XML 84 R74.htm IDEA: XBRL DOCUMENT v3.21.2
Note 16 - Reportable Segments - Reconciliation of Reportable Segment Net Income (Loss) to Consolidated Net Income (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Net income (loss) attributable to Corning Incorporated $ 449 $ (71)   $ 1,048 $ (167)  
Gain on foreign currency hedges related to translated earnings 3 37   275 105  
Research, development, and engineering expenses (242) (430)   (464) (691)  
Equity in (losses) earnings of affiliated companies 7 79   15 93  
Amortization of intangibles (33) (28)   (65) (54)  
Interest expense, net (78) (67)   (155) (131)  
Income tax benefit (67) (22)   (293) (10)  
Cumulative adjustment related to customer contract [1] [1] $ 105 [1] 105 [1]  
Severance charges   (58)   (1) (135)  
Asset impairment   (195)   (195) $ (217)
Operating Segments [Member]            
Net income (loss) attributable to Corning Incorporated [2] 595 288   1,108 524  
Research, development, and engineering expenses [3] (200) (181)   (387) (390)  
Income tax benefit [4] 158 77   294 139  
Operating Segments [Member] | Reportable Segments [Member]            
Net income (loss) attributable to Corning Incorporated 610 354   1,147 659  
Operating Segments [Member] | Nonreportable Segments [Member]            
Net income (loss) attributable to Corning Incorporated [5] (15) (66)   (39) (135)  
Segment Reconciling Items [Member]            
Impact of foreign currency movements not included in segment net income (loss) (20) (6)   (14) (25)  
Gain on foreign currency hedges related to translated earnings 3 35   275 93  
Translation gain (loss) on Japanese yen-denominated debt 5 3   123 (11)  
Research, development, and engineering expenses [6],[7] (35) (37)   (69) (76)  
Equity in (losses) earnings of affiliated companies [8] (1) 81   (1) 99  
Amortization of intangibles (33) (28)   (65) (54)  
Interest expense, net (67) (64)   (141) (122)  
Income tax benefit 91 55   1 129  
Cumulative adjustment related to customer contract [6],[9]   (105)  
Severance charges [7] (1) (58)   (1) (135)  
Asset impairment [7] (195)   (195)  
Capacity realignment and other charges and credits [7] (1) (84)   (1) (232)  
Gain on sale of business 40   54  
Other corporate items $ (127) $ (61)   $ (221) $ (57)  
[1] Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels.
[2] Many of Corning’s administrative and staff functions are performed on a centralized basis. Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function. Other staff functions, such as corporate finance, human resources and legal, are allocated to segments, primarily as a percentage of sales. Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income (loss) to consolidated net income (loss).
[3] Research, development and engineering expenses include direct project spending that is identifiable to a segment.
[4] Income tax (provision) benefit reflects a tax rate of 21%.
[5] The Company obtained a controlling interest in HSG during the third quarter of 2020 and has consolidated results in “All Other” as of September 9, 2020.
[6] Amount does not include research, development, and engineering expense related to restructuring, impairment and other charges and credits.
[7] Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) to the consolidated financial statements for additional information on restructuring activities and impairment.
[8] Primarily represents the equity earnings of HSG prior to September 9, 2020. Refer to Note 3 (HSG Transactions) to the consolidated financial statements for additional information.
[9] Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels.