Corning (GLW) 10-Q 27 Jul 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 16, 2021
Document Information [Line Items]
Entity Central Index Key	0000024741
Entity Registrant Name	CORNING INC /NY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-3247
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	16-0393470
Entity Address, Address Line One	One Riverfront Plaza
Entity Address, City or Town	Corning
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14831
City Area Code	607
Local Phone Number	974-9000
Title of 12(b) Security	Common Stock
Trading Symbol	GLW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		854,032,129

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021		Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020
Net sales	$ 3,501		$ 2,561	$ 6,791		$ 4,952
Cost of sales	2,186		1,805	4,320		3,635
Gross margin	1,315		756	2,471		1,317
Operating expenses:
Selling, general and administrative expenses	465		401	865		796
Research, development and engineering expenses	242		430	464		691
Amortization of purchased intangibles	33		28	65		54
Operating income (loss)	575		(103)	1,077		(224)
Equity in earnings of affiliated companies	7		79	15		93
Interest income	2		3	5		9
Interest expense	(78)		(67)	(155)		(131)
Translated earnings contract gain, net (Note 12)	3		37	275		105
Other income (expense), net	7		2	124		(9)
Income (loss) before income taxes	516		(49)	1,341		(157)
Provision for income taxes (Note 5)	(67)		(22)	(293)		(10)
Net income (loss) attributable to Corning Incorporated	$ 449		$ (71)	$ 1,048		$ (167)
(Loss) earnings per common share available to common stockholders:
Basic (Note 6) (in dollars per share)	$ (0.42)		$ (0.13)	$ 0.27		$ (0.28)
Diluted (Note 6) (in dollars per share)	$ (0.42)		$ (0.13)	$ 0.27		$ (0.28)
Net income (loss)	$ 449		$ (71)	$ 1,048		$ (167)
Series A convertible preferred stock dividend			(25)	(24)		(49)
Excess consideration paid for redemption of preferred shares (1)	(803)	[1]		(803)	[1]
Net (loss) income available to common stockholders	$ (354)		$ (96)	$ 221		$ (216)
[1]	Refer to Note 6 ((Loss) Earnings per Share) and Note 14 (Shareholders' Equity) to the consolidated financial statements for additional information.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income (loss) attributable to Corning Incorporated	$ 449	$ (71)	$ 1,048	$ (167)
Foreign currency translation adjustments and other	40	58	(323)	(207)
Unamortized losses and prior service costs for postretirement benefit plans	(1)	(12)	(1)	(12)
Net unrealized gains (losses) on designated hedges	1	19	12	(42)
Other comprehensive income (loss), net of tax (Note 14)	40	65	(312)	(261)
Comprehensive income (loss) attributable to Corning Incorporated	$ 489	$ (6)	$ 736	$ (428)

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 2,320	$ 2,672
Trade accounts receivable, net of doubtful accounts - $42 and $46	2,057	2,133
Inventories, net (Note 7)	2,387	2,438
Other current assets	884	761
Total current assets	7,648	8,004
Property, plant and equipment, net of accumulated depreciation - $13,657 and $13,663	15,455	15,742
Goodwill, net	2,433	2,460
Other intangible assets, net	1,228	1,308
Deferred income taxes (Note 5)	1,051	1,121
Other assets	1,991	2,140
Total Assets	29,806	30,775
Current liabilities:
Current portion of long-term debt and short-term borrowings (Note 9)	353	156
Accounts payable	1,312	1,174
Other accrued liabilities (Note 8 and Note 11)	2,959	2,437
Total current liabilities	4,624	3,767
Long-term debt (Note 9)	7,025	7,816
Postretirement benefits other than pensions (Note 10)	723	727
Other liabilities (Note 8 and Note 11)	5,292	5,017
Total liabilities	17,664	17,327
Commitments and contingencies (Note 11)
Shareholders’ equity (Note 14):
Convertible preferred stock, Series A – Par value $100 per share; Shares authorized 0 and 3,100; Shares issued: 0 and 2,300		2,300
Common stock – Par value $0.50 per share; Shares authorized 3.8 billion; Shares issued: 1.8 billion and 1.7 billion	907	863
Additional paid-in capital – common stock	16,352	14,642
Retained earnings	15,739	16,120
Treasury stock, at cost; Shares held: 962 million and 961 million	(19,986)	(19,928)
Accumulated other comprehensive loss	(1,052)	(740)
Total Corning Incorporated shareholders’ equity	11,960	13,257
Non-controlling interests	182	191
Total equity	12,142	13,448
Total Liabilities and Equity	$ 29,806	$ 30,775

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Doubtful accounts and allowances	$ 42	$ 46
Accumulated depreciation	$ 13,657	$ 13,663
Convertible preferred stock, par value (in dollars per share)	$ 100	$ 100
Convertible preferred stock, shares authorized (in shares)	0	3,100
Convertible preferred stock, shares issued (in shares)	0	2,300
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	3,800,000,000	3,800,000,000
Common stock, shares issued (in shares)	1,800,000,000	1,700,000,000
Treasury stock, shares held (in shares)	962,000,000	961,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 1,048	$ (167)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	666	680
Amortization of purchased intangibles	65	54
Loss on disposal of assets	1	75
Severance charges	1	135
Severance payments	(20)	(97)
Share-based compensation expense	78	65
Equity in earnings of affiliated companies	(15)	(93)
Translation (gain) loss on Japanese yen-denominated debt	(123)	11
Deferred tax provision (benefit)	56	(130)
Customer deposits and government incentives	114	125
Translated earnings contract gain	(275)	(105)
Unrealized translation losses on transactions	51	11
Tax assessment refunds		101
Asset impairment		195
Changes in certain working capital items:
Trade accounts receivable	(49)	27
Inventories	18	53
Other current assets	(153)	20
Accounts payable and other current liabilities	156	(235)
Other, net	(125)	73
Net cash provided by operating activities	1,494	798
Cash Flows from Investing Activities:
Capital expenditures	(613)	(833)
Proceeds from sale or disposal of assets	17	27
Proceeds from sale of business	102
Investment in and proceeds from unconsolidated entities, net	85	(5)
Realized gains on translated earnings contract	13	12
Other, net	(19)	15
Net cash used in investing activities	(415)	(784)
Cash Flows from Financing Activities:
Repayments of short-term borrowings and current portion of long-term debt	(460)
Proceeds from issuance of long-term debt, net		209
Payment for redemption of preferred stock	(507)
Payments of employee withholding tax on stock awards	(55)	(8)
Proceeds from exercise of stock options	82	13
Purchases of common stock for treasury	(1)	(105)
Dividends paid	(442)	(383)
Other, net	(6)	2
Net cash used in financing activities	(1,389)	(272)
Effect of exchange rates on cash	(42)	(18)
Net decrease in cash and cash equivalents	(352)	(276)
Cash and cash equivalents at beginning of period	2,672	2,434
Cash and cash equivalents at end of period	$ 2,320	$ 2,158

Consolidated Statements of Chan

Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($) $ in Millions		Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2019		$ 2,300	$ 859	$ 14,323	$ 16,408	$ (19,812)	$ (1,171)	$ 12,907	$ 90	$ 12,997
Net income (loss)					(96)			(96)		(96)
Other comprehensive loss							(326)	(326)	(1)	(327)
Shares issued to benefit plans and for option exercises				17				17		17
Common dividends					(168)			(168)		(168)
Preferred dividends					(24)			(24)		(24)
Other, net					(6)	(1)		(7)		(7)
Purchase of common stock for treasury						(105)		(105)		(105)
Balance at Mar. 31, 2020		2,300	859	14,340	16,114	(19,918)	(1,497)	12,198	89	12,287
Net income (loss)					(71)			(71)	6	(65)
Other comprehensive loss							65	65		65
Shares issued to benefit plans and for option exercises			1	58				59		59
Common dividends					(171)			(171)		(171)
Preferred dividends					(25)			(25)		(25)
Other, net									(11)	(11)
Purchase of common stock for treasury						(6)		(6)		(6)
Balance at Jun. 30, 2020		2,300	860	14,398	15,847	(19,924)	(1,432)	12,049	84	12,133
Balance at Dec. 31, 2020		2,300	863	14,642	16,120	(19,928)	(740)	13,257	191	13,448
Net income (loss)					599			599	2	601
Other comprehensive loss							(352)	(352)	(1)	(353)
Shares issued to benefit plans and for option exercises			1	80				81		81
Common dividends					(187)			(187)		(187)
Preferred dividends					(24)			(24)		(24)
Other, net	[1]				1	(6)		(5)	(3)	(8)
Balance at Mar. 31, 2021		2,300	864	14,722	16,509	(19,934)	(1,092)	13,369	189	13,558
Net income (loss)					449			449	5	454
Other comprehensive loss							40	40	1	41
Shares issued to benefit plans and for option exercises			3	70				73		73
Common dividends					(416)			(416)		(416)
Other, net	[1]					(51)		(51)	(13)	(64)
Redemption of preferred stock	[2]	(700)			(803)			(1,503)		(1,503)
Conversion of preferred stock to common stock, amount converted	[3]	$ (1,600)
Conversion of preferred stock to common stock, amount issued	[3]		40	1,560
Purchase of common stock for treasury						(1)		(1)		(1)
Balance at Jun. 30, 2021			$ 907	$ 16,352	$ 15,739	$ (19,986)	$ (1,052)	$ 11,960	$ 182	$ 12,142
[1]	Treasury stock includes the deemed surrender to the Company of common stock to satisfy employee tax withholding obligations.
[2]	Refer to Note 6 ((Loss) Earnings per Share) and Note 14 (Shareholders' Equity) to the consolidated financial statements for additional information.
[3]	Refer to Note 14 (Shareholders' Equity) to the consolidated financial statements for additional information.

Consolidated Statements of Ch_2

Consolidated Statements of Changes In Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Common Dividends (in dollars per share)	$ 0.48	$ 0.24	$ 0.22	$ 0.22
Preferred Dividends (in dollars per share)		$ 10,625	$ 10,625	$ 10,625

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Basis of Presentation In these notes, the terms “Corning,” “Company,” “we,” “us,” or “our” mean Corning Incorporated and its subsidiary companies. The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Corning’s consolidated financial statements and notes thereto included in its Annual Report on Form 10 December 31, 2020 2020 10 The unaudited consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. The results for interim periods are not may The equity method of accounting is used for investments in affiliated companies that are not 20% 50% On September 9, 2020, Refer to Note 3 The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. The novel coronavirus (“COVID- 19” may not Certain prior year amounts have been reclassified to conform to the current-year presentation. These reclassifications had no New Accounting Standards During the first 2021, 2020 06. 470 20. 815 40. may 260. 2020 06 not one January 1, 2021.

Note 2 - Restructuring, Impairm

Note 2 - Restructuring, Impairment and Other Charges and Credits	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	2. 2021 There were no first 2021. June 30, 2021, twelve 2020 In the first 2020, During the three six June 30, 2020, For the three six June 30, 2020, Three months ended June 30, 2020 Selling, Research, general development and and Gross administrative engineering margin (1) expenses expenses Other Total Severance $ 24 $ 18 $ 16 $ 58 Asset impairment 195 195 Capacity realignment 60 60 Other charges and credits 14 4 1 $ 5 24 Total restructuring, impairment and other charges and credits $ 98 $ 22 $ 212 $ 5 $ 337 ( 1 Activity reflected in cost of sales. Six months ended June 30, 2020 Selling, Research, general development and and Gross administrative engineering margin (1) expenses expenses Other Total Severance $ 76 $ 31 $ 28 $ 135 Asset impairment 195 195 Capacity realignment 148 1 149 Other charges and credits 35 39 1 $ 8 83 Total restructuring, impairment and other charges and credits $ 259 $ 70 $ 225 $ 8 $ 562 ( 1 Activity reflected in cost of sales.

