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Note 8 - Employee Retirement Plans | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Retirement Benefits [Text Block] | 8. Employee Retirement Plans Corning has defined benefit pension plans covering certain domestic and international employees. The Company may contribute, as necessary, an amount exceeding the minimum requirements to achieve the Company’s long-term funding targets. During 2023, the Company plans to make cash contributions of $25 million to international pension plans. The following table presents the components of net periodic benefit expense for employee retirement plans, which other than the service cost component is recorded in other income, net in the consolidated statements of income (in millions):
|  | Pension benefits |  |  | Postretirement benefits |
|  | Three months ended |  |  | Six months ended |  |  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 27 |  |  | $ | 32 |  |  | $ | 50 |  |  | $ | 64 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 4 |
Interest cost |  |  | 43 |  |  |  | 27 |  |  |  | 88 |  |  |  | 54 |  |  |  | 5 |  |  |  | 4 |  |  |  | 11 |  |  |  | 8 |
Expected return on plan assets |  |  | (46 | ) |  |  | (54 | ) |  |  | (92 | ) |  |  | (109 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of actuarial net gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6 | ) |  |  |  |  |  |  | (11 | ) |  |  |  |
Amortization of prior service cost (credit) |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 3 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | (2 | )
Recognition of actuarial loss (gain) |  |  |  |  |  |  | 22 |  |  |  |  |  |  |  | 22 |  |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  | (1 | )
Special termination benefit charge |  |  | 5 |  |  |  |  |  |  |  | 5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total pension and postretirement benefit expense |  | $ | 30 |  |  | $ | 29 |  |  | $ | 54 |  |  | $ | 34 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 9 |

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