Corning (GLW) 10-K 10 Feb 10 2009 FY Annual report Financial data

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Assets
Cash and cash equivalents	$2,541	$1,873
Short-term investments, at fair value	1,042	943
Total cash, cash equivalents and short-term investments	3,583	2,816
Trade accounts receivable, net of doubtful accounts and allowances - $20 and $20	753	512
Inventories	579	798
Deferred income taxes	235	158
Other current assets	371	335
Total current assets	5,521	4,619
Investments	3,992	3,056
Property, net of accumulated depreciation - $5,503 and $5,070	7,995	8,199
Goodwill and other intangible assets, net	676	305
Deferred income taxes	2,982	2,932
Other assets	129	145
Total Assets	21,295	19,256
Liabilities and Equity
Current portion of long-term debt	74	78
Accounts payable	550	846
Other accrued liabilities	915	1,128
Total current liabilities	1,539	2,052
Long-term debt	1,930	1,527
Postretirement benefits other than pensions	858	784
Other liabilities	1,373	1,402
Total liabilities	5,700	5,765
Shareholders' equity:
Common Stock - Par value $0.50 per share; Shares authorized: 3.8 billion; Shares issued: 1,617 million and 1,609 million	808	804
Additional paid-in capital	12,707	12,502
Retained earnings	3,636	1,940
Treasury stock, at cost; Shares held: 64 million and 61 million	(1,207)	(1,160)
Accumulated other comprehensive loss	(401)	(643)
Total Corning Incorporated shareholders' equity	15,543	13,443
Noncontrolling interests	52	48
Total equity	15,595	13,491
Total Liabilities and Equity	$21,295	$19,256

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) (USD $)
In Millions, except Per Share data	Dec. 31, 2009	Dec. 31, 2008
Consolidated Balance Sheet
Allowance for doubtful accounts and allowances	$20	$20
Accumulated depreciation	$5,503	$5,070
Common Stock, Par value	0.5	0.5
Common Stock, Shares authorized	3,800	3,800
Common Stock, Shares issued	1,617	1,609
Treasury Stock, at cost, Shares held	64	61

Consolidated Statements of Inco

Consolidated Statements of Income (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Net sales	$5,395	$5,948	$5,860
Cost of sales	3,302	3,210	3,111
Gross margin	2,093	2,738	2,749
Operating expenses:
Selling, general and administrative expenses	881	901	912
Research, development and engineering expenses	563	627	565
Amortization of purchased intangibles	10	11	10
Restructuring, impairment and other charges (credits)	228	19	(4)
Asbestos litigation charge (credit)	20	(340)	185
Operating income	391	1,520	1,081
Equity in earnings of affiliated companies	1,435	1,358	983
Interest income	19	85	145
Interest expense	(82)	(59)	(82)
Other-than-temporary impairment (OTTI) losses:
Total OTTI losses	(16)	0	0
Portion of OTTI losses recognized in other comprehensive income (before taxes)	14	0	0
Net OTTI losses recognized in earnings	(2)	0	0
Other income (expense), net	173	(22)	144
Income before income taxes	1,934	2,882	2,271
Benefit (provision) for income taxes	74	2,375	(121)
Net income attributable to Corning Incorporated	$2,008	$5,257	$2,150
Earnings per common share attributable to Corning Incorporated:
Basic	1.3	3.37	1.37
Diluted	1.28	3.32	1.34
Dividends declared per common share	0.2	0.2	0.1

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Beginning balance	$13,491	$9,542	$7,291
Net income	2,014	5,256	2,153
Foreign currency translation adjustment	166	102	167
Net unrealized loss on investments without credit losses	44	(81)	(11)
Unrealized gain on investments with credit losses	9
Unrealized loss on cash flow hedges	92	(61)	(49)
Reclassification adjustments on cash flow hedges	(53)	45	12
Amortized postretirement benefit plan gains and prior service costs	(16)	(555)	153
Total comprehensive income	2,256	4,706	2,425
Purchase of common stock for treasury		(625)	(250)
Shares issued to benefit plans and for option exercises	171	222	269
Dividends on shares	(312)	(313)	(158)
Other, net	(11)	(41)	(35)
Ending balance	15,595	13,491	9,542
Additional paid-in capital (AdditionalPaidInCapitalMember)
Beginning balance	12,502	12,281	12,008
Shares issued to benefit plans and for option exercises	203	222	273
Other, net	2	(1)
Ending balance	12,707	12,502	12,281
(Accumulated deficit) Retained earnings
Beginning balance	1,940	(3,002)	(4,992)
Net income	2,008	5,257	2,150
Dividends on shares	(312)	(313)	(158)
Other, net		(2)	(2)
Ending balance	3,636	1,940	(3,002)
Common stock
Beginning balance	804	799	791
Shares issued to benefit plans and for option exercises	4	6	8
Other, net		(1)
Ending balance	808	804	799
Treasury stock
Beginning balance	(1,160)	(492)	(201)
Purchase of common stock for treasury		(625)	(250)
Shares issued to benefit plans and for option exercises	(36)	(6)	(12)
Other, net	(11)	(37)	(29)
Ending balance	(1,207)	(1,160)	(492)
Accumulated other comprehensive income (loss)
Beginning balance	(643)	(90)	(360)
Foreign currency translation adjustment	166	99	165
Net unrealized loss on investments without credit losses	44	(81)	(11)
Unrealized gain on investments with credit losses	9
Unrealized loss on cash flow hedges	92	(61)	(49)
Reclassification adjustments on cash flow hedges	(53)	45	12
Amortized postretirement benefit plan gains and prior service costs	(16)	(555)	153
Ending balance	(401)	(643)	(90)
Total Corning Incorporated shareholders' equity
Beginning balance	13,443	9,496	7,246
Net income	2,008	5,257	2,150
Foreign currency translation adjustment	166	99	165
Net unrealized loss on investments without credit losses	44	(81)	(11)
Unrealized gain on investments with credit losses	9
Unrealized loss on cash flow hedges	92	(61)	(49)
Reclassification adjustments on cash flow hedges	(53)	45	12
Amortized postretirement benefit plan gains and prior service costs	(16)	(555)	153
Total comprehensive income	2,250	4,704	2,420
Purchase of common stock for treasury		(625)	(250)
Shares issued to benefit plans and for option exercises	171	222	269
Dividends on shares	(312)	(313)	(158)
Other, net	(9)	(41)	(31)
Ending balance	15,543	13,443	9,496
Noncontrolling interests
Beginning balance	48	46	45
Net income	6	(1)	3
Foreign currency translation adjustment		3	2
Total comprehensive income	6	2	5
Other, net	(2)		(4)
Ending balance	$52	$48	$46