Note 3 - HSG Transactions

Note 3 - HSG Transactions	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. In 2016, one 2020 On September 9, 2020, HSG acquired DuPont’s TCS manufacturing assets, which were determined to be a business and recorded as a business combination. The fair value of the purchase price was $255 million. In conjunction with this acquisition, HSG settled the pre-existing TCS relationship (“TCS Settlement”) for a contractual amount of $175 million, which was determined to have a fair value of $200 million. HSG is paying for the TCS Settlement over three HSG also completed the Redemption, redeeming Dupont’s entire ownership of HSG with a value of $250 million. The Redemption was funded with HSG’s existing cash on-hand of $75 million and its newly obtained third September 8, 2021. June 30, 2021 third Upon completion of the Redemption, Corning obtained a 100% interest in HS LLC and 80.5% interest in HSO LLC. Corning accounted for the Redemption under the acquisition method of accounting in accordance with business combinations without the transfer of net cash consideration. The Redemption price of $250 million approximated the fair value of Corning’s equity interest in HSG immediately preceding the Redemption. The net gain on previously owned equity was calculated as follows (in millions): Fair value of previously held equity investment $ 250 Equity investment liability balance as of acquisition date (248 ) Corning's gain on previously held equity investment $ 498 The following table summarizes the amounts of recorded assets acquired and liabilities assumed as of September 9, 2020, Recognized amounts of identified assets and liabilities recorded at fair value (in millions): Inventory $ 503 Property, plant and equipment 651 Intangible assets 285 Other current and non-current assets (1) 173 Short-term borrowings (178 ) Trade payables and other accrued liabilities (329 ) Other liabilities (1,261 ) Total identified net liabilities (156 ) Non-controlling interests (2) (102 ) Total fair value of Corning's previously held equity investment (2) (250 ) Goodwill (3) $ 508 ( 1 The other current and non-current assets included a contingent consideration asset of $20 million at fair value for a cost adjustment contract related to the TCS Transaction. Refer to Note 13 ( 2 The purchase price being used to measure the goodwill of the Redemption is $352 million, including the fair value of Corning’s previously held equity interest and non-controlling interest, of $250 million and $102 million, respectively. ( 3 The goodwill recognized is not 16 Upon completion of the Redemption and resulting consolidation, Corning recorded the values of assets acquired and liabilities assumed from HSG, including a customer deposit liability and deferred revenue. Refer to Note 4 The goodwill is primarily related to other intangibles and synergies of the acquired business which do not HSG's revenue and net income have been consolidated in “All Other” in Corning’s consolidated statements of income (loss) for the three six June 30, 2021

Note 4 - Revenue

Note 4 - Revenue	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	4. Revenue Disaggregation Table The following table shows revenues by major product categories, similar to the Company’s reportable segment disclosure. Within each product category, contract terms, conditions and economic factors affecting the nature, amount, timing and uncertainty of revenue recognition and cash flows are substantially similar. Commercial markets and selling channels are also similar. Except for an inconsequential amount of revenue for Telecommunications products, product category revenues are recognized at point in time when control transfers to the customer. Revenues by product category are as follows (in millions): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Display products $ 934 $ 744 $ 1,822 $ 1,377 Telecommunication products 1,075 887 2,012 1,678 Specialty glass products 483 417 934 769 Environmental substrate and filter products 409 215 851 522 Life science products 312 236 613 487 All Other (1) 288 62 559 119 Total revenue $ 3,501 $ 2,561 $ 6,791 $ 4,952 Impact of foreign currency movements (2) 3 27 (24 ) 60 Cumulative adjustment related to customer contract (3) 105 Net sales of reportable segments and All Other $ 3,504 $ 2,588 $ 6,767 $ 5,117 ( 1 The Company obtained a controlling interest in HSG during the third 2020 September 9, 2020. ( 2 This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment. ( 3 Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first 2020. Refer to Note 16 Contract Assets and Liabilities Contract assets, such as incremental costs to obtain or fulfill contracts, are an insignificant component of Corning’s revenue recognition process. Most of Corning’s fulfillment costs as a manufacturer of products are classified as inventory, fixed assets and intangible assets, which are accounted for under the respective guidance for those asset types. Other contract fulfillment costs are immaterial due to the nature of the products and their respective manufacturing processes. Contract liabilities include deferred revenue, other advanced payments and customer deposits. Other advanced payments are not Customer Deposits As of June 30, 2021 December 31, 2020 Customer deposits used were $28 million and $123 million, respectively, and $32 million and $73 million, respectively, in the three six June 30, 2021 2020. June 30, 2021 December 31, 2020 Deferred Revenue As of June 30, 2021 December 31, 2020, The deferred revenue is tracked on a per-customer contract-unit basis. As customers take delivery of the committed volumes under the terms of the contract, a per unit amount of deferred revenue is recognized when control of the promised goods is transferred to the customer based upon the units shipped compared to the remaining contractual units. As of June 30, 2021 December 31, 2020, Refer to Note 3

Note 5 - Income Taxes

Note 5 - Income Taxes	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	5. The provision for income taxes and the related effective income tax rates are as follows (in millions): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Provision for income taxes $ (67 ) $ (22 ) $ (293 ) $ (10 ) Effective tax rate 13.0 % (44.9 %) 21.8 % (6.4 %) For the three June 30, 2021, six June 30, 2021, For the three six June 30, 2020, Corning Precision Materials is currently appealing certain tax assessments and tax refund claims in South Korea for tax years 2010 2018. not June 30, 2021 December 31, 2020,

Note 6 - (Loss) Earnings Per Co

Note 6 - (Loss) Earnings Per Common Share	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	6. The following table sets forth the computation of basic and diluted (loss) earnings per common share (in millions, except per share amounts): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net income (loss) attributable to Corning Incorporated $ 449 $ (71 ) $ 1,048 $ (167 ) Less: Series A convertible preferred stock dividend 25 24 49 Less: Excess consideration paid for redemption of preferred shares 803 803 Net (loss) income available to common stockholders – basic (354 ) (96 ) 221 (216 ) Net (loss) income available to common stockholders – diluted $ (354 ) $ (96 ) $ 221 $ (216 ) Weighted-average common shares outstanding – basic 844 759 805 760 Effect of dilutive securities: Employee stock options and other dilutive securities 17 Weighted-average common shares outstanding – diluted 844 759 822 760 Basic (loss) earnings per common share $ (0.42 ) $ (0.13 ) $ 0.27 $ (0.28 ) Diluted (loss) earnings per common share $ (0.42 ) $ (0.13 ) $ 0.27 $ (0.28 ) Anti-dilutive potential shares excluded from diluted (loss) earnings per common share: Series A convertible preferred stock (1) 9 115 62 115 Employee stock options and awards 24 38 1 38 Total 33 153 63 153 ( 1 For the three six June 30, 2021 2020, Fixed Rate Cumulative Convertible Preferred Stock, Series A As of December 31, 2020, On January 16, 2021, April 5, 2021, Pursuant to the SRA, on April 8, 2021 ( The Company repurchased 35 million of the converted Common Shares pursuant to the SRA and excluded them from the weighted-average common shares outstanding for the calculation of the Company’s basic and diluted earnings per share. The redemption of these Common Shares resulted in a reduction of retained earnings of $803 million which reduced the net income available to common shareholders and resulted in negative earnings per share in the second 2021. The remaining 80 million Common Shares are outstanding and are included in the weighted-average common shares outstanding for the calculation of the Company’s basic and diluted earnings per share. Refer to Note 14

Note 7 - Inventories, Net

Note 7 - Inventories, Net	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]	7. Inventories, net comprise the following (in millions): June 30, December 31, 2021 2020 Finished goods $ 1,169 $ 1,236 Work in process 340 357 Raw materials and accessories 384 370 Supplies and packing materials 494 475 Total inventories, net $ 2,387 $ 2,438

Note 8 - Other Liabilities

Note 8 - Other Liabilities	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	8. Other liabilities follow (in millions): June 30, December 31, 2021 2020 Current liabilities: Wages and employee benefits $ 534 $ 572 Income taxes 140 173 Derivative instruments (Note 13) 52 189 Asbestos and other litigation (Note 11) 13 13 Deferred revenue (Note 4) 159 152 Settlement liability (Note 3) 58 58 Customer deposits (Note 4) 228 211 Share repurchase liability (Note 14) 503 Short-term operating leases 94 96 Other current liabilities 1,178 973 Other accrued liabilities $ 2,959 $ 2,437 Non-current liabilities: Defined benefit pension plan liabilities $ 894 $ 887 Derivative instruments (Note 13) 65 155 Asbestos and other litigation (Note 11) 93 94 Deferred revenue (Note 4) 805 872 Settlement liability (Note 3) 117 117 Customer deposits (Note 4) 1,095 1,148 Share repurchase liability (Note 14) 496 Deferred tax liabilities 277 313 Long-term operating leases 618 633 Other non-current liabilities 832 798 Other liabilities $ 5,292 $ 5,017

Note 9 - Debt

Note 9 - Debt	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	9. Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $8.5 billion and $9.4 billion at June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 2 Corning had no outstanding commercial paper at June 30, 2021 December 31, 2020 Debt Issuances and Redemptions 2021 In the second 2021, 2022, 2020 During the second 2020, three June 30, 2021, not In the first 2020, two five June 30, 2021 not not On a quarterly basis, Corning will recognize the foreign currency translation gains and losses resulting from changes in exchanges rates within accumulated other comprehensive income (loss) in shareholders’ equity. Cash proceeds from loans and debt issuances are disclosed as financing activities, and cash payments for interest are disclosed as operating activities, in the consolidated statements of cash flows.

Note 10 - Employee Retirement P

Note 10 - Employee Retirement Plans	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Retirement Benefits [Text Block]	10. 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 2021, The following table summarizes the components of net periodic benefit cost for Corning’s defined benefit pension and postretirement health care and life insurance plans (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, 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 32 $ 29 $ 64 $ 58 $ 3 $ 3 $ 5 $ 5 Interest cost 21 31 43 62 4 5 8 10 Expected return on plan assets (54 ) (49 ) (108 ) (98 ) Amortization of prior service cost (credit) 1 2 2 3 (2 ) (2 ) (3 ) (3 ) Recognition of actuarial loss (gain) 10 (2 ) 10 (2 ) 1 1 Total pension and postretirement benefit expense $ 10 $ 11 $ 11 $ 23 $ 6 $ 6 $ 11 $ 12 The components of net periodic benefit cost, other than the service cost component, are included in the line item other income (expense), net, in the consolidated statements of income (loss).

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Corning is a defendant in various lawsuits and is subject to various claims that arise in the normal course of business, the most significant of which are summarized below. In the opinion of management, the likelihood that the ultimate disposition of these matters will have a material adverse effect on Corning’s consolidated financial position, liquidity, or results of operations, is remote. Asbestos Claims Corning is a defendant in certain cases alleging injuries from asbestos. At June 30, 2021 December 31, 2020, Dow Corning Chapter 11 Until June 1, 2016, May 31, 2016, no May 31, 2016, Dow Corning Breast Implant Litigation In May 1995, June 1, 2004, 11 Under the terms of the Plan, Dow Corning has established and funded a Settlement Trust and a Litigation Facility, referred to above, to provide a means for tort claimants to settle or litigate their claims. Inclusive of insurance, Dow Corning has paid approximately $1.8 billion to the Settlement Trust. As of May 31, 2016, may June 30, 2021 December 31, 2020, not Dow Corning Bankruptcy Pendency Interest Claims As a separate matter arising from the bankruptcy proceedings, Dow Corning had been defending claims asserted by commercial creditors who claimed additional compounded interest at default and state statutory judgment rates as well as attorneys’ fees and other enforcement costs, during the period from May 1995 June 2004. May 31, 2016, September 30, 2019 not Dow Corning Environmental Claims In September 2019, may June 30, 2021 not Environmental Litigation Corning has been named by the Environmental Protection Agency (the Agency) under the Superfund Act, or by state governments under similar state laws, as a potentially responsible party for 15 active hazardous waste sites. Under the Superfund Act, all parties who may June 30, 2021 December 31, 2020

