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Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014
Net sales |  | $ 2,272 | $ 2,540 | $ 6,880 | $ 7,311
Cost of sales |  | 1,380 | 1,451 | 4,084 | 4,255
Gross margin |  | 892 | 1,089 | 2,796 | 3,056
Operating expenses: |  |  |  |  |
Selling, general and administrative expenses |  | 307 | 261 | 960 | 980
Research, development and engineering expenses |  | 181 | 199 | 561 | 605
Amortization of purchased intangibles |  | 12 | 9 | 40 | 25
Restructuring, impairment and other charges |  |  |  |  | 51
Operating income |  | 392 | 620 | 1,235 | 1,395
Equity in earnings of affiliated companies |  | 39 | 95 | 195 | 243
Interest income |  | 6 | 5 | 16 | 21
Interest expense |  | (38) | (31) | (101) | (91)
Transaction-related gain, net |  |  |  |  | 74
Foreign currency hedge (loss) gain, net |  | (154) | 765 | 52 | 622
Other expense, net |  | (27) | (45) | (80) | (33)
Income before income taxes |  | 218 | 1,409 | 1,317 | 2,231
Provision for income taxes (Note 4) |  | (6) | (395) | (202) | (747)
Net income attributable to Corning Incorporated |  | $ 212 | $ 1,014 | $ 1,115 | $ 1,484
Earnings per common share attributable to Corning Incorporated: |  |  |  |  |
Basic (Note 5) (in Dollars per share) |  | $ 0.16 | $ 0.77 | $ 0.84 | $ 1.08
Diluted (Note 5) (in Dollars per share) |  | 0.15 | 0.72 | 0.82 | 1.03
Dividends declared per common share (1) (in Dollars per share) | [1] | $ 0.12 | $ 0.10 | $ 0.24 | $ 0.30
[1] | The first quarter 2015 dividend was declared on December 3, 2014.

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