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Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014
Net sales | $ 2,343 | $ 2,482 | $ 4,608 | $ 4,771
Cost of sales | 1,368 | 1,450 | 2,704 | 2,804
Gross margin | 975 | 1,032 | 1,904 | 1,967
Operating expenses: |  |  |  |
Selling, general and administrative expenses | 337 | 322 | 653 | 719
Research, development and engineering expenses | 191 | 208 | 380 | 406
Amortization of purchased intangibles | 16 | 8 | 28 | 16
Restructuring, impairment and other charges |  | 34 |  | 51
Operating income | 431 | 460 | 843 | 775
Equity in earnings of affiliated companies | 62 | 62 | 156 | 148
Interest income | 5 | 4 | 10 | 16
Interest expense | (33) | (30) | (63) | (60)
Transaction-related gain, net |  |  |  | 74
Foreign currency hedge gain (loss), net | 164 | (137) | 206 | (143)
Other (expense) income, net | (23) | (18) | (53) | 12
Income before income taxes | 606 | 341 | 1,099 | 822
Provision for income taxes (Note 4) | (110) | (172) | (196) | (352)
Net income attributable to Corning Incorporated | $ 496 | $ 169 | $ 903 | $ 470
Earnings per common share attributable to Corning Incorporated: |  |  |  |
Basic (Note 5) (in Dollars per share) | $ 0.38 | $ 0.11 | $ 0.68 | $ 0.32
Diluted (Note 5) (in Dollars per share) | 0.36 | 0.11 | 0.65 | 0.32
Dividends declared per common share (1) (in Dollars per share) | $ 0.12 | $ 0.10 | $ 0.12 | $ 0.20

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- Definition The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Also included are the engineering expenses that are incurred while working on new product design, capacity, optimization programs, etc for products that are not currently being produced. + References No definition available. + Details
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