Note 12 - Hedging Activities

Note 12 - Hedging Activities	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	12. Cash Flow Hedges Corning uses over-the-counter (“OTC”) foreign exchange forward contracts to reduce the risk that movements in exchange rates will adversely affect the net cash flows resulting from the sale of products to customers and purchases from suppliers. The total gross notional values for foreign currency cash flow hedges are $708 million and $1.1 billion at June 30, 2021 December 31, 2020 2021 2023. June 30, 2021 12 Undesignated Hedges Corning uses OTC foreign exchange forward and option contracts that are not The table below includes the total gross notional value for translated earnings contracts of $8.3 billion and $7.5 billion at June 30, 2021 December 31, 2020 2021 2024. June 30, December 31, 2021 2020 Average rate forward contracts: Japanese yen-denominated $ 4.4 $ 4.5 South Korean won-denominated 0.2 0.4 Euro-denominated 0.4 0.5 Other foreign currencies (1) 0.1 0.1 Option contracts: Japanese yen-denominated (2) 1.7 2.0 Other foreign currencies (3) 1.5 Total gross notional value for translated earning contracts $ 8.3 $ 7.5 ( 1 Denominational currencies for average rate forward contracts include the Chinese yuan, new Taiwan dollar and British pound. ( 2 Japanese yen-denominated option contracts include zero zero zero ( 3 Other foreign currencies option contracts are purchased basket options that include a basket of underlying currencies, including the Japanese yen, South Korean won, Chinese yuan, euro and British pound, and each basket option will be settled against USD. © 2021 The following table summarizes the notional amounts and respective fair values of Corning’s derivative financial instruments on a gross basis for June 30, 2021 December 31, 2020 Asset derivatives Liability derivatives Notional amount Balance Fair value Balance Fair value June 30, Dec. 31, sheet June 30, Dec. 31, sheet June 30, Dec. 31, 2021 2020 location 2021 2020 location 2021 2020 Derivatives designated as hedging instruments Foreign exchange contracts (1) $ 708 $ 1,143 Other current assets $ 49 $ 37 Other accrued liabilities $ (3 ) Other assets 21 21 Other liabilities (1 ) Derivatives not designated as hedging instruments Foreign exchange and other contracts 5,205 6,144 Other current assets 31 45 Other accrued liabilities $ (40 ) (76 ) Other assets 16 41 Other liabilities (31 ) (59 ) Translated earnings contracts 8,299 7,453 Other current assets 100 66 Other accrued liabilities (12 ) (110 ) Other assets 138 61 Other liabilities (13 ) (95 ) Total derivatives $ 14,212 $ 14,740 $ 355 $ 271 $ (96 ) $ (344 ) ( 1 At June 30, 2021 December 31, 2020, The following tables summarize the effect on the consolidated financial statements relating to Corning’s derivative financial instruments (in millions): Effect of derivative instruments on the consolidated financial statements for the three months ended June 30, Derivatives in hedging Gain (loss) recognized in other Location of gain (loss) reclassified from Gain (loss) reclassified from relationships for comprehensive income (OCI) accumulated OCI into income accumulated OCI into income cash flow hedges 2021 2020 effective (ineffective) 2021 2020 Net sales $ 4 $ (3 ) Foreign exchange contracts $ 15 $ 22 Cost of sales 10 Total cash flow hedges $ 15 $ 22 $ 14 $ (3 ) Effect of derivative instruments on the consolidated financial statements for the six months ended June 30, Derivatives in hedging Gain (loss) recognized in other Location of gain (loss) reclassified from Gain (loss) reclassified from relationships for comprehensive income (OCI) accumulated OCI into income accumulated OCI into income cash flow hedges 2021 2020 effective (ineffective) 2021 2020 Net sales $ 6 $ (2 ) Cost of sales 17 5 Foreign exchange contracts $ 41 $ (67 ) Other expense, net (1) (14 ) Total cash flow hedges $ 41 $ (67 ) $ 23 $ (11 ) ( 1 A loss of $14 © 2021 (Loss) gain recognized in income Three months ended Six months ended Location of (loss) gain June 30, June 30, Undesignated derivatives recognized in income 2021 2020 2021 2020 Foreign exchange and other contracts – balance sheet, loans and other Other income (expense), net $ (9 ) $ (15 ) $ 35 $ (14 ) Translated earnings contracts Translated earnings contract gain, net 3 37 275 105 Total undesignated $ (6 ) $ 22 $ 310 $ 91

Note 13 - Fair Value Measuremen

Note 13 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	13. Fair value standards under GAAP define fair value, establish a framework for measuring fair value in applying generally accepted accounting principles, and require disclosures about fair value measurements. The standards identify two one three The following tables provide fair value measurement information for the Company’s major categories of financial assets and liabilities measured on a recurring basis; Level 1, 2, 3, Fair value measurements at reporting date June 30, 2021 (Level 1) (Level 2) (Level 3) Current assets: Other current assets (1)(2)(3) $ 205 $ 16 $ 180 $ 9 Non-current assets: Other assets (1)(2) $ 183 $ 175 $ 8 Current liabilities: Other accrued liabilities (1) $ 52 $ 52 Non-current liabilities: Other liabilities (1)(4) $ 65 $ 65 ( 1 Derivative assets and liabilities include foreign exchange contracts which were measured using observable inputs for similar assets and liabilities. ( 2 Included in other current assets and other assets is a contingent consideration asset for a cost adjustment contract of $17 million, resulting from the HSG Transactions as of September 9, 2020, 3 ( 3 Equity securities with readily available fair values of $16 million were measured using Level 1 June 30, 2021 second 2021. ( 4 Other liabilities include a $21 million put option from the SRA with SDC, which was measured using significant other observable (Level 2 14 Fair value measurements at reporting date December 31, 2020 (Level 1) (Level 2) (Level 3) Current assets: Other current assets (1)(2)(3) $ 152 $ 148 $ 4 Non-current assets: Investments (4) $ 137 $ 137 Other assets (1)(2)(3) $ 139 $ 123 $ 16 Current liabilities: Other accrued liabilities (1) $ 189 $ 189 Non-current liabilities: Other liabilities (1) $ 155 $ 155 ( 1 Derivative assets and liabilities include foreign exchange contracts which were measured using observable inputs for similar assets and liabilities. ( 2 Included in other current assets and other assets is a contingent consideration asset for a cost adjustment contract of $20 million, resulting from the HSG Transactions as of September 9, 2020, 3 ( 3 For the year ended December 31, 2020, 3 ( 4 Included in investments were equity securities with readily available fair values that were measured using Level 1 December 31, 2020. Assets and Liabilities Measured on a Non-Recurring Basis For the year ended December 31, 2020, second 2020, 3 Fair value measurements (Level 3 3 There were no June 30, 2021 December 31, 2020.

Note 14 - Shareholders' Equity

Note 14 - Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	14. Equity Fixed Rate Cumulative Convertible Preferred Stock, Series A As of December 31, 2020, On January 16, 2021, April 5, 2021, Pursuant to the SRA, on the Initial Closing Date, the Preferred Stock was fully converted. As a result, the 115 million Common Shares resulting from the conversion of the Preferred Stock were removed from the calculation of diluted earnings per share. Immediately following the conversion, Corning repurchased and retired 35 million of the Common Shares held by SDC for an aggregate purchase price of approximately $1.5 billion, of which approximately $507 million was paid on the Initial Closing Date. Subsequent payments of approximately $507 million will be paid on each of the first second ● The 35 million Common Shares repurchased by Corning were excluded from the weighted-average common shares outstanding for the calculation of the Company’s basic and diluted earnings per share starting on the Initial Closing Date. ● The Shares repurchased were accounted for as a redemption of Preferred Stock. The excess of the $1.5 billion consideration paid over the carrying value of the Preferred Stock reduced the net income available to common shareholders by $803 million and resulted in negative earnings per share in the second 2021. The remaining 80 million Common Shares were accounted for as a conversion of Preferred Stock and resulted in an increase of common stock and additional paid-in-capital based on the carrying value of the Preferred Stock and were included in the weighted-average common shares outstanding for the calculation of the Company’s basic and diluted earnings per share. Pursuant to the SRA, with respect to the 80 million Common Shares outstanding held by SDC: ● SDC has the option to sell an additional 22 million Common Shares to Corning in specified tranches from time to time in calendar years 2024 2027. may, not June 30, 2021, ● The remaining 58 million shares of Common Shares are subject to a seven 2027. Refer to Note 13 Share Repurchases On April 26, 2018, no “2018 July 17, 2019, no “2019 There were no repurchases of common stock on the open market for the three March 31, 2021. three six June 30, 2021 2018 2019 2019 The Company suspended share buybacks during the first 2020 three June 30, 2020. six June 30, 2020, 2018 Accumulated Other Comprehensive Loss In the three six June 30, 2021 2020 A summary of changes in the foreign currency translation adjustment component of accumulated other comprehensive loss is as follows (in millions) ( 1 Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Beginning balance $ (692 ) $ (1,122 ) $ (329 ) $ (857 ) Other comprehensive income (loss) (2) 39 55 (316 ) (198 ) Equity method affiliates (3) 1 3 (7 ) (9 ) Net current-period other comprehensive income (loss) 40 58 (323 ) (207 ) Ending balance $ (652 ) $ (1,064 ) $ (652 ) $ (1,064 ) ( 1 All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss. ( 2 For the three six June 30, 2021 three six June 30, 2020, ( 3 Tax effects are not

Note 15 - Share-based Compensat

Note 15 - Share-based Compensation	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	15. Corning maintains long-term incentive plans (the “Plans”) for key employees and non-employee members of its Board of Directors. The Plans allow Corning to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards or a combination of awards (collectively, share-based awards). At June 30, 2021 Share-based compensation cost is allocated to the cost of sales, selling, general and administrative, and research, development and engineering, expenses lines in the consolidated statements of income (loss). Stock Compensation Plans The Company measures and recognizes compensation cost for all share-based payment awards made to employees and directors based on estimated fair values. Total share-based compensation cost was $44 million and $55 million, respectively, and $78 million and $65 million, respectively, for the three six June 30, 2021 2020 three six June 30, 2021, not 2020. 5 Stock Options Corning’s stock option plans provide non-qualified and incentive stock options to purchase authorized but unissued common shares, or treasury shares, at the market price on the grant date and generally become exercisable in installments from one five no The following table summarizes information regarding stock options outstanding, including the related transactions under the stock option plans for the six June 30, 2021 Weighted- average Weighted- remaining Aggregate Number average contractual intrinsic of shares exercise term value (in thousands) price (in years) (in thousands) Options outstanding as of December 31, 2020 17,095 $ 21.60 Granted Exercised (4,061 ) 19.96 Forfeited and expired (232 ) 22.50 Options outstanding as of June 30, 2021 12,802 22.10 7.00 $ 240,623 Options expected to vest as of June 30, 2021 12,675 22.12 6.99 238,009 Options exercisable as of June 30, 2021 7,310 20.96 5.85 145,729 Corning uses a multiple-point Black-Scholes valuation model to estimate the fair value of stock option grants. Corning utilizes a blended approach for calculating the volatility assumption used in the multiple-point Black-Scholes valuation model defined as the weighted average of the short-term implied volatility, the most recent volatility for the period equal to the expected term, and the most recent 15 zero The following inputs were used for the valuation of option grants under our stock option plans ( 1 Three months ended June 30, 2020 Expected volatility 32.9 % Weighted-average volatility 32.9 % Expected dividends 4.48 % Risk-free rate 0.5 % Average risk-free rate 0.5 % Expected term (in years) 7.4 Pre-vesting executive departure rate 0.6 % Pre-vesting non-executive departure rate 2.5 % ( 1 Stock options were granted during the three June 30, 2020. no six June 30, 2021 three March 31, 2020. Incentive Stock Plans The Corning Incentive Stock Plans permit restricted stock and restricted stock unit grants, either determined by specific performance goals or issued directly, in most instances, subject to the possibility of forfeiture and without cash consideration. Restricted stock and restricted stock units under the Incentive Stock Plans are granted at the closing market price on the grant date, contingently vest over a period of generally one ten one ten Time-Based Restricted Stock and Restricted Stock Units Time-based restricted stock and restricted stock units are issued by the Company on a discretionary basis, and are payable in shares of the Company’s common stock upon vesting. The fair value is based on the closing market price of the Company’s stock on the grant date. Compensation cost is recognized over the requisite vesting period and adjusted for actual forfeitures before vesting. The following table summarizes the Company’s non-vested time-based restricted stock and restricted stock units as of December 31, 2020 six June 30, 2021 Weighted Number average of shares grant-date (in thousands) fair value Non-vested shares and share units at December 31, 2020 12,943 $ 22.87 Granted 1,384 42.11 Vested (3,414 ) 22.61 Forfeited (321 ) 23.45 Non-vested shares and share units at June 30, 2021 10,592 $ 25.45 Performance-Based Restricted Stock Units Performance-based restricted stock units are earned upon the achievement of certain targets, and are payable in shares of the Company’s common stock upon vesting typically over a three may The following table summarizes the Company’s non-vested performance-based restricted stock units as of December 31, 2020 six June 30, 2021 Weighted Number average of shares grant-date (in thousands) fair value Non-vested share units at December 31, 2020 1,765 $ 28.06 Granted 1,222 38.82 Vested (119 ) 28.06 Forfeited (56 ) 32.30 Non-vested share units at June 30, 2021 2,812 $ 32.65