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash Flows from Operating Activities:
Net income	$2,008	$5,257	$2,150
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	782	684	597
Amortization of purchased intangibles	10	11	10
Asbestos litigation	20	(340)	185
Restructuring, impairment and other charges (credits)	228	19	(4)
Loss on repurchases and retirement of debt	0	0	15
Stock compensation charges	127	118	138
Loss (gain) on sale of business	0	14	(19)
Undistributed earnings of affiliated companies	(680)	(812)	(493)
Deferred tax benefit	(218)	(2,585)	(95)
Restructuring payments	(89)	(17)	(39)
Customer deposits, net of (credits) issued	(253)	(266)	(126)
Employee benefit payments (in excess of) expense	(10)	(47)	(111)
Changes in certain working capital items:
Trade accounts receivable	(201)	410	(128)
Inventories	238	(136)	5
Other current assets	16	(76)	(27)
Accounts payable and other current liabilities, net of restructuring payments	56	(210)	48
Other, net	43	104	(29)
Net cash provided by operating activities	2,077	2,128	2,077
Cash Flows from Investing Activities:
Capital expenditures	(890)	(1,921)	(1,262)
Acquisitions of business, net of cash received	(410)	(15)	(4)
Net proceeds (payments) from sale or disposal of assets	21	19	(5)
Short-term investments - acquisitions	(1,372)	(1,865)	(2,152)
Short-term investments - liquidations	1,281	2,083	2,862
Net cash used in investing activities	(1,370)	(1,699)	(561)
Cash Flows from Financing Activities:
Net repayments of short-term borrowings and current portion of long-term debt	(86)	(24)	(20)
Proceeds from unwind of interest rate swap agreements	0	65	0
Proceeds from issuance of long-term debt, net	346	0	0
Retirements of long-term debt	0	0	(238)
Principal payments under capital lease obligations	(10)	0	0
Proceeds from issuance of common stock, net	20	23	21
Proceeds from the exercise of stock options	24	80	109
Repurchase of common stock	0	(625)	(250)
Dividends paid	(312)	(313)	(158)
Other, net	3	(4)	(3)
Net cash used in financing activities	(15)	(798)	(539)
Effect of exchange rates on cash	(24)	26	82
Net increase (decrease) in cash and cash equivalents	668	(343)	1,059
Cash and cash equivalents at beginning of year	1,873	2,216	1,157
Cash and cash equivalents at end of year	$2,541	$1,873	$2,216

Summary of Significant Accounti

Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies [Text Block]	1. Summary of Significant Accounting Policies Organization Corning Incorporated is a provider of high-performance glass for LCD televisions, computer monitors, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies. In these notes, the terms Corning, Company, we, us, or our mean Corning Incorporated and subsidiary companies. Basis of Presentation and Principles of Consolidation Our consolidated financial statements were prepared in conformity with generally accepted accounting principles in the U.S. (U.S. GAAP) and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which Corning exercises control and, when applicable, entities for which Corning has a controlling financial interest. The equity method of accounting is used for investments in affiliated companies that are not controlled by Corning and in which our interest is generally between 20% and 50% and we have significant influence over the entity. Our share of earnings or losses of affiliated companies, in which at least 20% of the voting securities is owned and we have significant influence but not control over the entity, is included in consolidated operating results. We use the cost method to account for our investments in companies that we do not control and for which we do not have the ability to exercise significant influence over operating and financial policies. In accordance with the cost method, these investments are recorded at cost or fair value, as appropriate. All material intercompany accounts, transactions and profits are eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current-year presentation. These reclassifications had no impact on our results of operations, financial position, or changes in shareholders equity. Effective September 30, 2009, the Financial Accounting Standards Board (FASB) established The FASB Accounting Standards Codification (ASC) as the source of authoritative accounting to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP. Except for newly issued standards that have not been codified, references to codified literature have been updated to reflect this change. Corning evaluates all events or transactions that occur after the balance sheet date through the date of issuance of our financial statements. For the year ended December 31, 2009, subsequent events were evaluated through February 10, 2010. Effective January 1, 2009, the Company, as required, adopted U.S. GAAP requirements for reporting noncontrolling interests in financial statements. A noncontrolling interest, previously called a minority interest, is the portion of equity in a subsidiary not attributable,

Restructuring, Impairment and O

Restructuring, Impairment and Other Charges (Credits)
	12 Months Ended Dec. 31, 2009 USD / shares
Restructuring, Impairment and Other Charges (Credits) [Abstract]
Restructuring, Impairment and Other Charges (Credits) [Text Block]	2. Restructuring, Impairment and Other Charges (Credits) 2009 Actions Corning recorded net charges of $228 million in 2009. A summary of the charges follows: We recorded a charge of $228 million associated with a corporate-wide restructuring plan to reduce our global workforce in response to anticipated lower sales in 2009. The charge included costs for severance, special termination benefits, outplacement services, asset disposal costs, and the impact of a $32 million curtailment loss for postretirement benefits in 2009. Total cash expenditures associated with this plan are expected to be approximately $155 million with the majority of spending completed in 2010. 2. Restructuring, Impairment and Other Charges (Credits) (continued) The following table summarizes the restructuring, and other charges and (credits) as of and for the year ended December 31, 2009 (inmillions): Reserveat January1, 2009 Charges Non-cash settlements Cash payments Reserveat December31, 2009 Restructuring: Employee related costs $ 17 $ 203 $ (54) $ (86) $ 80 Other charges (credits) 17 6 (3) 20 Total restructuring activity $ 34 $ 209 $ (54) $ (89) $ 100 Impairment of long-lived assets: Assets to be disposed of $ 19 Total impairment charges $ 19 Total restructuring, impairment and other charges $ 228 The year-to-date cost of these plans for each of our reportable operating segments was as follows (in millions): Operating segment Employee- related andother costs Display Technologies $ 31 Telecommunications 42 Environmental Technologies 28 Specialty Materials 17 Life Sciences 8 Corporate and All Other 102 Total restructuring, impairment and other charges $ 228 2008 Actions Corning recorded net charges of $19 million in 2008. A summary of the charges and credits follows: We recorded a charge of $22 million, which was comprised primarily of severance costs for a restructuring plan in the Telecommunications segment. We recorded net credit adjustments of $3 million for revisions to existing restructuring plans. The following table summarizes the restructuring, and other charges and (credits) as of and for the year ended December 31, 2008 (inmillions): Year ended December 31, 2008 Reserve at Jan.1, 2008 Charges Revisions to existing plans Net charges Non-cash settlements Cash payments Reserve at Dec.31, 2008 Restructuring: Employee related costs $ 12 $ 22 $ (3) $ 19 $ (2) $ (12) $ 17 Other charges (credits) 22 (5) 17 Total restructuring activity $ 34 $ 22 $ (3) $ 19 $ (2) $ (17) $ 34 2. Restructuring, Impairment and Other Charges (Credits) (continued) 2007 Actions In 2007, Corning recorded net credit adjustments of $4 million for revisions to existing rest

