Corning (GLW) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
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	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		844,612,498

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net sales	$ 3,680	$ 3,290
Cost of sales	2,397	2,134
Gross margin	1,283	1,156
Operating expenses:
Selling, general and administrative expenses	434	400
Research, development and engineering expenses	248	222
Amortization of purchased intangibles	31	32
Operating income	570	502
Interest income	3	3
Interest expense	(71)	(77)
Translated earnings contract gain, net (Note 10)	129	272
Other income, net	130	125
Income before income taxes	761	825
Provision for income taxes (Note 3)	(180)	(226)
Net income attributable to Corning Incorporated	$ 581	$ 599
Earnings per common share available to common shareholders:
Basic (Note 4) (in dollars per share)	$ 0.69	$ 0.75
Diluted (Note 4) (in dollars per share)	$ 0.68	$ 0.67

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income attributable to Corning Incorporated	$ 581	$ 599
Foreign currency translation adjustments and other	(200)	(363)
Unamortized losses and prior service costs for postretirement benefit plans	(1)
Net unrealized gains on designated hedges	14	11
Other comprehensive loss, net of tax	(187)	(352)
Comprehensive income attributable to Corning Incorporated	$ 394	$ 247

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,016	$ 2,148
Trade accounts receivable, net of doubtful accounts - $39 and $42	1,910	2,004
Inventories, net (Note 5)	2,618	2,481
Other current assets	1,317	1,026
Total current assets	7,861	7,659
Property, plant and equipment, net of accumulated depreciation - $14,010 and $13,969	15,780	15,804
Goodwill, net	2,408	2,421
Other intangible assets, net	1,118	1,148
Deferred income taxes (Note 3)	1,030	1,066
Other assets	2,060	2,056
Total Assets	30,257	30,154
Current liabilities:
Current portion of long-term debt and short-term borrowings (Note 7)	120	55
Accounts payable	1,849	1,612
Other accrued liabilities (Note 6 and Note 9)	3,092	3,139
Total current liabilities	5,061	4,806
Long-term debt (Note 7)	6,839	6,989
Postretirement benefits other than pensions (Note 8)	620	622
Other liabilities (Note 6 and Note 9)	5,108	5,192
Total liabilities	17,628	17,609
Commitments and contingencies (Note 9)
Shareholders’ equity (Note 12):
Common stock – Par value $0.50 per share; Shares authorized 3.8 billion; Shares issued: 1.8 billion and 1.8 billion	908	907
Additional paid-in capital – common stock	16,531	16,475
Retained earnings	16,737	16,389
Treasury stock, at cost; Shares held: 973 million and 970 million	(20,419)	(20,263)
Accumulated other comprehensive loss	(1,362)	(1,175)
Total Corning Incorporated shareholders’ equity	12,395	12,333
Non-controlling interests	234	212
Total equity	12,629	12,545
Total Liabilities and Equity	$ 30,257	$ 30,154

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Doubtful accounts and allowances	$ 39	$ 42
Accumulated depreciation	$ 14,010	$ 13,969
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Preferred stock, shares authorized (in shares)	10,000	10,000
referred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	3,800,000	3,800,000
Common stock, shares issued (in shares)	1,800,000	1,800,000
Treasury stock, shares held (in shares)	973,000	970,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 581	$ 599
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	342	330
Amortization of purchased intangibles	31	32
Gain on sale of business	(53)	(14)
Loss on investment		36
Share-based compensation expense	42	34
Translation gain on Japanese yen-denominated debt	(84)	(118)
Deferred tax provision	24	121
Translated earnings contract gain	(129)	(272)
Unrealized translation losses on transactions	20	59
Changes in assets and liabilities:
Trade accounts receivable	7	109
Inventories	(159)	44
Other current assets	(81)	(26)
Accounts payable	238	(49)
Other current liabilities	(161)	22
Customer deposits and government incentives	(9)	31
Deferred income	(25)	(34)
Other, net	(50)	(181)
Net cash provided by operating activities	534	723
Cash Flows from Investing Activities:
Capital expenditures	(383)	(289)
Proceeds from sale of business	74	24
Realized gains (losses) on translated earnings contract	40	(3)
Other, net	(9)	(20)
Net cash used in investing activities	(278)	(288)
Cash Flows from Financing Activities:
Repayments of short-term borrowings	(11)	(25)
Proceeds from exercise of stock options	18	51
Purchases of common stock for treasury	(149)
Dividends paid	(228)	(208)
Other, net	(5)	(8)
Net cash used in financing activities	(375)	(190)
Effect of exchange rates on cash	(13)	(49)
Net (decrease) increase in cash and cash equivalents	(132)	196
Cash and cash equivalents at beginning of period	2,148	2,672
Cash and cash equivalents at end of period	$ 2,016	$ 2,868