Note 16 - Reportable Segments

Note 16 - Reportable Segments	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	16. The Company’s reportable segments are as follows: ● Display Technologies – manufactures glass substrates for flat panel liquid crystal displays and other high-performance display panels. ● Optical Communications – manufactures carrier network and enterprise network components for the telecommunications industry. ● 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. ● Environmental Technologies – manufactures ceramic substrates and filters for automotive and diesel applications. ● Life Sciences – manufactures glass and plastic labware, equipment, media, serum and reagents enabling workflow solutions for drug discovery and bioproduction. All other businesses that do not The Company obtained a controlling interest in HSG during the third 2020 September 9, 2020. 3 Financial results for the reportable segments are prepared on a basis consistent with the internal disaggregation of financial information to assist the chief operating decision maker (“CODM”) in making internal operating decisions. A significant portion of segment revenues and expenses are denominated in currencies other than the U.S. dollar. Management believes it is important to understand the impact on core net income of translating these currencies into U.S. dollars. The Company uses constant currency reporting for Display Technologies, Specialty Materials, Environmental Technologies and Life Sciences. Corning excludes the impact of these currencies from segment sales and net income. The adjustment for constant currency is primarily related to the Display Technologies’ segment and excludes the impact of the fluctuation of the Japanese yen, South Korean won, Chinese yuan, and new Taiwan dollar. Certain income and expenses are included in the unallocated amounts in the reconciliation of reportable segment net income (loss) to consolidated net income (loss). These include items that are not Earnings of equity affiliates that are closely associated with the reportable segments are included in the respective segment’s net income (loss). Certain common expenses among reportable segments have been allocated differently than they would be for stand-alone financial information. Segment net income (loss) may not Reportable Segments (in millions): Display Optical Specialty Environmental Life All Technologies Communications Materials Technologies Sciences Other Total Three months ended June 30, 2021 Segment net sales $ 939 $ 1,075 $ 483 $ 407 $ 312 $ 288 $ 3,504 Depreciation (1) $ 149 $ 58 $ 42 $ 35 $ 14 $ 34 $ 332 Research, development and engineering expenses (2) $ 26 $ 52 $ 49 $ 29 $ 8 $ 36 $ 200 Income tax (provision) benefit (3) $ (64 ) $ (40 ) $ (22 ) $ (21 ) $ (14 ) $ 3 $ (158 ) Segment net income (loss) (4) $ 248 $ 148 $ 81 $ 81 $ 52 $ (15 ) $ 595 Display Optical Specialty Environmental Life All Technologies Communications Materials Technologies Sciences Other Total Three months ended June 30, 2020 Segment net sales $ 753 $ 887 $ 417 $ 226 $ 243 $ 62 $ 2,588 Depreciation (1) $ 133 $ 62 $ 38 $ 33 $ 13 $ 14 $ 293 Research, development and engineering expenses (2) $ 25 $ 52 $ 33 $ 22 $ 6 $ 43 $ 181 Income tax (provision) benefit (3) $ (41 ) $ (23 ) $ (24 ) $ — $ (8 ) $ 19 $ (77 ) Segment net income (loss) (4) $ 152 $ 81 $ 90 $ — $ 31 $ (66 ) $ 288 Display Optical Specialty Environmental Life All Technologies Communications Materials Technologies Sciences Other Total Six months ended June 30, 2021 Segment net sales $ 1,802 $ 2,012 $ 934 $ 848 $ 612 $ 559 $ 6,767 Depreciation (1) $ 297 $ 116 $ 83 $ 71 $ 26 $ 66 $ 659 Research, development and engineering expenses (2) $ 48 $ 103 $ 94 $ 56 $ 16 $ 70 $ 387 Income tax (provision) benefit (3) $ (120 ) $ (71 ) $ (46 ) $ (41 ) $ (27 ) $ 11 $ (294 ) Segment net income (loss) (4) $ 461 $ 259 $ 172 $ 155 $ 100 $ (39 ) $ 1,108 Display Optical Specialty Environmental Life All Technologies Communications Materials Technologies Sciences Other Total Six months ended June 30, 2020 Segment net sales $ 1,504 $ 1,678 $ 769 $ 546 $ 501 $ 119 $ 5,117 Depreciation (1) $ 266 $ 124 $ 80 $ 67 $ 25 $ 27 $ 589 Research, development and engineering expenses (2) $ 55 $ 107 $ 74 $ 50 $ 13 $ 91 $ 390 Income tax (provision) benefit (3) $ (81 ) $ (31 ) $ (38 ) $ (9 ) $ (18 ) $ 38 $ (139 ) Segment net income (loss) (4) $ 304 $ 110 $ 141 $ 35 $ 69 $ (135 ) $ 524 ( 1 Depreciation expense for Corning’s reportable segments includes an allocation of depreciation of corporate property not ( 2 Research, development and engineering expenses include direct project spending that is identifiable to a segment. ( 3 Income tax (provision) benefit reflects a tax rate of 21%. ( 4 Many of Corning’s administrative and staff functions are performed on a centralized basis. Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function. Other staff functions, such as corporate finance, human resources and legal, are allocated to segments, primarily as a percentage of sales. Expenses that are not A reconciliation of reportable segment and All Other net sales to consolidated net sales follows (in millions): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net sales of reportable segments and All Other $ 3,504 $ 2,588 $ 6,767 $ 5,117 Impact of foreign currency movements (1) (3 ) (27 ) 24 (60 ) Cumulative adjustment related to customer contract (2) (105 ) Consolidated net sales $ 3,501 $ 2,561 $ 6,791 $ 4,952 ( 1 This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment. ( 2 Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first 2020. A reconciliation of reportable segment net income (loss) to consolidated net income (loss) follows (in millions): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net income of reportable segments $ 610 $ 354 $ 1,147 $ 659 Net loss of All Other (1) (15 ) (66 ) (39 ) (135 ) Unallocated amounts: Impact of foreign currency movements not included in segment net income (loss) (20 ) (6 ) (14 ) (25 ) Gain on foreign currency hedges related to translated earnings 3 35 275 93 Translation gain (loss) on Japanese yen-denominated debt 5 3 123 (11 ) Research, development, and engineering expenses (2)(3) (35 ) (37 ) (69 ) (76 ) Equity in (losses) earnings of affiliated companies (4) (1 ) 81 (1 ) 99 Amortization of intangibles (33 ) (28 ) (65 ) (54 ) Interest expense, net (67 ) (64 ) (141 ) (122 ) Income tax benefit 91 55 1 129 Cumulative adjustment related to customer contract (5) (105 ) Severance charges (3) (1 ) (58 ) (1 ) (135 ) Asset impairment (3) (195 ) (195 ) Capacity realignment and other charges and credits (3) (1 ) (84 ) (1 ) (232 ) Gain on sale of business 40 54 Other corporate items (127 ) (61 ) (221 ) (57 ) Net income (loss) $ 449 $ (71 ) $ 1,048 $ (167 ) ( 1 The Company obtained a controlling interest in HSG during the third 2020 September 9, 2020. ( 2 Amount does not ( 3 Refer to Note 2 ( 4 Primarily represents the equity earnings of HSG prior to September 9, 2020. 3 ( 5 Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first 2020.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation In these notes, the terms “Corning,” “Company,” “we,” “us,” or “our” mean Corning Incorporated and its subsidiary companies. The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Corning’s consolidated financial statements and notes thereto included in its Annual Report on Form 10 December 31, 2020 2020 10 The unaudited consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. The results for interim periods are not may The equity method of accounting is used for investments in affiliated companies that are not 20% 50% On September 9, 2020, Refer to Note 3 The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. The novel coronavirus (“COVID- 19” may not Certain prior year amounts have been reclassified to conform to the current-year presentation. These reclassifications had no
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Standards During the first 2021, 2020 06. 470 20. 815 40. may 260. 2020 06 not one January 1, 2021.

Note 2 - Restructuring, Impai_2

Note 2 - Restructuring, Impairment and Other Charges and Credits (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Restructuring and Related Costs [Table Text Block]	Three months ended June 30, 2020 Selling, Research, general development and and Gross administrative engineering margin (1) expenses expenses Other Total Severance $ 24 $ 18 $ 16 $ 58 Asset impairment 195 195 Capacity realignment 60 60 Other charges and credits 14 4 1 $ 5 24 Total restructuring, impairment and other charges and credits $ 98 $ 22 $ 212 $ 5 $ 337 Six months ended June 30, 2020 Selling, Research, general development and and Gross administrative engineering margin (1) expenses expenses Other Total Severance $ 76 $ 31 $ 28 $ 135 Asset impairment 195 195 Capacity realignment 148 1 149 Other charges and credits 35 39 1 $ 8 83 Total restructuring, impairment and other charges and credits $ 259 $ 70 $ 225 $ 8 $ 562

Note 3 - HSG Transactions (Tabl

Note 3 - HSG Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Fair value of previously held equity investment $ 250 Equity investment liability balance as of acquisition date (248 ) Corning's gain on previously held equity investment $ 498
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Inventory $ 503 Property, plant and equipment 651 Intangible assets 285 Other current and non-current assets (1) 173 Short-term borrowings (178 ) Trade payables and other accrued liabilities (329 ) Other liabilities (1,261 ) Total identified net liabilities (156 ) Non-controlling interests (2) (102 ) Total fair value of Corning's previously held equity investment (2) (250 ) Goodwill (3) $ 508

Note 4 - Revenue (Tables)

Note 4 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Display products $ 934 $ 744 $ 1,822 $ 1,377 Telecommunication products 1,075 887 2,012 1,678 Specialty glass products 483 417 934 769 Environmental substrate and filter products 409 215 851 522 Life science products 312 236 613 487 All Other (1) 288 62 559 119 Total revenue $ 3,501 $ 2,561 $ 6,791 $ 4,952 Impact of foreign currency movements (2) 3 27 (24 ) 60 Cumulative adjustment related to customer contract (3) 105 Net sales of reportable segments and All Other $ 3,504 $ 2,588 $ 6,767 $ 5,117

Note 5 - Income Taxes (Tables)

Note 5 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Income Tax Provisions and Rates [Table Text Block]	Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Provision for income taxes $ (67 ) $ (22 ) $ (293 ) $ (10 ) Effective tax rate 13.0 % (44.9 %) 21.8 % (6.4 %)

Note 6 - (Loss) Earnings Per _2

Note 6 - (Loss) Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net income (loss) attributable to Corning Incorporated $ 449 $ (71 ) $ 1,048 $ (167 ) Less: Series A convertible preferred stock dividend 25 24 49 Less: Excess consideration paid for redemption of preferred shares 803 803 Net (loss) income available to common stockholders – basic (354 ) (96 ) 221 (216 ) Net (loss) income available to common stockholders – diluted $ (354 ) $ (96 ) $ 221 $ (216 ) Weighted-average common shares outstanding – basic 844 759 805 760 Effect of dilutive securities: Employee stock options and other dilutive securities 17 Weighted-average common shares outstanding – diluted 844 759 822 760 Basic (loss) earnings per common share $ (0.42 ) $ (0.13 ) $ 0.27 $ (0.28 ) Diluted (loss) earnings per common share $ (0.42 ) $ (0.13 ) $ 0.27 $ (0.28 ) Anti-dilutive potential shares excluded from diluted (loss) earnings per common share: Series A convertible preferred stock (1) 9 115 62 115 Employee stock options and awards 24 38 1 38 Total 33 153 63 153

Note 7 - Inventories, Net (Tabl

Note 7 - Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, 2021 2020 Finished goods $ 1,169 $ 1,236 Work in process 340 357 Raw materials and accessories 384 370 Supplies and packing materials 494 475 Total inventories, net $ 2,387 $ 2,438

Note 8 - Other Liabilities (Tab

Note 8 - Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Other Liabilities [Table Text Block]	June 30, December 31, 2021 2020 Current liabilities: Wages and employee benefits $ 534 $ 572 Income taxes 140 173 Derivative instruments (Note 13) 52 189 Asbestos and other litigation (Note 11) 13 13 Deferred revenue (Note 4) 159 152 Settlement liability (Note 3) 58 58 Customer deposits (Note 4) 228 211 Share repurchase liability (Note 14) 503 Short-term operating leases 94 96 Other current liabilities 1,178 973 Other accrued liabilities $ 2,959 $ 2,437 Non-current liabilities: Defined benefit pension plan liabilities $ 894 $ 887 Derivative instruments (Note 13) 65 155 Asbestos and other litigation (Note 11) 93 94 Deferred revenue (Note 4) 805 872 Settlement liability (Note 3) 117 117 Customer deposits (Note 4) 1,095 1,148 Share repurchase liability (Note 14) 496 Deferred tax liabilities 277 313 Long-term operating leases 618 633 Other non-current liabilities 832 798 Other liabilities $ 5,292 $ 5,017

Note 10 - Employee Retirement_2

Note 10 - Employee Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Pension benefits Postretirement benefits Three months ended Six months ended Three months ended Six months ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ 32 $ 29 $ 64 $ 58 $ 3 $ 3 $ 5 $ 5 Interest cost 21 31 43 62 4 5 8 10 Expected return on plan assets (54 ) (49 ) (108 ) (98 ) Amortization of prior service cost (credit) 1 2 2 3 (2 ) (2 ) (3 ) (3 ) Recognition of actuarial loss (gain) 10 (2 ) 10 (2 ) 1 1 Total pension and postretirement benefit expense $ 10 $ 11 $ 11 $ 23 $ 6 $ 6 $ 11 $ 12

Note 12 - Hedging Activities (T

Note 12 - Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Derivatives Not Designated as Hedging Instruments [Table Text Block]	June 30, December 31, 2021 2020 Average rate forward contracts: Japanese yen-denominated $ 4.4 $ 4.5 South Korean won-denominated 0.2 0.4 Euro-denominated 0.4 0.5 Other foreign currencies (1) 0.1 0.1 Option contracts: Japanese yen-denominated (2) 1.7 2.0 Other foreign currencies (3) 1.5 Total gross notional value for translated earning contracts $ 8.3 $ 7.5
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Asset derivatives Liability derivatives Notional amount Balance Fair value Balance Fair value June 30, Dec. 31, sheet June 30, Dec. 31, sheet June 30, Dec. 31, 2021 2020 location 2021 2020 location 2021 2020 Derivatives designated as hedging instruments Foreign exchange contracts (1) $ 708 $ 1,143 Other current assets $ 49 $ 37 Other accrued liabilities $ (3 ) Other assets 21 21 Other liabilities (1 ) Derivatives not designated as hedging instruments Foreign exchange and other contracts 5,205 6,144 Other current assets 31 45 Other accrued liabilities $ (40 ) (76 ) Other assets 16 41 Other liabilities (31 ) (59 ) Translated earnings contracts 8,299 7,453 Other current assets 100 66 Other accrued liabilities (12 ) (110 ) Other assets 138 61 Other liabilities (13 ) (95 ) Total derivatives $ 14,212 $ 14,740 $ 355 $ 271 $ (96 ) $ (344 )
Not Designated as Hedging Instrument [Member]
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	(Loss) gain recognized in income Three months ended Six months ended Location of (loss) gain June 30, June 30, Undesignated derivatives recognized in income 2021 2020 2021 2020 Foreign exchange and other contracts – balance sheet, loans and other Other income (expense), net $ (9 ) $ (15 ) $ 35 $ (14 ) Translated earnings contracts Translated earnings contract gain, net 3 37 275 105 Total undesignated $ (6 ) $ 22 $ 310 $ 91
Designated as Hedging Instrument [Member]
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Effect of derivative instruments on the consolidated financial statements for the three months ended June 30, Derivatives in hedging Gain (loss) recognized in other Location of gain (loss) reclassified from Gain (loss) reclassified from relationships for comprehensive income (OCI) accumulated OCI into income accumulated OCI into income cash flow hedges 2021 2020 effective (ineffective) 2021 2020 Net sales $ 4 $ (3 ) Foreign exchange contracts $ 15 $ 22 Cost of sales 10 Total cash flow hedges $ 15 $ 22 $ 14 $ (3 ) Effect of derivative instruments on the consolidated financial statements for the six months ended June 30, Derivatives in hedging Gain (loss) recognized in other Location of gain (loss) reclassified from Gain (loss) reclassified from relationships for comprehensive income (OCI) accumulated OCI into income accumulated OCI into income cash flow hedges 2021 2020 effective (ineffective) 2021 2020 Net sales $ 6 $ (2 ) Cost of sales 17 5 Foreign exchange contracts $ 41 $ (67 ) Other expense, net (1) (14 ) Total cash flow hedges $ 41 $ (67 ) $ 23 $ (11 )

Note 13 - Fair Value Measurem_2

Note 13 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair value measurements at reporting date June 30, 2021 (Level 1) (Level 2) (Level 3) Current assets: Other current assets (1)(2)(3) $ 205 $ 16 $ 180 $ 9 Non-current assets: Other assets (1)(2) $ 183 $ 175 $ 8 Current liabilities: Other accrued liabilities (1) $ 52 $ 52 Non-current liabilities: Other liabilities (1)(4) $ 65 $ 65 Fair value measurements at reporting date December 31, 2020 (Level 1) (Level 2) (Level 3) Current assets: Other current assets (1)(2)(3) $ 152 $ 148 $ 4 Non-current assets: Investments (4) $ 137 $ 137 Other assets (1)(2)(3) $ 139 $ 123 $ 16 Current liabilities: Other accrued liabilities (1) $ 189 $ 189 Non-current liabilities: Other liabilities (1) $ 155 $ 155

Note 14 - Shareholders' Equity

Note 14 - Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Beginning balance $ (692 ) $ (1,122 ) $ (329 ) $ (857 ) Other comprehensive income (loss) (2) 39 55 (316 ) (198 ) Equity method affiliates (3) 1 3 (7 ) (9 ) Net current-period other comprehensive income (loss) 40 58 (323 ) (207 ) Ending balance $ (652 ) $ (1,064 ) $ (652 ) $ (1,064 )

Note 15 - Share-based Compens_2

Note 15 - Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Weighted- average Weighted- remaining Aggregate Number average contractual intrinsic of shares exercise term value (in thousands) price (in years) (in thousands) Options outstanding as of December 31, 2020 17,095 $ 21.60 Granted Exercised (4,061 ) 19.96 Forfeited and expired (232 ) 22.50 Options outstanding as of June 30, 2021 12,802 22.10 7.00 $ 240,623 Options expected to vest as of June 30, 2021 12,675 22.12 6.99 238,009 Options exercisable as of June 30, 2021 7,310 20.96 5.85 145,729
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three months ended June 30, 2020 Expected volatility 32.9 % Weighted-average volatility 32.9 % Expected dividends 4.48 % Risk-free rate 0.5 % Average risk-free rate 0.5 % Expected term (in years) 7.4 Pre-vesting executive departure rate 0.6 % Pre-vesting non-executive departure rate 2.5 %
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Weighted Number average of shares grant-date (in thousands) fair value Non-vested shares and share units at December 31, 2020 12,943 $ 22.87 Granted 1,384 42.11 Vested (3,414 ) 22.61 Forfeited (321 ) 23.45 Non-vested shares and share units at June 30, 2021 10,592 $ 25.45
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block]	Weighted Number average of shares grant-date (in thousands) fair value Non-vested share units at December 31, 2020 1,765 $ 28.06 Granted 1,222 38.82 Vested (119 ) 28.06 Forfeited (56 ) 32.30 Non-vested share units at June 30, 2021 2,812 $ 32.65

Note 16 - Reportable Segments (

Note 16 - Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Display Optical Specialty Environmental Life All Technologies Communications Materials Technologies Sciences Other Total Three months ended June 30, 2021 Segment net sales $ 939 $ 1,075 $ 483 $ 407 $ 312 $ 288 $ 3,504 Depreciation (1) $ 149 $ 58 $ 42 $ 35 $ 14 $ 34 $ 332 Research, development and engineering expenses (2) $ 26 $ 52 $ 49 $ 29 $ 8 $ 36 $ 200 Income tax (provision) benefit (3) $ (64 ) $ (40 ) $ (22 ) $ (21 ) $ (14 ) $ 3 $ (158 ) Segment net income (loss) (4) $ 248 $ 148 $ 81 $ 81 $ 52 $ (15 ) $ 595 Display Optical Specialty Environmental Life All Technologies Communications Materials Technologies Sciences Other Total Three months ended June 30, 2020 Segment net sales $ 753 $ 887 $ 417 $ 226 $ 243 $ 62 $ 2,588 Depreciation (1) $ 133 $ 62 $ 38 $ 33 $ 13 $ 14 $ 293 Research, development and engineering expenses (2) $ 25 $ 52 $ 33 $ 22 $ 6 $ 43 $ 181 Income tax (provision) benefit (3) $ (41 ) $ (23 ) $ (24 ) $ — $ (8 ) $ 19 $ (77 ) Segment net income (loss) (4) $ 152 $ 81 $ 90 $ — $ 31 $ (66 ) $ 288 Display Optical Specialty Environmental Life All Technologies Communications Materials Technologies Sciences Other Total Six months ended June 30, 2021 Segment net sales $ 1,802 $ 2,012 $ 934 $ 848 $ 612 $ 559 $ 6,767 Depreciation (1) $ 297 $ 116 $ 83 $ 71 $ 26 $ 66 $ 659 Research, development and engineering expenses (2) $ 48 $ 103 $ 94 $ 56 $ 16 $ 70 $ 387 Income tax (provision) benefit (3) $ (120 ) $ (71 ) $ (46 ) $ (41 ) $ (27 ) $ 11 $ (294 ) Segment net income (loss) (4) $ 461 $ 259 $ 172 $ 155 $ 100 $ (39 ) $ 1,108 Display Optical Specialty Environmental Life All Technologies Communications Materials Technologies Sciences Other Total Six months ended June 30, 2020 Segment net sales $ 1,504 $ 1,678 $ 769 $ 546 $ 501 $ 119 $ 5,117 Depreciation (1) $ 266 $ 124 $ 80 $ 67 $ 25 $ 27 $ 589 Research, development and engineering expenses (2) $ 55 $ 107 $ 74 $ 50 $ 13 $ 91 $ 390 Income tax (provision) benefit (3) $ (81 ) $ (31 ) $ (38 ) $ (9 ) $ (18 ) $ 38 $ (139 ) Segment net income (loss) (4) $ 304 $ 110 $ 141 $ 35 $ 69 $ (135 ) $ 524
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net sales of reportable segments and All Other $ 3,504 $ 2,588 $ 6,767 $ 5,117 Impact of foreign currency movements (1) (3 ) (27 ) 24 (60 ) Cumulative adjustment related to customer contract (2) (105 ) Consolidated net sales $ 3,501 $ 2,561 $ 6,791 $ 4,952
Reconciliation of Net Income (Loss) from Segments to Consolidated [Table Text Block]	Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net income of reportable segments $ 610 $ 354 $ 1,147 $ 659 Net loss of All Other (1) (15 ) (66 ) (39 ) (135 ) Unallocated amounts: Impact of foreign currency movements not included in segment net income (loss) (20 ) (6 ) (14 ) (25 ) Gain on foreign currency hedges related to translated earnings 3 35 275 93 Translation gain (loss) on Japanese yen-denominated debt 5 3 123 (11 ) Research, development, and engineering expenses (2)(3) (35 ) (37 ) (69 ) (76 ) Equity in (losses) earnings of affiliated companies (4) (1 ) 81 (1 ) 99 Amortization of intangibles (33 ) (28 ) (65 ) (54 ) Interest expense, net (67 ) (64 ) (141 ) (122 ) Income tax benefit 91 55 1 129 Cumulative adjustment related to customer contract (5) (105 ) Severance charges (3) (1 ) (58 ) (1 ) (135 ) Asset impairment (3) (195 ) (195 ) Capacity realignment and other charges and credits (3) (1 ) (84 ) (1 ) (232 ) Gain on sale of business 40 54 Other corporate items (127 ) (61 ) (221 ) (57 ) Net income (loss) $ 449 $ (71 ) $ 1,048 $ (167 )

Note 1 - Significant Accounti_2

Note 1 - Significant Accounting Policies (Details Textual) $ in Millions	Sep. 09, 2020USD ($)
Hemlock Semiconductor LLC [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Hemlock Semiconductor Operations LLC [Member]
Business Acquisition, Percentage of Voting Interests Acquired	80.50%
DuPont de Nemours, Inc [Member] | HSG [Member]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	$ 250

Note 2 - Restructuring, Impai_3

Note 2 - Restructuring, Impairment and Other Charges and Credits (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring, Settlement and Impairment Provisions, Total	$ 337		$ 562
Severance Costs	58	$ 1	135
Asset Impairment Charges, Total	195		195	$ 217
Display Technologies and Specialty Materials [Member]
Capacity Realignment and Other Restructuring Costs	$ 84		232
Research and Development Expense [Member] | Other Segments [Member]
Asset Impairment Charges, Total			$ 195
Employee Severance [Member]
Restructuring Reserve, Current		$ 25

Note 2 - Restructuring, Impai_4

Note 2 - Restructuring, Impairment and Other Charges and Credits - Restructuring, Impairment and Other Charges and Credits Reflected on Consolidated Statement of Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended		12 Months Ended
		Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Asset impairment		$ 195		$ 195	$ 217
Total restructuring, impairment and other charges and credits		337		562
Cost of Sales [Member]
Asset impairment	[1]
Total restructuring, impairment and other charges and credits	[1]	98		259
Selling, General and Administrative Expenses [Member]
Asset impairment
Total restructuring, impairment and other charges and credits		22		70
Research, Development And Engineering Expenses [Member]
Asset impairment		195		195
Total restructuring, impairment and other charges and credits		212		225
Other Nonoperating Income (Expense) [Member]
Asset impairment
Total restructuring, impairment and other charges and credits		5		8
Employee Severance [Member]
Restructuring charges		58		135
Employee Severance [Member] | Cost of Sales [Member]
Restructuring charges	[1]	24		76
Employee Severance [Member] | Selling, General and Administrative Expenses [Member]
Restructuring charges		18		31
Employee Severance [Member] | Research, Development And Engineering Expenses [Member]
Restructuring charges		16		28
Employee Severance [Member] | Other Nonoperating Income (Expense) [Member]
Restructuring charges
Capacity Realignment [Member]
Restructuring charges		60		149
Capacity Realignment [Member] | Cost of Sales [Member]
Restructuring charges	[1]	60		148
Capacity Realignment [Member] | Selling, General and Administrative Expenses [Member]
Restructuring charges
Capacity Realignment [Member] | Research, Development And Engineering Expenses [Member]
Restructuring charges				1
Capacity Realignment [Member] | Other Nonoperating Income (Expense) [Member]
Restructuring charges
Other Restructuring [Member]
Restructuring charges		24		83
Other Restructuring [Member] | Cost of Sales [Member]
Restructuring charges	[1]	14		35
Other Restructuring [Member] | Selling, General and Administrative Expenses [Member]
Restructuring charges		4		39
Other Restructuring [Member] | Research, Development And Engineering Expenses [Member]
Restructuring charges		1		1
Other Restructuring [Member] | Other Nonoperating Income (Expense) [Member]
Restructuring charges		$ 5		$ 8
[1]	Activity reflected in cost of sales.