Available-for-Sale Investments

Available-for-Sale Investments
	12 Months Ended Dec. 31, 2009 USD / shares
Available-for-Sale Investments [Abstract]
Available-for-Sale Investments [Text Block]	3. Available-for-Sale Investments The following is a summary of the fair value of available-for-sale securities (in millions): Amortized cost Fairvalue December31, December31, 2009 2008 2009 2008 Bonds, notes and other securities: U.S. government and agencies $ 973 $ 733 $ 975 $ 737 Asset-backed securities 6 5 Other debt securities 66 210 67 201 Total short-term investments $ 1,039 $ 949 $ 1,042 $ 943 Asset-backed securities $ 75 $ 87 $ 42 $ 40 Total long-term investments $ 75 $ 87 $ 42 $ 40 Long-term investment securities are comprised of asset-backed securities with a fair value of $42 million at December 31, 2009. We do not intend to sell, nor do we believe it is more likely than not that we would be required to sell, the $75 million amortized cost-basis of these asset-backed securities (which are collateralized by mortgages) before recovery of their amortized cost basis. It is possible that a significant degradation in the delinquency or foreclosure rates in the underlying assets could cause further temporary or other-than-temporary impairments in the future. The following table summarizes the contractual maturities of available-for-sale securities at December 31, 2009 (in millions): Less than one year $921 Due in 1-5 years 114 Due in 5-10 years 0 Due after 10 years (1) 49 Total $1,084 (1) Included in the maturity table is $42 million of asset-based securities that mature over time and are being reported at their final maturity dates. 3. Available-for-Sale Investments (continued) The following table provides the fair value and gross unrealized losses of the Companys investments and unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2009 (in millions): Period ended December 31, 2009 Lessthan12months 12monthsorgreater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Bonds, notes and other securities U.S. government and agencies $ 320 $ 0 $ 320 $ 0 Asset-backed securities Other debt securities Total short-term investments $ 320 $ 0 $ 320 $ 0 Asset-backed securities $ 42 $ (33) $ 42 $ (33) Total long-term investments $ 42 $ (33) $ 42 $ (33) December 31, 2009 2008 2007 Gross realized gains $ 2 $ 6 $ 2 Gross realized losses $ (6) $ (59)(1) $ (8) (1) Realized losses in 2008 include other-than-temporary impairments of $37 million for financial industry securities and $22 million of losses from the sale of asset-backed

Significant Customers

Significant Customers
	12 Months Ended Dec. 31, 2009 USD / shares
Significant Customers [Abstract]
Significant Customers [Text Block]	4. Significant Customers For 2009, 2008, and 2007, Cornings sales to AU Optronics Corporation, a customer of our Display Technologies segment, represented 13%, 11%, and 12%, respectively, of the Companys consolidated net sales. For 2008, Cornings sales to Chi Mei Optoelectronics Corporation, another customer of our Display Technologies segment, represented 10% of the Companys consolidated net sales.

Inventories

Inventories
	12 Months Ended Dec. 31, 2009 USD / shares
Inventories [Abstract]
Inventories [Text Block]	5. Inventories Inventories comprise the following (in millions): December31, 2009 2008 Finished goods $ 175 $ 293 Work in process 113 197 Raw materials and accessories 114 120 Supplies and packing materials 177 188 Total inventories $ 579 $ 798

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes [Abstract]
Income Taxes [Text Block]	6. Income Taxes Income before income taxes follows (in millions): YearsendedDecember31, 2009 2008 2007 U.S. companies $ 202 $ 801 $ 586 Non-U.S. companies 1,732 2,081 1,685 Income before income taxes $ 1,934 $ 2,882 $ 2,271 The current and deferred amounts of the provision (benefit) for income taxes follow (in millions): YearsendedDecember31, 2009 2008 2007 Current: Federal $ (8) $ 4 State and municipal $ 2 Foreign 152 206 214 Deferred: Federal (115) (2,350) State and municipal 34 (215) (3) Foreign (137) (20) (92) (Benefit) provision for income taxes $ (74) $ (2,375) $ 121 Amounts are reflected in the preceding tables based on the location of the taxing authorities. Reconciliation of the U.S. statutory income tax rate to our effective tax rate for continuing operations follows: Years ended December 31, 2009 2008 2007 Statutory U.S. income tax (benefit) rate 35.0% 35.0% 35.0% State income tax (benefit), net of federal benefit (0.5) 0.1 0.3 Tax holidays(1) (7.3) (5.3) (6.9) Investment and other tax credits(2) (3.7)(8) (0.6) (0.9) Rate difference on foreign earnings (1.4) 3.0 (1.8) Equity earnings impact(9) (24.2) (15.4) (13.3) Deferred tax adjustment(10) (2.1) Tax rate changes 0.1 7.5(3) Valuation allowances: Release of prior period valuation allowances 0.6 (89.1)(4) (7.1)(5) Tax (expenses) benefits not recorded on (income) losses(6) 0.4 (8.7) (7.7) Audit settlement(7) (0.1) (1.4) Other items, net (0.6) 0.2 Effective income tax (benefit) rate (3.8)% (82.4)% 5.3% Significant items that cause our effective tax rate to vary from the U.S. statutory rate of 35% are as follows: (1) Certain foreign subsidiaries in China and Taiwan are operating under tax holiday arrangements. The nature and extent of such arrangements vary, and the benefits of existing arrangements phase out in future years (through 2013) according to the specific terms and schedules of the relevant taxing jurisdictions. The impact of tax holidays on net income per share on a diluted basis was $0.09 in 2009, and $0.10 in 2008 and 2007. (2) Primarily related to investment tax credits in Taiwan, employment credits in Mexico and research development credits in U.S. and France. (3) In 2007, certain U.S. and German deferred taxes were revised for enacted law changes. (4) In 2008, we released $2.5 billion of valuation allowances resulting from a change in judgment about the realizability of deferred tax assets in future years, as described below. (5) In 2007, due to sustained profitability and positive earnings projections for our overall German operations, we concluded that it is more likely than not that the German national deferred tax assets are rea

