCI were determined to still be probable or reasonably possible of occurring as originally forecasted.</font></p></td></tr>
<tr><td valign="top" width="2%" nowrap="nowrap"><font class="_mt" size="1">(2)</font> </td>
<td class="MetaData" width="98%">
<p align="justify"><font class="_mt" size="1">The amount of hedge ineffectiveness at December 31, 2010 and at December 31, 2009 was insignificant.</font></p></td></tr>
<tr><td valign="top" width="2%" nowrap="nowrap"><font class="_mt" size="1">(3)</font> </td>
<td width="98%">
<p align="justify"><font class="_mt" size="1"><font class="_mt"><font class="_mt" size="1">In 2008 a total net loss of $<font class="_mt">20</font> million was reclassified from accumulated OCI into income, including a net gain of $<font class="_mt">24</font> million into cost of sales and a net loss of $<font class="_mt">44</font> million into royalties</font></font>.</font></p></td></tr></table></div> </div>15. Hedging Activities
Corning operates in many foreign countries and is therefore exposed to movements in foreign currency exchange rates. The areas in whichfalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringThis element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
falsefalse
12Hedging ActivitiesUnKnownUnKnownUnKnownUnKnownfalsetrue