Note 3 - HSG Transactions (Deta

Note 3 - HSG Transactions (Details Textual) - USD ($) $ in Millions	Sep. 09, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2016	Dec. 30, 2016	Jun. 01, 2016
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance		$ 2,320	$ 2,672	$ 2,158	$ 2,434
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance		182	$ 191
HSG [Member] | Developed Technologies [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total		$ 215
Finite-Lived Intangible Asset, Useful Life (Year)		20 years
HSG [Member] | Other Intangible Assets [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total		$ 70
Finite-Lived Intangible Asset, Useful Life (Year)		15 years
HSG [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	$ 75
Debt Instrument, Face Amount	175
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance	102
HSG [Member] | DuPont de Nemours, Inc [Member]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	250
Duponts Trichlorosilane [Member] | HSG [Member]
Business Combination, Consideration Transferred, Total	255
Business Combination, Assets Arising from Contingencies, Amount Recognized	175
Business Acquisition, Preacquisition Contingency, Amount of Settlement	$ 200
Settlement Term (Year)	3 years
Settlement Annual Payment	$ 58
Hemlock Semiconductor LLC [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Hemlock Semiconductor Operations LLC [Member]
Business Combination, Consideration Transferred, Total	$ 352
Business Combination, Assets Arising from Contingencies, Amount Recognized	$ 20
Business Acquisition, Percentage of Voting Interests Acquired	80.50%
Dow Corning Corporation [Member]
Equity Method Investment, Ownership Percentage							50.00%	50.00%
Hemlock Semiconductor LLC [Member]
Equity Method Investment, Ownership Percentage						49.90%
Hemlock Semiconductor Operations LLC [Member]
Equity Method Investment, Ownership Percentage						40.25%
HSG [Member]
Redeemable Noncontrolling Interest, Equity, Redemption Value, Total	$ 250
HSG [Member] | TCS Settlement [Member]
Gain (Loss) Related to Litigation Settlement, Total		$ (81)

Note 3 - HSG Transactions - Net

Note 3 - HSG Transactions - Net Gain on Previously Owned Equity (Details) - HSG [Member] $ in Millions	Sep. 09, 2020USD ($)
Fair value of previously held equity investment	$ 250
Equity investment liability balance as of acquisition date	(248)
Corning's gain on previously held equity investment	$ 498

Note 3 - HSG Transactions - Rec

Note 3 - HSG Transactions - Recognized Amounts of Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020	Sep. 09, 2020
Goodwill (3)		$ 2,433	$ 2,460
HSG [Member]
Inventory				$ 503
Property, plant and equipment				651
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total				285
Other current and non-current assets (1)	[1]			173
Short-term borrowings				(178)
Trade payables and other accrued liabilities				(329)
Other liabilities				(1,261)
Total identified net liabilities				(156)
Non-controlling interests (2)	[2]			(102)
Total fair value of Corning's previously held equity investment (2)	[2]			(250)
Goodwill (3)	[3]			$ 508
[1]	The other current and non-current assets included a contingent consideration asset of $20 million at fair value for a cost adjustment contract related to the TCS Transaction. Refer to Note 13 (Fair Value Measurements) to the consolidated financial statements for additional information.
[2]	The purchase price being used to measure the goodwill of the Redemption is $352 million, including the fair value of Corning’s previously held equity interest and non-controlling interest, of $250 million and $102 million, respectively.
[3]	The goodwill recognized is not deductible for U.S. income tax purposes. The goodwill was allocated to “All Other” within segment reporting as disclosed in Note 16 (Reportable Segments) to the consolidated financial statements.

Note 4 - Revenue (Details Textu

Note 4 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended					6 Months Ended
	Jun. 30, 2021		Jun. 30, 2020		Mar. 31, 2020	Jun. 30, 2021		Jun. 30, 2020		Dec. 31, 2020
Revenue, Cumulative Adjustments		[1]		[1]	$ 105		[1]	$ 105	[1]
Contract with Customer, Liability, Total	1,300					1,300				$ 1,400
Increase (Decrease) in Contract with Customer, Liability	28		$ 32			123		$ 73
Contract with Customer, Liability, Noncurrent	1,095					1,095				1,148
Contract with Customer, Liability, Current	228					228				211
Contract With Customer Liability, Deferred Revenue, Noncurrent	805					805				872
Contract With Customer Liability, Deferred Revenue, Current	159					159				152
HSG [Member]
Contract with Customer, Liability, Total	1,000					1,000				1,000
Contract With Customer Liability, Deferred Revenue, Noncurrent	805					805				872
Contract With Customer Liability, Deferred Revenue, Current	$ 159					$ 159				$ 152
Maximum [Member]
Long Term Supply, Commitment Period (Year)						10 years
[1]	Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels.

Note 4 - Revenue - Disaggregati

Note 4 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions		3 Months Ended					6 Months Ended
		Jun. 30, 2021		Jun. 30, 2020		Mar. 31, 2020	Jun. 30, 2021		Jun. 30, 2020
Net sales		$ 3,501		$ 2,561			$ 6,791		$ 4,952
Impact of foreign currency movements	[1]	3		27			(24)		60
Cumulative adjustment related to customer contract			[2]		[2]	$ 105		[2]	105	[2]
Net sales of reportable segments and All Other		3,504		2,588			6,767		5,117
Display Products [Member]
Net sales		934		744			1,822		1,377
Telecommunication Products [Member]
Net sales		1,075		887			2,012		1,678
Specialty Glass Products [Member]
Net sales		483		417			934		769
Environmental Substrate and Filter Products [Member]
Net sales		409		215			851		522
Life Science Products [Member]
Net sales		312		236			613		487
Product and Service, Other [Member]
Net sales	[3]	$ 288		$ 62			$ 559		$ 119
[1]	This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment.
[2]	Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels.
[3]	The Company obtained a controlling interest in HSG during the third quarter of 2020 and has consolidated results in "All Other" as of September 9, 2020.

Note 5 - Income Taxes (Details

Note 5 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	21.00%
Income Taxes Receivable, Noncurrent	$ 359		$ 359		$ 365

Note 5 - Income Taxes - Provisi

Note 5 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Provision for income taxes (Note 5)	$ (67)	$ (22)	$ (293)	$ (10)
Effective tax rate	13.00%	(44.90%)	21.80%	(6.40%)

Note 6 - (Loss) Earnings Per _3

Note 6 - (Loss) Earnings Per Common Share (Details Textual) - USD ($) $ in Millions	Apr. 08, 2021	Jun. 30, 2021	Jan. 16, 2021
One-time Deemed Dividend [Member]
Dividends, Total		$ 803
Share Repurchase Agreement [Member] | Samsung [Member]
Stock Repurchased and Retired During Period, Shares (in shares)	35,000,000	35,000,000
Series A Convertible Preferred Stock [Member]
Preferred Stock, Convertible, Shares Issuable (in shares)			115,000,000
Converted from Preferred Stock [Member]
Common Stock, Shares, Outstanding, Ending Balance (in shares)	80,000,000	80,000,000
Conversion of Preferred Stock into Common Stock [Member]
Conversion of Stock, Shares Converted (in shares)		2,300
Conversion of Stock, Shares Issued (in shares)	115,000,000

Note 6 - (Loss) Earnings Per _4

Note 6 - (Loss) Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2021		Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020
Net income (loss)		$ 449		$ (71)	$ 1,048		$ (167)
Less: Series A convertible preferred stock dividend				25	24		49
Less: Excess consideration paid for redemption of preferred shares		803	[1]		803	[1]
Net (loss) income available to common stockholders – basic		(354)		(96)	221		(216)
Net (loss) income available to common stockholders – diluted		$ (354)		$ (96)	$ 221		$ (216)
Weighted-average common shares outstanding – basic (in shares)		844		759	805		760
Effect of dilutive securities:
Effect of dilutive securities (in shares)					17
Weighted-average common shares outstanding – diluted (in shares)		844		759	822		760
Basic (Note 6) (in dollars per share)		$ (0.42)		$ (0.13)	$ 0.27		$ (0.28)
Diluted (Note 6) (in dollars per share)		$ (0.42)		$ (0.13)	$ 0.27		$ (0.28)
Total (in shares)		33		153	63		153
Share-based Payment Arrangement [Member]
Effect of dilutive securities:
Total (in shares)		24		38	1		38
Series A Convertible Preferred Stock [Member]
Effect of dilutive securities:
Effect of dilutive securities (in shares)	[2]	9		115	62		115
[1]	Refer to Note 6 ((Loss) Earnings per Share) and Note 14 (Shareholders' Equity) to the consolidated financial statements for additional information.
[2]	For the three and six months ended June 30, 2021 and 2020, the Preferred Stock was anti-dilutive; therefore, it was excluded from the calculation of diluted (loss) earnings per share.

Note 7 - Inventories, Net - Inv

Note 7 - Inventories, Net - Inventories, Net (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Finished goods	$ 1,169	$ 1,236
Work in process	340	357
Raw materials and accessories	384	370
Supplies and packing materials	494	475
Total inventories, net	$ 2,387	$ 2,438

Note 8 - Other Liabilities - Ot

Note 8 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Wages and employee benefits	$ 534	$ 572
Income taxes	140	173
Derivative instruments (Note 13)	52	189
Asbestos and other litigation (Note 11)	13	13
Deferred revenue (Note 4)	159	152
Settlement liability (Note 3)	58	58
Customer deposits (Note 4)	228	211
Share repurchase liability (Note 14)	503
Short-term operating leases	94	96
Other current liabilities	1,178	973
Other accrued liabilities	2,959	2,437
Defined benefit pension plan liabilities	894	887
Derivative instruments (Note 13)	65	155
Asbestos and other litigation (Note 11)	93	94
Deferred revenue (Note 4)	805	872
Settlement liability (Note 3)	117	117
Customer deposits (Note 4)	1,095	1,148
Share repurchase liability (Note 14)	496
Deferred tax liabilities	277	313
Long-term operating leases	618	633
Other non-current liabilities	832	798
Other liabilities	$ 5,292	$ 5,017

Note 9 - Debt (Details Textual)

Note 9 - Debt (Details Textual) $ in Thousands, ¥ in Millions, ¥ in Billions	3 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021CNY (¥)	Dec. 31, 2020USD ($)	Jun. 30, 2020JPY (¥)	Mar. 31, 2020CNY (¥)
Long-term Debt and Lease Obligation, Total	$ 7,025,000				$ 7,816,000
Incremental Liquidity Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 232,000				¥ 25
Debt Instrument, Term (Year)		3 years
Long-term Line of Credit, Total	0
Unsecured Variable Rate Loan Facilities B [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 150,000				¥ 1,050
Debt Instrument, Term (Year)			5 years
Unsecured Variable Rate Loan Facilities, C [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 105,000				¥ 749
Debt Instrument, Term (Year)			0 years
Unsecured Variable Rate Loan Facilities [Member]
Long-term Line of Credit, Total	209,000			¥ 1,466
Debentures Due in 2022 [Member]
Extinguishment of Debt, Amount	$ 375,000
Debt Instrument, Interest Rate, Stated Percentage	2.90%			2.90%
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 10,000
Gain (Loss) on Extinguishment of Debt, Total	(11,000)
Commercial Paper [Member]
Short-term Debt, Total	0				0
Fair Value, Inputs, Level 2 [Member]
Long-term Debt, Fair Value	$ 8,500,000				$ 9,400,000

Note 10 - Employee Retirement_3

Note 10 - Employee Retirement Plans (Details Textual) $ in Millions	Jun. 30, 2021USD ($)
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 31

Note 10 - Employee Retirement_4

Note 10 - Employee Retirement Plans - Net Periodic Benefit Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension Plan [Member]
Service cost	$ 32	$ 29	$ 64	$ 58
Interest cost	21	31	43	62
Expected return on plan assets	(54)	(49)	(108)	(98)
Amortization of prior service cost (credit)	1	2	2	3
Recognition of actuarial loss (gain)	10	(2)	10	(2)
Total pension and postretirement benefit expense	10	11	11	23
Other Postretirement Benefits Plan [Member]
Service cost	3	3	5	5
Interest cost	4	5	8	10
Expected return on plan assets
Amortization of prior service cost (credit)	(2)	(2)	(3)	(3)
Recognition of actuarial loss (gain)	1		1
Total pension and postretirement benefit expense	$ 6	$ 6	$ 11	$ 12