Investments

Investments
	12 Months Ended Dec. 31, 2009 USD / shares
Investments [Abstract]
Investments [Text Block]	7. Investments Investments comprise the following (dollars in millions): Ownership interest(1) December31, 2009 2008 Affiliated companies accounted for under the equity method: Samsung Corning Precision Glass Co., Ltd. 50% $ 2,772 $ 1,965 Dow Corning Corporation 50% 992 866 All other 20%-50% 224 221 3,988 3,052 Other investments 4 4 Total $ 3,992 $ 3,056 (1) Amounts reflect Cornings direct ownership interests in the respective affiliated companies. Corning does not control any of such entities. 7. Investments (continued) Affiliated Companies at Equity The results of operations and financial position of the investments accounted for under the equity method follow (in millions): YearsendedDecember31, 2009 2008 2007 Statement of operations: Net sales $ 10,211 $ 10,049 $ 8,837 Gross profit $ 5,043 $ 4,752 $ 3,852 Net income $ 2,944 $ 2,724 $ 1,978 Cornings equity in earnings of affiliated companies(1) $ 1,435 $ 1,358 $ 983 Related party transactions: Corning sales to affiliated companies $ 50 $ 41 $ 51 Corning purchases from affiliated companies $ 56 $ 46 $ 32 Corning transfers of assets, at cost, to affiliated companies(2) $ 78 $ 173 $ 110 Dividends received from affiliated companies $ 755 $ 546 $ 490 Royalty income from affiliated companies $ 234 $ 188 $ 149 Corning services to affiliates $ 22 December31, 2009 2008 Balance sheet: Current assets $ 7,236 $ 5,297 Noncurrent assets $ 11,081 $ 9,520 Short-term borrowings, including current portion of long-term debt $ 690 $ 937 Other current liabilities $ 2,145 $ 1,879 Long-term debt $ 745 $ 97 Other long-term liabilities $ 5,362 $ 4,571 Non-controlling interest $ 588 $ 540 Related party transactions: Balances due from affiliated companies $ 122 $ 20 Balances due to affiliated companies $ 2 $ 2 (1) Amounts include the following restructuring, impairment and other charges and (credits): In 2009, equity in earnings of affiliated companies included a charge of $29 million ($27 million after-tax) for our share of the restructuring charges and a credit of $29 million ($27 million after-tax) primarily for excess foreign tax credits that Dow Corning Corporation generated from foreign dividends. In 2008, Dow Corning recorded an other-than-temporary impairment for certain securities of Fannie Mae and Freddie Mac, which reduced Cornings equity earnings by $18 million. In 2007, equity earnings from Samsung Corning Co. Ltd. were reduced by $40 million primarily due to restructuring and impairm

Acquisition

Acquisition
	12 Months Ended Dec. 31, 2009 USD / shares
Acquisition [Abstract]
Acquisition [Text Block]	8. Acquisition On September 15, 2009, Corning acquired all of the shares of Axygen Bioscience, Inc. and its subsidiaries from American Capital Ltd. for $410 million, net of $7 million cash received. Axygen is a leading manufacturer and distributor of high-quality life sciences plastic consumable labware, liquid handling products, and bench-top laboratory equipment. The purchase price of the acquisition was allocated to the net tangible and other intangible assets acquired with the remainder recorded as goodwill on the basis of fair value. The following amounts represent preliminary estimates and are subject to revision when valuations are finalized (in millions): Total current assets $ 63 Other tangible assets 49 Other intangible assets 153 Current and non-current liabilities (80) Net tangible and intangible assets $ 185 Purchase price, including cash received 417 Goodwill (1) $ 232 (1) None of the goodwill recognized is deductible for U.S. income tax purposes. The goodwill was allocated to the Life Sciences segment. Goodwill is primarily related to the value of Axygens product portfolio and distribution network and its combination with Cornings existing life science platform, as well as synergies and other intangibles that do not qualify for separate recognition. Acquisition-related costs of $4 million in 2009 included costs for legal, accounting, valuation and other professional services and were included in selling, general and administrative expense in the Consolidated Statements of Income. Supplemental pro forma information was not provided because Axygen is not material to Cornings consolidated financial statements.

Property, Net of Accumulated De

Property, Net of Accumulated Depreciation
	12 Months Ended Dec. 31, 2009 USD / shares
Property, Net of Accumulated Depreciation [Abstract]
Property, Net of Accumulated Depreciation [Text Block]	9. Property, Net of Accumulated Depreciation Property, net follows (in millions): December31, 2009 2008 Land $ 96 $ 71 Buildings 3,443 2,906 Equipment 9,237 8,364 Construction in progress 722 1,928 13,498 13,269 Accumulated depreciation (5,503) (5,070) Total $ 7,995 $ 8,199 Approximately $29 million, $31 million, and $19 million of interest costs were capitalized as part of property, net in 2009, 2008 and 2007, respectively. Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. At December 31, 2009 and 2008, the recorded value of precious metals totaled $1.8 billion. Depletion expense related to the years ended December 31, 2009, 2008, and 2007 totaled $12 million, $13 million, and $16 million, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Goodwill and Other Intangible Assets [Abstract]
Goodwill and Other Intangible Assets [Text Block]	10. Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill for the twelve months ended December 31, 2009 and 2008 are as follows (in millions): Telecommunications Display Technologies Specialty Materials Life Sciences Total Balance at December 31, 2008 $ 118 $ 9 $ 150 $ 277 Acquired goodwill(1) $ 232 $ 232 Balance at December 31, 2009 $ 118 $ 9 $ 150 $ 232 $ 509 (1) The Company recorded goodwill associated with the purchase of Axygen Bioscience, Inc. in the third quarter 2009. Refer to Note 8 (Acquisition) for additional information. Other Intangible Assets Other intangible assets follow (in millions): December31, 2009 2008 Gross Accumulated amortization Net Gross Accumulated amortization Net Amortized intangible assets: Patents, trademarks tradenames(1) $ 206 $ 122 $ 84 $ 129 $ 112 $ 17 Non-competition agreements 98 93 5 98 90 8 Other(1) 80 2 78 5 2 3 Total $ 384 $ 217 $ 167 $ 232 $ 204 $ 28 (1) The Company recorded other identifiable intangible assets associated with the purchase of Axygen Bioscience, Inc. in the third quarter 2009. Refer to Note 8 (Acquisition) for additional information. Amortized intangible assets are primarily related to the Telecommunications and Life Sciences segments. Amortization expense related to these intangible assets was approximately $10 million annually for the periods presented. Amortization expense is estimated to be approximately $6 million for 2010, and $6 million thereafter.

Other Liabilities

Other Liabilities
	12 Months Ended Dec. 31, 2009 USD / shares
Other Liabilities [Abstract]
Other Liabilities [Text Block]	11. Other Liabilities Other accrued liabilities follow (in millions): December31, 2009 2008 Current liabilities: Wages and employee benefits $ 393 $ 317 Income taxes 125 171 Customer deposits 80 320 Other current liabilities 317 320 Other accrued liabilities $ 915 $ 1,128 Non-current liabilities: Asbestos litigation $ 682 $ 662 Customer deposits 24 49 Other non-current liabilities 667 691 Other liabilities $ 1,373 $ 1,402 Asbestos Litigation At December 31, 2009, Cornings liability for asbestos litigation reflected the components of a proposed resolution that requires Corning to contribute its equity interest in PCC and PCE and to contribute a fixed series of cash payments, recorded at present value on December 31, 2009. Corning will have the option to use its shares rather than cash to settle the liability, but the liability is fixed by dollar value and not the number of shares. This proposed resolution would require Corning to make one payment of $100 million one year from the date the Amended PCC Plan becomes effective and certain conditions are met and five additional payments of $50 million on subsequent anniversaries of the first payment, subject to certain credits applicable under certain circumstances to Cornings final payment. In addition, an amount is included in the asbestos litigation liability for non-PCC asbestos claims that may be or have been raised against Corning. Corning has recorded an additional amount for such claims in its estimated asbestos litigation liability. The liability for non-PCC claims was estimated based upon industry data for asbestos claims since Corning does not have recent claim history due to the injunction issued by the PCC Bankruptcy Court. The estimated liability represents the undiscounted projection of claims and related legal fees over the next 20 years. The amount may need to be adjusted in future periods as more Company-specific data becomes available. Refer to Note 7 (Investments) for additional information on the asbestos litigation. Customer Deposits In 2005 and 2004, several of Cornings customers entered into long-term purchase and supply agreements in which Cornings Display Technologies segment would supply large-size glass substrates to these customers over periods of up to six years. As part of the agreements, these customers agreed to make advance cash deposits to Corning for a portion of the contracted glass to be purchased. Upon receipt of the cash deposits made by customers, we recorded a customer deposit liability. This liability is reduced at the time of future product sales over the life of the agreements. As product is shipped to a customer, Corning recognizes revenue at the selling price and issues credit memoranda for an agreed amount of the customer deposit liability. The credit memoranda are applied against customer receivables resulting from the sale of product, thus reducing operating cash flows in later periods as these credits are applied for cash deposits received in ear

Debt

Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Debt [Abstract]
Debt [Text Block]	12. Debt (In millions): December31, 2009 2008 Current portion of long-term debt $ 74 $ 78 Long-term debt Notes, 6.3%, due 2009 $ 54 Euro notes, 6.25%, due 2010 $ 51 49 Debentures, 6.75%, due 2013 100 100 Debentures, 5.90%, due 2014 200 200 Debentures, callable, 6.05%, due 2015 100 100 Debentures, 6.20%, due 2016 216 218 Debentures, 8.875%, due 2016 84 85 Debentures, 6.625%, due 2019 250 Debentures, 8.875%, due 2021 90 91 Medium-term notes, average rate 7.66%, due through 2023 45 45 Debentures, 7.00%, due 2024 99 Debentures, 6.85%, due 2029 177 179 Debentures, callable, 7.25%, due 2036 248 250 Other, average rate 3.2%, due through 2015 344 234 Total long-term debt 2,004 1,605 Less current portion of long-term debt 74 78 Long-term debt $ 1,930 $ 1,527 At December 31, 2009 and 2008, the weighted-average interest rate on current portion of long-term debt was 5.0% and 5.1%, respectively. Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $2.0 billion at December 31, 2009 and $1.5 billion at December 31, 2008. The following table shows debt maturities by year at December 31, 2009 (in millions): 2010 2011 2012 2013 2014 Thereafter $74 $54 $23 $124 $222 $1,443 In the fourth quarter of 2006, we amended our existing revolving credit facility. The amended facility provides us access to a $1.1 billion unsecured multi-currency line of credit and expires in November 2011. The facility includes two financial covenants, including a leverage test (debt to capital ratio), and an interest coverage ratio (calculated on the most recent four quarters). As of December 31, 2009, we were in compliance with these covenants. Debt Issuances and Retirements During the year ended December 31, 2009, we recorded the impact of a capital lease obligation associated with a manufacturing facility in our Display Technologies segment. The balance of this obligation at December 31, 2009 was $150 million and is included in our long-term debt balance. In the second quarter of 2009, we issued $250 million of 6.625% senior unsecured notes and $100 million of 7% senior unsecured notes for net proceeds of approximately $248 million and $98 million, respectively. The 6.625% notes mature on May 15, 2019 and the 7% notes mature on May 15, 2024. We may redeem these debentures at any time. Corning redeemed $54 million principal amount of our 6.3% notes due March 1, 2009. There were no other significant debt reductions during 2009. On December 1, 2008, we filed a shelf registration statement with the SEC that registered an indeterminate amount and number of securities, and allows us to offer such securities in numbers and amounts determined at the time of such offering. During the year ended December 31, 2007, we paid $238 million to rede

Employee Retirement Plans

Employee Retirement Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Employee Retirement Plans [Abstract]
Employee Retirement Plans [Text Block]	13. Employee Retirement Plans Defined Benefit Plans We have defined benefit pension plans covering certain domestic and international employees. Our funding policy has been to contribute, as necessary, an amount in excess of the minimum requirements in order to achieve the Companys long-term funding targets. In 2009, we made a voluntary contribution of $80 million to our domestic and international pension plans. In 2008, we made voluntary contributions of $52 million to our domestic and international pension plans. In 2000, we amended our U.S. pension plan to include a cash balance pension feature. Certain salaried and non-union hourly employees remain in the traditional defined benefit plan. All salaried and non-union hourly employees hired after July 1, 2000, are automatically participants in the new cash balance plan. Under the cash balance plan, employee accounts are credited monthly with a percentage of eligible pay based on age and years of service. The Pension Protection Act of 2006 requires vesting after three years for cash balance plans by January 1, 2008. Corning adopted this measure on January 1, 2008. Corning offers postretirement plans that provide health care and life insurance benefits for retirees and eligible dependents. Certain employees may become eligible for such postretirement benefits upon reaching retirement age. Prior to January 1, 2003, our principal retiree medical plans required retiree contributions each year equal to the excess of medical cost increases over general inflation rates. For current retirees (including surviving spouses) and active employees eligible for the salaried retiree medical program, we have placed a cap on the amount we will contribute toward retiree medical coverage in the future. The cap is equal to 120% of our 2005 contributions toward retiree medical benefits. Once our contributions toward salaried retiree medical costs reach this cap, impacted retirees will have to pay the excess amount in addition to their regular contributions for coverage. This cap was attained for post-65 retirees in 2008 and has impacted their contribution rate in 2009. The pre-65 retirees are expected to trigger the cap in 2011. Furthermore, employees hired or rehired on or after January 1, 2007 will be eligible for Corning retiree medical upon retirement; however, these employees will pay 100% of the cost. In 2009, Corning recorded restructuring charges of $50 million for U.S. pension and postretirement benefit plans. This included a curtailment charge of $33 million for the qualified defined benefit plan (U.S. pension plan) and the U.S. postretirement benefit plan. Accordingly, we remeasured the U.S. pension and postretirement benefit plan as of March 31, 2009. The remeasurement resulted in an increase of $115 million to the Companys U.S. pension liability and a decrease of $12 million to the U.S. postretirement benefit plan liability. As part of the remeasurement, we updated the assumed discount rate for both plans to 6.25%, which reflected a 25 basis point increase from December 31, 2008. 13. Employee Retirement Plans (continued) Obligations and Funded Status The change in benefit obli

