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v3.23.2

Note 14 - Reportable Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Hemlock |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | and |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Emerging |  |  |  |
|  | Optical |  |  | Display |  |  | Specialty |  |  | Environmental |  |  | Life |  |  | Growth |  |  |  |  |
|  | Communications |  |  | Technologies |  |  | Materials |  |  | Technologies |  |  | Sciences |  |  | Businesses |  |  | Total |
Three months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net sales |  | $ | 1,066 |  |  | $ | 928 |  |  | $ | 423 |  |  | $ | 457 |  |  | $ | 231 |  |  | $ | 377 |  |  | $ | 3,482 |
Depreciation (1) |  | $ | 64 |  |  | $ | 120 |  |  | $ | 39 |  |  | $ | 32 |  |  | $ | 17 |  |  | $ | 35 |  |  | $ | 307 |
Research, development and engineering expenses (2) |  | $ | 56 |  |  | $ | 24 |  |  | $ | 57 |  |  | $ | 23 |  |  | $ | 8 |  |  | $ | 41 |  |  | $ | 209 |
Income tax provision (3) |  | $ | (38 | ) |  | $ | (55 | ) |  | $ | (9 | ) |  | $ | (28 | ) |  | $ | (3 | ) |  | $ | (11 | ) |  | $ | (144 | )
Segment net income |  | $ | 140 |  |  | $ | 208 |  |  | $ | 33 |  |  | $ | 107 |  |  | $ | 11 |  |  | $ | 26 |  |  | $ | 525 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Hemlock |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | and |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Emerging |  |  |  |  |
|  | Optical |  |  | Display |  |  | Specialty |  |  | Environmental |  |  | Life |  |  | Growth |  |  |  |  |
|  | Communications |  |  | Technologies |  |  | Materials |  |  | Technologies |  |  | Sciences |  |  | Businesses |  |  | Total |
Three months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net sales |  | $ | 1,313 |  |  | $ | 878 |  |  | $ | 485 |  |  | $ | 356 |  |  | $ | 312 |  |  | $ | 418 |  |  | $ | 3,762 |
Depreciation (1) |  | $ | 68 |  |  | $ | 146 |  |  | $ | 42 |  |  | $ | 34 |  |  | $ | 16 |  |  | $ | 35 |  |  | $ | 341 |
Research, development and engineering expenses (2) |  | $ | 58 |  |  | $ | 30 |  |  | $ | 44 |  |  | $ | 24 |  |  | $ | 9 |  |  | $ | 38 |  |  | $ | 203 |
Income tax provision (3) |  | $ | (51 | ) |  | $ | (59 | ) |  | $ | (24 | ) |  | $ | (16 | ) |  | $ | (10 | ) |  | $ | (10 | ) |  | $ | (170 | )
Segment net income |  | $ | 182 |  |  | $ | 228 |  |  | $ | 91 |  |  | $ | 62 |  |  | $ | 37 |  |  | $ | 25 |  |  | $ | 625 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Hemlock |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | and |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Emerging |  |  |  |  |
|  | Optical |  |  | Display |  |  | Specialty |  |  | Environmental |  |  | Life |  |  | Growth |  |  |  |  |
|  | Communications |  |  | Technologies |  |  | Materials |  |  | Technologies |  |  | Sciences |  |  | Businesses |  |  | Total |
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net sales |  | $ | 2,191 |  |  | $ | 1,691 |  |  | $ | 829 |  |  | $ | 888 |  |  | $ | 487 |  |  | $ | 763 |  |  | $ | 6,849 |
Depreciation (1) |  | $ | 130 |  |  | $ | 243 |  |  | $ | 74 |  |  | $ | 65 |  |  | $ | 34 |  |  | $ | 68 |  |  | $ | 614 |
Research, development and engineering expenses (2) |  | $ | 116 |  |  | $ | 47 |  |  | $ | 110 |  |  | $ | 47 |  |  | $ | 18 |  |  | $ | 80 |  |  | $ | 418 |
Income tax provision (3) |  | $ | (81 | ) |  | $ | (97 | ) |  | $ | (19 | ) |  | $ | (50 | ) |  | $ | (5 | ) |  | $ | (20 | ) |  | $ | (272 | )
Segment net income |  | $ | 299 |  |  | $ | 368 |  |  | $ | 72 |  |  | $ | 189 |  |  | $ | 20 |  |  | $ | 42 |  |  | $ | 990 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Hemlock |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | and |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Emerging |  |  |  |  |
|  | Optical |  |  | Display |  |  | Specialty |  |  | Environmental |  |  | Life |  |  | Growth |  |  |  |  |
|  | Communications |  |  | Technologies |  |  | Materials |  |  | Technologies |  |  | Sciences |  |  | Businesses |  |  | Total |
Six months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net sales |  | $ | 2,511 |  |  | $ | 1,837 |  |  | $ | 978 |  |  | $ | 765 |  |  | $ | 622 |  |  | $ | 793 |  |  | $ | 7,506 |
Depreciation (1) |  | $ | 127 |  |  | $ | 302 |  |  | $ | 82 |  |  | $ | 67 |  |  | $ | 30 |  |  | $ | 73 |  |  | $ | 681 |
Research, development and engineering expenses (2) |  | $ | 113 |  |  | $ | 61 |  |  | $ | 97 |  |  | $ | 49 |  |  | $ | 18 |  |  | $ | 78 |  |  | $ | 416 |
Income tax provision (3) |  | $ | (96 | ) |  | $ | (122 | ) |  | $ | (44 | ) |  | $ | (36 | ) |  | $ | (21 | ) |  | $ | (11 | ) |  | $ | (330 | )
Segment net income |  | $ | 348 |  |  | $ | 464 |  |  | $ | 166 |  |  | $ | 136 |  |  | $ | 79 |  |  | $ | 17 |  |  | $ | 1,210 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net sales of reportable segments |  | $ | 3,105 |  |  | $ | 3,344 |  |  | $ | 6,086 |  |  | $ | 6,713 |
Net sales of Hemlock and Emerging Growth Businesses |  |  | 377 |  |  |  | 418 |  |  |  | 763 |  |  |  | 793 |
Impact of constant currency reporting (1) |  |  | (239 | ) |  |  | (147 | ) |  |  | (428 | ) |  |  | (211 | )
Consolidated net sales |  | $ | 3,243 |  |  | $ | 3,615 |  |  | $ | 6,421 |  |  | $ | 7,295 |
Reconciliation of Net Income (Loss) from Segments to Consolidated [Table Text Block] |
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net income of reportable segments |  | $ | 499 |  |  | $ | 600 |  |  | $ | 948 |  |  | $ | 1,193 |
Net income of Hemlock and Emerging Growth Businesses |  |  | 26 |  |  |  | 25 |  |  |  | 42 |  |  |  | 17 |
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impact of constant currency reporting |  |  | (174 | ) |  |  | (120 | ) |  |  | (323 | ) |  |  | (183 | )
Gain on foreign currency hedges related to translated earnings |  |  | 116 |  |  |  | 196 |  |  |  | 108 |  |  |  | 325 |
Translation gain on Japanese yen-denominated debt |  |  | 109 |  |  |  | 153 |  |  |  | 127 |  |  |  | 237 |
Research, development, and engineering expenses (1) |  |  | (42 | ) |  |  | (37 | ) |  |  | (87 | ) |  |  | (72 | )
Amortization of intangibles |  |  | (31 | ) |  |  | (30 | ) |  |  | (62 | ) |  |  | (61 | )
Interest expense, net |  |  | (61 | ) |  |  | (60 | ) |  |  | (117 | ) |  |  | (121 | )
Income tax benefit (provision) |  |  | 38 |  |  |  | 4 |  |  |  | 129 |  |  |  | (16 | )
Severance charges |  |  | (68 | ) |  |  |  |  |  |  | (73 | ) |  |  |  |
Disposal of assets and other charges and credits |  |  | (64 | ) |  |  | (46 | ) |  |  | (125 | ) |  |  | (79 | )
Gain on sale of business |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53 |
Other corporate items |  |  | (67 | ) |  |  | (122 | ) |  |  | (110 | ) |  |  | (149 | )
Net income attributable to Corning Incorporated |  | $ | 281 |  |  | $ | 563 |  |  | $ | 457 |  |  | $ | 1,144 |

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