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, 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 income (loss)						(352)	(352)	(1)	(353)
Shares issued to benefit plans and for option exercises		1	80				81		81
Common dividends				(187)			(187)		(187)
Other, net				1	(6)		(5)	(3)	(8)
Preferred dividends				(24)			(24)		(24)
Balance at Mar. 31, 2021	$ 2,300	864	14,722	16,509	(19,934)	(1,092)	13,369	189	13,558
Balance at Dec. 31, 2021		907	16,475	16,389	(20,263)	(1,175)	12,333	212	12,545
Net income (loss)				581			581	22	603
Other comprehensive income (loss)						(187)	(187)		(187)
Purchase of common stock for treasury					(151)		(151)		(151)
Shares issued to benefit plans and for option exercises		1	56				57		57
Common dividends				(233)			(233)		(233)
Other, net					(5)		(5)		(5)
Balance at Mar. 31, 2022		$ 908	$ 16,531	$ 16,737	$ (20,419)	$ (1,362)	$ 12,395	$ 234	$ 12,629

Consolidated Statements of Ch_2

Consolidated Statements of Changes In Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Dividends (in dollars per share)	$ 0.27	$ 0.24
Preferred Dividends (in dollars per share)		$ 10,625

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021 2021 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 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. Certain prior year amounts have been reclassified to conform to the current-year presentation. These reclassifications had no New Accounting Standards In November 2021, 2021 10 832 December 15, 2021. 2021 10 2020 10 not Other Accounting Standards No March 31, 2022,

Note 2 - Revenue

Note 2 - Revenue	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. 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 March 31, 2022 2021 Telecommunication products $ 1,198 $ 937 Display products 906 888 Specialty glass products 493 451 Environmental substrate and filter products 401 442 Life science products 307 301 Polycrystalline silicon and all other products 375 271 Total revenue $ 3,680 $ 3,290 Impact of foreign currency movements (1) 64 (27 ) Net sales of reportable segments and Hemlock and Emerging Growth Businesses $ 3,744 $ 3,263 ( 1 This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment. Refer to Note 14 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 advance payments and customer deposits. Other advance payments are not Customer Deposits As of March 31, 2022 December 31, 2021 Customer deposits used were $83 million and $93 million, respectively, in the three March 31, 2022 2021 March 31, 2022 December 31, 2021 Deferred Revenue As of March 31, 2022 December 31, 2021, 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. As of March 31, 2022 December 31, 2021,

Note 3 - Income Taxes

Note 3 - Income Taxes	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. The provision for income taxes and the related effective income tax rates are as follows (in millions): Three months ended March 31, 2022 2021 Provision for income taxes $ (180 ) $ (226 ) Effective tax rate 23.7 % 27.4 % For the three March 31, 2022, three March 31, 2021, Corning Precision Materials is currently appealing certain tax assessments and tax refund claims in South Korea for tax years 2010 2018. not March 31, 2022 December 31, 2021,

