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Note 15 - Reportable Segments - Reconciliation of Reportable Segment Net Income (Loss) to Consolidated Net Income (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net income attributable to Corning Incorporated $ 208,000 $ 371,000 $ 1,352,000 $ 1,419,000
(Loss) gain on foreign currency hedges related to translated earnings (68,000) (13,000) 257,000 262,000
Research, development, and engineering expenses (2) (278,000) (251,000) (766,000) (715,000)
Amortization of intangibles (31,000) (32,000) (92,000) (97,000)
Interest expense, net (73,000) (72,000) (216,000) (227,000)
Provision for income taxes (Note 4) (34,000) (109,000) (380,000) (402,000)
Restructuring, impairment and other charges and credits (3) (138,000) 0 (217,000) 0
Gain on sale of a business     53,000 54,000
Operating Segments [Member]        
Net income attributable to Corning Incorporated [1] 561,000 593,000 1,771,000 1,701,000
Research, development, and engineering expenses (2) [2] (235,000) (218,000) (651,000) (605,000)
Provision for income taxes (Note 4) [3] 153,000 159,000 483,000 453,000
Operating Segments [Member] | Reportable Segments [Member]        
Net income attributable to Corning Incorporated 543,000 598,000 1,736,000 1,745,000
Operating Segments [Member] | Nonreportable Segments [Member]        
Net income attributable to Corning Incorporated 18,000 (5,000) 35,000 (44,000)
Segment Reconciling Items [Member]        
Net income attributable to Corning Incorporated 208,000 371,000 1,352,000 1,419,000
Impact of constant currency reporting not included in segment net income (loss) (1) (136,000) (33,000) (319,000) (47,000)
(Loss) gain on foreign currency hedges related to translated earnings (68,000) (13,000) 257,000 262,000
Translation gain on Japanese yen-denominated debt 84,000 4,000 321,000 127,000
Litigation, regulatory and other legal matters (23,000) (3,000) (65,000) (11,000)
Research, development, and engineering expenses (2) [4] (43,000) (34,000) (115,000) (107,000)
Amortization of intangibles (31,000) (32,000) (92,000) (97,000)
Interest expense, net (59,000) (64,000) (180,000) (205,000)
Provision for income taxes (Note 4) 119,000 50,000 103,000 51,000
Restructuring, impairment and other charges and credits (3) [5] (138,000) (40,000) (217,000) (42,000)
Gain on sale of a business 53,000 54,000
Other corporate items $ (58,000) $ (57,000) $ (165,000) $ (267,000)
[1] 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.
[2] Research, development and engineering expenses include direct project spending that is identifiable to a segment.
[3] Income tax (provision) benefit reflects a tax rate of 21%.
[4] Amount does not include research, development, and engineering expense related to restructuring, impairment and other charges and credits.
[5] Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) to the consolidated financial statements for additional information on activities.