<SEC-DOCUMENT>0001206774-22-001835.txt : 20220830
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<ACCEPTANCE-DATETIME>20220725163030
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ACCESSION NUMBER:		0001206774-22-001835
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220725

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNING INC /NY
		CENTRAL INDEX KEY:			0000024741
		STANDARD INDUSTRIAL CLASSIFICATION:	DRAWING AND INSULATING NONFERROUS WIRE [3357]
		IRS NUMBER:				160393470
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE RIVERFRONT PLAZA
		CITY:			CORNING
		STATE:			NY
		ZIP:			14831
		BUSINESS PHONE:		6079749000

	MAIL ADDRESS:	
		STREET 1:		ONE RIVERFRONT PLAZA
		CITY:			CORNING
		STATE:			NY
		ZIP:			14831

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNING GLASS WORKS
		DATE OF NAME CHANGE:	19890512
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<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">July 25, 2022</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=2 face="Times New Roman">VIA EDGAR TRANSMISSION</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Office of Manufacturing <BR>Division of Corporation Finance<BR>U.S. Securities and Exchange Commission <BR>100 F Street, N.E.<BR>Washington, DC 20549<BR>Attention: Erin Donahue and Jennifer Angelini</FONT></P>

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   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman">Re:</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="98%" noWrap align=left><B><FONT size=2 face="Times New Roman">Corning Incorporated</FONT></B></TD></TR>

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   <TD width="98%" noWrap align=left><B><FONT size=2 face="Times New Roman">Form 10-K for Fiscal Year Ended December 31, 2021</FONT></B></TD></TR>

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   <TD width="98%" noWrap align=left><B><FONT size=2 face="Times New Roman">Filed February 14, 2022</FONT></B></TD></TR>

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   <TD width="98%" noWrap align=left><B><FONT size=2 face="Times New Roman">File No. 001-03247</FONT></B></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Dear Ms. Donahue and Ms. Angelini:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">This letter is in response to the letter dated July 15, 2022, from the Staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;), relating to the above-referenced Annual Report on Form 10-K (the &#8220;Form 10-K&#8221;) and the Company&#8217;s response on June 24, 2022, to the Staff&#8217;s letter dated May 24, 2022.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The Staff&#8217;s comment is set forth below in bold, followed by the Company&#8217;s response to the comment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Please note that the &#8220;Company,&#8221; &#8220;Corning,&#8221; &#8220;we&#8221; or &#8220;our&#8221; refers to Corning Incorporated, and unless the context otherwise requires, all references to page numbers correspond to the pages in the Form 10-K. All terms used but not defined herein have the meanings assigned to such terms in the Form 10-K.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><U><FONT size=2 face="Times New Roman">Form 10-K for Fiscal Year Ended December 31, 2021</FONT></U></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><U><FONT size=2 face="Times New Roman">General</FONT></U></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face="Times New Roman">1. </FONT></I></B><B><I><FONT size=3 face="Times New Roman">We note your response to prior comment six that &#8220;Pricing for Corning&#8217;s insurance program has increased at the rate of the overall market.&#8221; Please provide quantitative information regarding the cost of insurance for each of the periods covered by your Form 10-K and explain whether increased amounts are expected in future periods.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The  annual costs for Corning&#8217;s insurance program for each of the last three years presented in the Form 10-K were approximately $18 million, $22 million and $24 million, respectively. We believe the insurance program costs were not material to the Company&#8217;s consolidated financial statements due to the de minimis impact on our net sales, total selling, general and administrative expenses and net income as outlined in the following table:</FONT></P>



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<P style="TEXT-ALIGN: right"><FONT size=2 face="Times New Roman">2</FONT></P>

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<TR STYLE="vertical-align: bottom">
   <TD STYLE="background-color: White; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">(In millions)</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: right; background-color: White">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: White">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: White">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: White">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: White">&nbsp;</TD>
   <TD STYLE="background-color: White; white-space: nowrap; text-align: left; padding-right: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="background-color: White; white-space: nowrap; text-align: left; padding-left: 4pt">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right; background-color: White">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: White"><B><FONT size=2 face="Times New Roman">2019</FONT></B></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; background-color: White">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: White"><B><FONT size=2 face="Times New Roman">2020</FONT></B></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; background-color: White">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White; white-space: nowrap; text-align: right; padding-right: 4pt"><B><FONT size=2 face="Times New Roman">2021</FONT></B></TD></TR>
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   <TD STYLE="background-color: Silver; width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><B><FONT size=2 face="Times New Roman">Annual Cost of Insurance</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; padding-right: 4pt"></TD></TR>

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   <TD STYLE="background-color: Silver; width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><B><FONT size=2 face="Times New Roman">Program</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><B><FONT size=2 face="Times New Roman">$18</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><B><FONT size=2 face="Times New Roman">$22</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; padding-right: 4pt"><B><FONT size=2 face="Times New Roman">$24</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

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   <TD STYLE="background-color: Silver; width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Net Sales</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">$11,503</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">$11,303</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; padding-right: 4pt"><FONT size=2 face="Times New Roman">$14,082</FONT></TD></TR>

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   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">As a % of net sales</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">0.2%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">0.2%</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 4pt"><FONT size=2 face="Times New Roman">0.2%</FONT></TD></TR>

<TR>

   <TD COLSPAN="7" STYLE="width: 100%; background-color: Silver">&nbsp;</TD></TR>

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   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Total selling, general and</FONT></TD>

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   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">administrative expenses</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 4pt"></TD></TR>

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   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">("SG&amp;A")</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">$1,585</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">$1,747</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 4pt"><FONT size=2 face="Times New Roman">$1,827</FONT></TD></TR>

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   <TD STYLE="background-color: Silver; width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">As a % of total SG&amp;A</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">1.1%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">1.3%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; padding-right: 4pt"><FONT size=2 face="Times New Roman">1.3%</FONT></TD></TR>

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   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

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   <TD STYLE="background-color: Silver; width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">Net Income</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">$960</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">$512</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; padding-right: 4pt"><FONT size=2 face="Times New Roman">$1,906</FONT></TD></TR>

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   <TD STYLE="border-bottom: Black 1pt solid; width: 94%; white-space: nowrap; text-align: left; padding-left: 4pt"><FONT size=2 face="Times New Roman">As a % of net income</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">1.9%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">4.3%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: right; padding-right: 4pt"><FONT size=2 face="Times New Roman">1.3%</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">For each of the last three years, we have experienced increased insurance costs and anticipate that these costs may continue to rise as insurers have expressed their intention to raise premiums. The Company&#8217;s insurance carriers and brokers have noted a rise in natural disasters as one of several reasons for increased premiums throughout the marketplace. We have been successful managing these increases, thus far, by using a competitive bidding process, sharing confidential engineering reports and building broad, long-term relationships which discourages insurers from opportunistically seeking short-term profit increases. The Company currently expects to spend $25 million, $26 million, and $27 million on insurance coverage for the years ending December 31, 2022, 2023 and 2024.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">We will continue to monitor and disclose in future filings with the Commission, as appropriate, to the extent that the costs of insurance become material.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Please direct questions regarding this response to me at (607) 974-5843.</FONT></P>

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   <TD width="50%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">Sincerely,</FONT></TD></TR>
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   <TD width="50%" noWrap align=left><U><FONT size=2 face="Times New Roman"></FONT></U></TD>
   <TD COLSPAN="2" STYLE="width: 50%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1pt" size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">/s/ Edward A. Schlesinger</FONT></TD></TR>
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   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Edward A. Schlesinger</FONT></TD></TR>
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   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Executive Vice President &amp; Chief Financial Officer</FONT></TD></TR></TABLE><BR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">cc:</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Wendell P. Weeks, Chairman &amp; Chief Executive Officer</FONT></TD></TR>

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   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Lewis A. Steverson, Executive Vice President &amp; Chief Legal &amp; Administrative Officer</FONT></TD></TR>

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   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Stefan Becker, Senior Vice President, Finance &amp; Corporate Controller</FONT></TD></TR>

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   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Linda E. Jolly, Vice President, Corporate Secretary and Securities Counsel</FONT></TD></TR>

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   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Marilyn J. Griffin, Vice President, Accounting, Compliance &amp; Reporting</FONT></TD></TR>

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   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Jonathan Hirschfeld, PricewaterhouseCoopers LLP</FONT></TD></TR>

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   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Julia A. Thompson, Latham &amp; Watkins LLP</FONT></TD></TR></TABLE><BR>

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