Note 4 - Earnings Per Common Sh

Note 4 - Earnings Per Common Share	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	4. The following table sets forth the computation of basic and diluted earnings per common share (in millions, except per share amounts): Three months ended March 31, 2022 2021 Net income attributable to Corning Incorporated $ 581 $ 599 Less: Series A convertible preferred stock dividend 24 Net income available to common shareholders – basic 581 575 Plus: Series A convertible preferred stock dividend 24 Net income available to common shareholders – diluted $ 581 $ 599 Weighted-average common shares outstanding – basic 843 766 Effect of dilutive securities: Employee stock options and other dilutive securities 16 17 Series A convertible preferred stock 115 Weighted-average common shares outstanding – diluted 859 898 Basic earnings per common share $ 0.69 $ 0.75 Diluted earnings per common share $ 0.68 $ 0.67 Anti-dilutive potential shares excluded from diluted earnings per common share: Employee stock options and awards — 1 Total — 1

Note 5 - Inventories, Net

Note 5 - Inventories, Net	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. Inventories, net comprise the following (in millions): March 31, December 31, 2022 2021 Finished goods $ 1,216 $ 1,190 Work in process 383 358 Raw materials and accessories 485 427 Supplies and packing materials 534 506 Total inventories, net $ 2,618 $ 2,481

Note 6 - Other Liabilities

Note 6 - Other Liabilities	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	6. Other liabilities follow (in millions): March 31, December 31, 2022 2021 Current liabilities: Wages and employee benefits $ 488 $ 824 Income taxes 238 196 Derivative instruments (Note 10) 276 144 Deferred revenue (Note 2) 136 148 Customer deposits (Note 2) 236 223 Share repurchase liability (Note 12) 507 506 Short-term operating leases 93 94 Other current liabilities 1,118 1,004 Other accrued liabilities $ 3,092 $ 3,139 Non-current liabilities: Defined benefit pension plan liabilities $ 696 $ 707 Derivative instruments (Note 10) 85 49 Deferred revenue (Note 2) 751 764 Customer deposits (Note 2) 985 1,072 Share repurchase liability (Note 12) 518 517 Deferred tax liabilities 248 258 Long-term operating leases 676 691 Other non-current liabilities 1,149 1,134 Other liabilities $ 5,108 $ 5,192

Note 7 - Debt

Note 7 - Debt	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	7. Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $7.3 billion and $8.3 billion at March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 2 Corning had no March 31, 2022 December 31, 2021

Note 8 - Employee Retirement Pl

Note 8 - Employee Retirement Plans	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Retirement Benefits [Text Block]	8. 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 2022, The following table summarizes the components of net periodic benefit expense for Corning’s defined benefit pension and postretirement health care and life insurance plans (in millions): Pension benefits Postretirement benefits Three months ended Three months ended March 31, March 31, 2022 2021 2022 2021 Service cost $ 32 $ 32 $ 2 $ 2 Interest cost 27 22 4 4 Expected return on plan assets (55 ) (54 ) Amortization of prior service cost (credit) 1 1 (1 ) (1 ) Total pension and postretirement benefit expense $ 5 $ 1 $ 5 $ 5 The components of net periodic benefit expense, other than the service cost component, are included in the line item other income, net, in the consolidated statements of income.

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. 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. 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, 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 March 31, 2022 December 31, 2021, 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 March 31, 2022 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 March 31, 2022 December 31, 2021

