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Note 9 - Employee Retirement Plans
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Retirement Benefits [Text Block]

9. Employee Retirement Plans

 

Corning has defined benefit pension plans covering certain domestic and international employees. The Company’s funding policy is to contribute, over time, an amount exceeding the minimum requirements to achieve the Company’s long-term funding targets. During the nine months ended September 30, 2022, contributions to our international pension plans were not material. The Company does not expect to make additional contributions in the fourth quarter of 2022.

 

The following table summarizes the components of net periodic benefit expense for Corning’s defined benefit pension and postretirement health care and life insurance plans (in millions):

 

   

Pension benefits

    

Postretirement benefits

  
   

Three months ended

    

Nine months ended

    

Three months ended

    

Nine months ended

  
   

September 30,

    

September 30,

    

September 30,

    

September 30,

  
   

2022

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

    

2021

  

Service cost

   $ 32     $ 32     $ 96     $ 96     $ 3     $ 3     $ 7     $ 8  

Interest cost

     28       22       82       65       3       3       11       11  

Expected return on plan assets

     (55 )     (54 )     (164 )     (162 )                        

Amortization of prior service cost (credit)

     1       1       4       3       (2 )     (1 )     (4 )     (4 )

Recognition of actuarial loss (gain)

                 22       10       (2 )           (3 )     1  

Total pension and postretirement benefit expense

   $ 6     $ 1     $ 40     $ 12     $ 2     $ 5     $ 11     $ 16  

 

The components of net periodic benefit expense, other than the service cost component, are included in the line item other income, net, in the consolidated statements of income.