Commitments, Contingencies, and

Commitments, Contingencies, and Guarantees
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments, Contingencies, and Guarantees [Abstract]
Commitments, Contingencies, and Guarantees [Text Block]	14. Commitments, Contingencies, and Guarantees The amounts of our obligations follow (in millions): Total Amountofcommitmentandcontingencyexpirationperperiod Lessthan 1year 1to2 years 2to3 years 3to4 years 5yearsand thereafter Performance bonds and guarantees $ 58 $ 28 $ 10 $ 3 $ 17 Credit facilities for equity companies 125 25 25 25 $ 25 25 Stand-by letters of credit(1) 60 59 1 Loan guarantees 9 9 Subtotal of commitment expirations per period $ 252 $ 112 $ 36 $ 28 $ 25 $ 51 Purchase obligations $ 63 $ 37 $ 12 $ 7 $ 5 $ 2 Capital expenditure obligations(2) 217 217 Total debt(3) 1,706 72 23 21 122 1,468 Minimum rental commitments 201 41 34 28 24 74 Capital leases(3)(4) 385 16 43 13 13 300 Interest on long-term debt(5) 1,334 111 107 107 107 902 Uncertain tax positions(6) 9 3 2 2 2 Subtotal of contractual obligation payments due by period 3,915 497 221 178 273 2,746 Total commitments and contingencies $ 4,167 $ 609 $ 257 $ 206 $ 298 $ 2,797 (1) At December 31, 2009, $41 million of the $60 million was included in other accrued liabilities on our consolidated balance sheets. (2) Capital expenditure obligations, primarily related to our Display Technologies segment expansions, are included on our balance sheet. (3) At December 31, 2009, $2.0 billion was included on our balance sheet. Total debt above is stated at maturity value. (4) At December 31, 2009, $151 million of the $385 million represents imputed interest. (5) The estimate of interest payments assumes interest is paid through the date of maturity or expiration of the related debt, based upon stated rates in the respective debt instruments. (6) At December 31, 2009, $16 million was included on our balance sheet related to uncertain tax positions. Of this amount, we are unable to estimate when $7 million of that amount will become payable. 14. Commitments, Contingencies, and Guarantees (continued) We are required, at the time a guarantee is issued, to recognize a liability for the fair value or market value of the obligation it assumes. In the normal course of our business, we do not routinely provide significant third-party guarantees. Generally, third-party guarantees provided by Corning are limited to certain financial guarantees, including stand-by letters of credit and performance bonds, and the incurrence of contingent liabilities in the form of purchase price adjustments related to attainment of milestones. These guarantees have various terms, and none of these guarantees are individually significant. We have agreed to provide a credit facility related to Dow Corning. The funding of the Dow Corning credit facility will be required only if Dow Cornin

Hedging Activities

Hedging Activities
	12 Months Ended Dec. 31, 2009 USD / shares
Hedging Activities [Abstract]
Hedging Activities [Text Block]	15. Hedging Activities Effective January 1, 2009, Corning adopted U.S. GAAP requirements for enhanced disclosures about derivatives. As required, we provide qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements. The adoption of these requirements did not have a material impact on the Companys consolidated results of operation or financial condition. Corning operates and conducts business in many foreign countries and as a result is exposed to movements in foreign currency exchange rates. The areas in which exchange rate fluctuations affect us include: Financial instruments and transactions denominated in foreign currencies, which impact earnings; and The translation of net assets in foreign subsidiaries for which the functional currency is not the U.S. dollar, which impact our net equity. Our most significant foreign currency exposures relate to the Japanese yen, Korean won, New Taiwan dollar, and euro. We selectively enter into foreign exchange forward and option contracts with durations of generally 18 months or less to hedge our exposure to exchange rate risk on foreign source income and purchases. The hedges are scheduled to mature coincident with the timing of the underlying foreign currency commitments and transactions. The objective of these contracts is to neutralize the impact of exchange rate movements on our operating results. We engage in foreign currency hedging activities to reduce the risk that changes in exchange rates will adversely affect the eventual net cash flows resulting from the sale of products to foreign customers and purchases from foreign suppliers. The hedge contracts reduce the exposure to fluctuations in exchange rate movements because the gains and losses associated with foreign currency balances and transactions are generally offset with gains and losses of the hedge contracts. Because the impact of movements in foreign exchange rates on the value of hedge contracts offsets the related impact on the underlying items being hedged, these financial instruments help alleviate the risk that might otherwise result from currency exchange rate fluctuations. The following table summarizes the notional amounts and respective fair values of Cornings derivative financial instruments, which mature at varying dates (in millions): As of December 31, 2009 Assetderivatives Liabilityderivatives Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments Foreign exchange contracts $ 424 Other current assets $ 17 Other accrued liabilities $ (1) Derivatives not designated as hedging instruments Foreign exchange contracts $ 1,540 Other current assets $ 36 Other accrued liabilities $ (13) Total derivatives $ 1,964 $ 53 $ (14) Corning uses derivative instruments (

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value Measurements [Abstract]
Fair Value Measurements [Text Block]	16. Fair Value Measurements The Company adopted the U.S. GAAP standards for fair value effective January 1, 2008 for all financial assets and liabilities as required. The adoption of these standards was not material to Cornings financial statements or results of operations. The standard defines fair value, establishes a framework for measuring fair value in applying generally accepted accounting principles, and expands disclosures about fair value measurements. The standards also identify two kinds of inputs that are used to determine the fair value of assets and liabilities: observable and unobservable. Observable inputs are based on market data or independent sources while unobservable inputs are based on the Companys own market assumptions. Once inputs have been characterized, the inputs are prioritized into one of three broad levels (provided in the table below) used to measure fair value. The standard applies whenever an entity is measuring fair value under other accounting pronouncements that require or permit fair value measurement and requires the use of observable market data when available. As of December 31, 2009 and 2008, the Company did not have any financial assets or liabilities that were measured using unobservable (or Level 3) inputs. The following tables provide fair value measurement information for the Companys major categories of financial assets and liabilities measured on a recurring basis (in millions): Fairvaluemeasurementsatreportingdateusing December 31,2009 Quotedpricesin activemarketsfor identicalassets (Level1) Significantother observable inputs (Level2) Significant unobservable inputs (Level3) Assets Short-term investments $1,042 $969 $73(2) Other assets $42 $42 Derivatives(1) $53 $53 Liabilities Derivatives(1) $14 $14 (1) Derivative assets and liabilities include foreign exchange contracts which are measured using observable quoted prices for similar assets and liabilities. (2) Short-term investments are measured using observable quoted prices for similar assets. Fairvaluemeasurementsatreportingdateusing December 31,2008 Quotedpricesin activemarketsfor identicalassets (Level1) Significantother observable inputs (Level2) Significant unobservable inputs (Level3) Assets Short-term investments $943 $531 $412(2) Other assets $40 $40 Derivatives(1) $22 $22 Liabilities Derivatives(1) $81 $81 (1) Derivative assets and liabilities include foreign exchange contracts that are measured using observable quoted prices for similar assets and liabilities. (2) Short-term investments are measured using observable quoted prices for similar assets.

