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Reportable Segments | 3 Months Ended
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Mar. 31, 2019
Reportable Segments [Abstract] |
Reportable Segments | 13. Reportable Segments ﻿ Our reportable segments are as follows: ﻿
| · |  | Display Technologies – manufactures glass substrates for flat panel liquid crystal displays and other high-performance display panels.
| · |  | Optical Communications – manufactures carrier and enterprise network components for the telecommunications industry.
| · |  | Specialty Materials – manufactures products that provide more than 150 material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs.
| · |  | Environmental Technologies – manufactures ceramic substrates and filters for automotive and diesel applications.
| · |  | Life Sciences – manufactures glass and plastic labware, equipment, media and reagents enabling workflow solutions for scientific applications.
﻿ All other segments that do not meet the quantitative threshold for separate reporting have been grouped as “All Other.” This group is primarily comprised of the results of the pharmaceutical technologies business and new product lines and development projects, as well as certain corporate investments such as Eurokera and Keraglass equity affiliates. We prepared the financial results for our reportable segments on a basis consistent with our internal disaggregation of financial information to assist the CODM in making internal operating decisions. T he impact of changes in the Japanese yen, Korean won, Chinese yuan and new Taiwan dollar are excluded from segment sales and segment net income for the Display Technologies and Specialty Materials segments. The impact of changes in the euro, Chinese yuan and Japanese yen are excluded from segment sales and segment net income for our Environmental Technologies and Life Sciences segments. In January 2019, we began presenting results of the Environmental Technologies and Life Sciences segments on a constant currency basis to mitigate the translation impact on these segments’ sales and net income. We have not recast prior periods as the impact of fluctuations in these currencies were not material as compared to prior periods. Ce rtain income and expenses are included in the unallocated amounts in the reconciliation of reportable segment net income to consolidated net income. These include items that are not used by our chief operating decision maker (“CODM”) in evaluating the results of or in allocating resources to our segments and include the following items: the impact of our translated earnings contracts; acquisition-related costs; discrete tax items and other tax-related adjustments; certain litigation, regulatory and other legal matters; restructuring, impairment and other charges; adjustments relating to acquisitions; and other non-recurring non-operational items. Although we exclude these amounts from segment results, they are included in reported consolidated results. We included the earnings of equity affiliates that are closely associated with our reportable segments in the respective segment’s net income. We have allocated certain common expenses among reportable segments differently than we would for stand-alone financial information. Segment net income may not be consistent with measures used by other companies. ﻿ Reportable Segments (in millions) ﻿ ﻿ ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Display |  | Optical |  | Specialty |  | Environmental |  | Life |  | All |  |  |
﻿ |  | Technologies |  | Communications |  | Materials |  | Technologies |  | Sciences |  | Other |  | Total
﻿Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Segment net sales |  | $ | 818 |  | $ | 1,064 |  | $ | 309 |  | $ | 362 |  | $ | 243 |  | $ | 54 |  | $ | 2,850
﻿Depreciation (1) |  | $ | 152 |  | $ | 59 |  | $ | 37 |  | $ | 31 |  | $ | 13 |  | $ | 11 |  | $ | 303
﻿Research, development and engineering expenses (2) |  | $ | 26 |  | $ | 56 |  | $ | 41 |  | $ | 30 |  | $ | 5 |  | $ | 55 |  | $ | 213
﻿Income tax (provision) benefit (3) |  | $ | (55) |  | $ | (39) |  | $ | (13) |  | $ | (15) |  | $ | (8) |  | $ | 19 |  | $ | (111)
﻿Segment net income (loss) (4) |  | $ | 208 |  | $ | 142 |  | $ | 49 |  | $ | 55 |  | $ | 31 |  | $ | (72) |  | $ | 413
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Display |  | Optical |  | Specialty |  | Environmental |  | Life |  | All |  |  |
﻿ |  | Technologies |  | Communications |  | Materials |  | Technologies |  | Sciences |  | Other |  | Total
﻿Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Segment net sales |  | $ | 745 |  | $ | 886 |  | $ | 278 |  | $ | 322 |  | $ | 232 |  | $ | 50 |  | $ | 2,513
﻿Depreciation (1) |  | $ | 144 |  | $ | 52 |  | $ | 33 |  | $ | 29 |  | $ | 14 |  | $ | 11 |  | $ | 283
﻿Research, development and engineering expenses (2) |  | $ | 23 |  | $ | 49 |  | $ | 39 |  | $ | 29 |  | $ | 5 |  | $ | 57 |  | $ | 202
﻿Income tax (provision) benefit (3) |  | $ | (49) |  | $ | (30) |  | $ | (12) |  | $ | (14) |  | $ | (7) |  | $ | 20 |  | $ | (92)
﻿Segment net income (loss) (4) |  | $ | 185 |  | $ | 109 |  | $ | 46 |  | $ | 52 |  | $ | 27 |  | $ | (74) |  | $ | 345
﻿
| (1) |  | Depreciation expense for Corning’s reportable segments includes an allocation of depreciation of corporate property not specifically identifiable to a segment.
| (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) |  | 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 to consolidated net income below.
﻿ A reconciliation of reportable segment and All Other net sales to consolidated net sales follows (in millions): ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | Three months ended
﻿ |  | March 31,
﻿ |  | 2019 |  | 2018
﻿Net sales of reportable segments and All Other |  | $ | 2,850 |  | $ | 2,513
﻿ Impact of foreign currency movements (1) |  |  | (38) |  |  | (13)
﻿Net sales |  | $ | 2,812 |  | $ | 2,500
﻿ (1)This amount primarily represents the impact of foreign currency adjustments in the Display Technologies and Environmental Technologies segments. ﻿ A reconciliation of reportable segment net income to consolidated net income (loss) follows (in millions): ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | Three months ended
﻿ |  | March 31,
﻿ |  | 2019 |  | 2018
﻿Net income of reportable segments |  | $ | 485 |  | $ | 419
﻿Net loss of All Other |  |  | (72) |  |  | (74)
﻿Unallocated amounts: |  |  |  |  |  |
﻿ Impact of foreign currency movements |  |  | (37) |  |  | (31)
﻿ Gain (loss) on foreign currency hedges related to translated earnings |  |  | 184 |  |  | (622)
﻿ Litigation, regulatory and other legal matters |  |  |  |  |  | (136)
﻿ Research, development, and engineering expenses |  |  | (36) |  |  | (39)
﻿ Equity in earnings of affiliated companies (1) |  |  | 26 |  |  | (37)
﻿ Amortization of intangibles |  |  | (29) |  |  | (19)
﻿ Interest expense, net |  |  | (45) |  |  | (39)
﻿ Income tax benefit (provision) |  |  | 35 |  |  | (32)
﻿ Other corporate items |  |  | (12) |  |  | 21
﻿Net income (loss) |  | $ | 499 |  | $ | (589)
﻿
| (1) |  | Primarily represents the equity earnings of HSG.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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