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details Textual) $ in Millions	May 31, 2016USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 30, 2016	Jun. 01, 2016
Environmental Cleanup and Related Litigation [Member]
Number of Hazardous Waste Sites [Member]		15
Accrual for Environmental Loss Contingencies, Ending Balance		$ 60	$ 68
Dow Corning Corporation [Member]
Equity Method Investment, Ownership Percentage				50.00%	50.00%
Indemnification of Excess Liability	50.00%
Asbestos Litigation [Member]
Loss Contingency Accrual, Ending Balance		96	96
Dow Corning Breast Implant Litigation [Member] | Dow Corning Corporation [Member]
Loss Contingency Accrual, Ending Balance	$ 290	$ 160	$ 160
Indemnification of Excess Liability		50.00%
Litigation Settlement, Expense		$ 1,800
Dow Corning Bankruptcy Pendency Interest Claims [Member] | Dow Corning Corporation [Member]
Loss Contingency Accrual, Ending Balance	$ 107
Dow Corning Environmental Claims [Member] | Dow Corning Corporation [Member]
Indemnification of Excess Liability		50.00%

Note 12 - Hedging Activities (D

Note 12 - Hedging Activities (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Derivative, Notional Amount		$ 14,212	$ 14,740
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months		49
Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, before Tax	$ 14
New Investment Hedges [Member] | Cash Flow Hedging [Member]
Derivative, Notional Amount		708	1,100
Translated Earnings Contracts [Member]
Derivative, Notional Amount		8,300	7,500
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount		$ 708	892
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount			$ 251

Note 12 - Hedging Activities -

Note 12 - Hedging Activities - Undesignated Hedges (Details) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Gross notional value for translated earning contracts		$ 14,212	$ 14,740
Average Rate Forward Contracts, Japanese Yen-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		4,400	4,500
Average Rate Forward Contracts, South Korean Won-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		200	400
Average Rate Forward Contracts, Euro-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		400	500
Average Rate Forward Contracts, Other Foreign Currencies [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts	[1]	100	100
Options Contracts, Japanese Yen-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts	[2]	1,700	2,000
Options Contracts, Other Foreign Currencies [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts	[3]	1,500
Translated Earnings Contracts [Member]
Gross notional value for translated earning contracts		8,300	7,500
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		$ 8,299	$ 7,453
[1]	Denominational currencies for average rate forward contracts include the Chinese yuan, new Taiwan dollar and British pound.
[2]	Japanese yen-denominated option contracts include zero-cost collars, purchased call options and put options. With respect to the zero-cost collars, the gross notional amount includes the value of both the put and call options. However, due to the nature of the zero-cost collars, only the put or the call option can be exercised at maturity.
[3]	Other foreign currencies option contracts are purchased basket options that include a basket of underlying currencies, including the Japanese yen, South Korean won, Chinese yuan, euro and British pound, and each basket option will be settled against USD.

Note 12 - Hedging Activities _2

Note 12 - Hedging Activities - Summary of Notional Amounts and Respective Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Notional amount		$ 14,212	$ 14,740
Asset derivatives, fair value		355	271
Liability derivatives, fair value		(96)	(344)
Translated Earnings Contracts [Member]
Notional amount		8,300	7,500
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Notional amount	[1]	708	1,143
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member]
Asset derivatives, fair value	[1]	49	37
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Accrued Liabilities [Member]
Liability derivatives, fair value	[1]		(3)
Designated as Hedging Instrument [Member] | Translated Earnings Contracts [Member] | Other Assets [Member]
Asset derivatives, fair value		21	21
Designated as Hedging Instrument [Member] | Translated Earnings Contracts [Member] | Other Liabilities [Member]
Liability derivatives, fair value			(1)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Notional amount		5,205	6,144
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member]
Asset derivatives, fair value		31	45
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Accrued Liabilities [Member]
Liability derivatives, fair value		(40)	(76)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Liabilities [Member]
Liability derivatives, fair value		(31)	(59)
Not Designated as Hedging Instrument [Member] | Translated Earnings Contracts [Member]
Notional amount		8,299	7,453
Not Designated as Hedging Instrument [Member] | Translated Earnings Contracts [Member] | Other Current Assets [Member]
Asset derivatives, fair value		100	66
Not Designated as Hedging Instrument [Member] | Translated Earnings Contracts [Member] | Other Accrued Liabilities [Member]
Liability derivatives, fair value		(12)	(110)
Not Designated as Hedging Instrument [Member] | Translated Earnings Contracts [Member] | Other Assets [Member]
Asset derivatives, fair value		138	61
Not Designated as Hedging Instrument [Member] | Translated Earnings Contracts [Member] | Other Liabilities [Member]
Liability derivatives, fair value		(13)	(95)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Assets [Member]
Asset derivatives, fair value		$ 16	$ 41
[1]	At June 30, 2021, the total gross notional value for foreign currency cash flow hedges is $708 million. At December 31, 2020, the foreign exchange contracts that are designated as hedging instruments include the notional amounts of $892 million and $251 million, respectively, for cash flow hedges and net investment hedges.

Note 12 - Hedging Activities _3

Note 12 - Hedging Activities - Summary of Effect of Designated Derivative Financial Instruments on Consolidated Financial Statements (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gain (loss) reclassified from accumulated OCI into income		$ 14	$ (3)	$ 23	$ (11)
Gain (loss) recognized in other comprehensive income (OCI)		15	22	41	(67)
Foreign Exchange Contract [Member]
Gain (loss) recognized in other comprehensive income (OCI)		15	22	41	(67)
Sales [Member] | Foreign Exchange Contract [Member]
Gain (loss) reclassified from accumulated OCI into income		4	(3)	6	(2)
Cost of Sales [Member] | Foreign Exchange Contract [Member]
Gain (loss) reclassified from accumulated OCI into income		$ 10		17	5
Other Expense [Member] | Foreign Exchange Contract [Member]
Gain (loss) reclassified from accumulated OCI into income	[1]				$ (14)
[1]	A loss of $14 million was reclassified from accumulated other comprehensive loss into other expense, net, resulting from the de-designation of certain cash flow hedges.

Note 12 - Hedging Activities _4

Note 12 - Hedging Activities - Summary of Effect of Undesignated Derivative Financial Instruments on Consolidated Financial Statements (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gain (loss) recognized in income	$ (6)	$ 22	$ 310	$ 91
Foreign Exchange Contract [Member] | Other (Expense) Income, Net [Member]
Gain (loss) recognized in income	(9)	(15)	35	(14)
Translated Earnings Contracts [Member] | Translated Earnings Contract (Loss) Gain, Net [Member]
Gain (loss) recognized in income	$ 3	$ 37	$ 275	$ 105

Note 13 - Fair Value Measurem_3

Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Proceeds from Sale of Equity Securities, FV-NI	$ 84
Asset Impairment Charges, Total		$ 195		$ 195	$ 217
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration Asset, Fair Value Disclosure	17		17		20
Equity Securities, FV-NI, Current					107
Fair Value, Inputs, Level 3 [Member] | Renewable Energy [Member]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings					(21)
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings					$ (4)
Fair Value, Inputs, Level 1 [Member] | Other Current Assets [Member]
Equity Securities, FV-NI, Current	16		16
Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Liabilities [Member]
Liabilities for Freestanding Written Put Option	$ 21		$ 21

Note 13 - Fair Value Measurem_4

Note 13 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions		Jun. 30, 2021		Dec. 31, 2020
Other current assets	[1]	$ 205	[2],[3]	$ 152	[4],[5]
Other assets	[1]	183	[3]	139	[4],[5]
Other accrued liabilities	[1]	52		189
Other liabilities	[1]	65	[6]	155
Investments	[7]			137
Fair Value, Inputs, Level 1 [Member]
Other current assets	[1]	16	[2],[3]		[4],[5]
Other assets	[1]		[3]		[4],[5]
Other accrued liabilities	[1]
Other liabilities	[1]		[6]
Investments	[7]			137
Fair Value, Inputs, Level 2 [Member]
Other current assets	[1]	180	[2],[3]	148	[4],[5]
Other assets	[1]	175	[3]	123	[4],[5]
Other accrued liabilities	[1]	52		189
Other liabilities	[1]	65	[6]	155
Investments	[7]
Fair Value, Inputs, Level 3 [Member]
Other current assets	[1]	9	[2],[3]	4	[4],[5]
Other assets	[1]	8	[3]	16	[4],[5]
Other accrued liabilities	[1]
Other liabilities	[1]		[6]
Investments	[7]
[1]	Derivative assets and liabilities include foreign exchange contracts which were measured using observable inputs for similar assets and liabilities.
[2]	Equity securities with readily available fair values of $16 million were measured using Level 1 inputs and have been included in other current assets as of June 30, 2021. An investment was sold for $84 million during the second quarter of 2021.
[3]	Included in other current assets and other assets is a contingent consideration asset for a cost adjustment contract of $17 million, resulting from the HSG Transactions as of September 9, 2020, that was measured using unobservable (Level 3) inputs.
[4]	For the year ended December 31, 2020, assets and liabilities that were measured using unobservable (Level 3) inputs resulted in losses recognized in earnings of $21 million for a renewable energy derivative contract and $4 million for auction rate securities.
[5]	Included in other current assets and other assets is a contingent consideration asset for a cost adjustment contract of $20 million, resulting from the HSG Transactions as of September 9, 2020, that was measured using unobservable (Level 3) inputs.
[6]	Other liabilities include a $21 million put option from the SRA with SDC, which were measured using significant other observable (Level 2) inputs. Refer to Note 14 (Shareholders' Equity) to the consolidated financial statements for additional information.
[7]	Included in investments were equity securities with readily available fair values that were measured using Level 1 inputs. A pre-tax gain of $107 million was recognized from the initial public offering of an investment for the year ended December 31, 2020.

Note 14 - Shareholders' Equit_2

Note 14 - Shareholders' Equity (Details Textual) - USD ($) $ in Millions	Apr. 08, 2021	Jun. 30, 2021		Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020	Apr. 08, 2023	Apr. 08, 2022	Apr. 08, 2023	Jan. 16, 2021	Dec. 31, 2020	Jul. 17, 2019	Apr. 26, 2018
Payments for Repurchase of Common Stock						$ 1		$ 105
Preferred Stock Redemption Premium		$ 803	[1]			803	[1]
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Other Comprehensive Income (Loss), Tax, Total		$ (1)			$ 5	$ (11)		$ (17)
Share Repurchase Agreement [Member] | Samsung [Member]
Stock Repurchased and Retired During Period, Shares (in shares)	35,000,000					35,000,000
Payments for Repurchase of Common Stock	$ 507
Stock Repurchased and Retired During Period, Value	1,500
Preferred Stock Redemption Premium	$ 803
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)	22,000,000
Share Repurchase Agreement, Make-whole payment, Cap, Percentage	5.00%
Liabilities for Freestanding Written Put Option	$ 21
Number of Shares Held by Counter Party subject to Seven Year Lock-up Period (in shares)	58,000,000
Share Repurchase Agreement [Member] | Samsung [Member] | Forecast [Member]
Payments for Repurchase of Common Stock									$ 507	$ 507	$ 1,500
The 2018 Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount															$ 2,000
Treasury Stock, Shares, Acquired (in shares)					0			4,100,000
Treasury Stock, Value, Acquired, Cost Method								$ 105
The 2019 Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount														$ 5,000
Treasury Stock, Shares, Acquired (in shares)						39,000
Treasury Stock, Value, Acquired, Cost Method						$ 1.5
The 2019 and 2019 Repurchase Programs [Member]
Treasury Stock, Shares, Acquired (in shares)		35,000,000		0
Conversion of Preferred Stock into Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)	115,000,000
Series A Convertible Preferred Stock [Member]
Preferred Stock, Shares Outstanding, Ending Balance (in shares)													2,300
Preferred Stock, Convertible, Shares Issuable (in shares)												115,000,000
Converted from Preferred Stock [Member]
Common Stock, Shares, Outstanding, Ending Balance (in shares)	80,000,000	80,000,000				80,000,000
[1]	Refer to Note 6 ((Loss) Earnings per Share) and Note 14 (Shareholders' Equity) to the consolidated financial statements for additional information.

