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v3.3.1.900

Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013
Net sales | [1] | $ 9,111 | $ 9,715 | $ 7,819
Cost of sales |  | 5,458 | 5,663 | 4,495
Gross margin |  | 3,653 | 4,052 | 3,324
Operating expenses: |  |  |  |
Selling, general and administrative expenses |  | 1,523 | 1,211 | 1,126
Research, development and engineering expenses |  | 769 | 815 | 710
Amortization of purchased intangibles |  | 54 | 33 | 31
Restructuring, impairment and other charges (Note 2) |  |  | 71 | 67
Asbestos litigation (credit) charges (Note 7) |  | (15) | (9) | 19
Operating income |  | 1,322 | 1,931 | 1,371
Equity in earnings of affiliated companies (Note 7) |  | 299 | 266 | 547
Interest income |  | 21 | 26 | 8
Interest expense |  | (140) | (123) | (120)
Transaction-related gain, net (Note 8) |  |  | 74 |
Foreign currency hedge gain, net |  | 85 | 1,411 | 622
Other (expense) income, net |  | (101) | (17) | 45
Income before income taxes |  | 1,486 | 3,568 | 2,473
Provision for income taxes (Note 6) |  | (147) | (1,096) | (512)
Net income attributable to Corning Incorporated |  | $ 1,339 | $ 2,472 | $ 1,961
Earnings per common share attributable to Corning Incorporated: |  |  |  |
Basic (Note 18) (in Dollars per share) |  | $ 1.02 | $ 1.82 | $ 1.35
Diluted (Note 18) (in Dollars per share) |  | 1.00 | 1.73 | 1.34
Dividends declared per common share (1) (in Dollars per share) | [2] | $ 0.36 | $ 0.52 | $ 0.39
[1] | Net sales are attributed to countries based on location of customer.
[2] | The first quarter 2015 dividend was declared on December 3, 2014.

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