Shareholders' Equity

Shareholders' Equity
	12 Months Ended Dec. 31, 2009 USD / shares
Shareholders' Equity [Abstract]
Shareholders' Equity [Text Block]	17. Shareholders Equity The following table presents changes in capital stock for the period from January 1, 2007 to December 31, 2009 (in millions): Commonstock Treasurystock Shares Parvalue Shares Cost Balance at December 31, 2006 1,582 $ 791 (17) $ (201) Shares issued to benefit plans and for option exercises 15 8 (1) (12) Shared purchased for treasury (11) (250) Other 1 (1) (29) Balance at December 31, 2007 1,598 $ 799 (30) $ (492) Shares issued to benefit plans and for option exercises 11 6 (6) Shared purchased for treasury (30) (625) Other (1) (2) (37) Balance at December 31, 2008 1,609 $ 804 (62) $ (1,160) Shares issued to benefit plans and for option exercises 7 4 (1) (36) Shared purchased for treasury Other (1) (11) Balance at December 31, 2009 1,616 $ 808 (64) $ (1,207) 17. Shareholders Equity (continued) Accumulated Other Comprehensive Income (Loss) A summary of the components of other comprehensive income (loss), including our proportionate share of equity method investees other comprehensive income (loss), is as follows (in millions): Foreign currency translation adjustment Unamortized pension lossesand priorservices costs Net unrealized gains (losses)on investments Net unrealized gains (losses)on cashflow hedges Accumulated other comprehensive income(loss) Balance at December 31, 2006 $ 378 $ (753) $ 0 $ 15 $ (360) Foreign currency translation adjustment(2) 165 165 Net unrealized loss on investments(3) (11) (11) Unrealized derivative loss on cash flow hedges(5) (49) (49) Reclassification adjustments on cash flow hedges(5) 12 12 Unamortized postretirement benefit plans losses and prior service costs(4) 153 153 Balance at December 31, 2007 $ 543 $ (600) $ (11) $ (22) $ (90) Foreign currency translation adjustment(1)(2) 99 99 Net unrealized loss on investments(1)(3) (81) (81) Unrealized derivative loss on cash flow hedges(1)(5) (61) (61) Reclassification adjustments on cash flow hedges(5) 45 45 Unamortized postretirement benefit plans losses and prior service costs(1)(4) (555) (555) Balance at December 31, 2008 $ 642 $ (1,155) $ (92) $ (38) $ (643) Foreign currency translation adjustment(1)(2) 166 166 Net unrealized gain on investments without credit losses(1)(3) 44 44 Net unrealized gain on investments with credit losses(1)(3) 9 9 Unrealized derivative loss on cash flow hedges(1)(5) 92 92 Reclassification adjustments on cash flow hedges(5) (53) (53) Unamortized postretirement benefit plans losses and prior service costs(1)(4)

Earnings Per Common Share

Earnings Per Common Share
	12 Months Ended Dec. 31, 2009 USD / shares
Earnings Per Common Share [Abstract]
Earnings Per Common Share [Text Block]	18. Earnings Per Common Share Basic earnings per common share is computed by dividing income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share assumes the issuance of common shares for all potentially dilutive securities outstanding. The reconciliation of the amounts used to compute basic and diluted earnings per common share from continuing operations follows (in millions, except per share amounts): YearsendedDecember31, 2009 2008 2007 Net income attributable to Corning Incorporated Weighted- average shares Per share amount Net income attributable to Corning Incorporated Weighted- average shares Per share amount Net income attributable to Corning Incorporated Weighted- average shares Per share amount Basic earnings per common share $2,008 1,550 $1.30 $5,257 1,560 $3.37 $2,150 1,566 $1.37 Effect of dilutive securities: Employee stock options and awards 18 24 37 Diluted earnings per common share $2,008 1,568 $1.28 $5,257 1,584 $3.32 $2,150 1,603 $1.34 The following potential common shares were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive. In addition, the following performance-based restricted stock awards have been excluded from the calculation of diluted earnings per common share because the number of shares ultimately issued is contingent on our performance against certain targets established for the performance period (in millions): YearsendedDecember31, 2009 2008 2007 Potential common shares excluded from the calculation of diluted earnings per share: Employee stock options and awards 57 49 34 Performance-based restricted stock awards 3 2 2 Total 60 51 36

Share-based Compensation

Share-based Compensation
	12 Months Ended Dec. 31, 2009 USD / shares
Share-based Compensation [Abstract]
Share-based Compensation [Text Block]	19. Share-based Compensation Stock Compensation Plans Cornings share-based compensation programs include the following: employee stock options, time-based restricted stock and stock units, performance-based restricted stock and restricted stock units, and the Worldwide Employee Share Purchase Plan (WESPP). At December 31, 2009, our stock compensation programs were in accordance with the 2005 Employee Equity Participation Program, as amended, and the 2003 Equity Plan for Non-Employee Directors, as amended. Any ungranted shares from prior years will be available for grant in the current year. Any remaining shares available for grant, but not yet granted, may be carried over and used in the following year. At December 31, 2009, there were approximately 59 million shares available for grant. For share-based payment grants on or after December 1, 2005, the Company estimated the fair value of such grants using a lattice-based option valuation model. Prior to December 1, 2005, the Company estimated the fair value of share-based payment awards using the Black-Scholes option pricing model. 19. Share-based Compensation (continued) The fair value of awards granted subsequent to January 1, 2006 that are expected to ultimately vest is recognized as expense over the requisite service periods. The number of options expected to vest equals the total options granted less an estimation of the number of forfeitures expected to occur prior to vesting. The forfeiture rate is calculated based on 15 years of historical data and is adjusted if actual forfeitures differ significantly from the original estimates. The effect of any change in estimated forfeitures would be recognized through a cumulative catch-up adjustment that would be included in compensation cost in the period of the change in estimate. Total share-based compensation cost of $127 million, $118 million, and $138 million was disclosed in operating activities on the Companys Consolidated Statements of Cash Flows for the years ended December 31, 2009, 2008 and 2007, respectively. Stock Options Our stock option plans provide non-qualified and incentive stock options to purchase authorized but unissued or treasury shares at the market price on the grant date and generally become exercisable in installments from one to five years from the grant date. The maximum term of non-qualified and incentive stock options is 10 years from the grant date. The following table summarizes information concerning options outstanding including the related transactions under the options plans for the year ended December 31, 2009: Number of shares (inthousands) Weighted- average exerciseprice Weighted- average remaining contractual terminyears Aggregate intrinsic value (inthousands) Options outstanding as of December 31, 2008 89,630 $26.92 Granted 9,647 $10.40 Exercised (2,921) $8.24 Forfeited and expired (3,852) $26.06 Options outstanding as of December 31, 2009 92,504 $25.83 4.48 425,427 Options exercisable as of December 31, 2009 73,849 $28.51 3.45 324,511 The aggr

Operating Segments

Operating Segments
	12 Months Ended Dec. 31, 2009 USD / shares
Operating Segments [Abstract]
Operating Segments [Text Block]	20. Operating Segments Effective January 1, 2008, Corning changed its internal reporting structure to better reflect the Companys focus on new business development and later-stage research projects and to provide more transparency on our Specialty Materials operating segment. As a result, our segment reporting includes the following changes which are in accordance with the requirements for disclosures about segments: We have provided separate financial information for the Specialty Materials operating segment. This operating segment was previously included in All Other. Certain later-stage development projects, such as advanced flow reactors and green lasers, meet the criteria for operating segments and are included in All Other. Spending for these projects was previously part of Exploratory Research and was reported in the reconciliation of reportable segment net income to total net income. Certain other new product lines meet the criteria for operating segments and are included in All Other. Spending related to these businesses was previously included in our Life Sciences and Display Technologies operating segments. 20. Operating Segments (continued) Our reportable operating segments are now as follows: Display Technologies manufactures liquid crystal display glass for flat panel displays. Telecommunications manufactures optical fiber and cable and hardware and equipment components for the telecommunications industry. Environmental Technologies manufactures ceramic substrates and filters for automotive and diesel applications. This reportable operating segment is an aggregation of our Automotive and Diesel operating segments as these two segments share similar economic characteristics, products, customer types, production processes and distribution methods. 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. Life Sciences manufactures glass and plastic consumables for scientific applications. All other operating segments that do not meet the quantitative threshold for separate reporting have been grouped as All Other. This group is primarily comprised of development projects and results for new product lines. We prepared the financial results for our reportable segments on a basis that is consistent with the manner in which we internally disaggregate financial information to assist in making internal operating decisions. We included the earnings of equity affiliates that are closely associated with our operating segments in the respective segments net income. We have allocated certain common expenses among segments differently than we would for stand-alone financial information prepared in accordance with U.S. GAAP. Segment net income may not be consistent with measures used by other companies. The accounting policies of our reportable segments are the same as those applied in the consolidated financial statements. Effective January 1, 2009, we began providing U.S. tax expense (or benefit) on U.S. earnings (losses) due to the change in our conclusion about the rea

Valuation Accounts and Reserves

Valuation Accounts and Reserves
	12 Months Ended Dec. 31, 2009 USD / shares
Valuation Accounts and Reserves [Abstract]
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	Corning Incorporated and Subsidiary Companies Schedule II - Valuation Accounts and Reserves (in millions) Year ended December 31, 2009 Balanceat beginning ofperiod Additions Net deductions andother Balanceat end ofperiod Doubtful accounts and allowances $ 20 $ 20 Deferred tax assets valuation allowance $ 230 $ 15 $ 245 Accumulated amortization of purchased intangible assets $ 204 $ 13 $ 217 Reserves for accrued costs of business restructuring $ 34 $ 209 $ 143 $ 100 Year ended December 31, 2008 Balanceat beginning ofperiod Additions Net deductions andother Balanceat end ofperiod Doubtful accounts and allowances $ 20 $ 20 Deferred tax assets valuation allowance $ 3,181 $ 2,951 $ 230 Accumulated amortization of purchased intangible assets $ 210 $ 6 $ 204 Reserves for accrued costs of business restructuring $ 34 $ 19 $ (19) $ 34 Year ended December 31, 2007 Balance at beginning ofperiod Additions Net deductions andother Balanceat end ofperiod Doubtful accounts and allowances $ 21 $ 1 $ 20 Deferred tax assets valuation allowance $ 3,542 $ 361 $ 3,181 Accumulated amortization of purchased intangible assets $ 229 $ 16 $ 35 $ 210 Reserves for accrued costs of business restructuring $ 76 $ 42 $ 34

Quarterly Operating Results

Quarterly Operating Results
	12 Months Ended Dec. 31, 2009 USD / shares
Quarterly Financial Information [Abstract]
Quarterly Financial Information [Text Block]	Quarterly Operating Results (unaudited) (In millions, except per share amounts) 2009 First quarter Second quarter Third quarter Fourth quarter Total year Net sales $ 989 $ 1,395 $ 1,479 $ 1,532 $ 5,395 Gross margin $ 270 $ 575 $ 599 $ 649 $ 2,093 Restructuring, impairment and other charges $ 165 $ 10 $ 53 $ 228 Asbestos litigation charges (credits) $ 4 $ 5 $ 6 $ 5 $ 20 Equity in earnings of affiliated companies $ 195 $ 361 $ 418 $ 461 $ 1,435 Benefit (provision) for income taxes $ 66 $ 4 $ (32) $ 36 $ 74 Net income attributable to Corning Incorporated $ 14 $ 611 $ 643 $ 740 $ 2,008 Basic earnings per common share $ 0.01 $ 0.39 $ 0.41 $ 0.48 $ 1.30 Diluted earnings per common share $ 0.01 $ 0.39 $ 0.41 $ 0.47 $ 1.28 2008 First quarter Second quarter Third quarter Fourth quarter Total year Net sales $ 1,617 $ 1,692 $ 1,555 $ 1,084 $ 5,948 Gross margin $ 844 $ 852 $ 735 $ 307 $ 2,738 Restructuring, impairment and other charges $ (1) $ (2) $ 22 $ 19 Asbestos litigation (credits) charges $ (327) $ 9 $ 6 $ (28) $ (340) Equity in earnings of affiliated companies $ 312 $ 367 $ 391 $ 288 $ 1,358 (Provision) benefit for income taxes $ (74) $ 2,381 $ 51 $ 17 $ 2,375 Net income attributable to Corning Incorporated $ 1,029 $ 3,211 $ 768 $ 249 $ 5,257 Basic earnings per common share $ 0.66 $ 2.05 $ 0.49 $ 0.16 $ 3.37 Diluted earnings per common share $ 0.64 $ 2.01 $ 0.49 $ 0.16 $ 3.32

Document and Entity Information

Document and Entity Information (USD $)
In Billions, except Share data	12 Months Ended Dec. 31, 2009	Jan. 29, 2010	Jun. 30, 2009
Document and Entity Information
Entity Registrant Name	CORNING INC /NY
Entity Central Index Key	0000024741
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			24.3
Entity Common Stock, Shares Outstanding		1,558,884,218
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31