Note 14 - Shareholders' Equit_3

Note 14 - Shareholders' Equity - Summary of Changes in Foreign Currency Translation Adjustment Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Balance		$ 13,558	$ 12,287	$ 13,448	$ 12,997
Net current-period other comprehensive income (loss)		40	65	(312)	(261)
Balance		12,142	12,133	12,142	12,133
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	[1]	(692)	(1,122)	(329)	(857)
Other comprehensive income (loss)	[2]	39	55	(316)	(198)
Equity method affiliates	[1],[3]	1	3	(7)	(9)
Net current-period other comprehensive income (loss)		40	58	(323)	(207)
Balance	[1]	$ (652)	$ (1,064)	$ (652)	$ (1,064)
[1]	All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.
[2]	For the three and six months ended June 30, 2021, amounts are net of tax benefit of $1 million and $11 million, respectively. For the three and six months ended June 30, 2020, amounts are net of tax expense of $5 million and tax benefit of $17 million, respectively.
[3]	Tax effects are not significant.

Note 15 - Share-based Compens_3

Note 15 - Share-based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	39,000			39,000
Share-based Payment Arrangement, Expense	$ 44	$ 55		$ 78	$ 65
Share-based Payment Arrangement, Expense, Tax Benefit	$ 21			$ 28
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)			0	0
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)				10 years
Share-based Payment Arrangement, Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				1 year
Share-based Payment Arrangement, Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				5 years
Restricted Stock and Restricted Stock Units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				1 year
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)				1 year
Restricted Stock and Restricted Stock Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				10 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)				10 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				3 years

Note 15 - Share-based Compens_4

Note 15 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Beginning Options Outstanding, number of shares (in shares) | shares	17,095
Beginning Options Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 21.60
Exercised, number of shares (in shares) | shares	(4,061)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 19.96
Forfeited and Expired, number of shares (in shares) | shares	(232)
Forfeited and Expired, weighted average exercise price (in dollars per share) | $ / shares	$ 22.50
Ending Options Outstanding, number of shares (in shares) | shares	12,802
Ending Options Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 22.10
Options Outstanding, weighted average remaining contractual term (Year)	7 years
Options Outstanding, aggregate intrinsic value | $	$ 240,623
Options Expected to Vest, number of shares (in shares) | shares	12,675
Options Expected to Vest, weighted average exercise price (in dollars per share) | $ / shares	$ 22.12
Options Expected to Vest, weighted average remaining contractual term (Year)	6 years 11 months 26 days
Options Expected to Vest, aggregate intrinsic value | $	$ 238,009
Options Exercisable, number of shares (in shares) | shares	7,310
Options Exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 20.96
Options Exercisable, weighted average remaining contractual term (Year)	5 years 10 months 6 days
Options Exercisable, aggregate intrinsic value | $	$ 145,729

Note 15 - Share-based Compens_5

Note 15 - Share-based Compensation - Valuation of Option Grants Under Stock Plans (Details)	3 Months Ended
	Jun. 30, 2020	[1]
Expected volatility	32.90%
Weighted-average volatility	32.90%
Expected dividends	4.48%
Risk-free rate	0.50%
Average risk-free rate	0.50%
Expected term (in years) (Year)	7 years 4 months 24 days
Pre-vesting executive departure rate	0.60%
Pre-vesting non-executive departure rate	2.50%
[1]	Stock options were granted during the three months ended June 30, 2020. There were no stock options granted during the six months ended June 30, 2021 and the three months ended March 31, 2020.

Note 15 - Share-based Compens_6

Note 15 - Share-based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock and Restricted Stock Units [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Beginning Non-vested shares and share units, number of shares (in shares) | shares	12,943
Beginning Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 22.87
Granted, number of shares (in shares) | shares	1,384
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 42.11
Vested, number of shares (in shares) | shares	(3,414)
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 22.61
Forfeited, number of shares (in shares) | shares	(321)
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 23.45
Ending Non-vested shares and share units, number of shares (in shares) | shares	10,592
Ending Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 25.45

Note 15 - Share-based Compens_7

Note 15 - Share-based Compensation - Summary of Performance-based Restricted Stock Units (Details) - Performance Shares [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Beginning Non-vested shares and share units, number of shares (in shares) | shares	1,765
Beginning Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 28.06
Granted, number of shares (in shares) | shares	1,222
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 38.82
Vested, number of shares (in shares) | shares	(119)
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 28.06
Forfeited, number of shares (in shares) | shares	(56)
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 32.30
Ending Non-vested shares and share units, number of shares (in shares) | shares	2,812
Ending Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 32.65

Note 16 - Reportable Segments_2

Note 16 - Reportable Segments (Details Textual) - USD ($) $ in Millions	3 Months Ended					6 Months Ended
	Jun. 30, 2021		Jun. 30, 2020		Mar. 31, 2020	Jun. 30, 2021		Jun. 30, 2020
Number of Material Formations						150
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%		21.00%			21.00%		21.00%
Revenue, Cumulative Adjustments		[1]		[1]	$ 105		[1]	$ 105	[1]
[1]	Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels.

Note 16 - Reportable Segments -

Note 16 - Reportable Segments - Reportable Segments (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Depreciation				$ 666	$ 680
Research, development and engineering expenses		$ 242	$ 430	464	691
Income tax (provision) benefit		67	22	293	10
Net income (loss) attributable to Corning Incorporated		449	(71)	1,048	(167)
Operating Segments [Member]
Net sales of reportable segments and All Other		3,504	2,588	6,767	5,117
Depreciation	[1]	332	293	659	589
Research, development and engineering expenses	[2]	200	181	387	390
Income tax (provision) benefit	[3]	(158)	(77)	(294)	(139)
Net income (loss) attributable to Corning Incorporated	[4]	595	288	1,108	524
Display Products [Member] | Operating Segments [Member]
Net sales of reportable segments and All Other		939	753	1,802	1,504
Depreciation	[1]	149	133	297	266
Research, development and engineering expenses	[2]	26	25	48	55
Income tax (provision) benefit	[3]	(64)	(41)	(120)	(81)
Net income (loss) attributable to Corning Incorporated	[4]	248	152	461	304
Optical Communications [Member] | Operating Segments [Member]
Net sales of reportable segments and All Other		1,075	887	2,012	1,678
Depreciation	[1]	58	62	116	124
Research, development and engineering expenses	[2]	52	52	103	107
Income tax (provision) benefit	[3]	(40)	(23)	(71)	(31)
Net income (loss) attributable to Corning Incorporated	[4]	148	81	259	110
Specialty Materials [Member] | Operating Segments [Member]
Net sales of reportable segments and All Other		483	417	934	769
Depreciation	[1]	42	38	83	80
Research, development and engineering expenses	[2]	49	33	94	74
Income tax (provision) benefit	[3]	(22)	(24)	(46)	(38)
Net income (loss) attributable to Corning Incorporated	[4]	81	90	172	141
Environmental Technologies [Member] | Operating Segments [Member]
Net sales of reportable segments and All Other		407	226	848	546
Depreciation	[1]	35	33	71	67
Research, development and engineering expenses	[2]	29	22	56	50
Income tax (provision) benefit	[3]	(21)	0	(41)	(9)
Net income (loss) attributable to Corning Incorporated	[4]	81	0	155	35
Life Science Products [Member] | Operating Segments [Member]
Net sales of reportable segments and All Other		312	243	612	501
Depreciation	[1]	14	13	26	25
Research, development and engineering expenses	[2]	8	6	16	13
Income tax (provision) benefit	[3]	(14)	(8)	(27)	(18)
Net income (loss) attributable to Corning Incorporated	[4]	52	31	100	69
Other Segments [Member] | Operating Segments [Member]
Net sales of reportable segments and All Other		288	62	559	119
Depreciation	[1]	34	14	66	27
Research, development and engineering expenses	[2]	36	43	70	91
Income tax (provision) benefit	[3]	3	19	11	38
Net income (loss) attributable to Corning Incorporated	[4]	$ (15)	$ (66)	$ (39)	$ (135)
[1]	Depreciation expense for Corning’s reportable segments includes an allocation of depreciation of corporate property not specifically identifiable to a segment.
[2]	Research, development and engineering expenses include direct project spending that is identifiable to a segment.
[3]	Income tax (provision) benefit reflects a tax rate of 21%.
[4]	Many of Corning’s administrative and staff functions are performed on a centralized basis. Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function. Other staff functions, such as corporate finance, human resources and legal, are allocated to segments, primarily as a percentage of sales. Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income (loss) to consolidated net income (loss).

Note 16 - Reportable Segments_3

Note 16 - Reportable Segments - Reconciliation of Reportable Segments and All Other Net Sales to Consolidated Net Sales (Details) - USD ($) $ in Millions		3 Months Ended					6 Months Ended
		Jun. 30, 2021		Jun. 30, 2020		Mar. 31, 2020	Jun. 30, 2021		Jun. 30, 2020
Cumulative adjustment related to customer contract			[1]		[1]	$ 105		[1]	$ 105	[1]
Consolidated net sales		3,501		2,561			6,791		4,952
Operating Segments [Member]
Net sales of reportable segments and All Other		3,504		2,588			6,767		5,117
Segment Reconciling Items [Member]
Impact of foreign currency movements	[2]	(3)		(27)			24		(60)
Cumulative adjustment related to customer contract	[3],[4]								$ (105)
[1]	Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels.
[2]	This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment.
[3]	Amount does not include research, development, and engineering expense related to restructuring, impairment and other charges and credits.
[4]	Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels.

Note 16 - Reportable Segments_4

Note 16 - Reportable Segments - Reconciliation of Reportable Segment Net Income (Loss) to Consolidated Net Income (Details) - USD ($) $ in Millions		3 Months Ended					6 Months Ended				12 Months Ended
		Jun. 30, 2021		Jun. 30, 2020		Mar. 31, 2020	Jun. 30, 2021		Jun. 30, 2020		Dec. 31, 2020
Net income (loss) attributable to Corning Incorporated		$ 449		$ (71)			$ 1,048		$ (167)
Gain on foreign currency hedges related to translated earnings		3		37			275		105
Research, development, and engineering expenses		(242)		(430)			(464)		(691)
Equity in (losses) earnings of affiliated companies		7		79			15		93
Amortization of intangibles		(33)		(28)			(65)		(54)
Interest expense, net		(78)		(67)			(155)		(131)
Income tax benefit		(67)		(22)			(293)		(10)
Cumulative adjustment related to customer contract			[1]		[1]	$ 105		[1]	105	[1]
Severance charges				(58)			(1)		(135)
Asset impairment				(195)					(195)		$ (217)
Operating Segments [Member]
Net income (loss) attributable to Corning Incorporated	[2]	595		288			1,108		524
Research, development, and engineering expenses	[3]	(200)		(181)			(387)		(390)
Income tax benefit	[4]	158		77			294		139
Operating Segments [Member] | Reportable Segments [Member]
Net income (loss) attributable to Corning Incorporated		610		354			1,147		659
Operating Segments [Member] | Nonreportable Segments [Member]
Net income (loss) attributable to Corning Incorporated	[5]	(15)		(66)			(39)		(135)
Segment Reconciling Items [Member]
Impact of foreign currency movements not included in segment net income (loss)		(20)		(6)			(14)		(25)
Gain on foreign currency hedges related to translated earnings		3		35			275		93
Translation gain (loss) on Japanese yen-denominated debt		5		3			123		(11)
Research, development, and engineering expenses	[6],[7]	(35)		(37)			(69)		(76)
Equity in (losses) earnings of affiliated companies	[8]	(1)		81			(1)		99
Amortization of intangibles		(33)		(28)			(65)		(54)
Interest expense, net		(67)		(64)			(141)		(122)
Income tax benefit		91		55			1		129
Cumulative adjustment related to customer contract	[6],[9]								(105)
Severance charges	[7]	(1)		(58)			(1)		(135)
Asset impairment	[7]			(195)					(195)
Capacity realignment and other charges and credits	[7]	(1)		(84)			(1)		(232)
Gain on sale of business		40					54
Other corporate items		$ (127)		$ (61)			$ (221)		$ (57)
[1]	Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels.
[2]	Many of Corning’s administrative and staff functions are performed on a centralized basis. Where practicable, Corning charges these expenses to segments based upon the extent to which each business uses a centralized function. Other staff functions, such as corporate finance, human resources and legal, are allocated to segments, primarily as a percentage of sales. Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income (loss) to consolidated net income (loss).
[3]	Research, development and engineering expenses include direct project spending that is identifiable to a segment.
[4]	Income tax (provision) benefit reflects a tax rate of 21%.
[5]	The Company obtained a controlling interest in HSG during the third quarter of 2020 and has consolidated results in “All Other” as of September 9, 2020.
[6]	Amount does not include research, development, and engineering expense related to restructuring, impairment and other charges and credits.
[7]	Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) to the consolidated financial statements for additional information on restructuring activities and impairment.
[8]	Primarily represents the equity earnings of HSG prior to September 9, 2020. Refer to Note 3 (HSG Transactions) to the consolidated financial statements for additional information.
[9]	Amount represents the negative impact of a cumulative adjustment to reduce revenue by $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels.