Note 11 - Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Other Assets and Other Liabilities Disclosure [Text Block]

Other assets were as follows (in millions):

	December 31,
	2021		2020
Current assets:
Derivative instruments (Note 15)	$	336	$	148
Other current assets		690		613
Other current assets	$	1,026	$	761
Non-current assets:
Derivative instruments (Note 15)	$	164	$	123
South Korean tax deposits		350		365
Operating leases (Note 7)		741		680
Investments (Note 3)		318		435
Other non-current assets		483		537
Other assets	$	2,056	$	2,140

South Korean tax deposits

CPM is currently appealing certain tax assessments and tax refund claims for tax years 2010 through 2018.  The Company is required to deposit the disputed tax amounts with the South Korean government as a condition of its appeal of any tax assessments.  Corning believes that it is more likely than not that we will prevail in the appeal process.  Refer to Note 8 (Income Taxes) to the consolidated financial statements for additional information.

Other liabilities were as follows (in millions):

	December 31,
	2021		2020
Current liabilities:
Wages and employee benefits	$	824	$	572
Income taxes		196		173
Derivative instruments (Note 15)		144		189
Deferred revenue (Note 5)		148		152
Settlement liability (Note 4)		58		58
Customer deposits (Note 5)		223		211
Share repurchase liability (Note 17)		506
Short-term leases (Note 7)		94		96
Other current liabilities		946		986
Other accrued liabilities	$	3,139	$	2,437
Non-current liabilities:
Defined benefit pension plan liabilities	$	707	$	887
Derivative instruments (Note 15)		49		155
Deferred revenue (Note 5)		764		872
Settlement liability (Note 4)		58		117
Customer deposits (Note 5)		1,072		1,148
Share repurchase liability (Note 17)		517
Deferred tax liabilities		258		313
Long-term leases (Note 7)		691		633
Asbestos and other litigation		35		94
Other non-current liabilities		1,041		798
Other liabilities	$	5,192	$	5,017