Note 10 - Hedging Activities

Note 10 - Hedging Activities	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	10. Designated Hedges Corning uses over-the-counter (“OTC”) foreign exchange forward contracts as cash flow hedges 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 $714 million and $780 million at March 31, 2022 December 31, 2021 2022 2023. March 31, 2022 12 Corning has entered into leases of precious metals with maturities through 2025. not March 31, 2022 December 31, 2021, Undesignated Hedges Corning uses OTC foreign exchange forward and option contracts not A significant portion of the Company's non-U.S. revenue and expenses are denominated in Japanese yen, South Korean won, new Taiwan dollar, Chinese yuan, and euro. When this revenue and these expenses are translated back to U.S. dollars, the Company is exposed to foreign exchange rate movements. To protect translated earnings against movements in these currencies, the Company has entered into a series of average rate forwards and option contracts. Most of these contracts hedge a significant portion of the Company’s exposure to the Japanese yen with maturities spanning years 2022 2024. The following table summarizes the total gross notional value for translated earnings contracts at March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Average rate forward contracts: Japanese yen-denominated $ 2.4 $ 2.9 South Korean won-denominated 1.6 1.2 Euro-denominated 0.1 0.2 Other foreign currencies (1) 0.1 0.1 Option contracts: Japanese yen-denominated (2) 4.9 3.6 Other foreign currencies (3) 0.3 0.9 Total gross notional value for translated earning contracts $ 9.4 $ 8.9 ( 1 Denominational currencies for average rate forward contracts include the Chinese yuan and British pound. ( 2 Japanese yen-denominated option contracts include zero zero zero ( 3 Other foreign currency option contracts are purchased basket options that include a basket of underlying currencies, including the Japanese yen, South Korean won, euro and British pound, and each basket option will be settled against U.S. dollars. March 31, 2022 December 31, 2021 Asset derivatives Liability derivatives Notional amount Balance Fair value Balance Fair value March December sheet March December sheet March December 31, 2022 31, 2021 location 31, 2022 31, 2021 location 31, 2022 31, 2021 Derivatives designated as hedging (1) Foreign exchange contracts and other $ 714 $ 780 Other current assets $ 55 $ 49 Other accrued liabilities $ (2 ) $ (2 ) Other assets 19 10 Other liabilities (44 ) (9 ) Derivatives not designated as hedging Foreign exchange contracts 3,842 3,864 Other current assets 155 91 Other accrued liabilities (133 ) (95 ) Translated earnings contracts 9,396 8,899 Other current assets 358 196 Other accrued liabilities (141 ) (47 ) Other assets 180 154 Other liabilities (41 ) (40 ) Total derivatives $ 13,952 $ 13,543 $ 767 $ 500 $ (361 ) $ (193 ) ( 1 At March 31, 2022 December 31, 2021, The following tables summarize the effect of Corning’s derivative financial instruments on the consolidated financial statements (in millions): Three months ended March 31, Gain recognized Location of gain (loss) Gain reclassified Derivatives in hedging in other comprehensive reclassified from accumulated from accumulated relationships for cash income (OCI) OCI into income OCI into income flow and fair value hedges 2022 2021 effective (ineffective) 2022 2021 Net sales $ 10 $ 2 Foreign exchange contracts $ 34 $ 26 Cost of sales 7 7 Total cash flow and fair $ 34 $ 26 $ 17 $ 9 Gain recognized in income Three months ended Location of gain March 31, Undesignated derivatives recognized in income 2022 2021 Foreign exchange contracts Other income, net $ 26 $ 44 Translated earnings contracts Translated earnings contract gain, net 129 272 Total undesignated $ 155 $ 316

Note 11 - Fair Value Measuremen

Note 11 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	11. 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 "L1" 2 "L2" 3 "L3" March 31, L1 L2 L3 December 31, L1 L2 L3 Current assets: Other current assets (1) $ 622 $ 11 $ 568 $ 43 $ 352 $ 10 $ 336 $ 6 Non-current assets: Other assets (1) $ 199 $ 199 $ 175 $ 164 $ 11 Current liabilities: Other accrued liabilities (1) $ 276 $ 276 $ 144 $ 144 Non-current liabilities: Other liabilities (1) $ 102 $ 102 $ 66 $ 66 ( 1 Derivative assets and liabilities mainly consist of foreign exchange contracts which were measured using observable inputs for similar assets and liabilities. Assets and Liabilities Measured on a Non-Recurring Basis There were no March 31, 2022 December 31, 2021.

Note 12 - Shareholders' Equity

Note 12 - Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	12. Equity Fixed Rate Cumulative Convertible Preferred Stock, Series A On January 16, 2021, April 5, 2021 ( April 8, 2021. 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 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. SDC has the option to sell 22 million common shares to Corning subject to certain conditions beginning in 2024 2027. seven 2027. Share Repurchases On July 17, 2019, no “2019 For the three March 31, 2022 2019 The Company made no three March 31, 2021 Accumulated Other Comprehensive Loss In the three March 31, 2022 2021 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 March 31, 2022 2021 Beginning balance $ (933 ) $ (329 ) Losses on foreign currency translation (2) (198 ) (355 ) Equity method affiliates (3) (2 ) (8 ) Net current-period other comprehensive loss (200 ) (363 ) Ending balance $ (1,133 ) $ (692 ) ( 1 All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss. ( 2 For the three March 31, 2022 2021, ( 3 Tax effects are not

Note 13 - Share-based Compensat

Note 13 - Share-based Compensation	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	13. 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 March 31, 2022 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. 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 $42 million and $34 million, respectively, for the three March 31, 2022 2021 three March 31, 2022 not 2021. 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 three March 31, 2022 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, 2021 11,904 $ 22.31 Exercised (941 ) 18.60 Forfeited and expired (109 ) 17.82 Options outstanding as of March 31, 2022 10,854 22.68 6.60 $ 154,501 Options expected to vest as of March 31, 2022 10,802 22.69 6.60 153,600 Options exercisable as of March 31, 2022 5,594 21.68 5.50 85,179 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 There have been no three March 31, 2022 2021. 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 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 and changes which occurred during the three March 31, 2022 Weighted Number average of shares grant-date (in thousands) fair value Non-vested shares and share units at December 31, 2021 10,594 $ 25.83 Granted 117 42.48 Vested (180 ) 30.99 Forfeited (71 ) 22.47 Non-vested shares and share units at March 31, 2022 10,460 $ 25.95 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 and changes which occurred during the three March 31, 2022 Weighted Number average of shares grant-date (in thousands) fair value Non-vested share units at December 31, 2021 3,684 $ 34.17 Granted 1,215 42.74 Vested (48 ) 38.72 Performance adjustments 367 34.46 Forfeited (27 ) 41.26 Non-vested share units at March 31, 2022 5,191 $ 36.11

Note 14 - Reportable Segments

Note 14 - Reportable Segments	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	14. The Company’s reportable segments are as follows: ● Optical Communications – manufactures carrier network and enterprise network components for the telecommunications industry. ● Display Technologies – manufactures glass substrates for flat panel liquid crystal displays and other high-performance display panels. ● 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 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. 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 and Hemlock and Emerging Growth Businesses (in millions): Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended March 31, 2022 Segment net sales $ 1,198 $ 959 $ 493 $ 409 $ 310 $ 375 $ 3,744 Depreciation (1) $ 59 $ 156 $ 40 $ 33 $ 14 $ 38 $ 340 Research, development and (2) $ 55 $ 31 $ 53 $ 25 $ 9 $ 40 $ 213 Income tax provision (3) $ (45 ) $ (63 ) $ (20 ) $ (20 ) $ (11 ) $ (1 ) $ (160 ) Segment net income (loss) (4) $ 166 $ 236 $ 75 $ 74 $ 42 $ (8 ) $ 585 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended March 31, 2021 Segment net sales $ 937 $ 863 $ 451 $ 441 $ 300 $ 271 $ 3,263 Depreciation (1) $ 58 $ 148 $ 41 $ 36 $ 12 $ 32 $ 327 Research, development and (2) $ 51 $ 22 $ 45 $ 27 $ 8 $ 34 $ 187 Income tax (provision) benefit (3) $ (31 ) $ (56 ) $ (24 ) $ (20 ) $ (13 ) $ 8 $ (136 ) Segment net income (loss) (4) $ 111 $ 213 $ 91 $ 74 $ 48 $ (24 ) $ 513 ( 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 segments and Hemlock and Emerging Growth Businesses net sales to consolidated net sales follows (in millions): Three months ended March 31, 2022 2021 Net sales of reportable segments $ 3,369 $ 2,992 Net sales of Hemlock and Emerging Growth Businesses 375 271 Impact of foreign currency movements (1) (64 ) 27 Consolidated net sales $ 3,680 $ 3,290 ( 1 This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment. A reconciliation of reportable segment net income (loss) to consolidated net income follows (in millions): Three months ended March 31, 2022 2021 Net income of reportable segments $ 593 $ 537 Net loss of Hemlock and Emerging Growth Businesses (8 ) (24 ) Unallocated amounts: Impact of foreign currency movements not included in segment net income (loss) (63 ) 6 Gain on foreign currency hedges related to translated earnings 129 272 Translation gain on Japanese yen-denominated debt 84 118 Research, development, and engineering expenses (35 ) (34 ) Amortization of intangibles (31 ) (32 ) Interest expense, net (61 ) (74 ) Income tax provision (20 ) (90 ) Other corporate items (7 ) (80 ) Net income $ 581 $ 599

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021 2021 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 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. 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 In November 2021, 2021 10 832 December 15, 2021. 2021 10 2020 10 not Other Accounting Standards No March 31, 2022,

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended March 31, 2022 2021 Telecommunication products $ 1,198 $ 937 Display products 906 888 Specialty glass products 493 451 Environmental substrate and filter products 401 442 Life science products 307 301 Polycrystalline silicon and all other products 375 271 Total revenue $ 3,680 $ 3,290 Impact of foreign currency movements (1) 64 (27 ) Net sales of reportable segments and Hemlock and Emerging Growth Businesses $ 3,744 $ 3,263

Note 3 - Income Taxes (Tables)

Note 3 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Income Tax Provisions and Rates [Table Text Block]	Three months ended March 31, 2022 2021 Provision for income taxes $ (180 ) $ (226 ) Effective tax rate 23.7 % 27.4 %

Note 4 - Earnings Per Common _2

Note 4 - Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended March 31, 2022 2021 Net income attributable to Corning Incorporated $ 581 $ 599 Less: Series A convertible preferred stock dividend 24 Net income available to common shareholders – basic 581 575 Plus: Series A convertible preferred stock dividend 24 Net income available to common shareholders – diluted $ 581 $ 599 Weighted-average common shares outstanding – basic 843 766 Effect of dilutive securities: Employee stock options and other dilutive securities 16 17 Series A convertible preferred stock 115 Weighted-average common shares outstanding – diluted 859 898 Basic earnings per common share $ 0.69 $ 0.75 Diluted earnings per common share $ 0.68 $ 0.67 Anti-dilutive potential shares excluded from diluted earnings per common share: Employee stock options and awards — 1 Total — 1

Note 5 - Inventories, Net (Tabl

Note 5 - Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2022 2021 Finished goods $ 1,216 $ 1,190 Work in process 383 358 Raw materials and accessories 485 427 Supplies and packing materials 534 506 Total inventories, net $ 2,618 $ 2,481

Note 6 - Other Liabilities (Tab

Note 6 - Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Other Liabilities [Table Text Block]	March 31, December 31, 2022 2021 Current liabilities: Wages and employee benefits $ 488 $ 824 Income taxes 238 196 Derivative instruments (Note 10) 276 144 Deferred revenue (Note 2) 136 148 Customer deposits (Note 2) 236 223 Share repurchase liability (Note 12) 507 506 Short-term operating leases 93 94 Other current liabilities 1,118 1,004 Other accrued liabilities $ 3,092 $ 3,139 Non-current liabilities: Defined benefit pension plan liabilities $ 696 $ 707 Derivative instruments (Note 10) 85 49 Deferred revenue (Note 2) 751 764 Customer deposits (Note 2) 985 1,072 Share repurchase liability (Note 12) 518 517 Deferred tax liabilities 248 258 Long-term operating leases 676 691 Other non-current liabilities 1,149 1,134 Other liabilities $ 5,108 $ 5,192

Note 8 - Employee Retirement _2

Note 8 - Employee Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Pension benefits Postretirement benefits Three months ended Three months ended March 31, March 31, 2022 2021 2022 2021 Service cost $ 32 $ 32 $ 2 $ 2 Interest cost 27 22 4 4 Expected return on plan assets (55 ) (54 ) Amortization of prior service cost (credit) 1 1 (1 ) (1 ) Total pension and postretirement benefit expense $ 5 $ 1 $ 5 $ 5

Note 10 - Hedging Activities (T

Note 10 - Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Derivatives Not Designated as Hedging Instruments [Table Text Block]	March 31, December 31, 2022 2021 Average rate forward contracts: Japanese yen-denominated $ 2.4 $ 2.9 South Korean won-denominated 1.6 1.2 Euro-denominated 0.1 0.2 Other foreign currencies (1) 0.1 0.1 Option contracts: Japanese yen-denominated (2) 4.9 3.6 Other foreign currencies (3) 0.3 0.9 Total gross notional value for translated earning contracts $ 9.4 $ 8.9
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Asset derivatives Liability derivatives Notional amount Balance Fair value Balance Fair value March December sheet March December sheet March December 31, 2022 31, 2021 location 31, 2022 31, 2021 location 31, 2022 31, 2021 Derivatives designated as hedging (1) Foreign exchange contracts and other $ 714 $ 780 Other current assets $ 55 $ 49 Other accrued liabilities $ (2 ) $ (2 ) Other assets 19 10 Other liabilities (44 ) (9 ) Derivatives not designated as hedging Foreign exchange contracts 3,842 3,864 Other current assets 155 91 Other accrued liabilities (133 ) (95 ) Translated earnings contracts 9,396 8,899 Other current assets 358 196 Other accrued liabilities (141 ) (47 ) Other assets 180 154 Other liabilities (41 ) (40 ) Total derivatives $ 13,952 $ 13,543 $ 767 $ 500 $ (361 ) $ (193 )
Not Designated as Hedging Instrument [Member]
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Gain recognized in income Three months ended Location of gain March 31, Undesignated derivatives recognized in income 2022 2021 Foreign exchange contracts Other income, net $ 26 $ 44 Translated earnings contracts Translated earnings contract gain, net 129 272 Total undesignated $ 155 $ 316
Designated as Hedging Instrument [Member]
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Three months ended March 31, Gain recognized Location of gain (loss) Gain reclassified Derivatives in hedging in other comprehensive reclassified from accumulated from accumulated relationships for cash income (OCI) OCI into income OCI into income flow and fair value hedges 2022 2021 effective (ineffective) 2022 2021 Net sales $ 10 $ 2 Foreign exchange contracts $ 34 $ 26 Cost of sales 7 7 Total cash flow and fair $ 34 $ 26 $ 17 $ 9

Note 11 - Fair Value Measurem_2

Note 11 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	March 31, L1 L2 L3 December 31, L1 L2 L3 Current assets: Other current assets (1) $ 622 $ 11 $ 568 $ 43 $ 352 $ 10 $ 336 $ 6 Non-current assets: Other assets (1) $ 199 $ 199 $ 175 $ 164 $ 11 Current liabilities: Other accrued liabilities (1) $ 276 $ 276 $ 144 $ 144 Non-current liabilities: Other liabilities (1) $ 102 $ 102 $ 66 $ 66

Note 12 - Shareholders' Equity

Note 12 - Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three months ended March 31, 2022 2021 Beginning balance $ (933 ) $ (329 ) Losses on foreign currency translation (2) (198 ) (355 ) Equity method affiliates (3) (2 ) (8 ) Net current-period other comprehensive loss (200 ) (363 ) Ending balance $ (1,133 ) $ (692 )

Note 13 - Share-based Compens_2

Note 13 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2021 11,904 $ 22.31 Exercised (941 ) 18.60 Forfeited and expired (109 ) 17.82 Options outstanding as of March 31, 2022 10,854 22.68 6.60 $ 154,501 Options expected to vest as of March 31, 2022 10,802 22.69 6.60 153,600 Options exercisable as of March 31, 2022 5,594 21.68 5.50 85,179
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, 2021 10,594 $ 25.83 Granted 117 42.48 Vested (180 ) 30.99 Forfeited (71 ) 22.47 Non-vested shares and share units at March 31, 2022 10,460 $ 25.95
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, 2021 3,684 $ 34.17 Granted 1,215 42.74 Vested (48 ) 38.72 Performance adjustments 367 34.46 Forfeited (27 ) 41.26 Non-vested share units at March 31, 2022 5,191 $ 36.11

Note 14 - Reportable Segments (

Note 14 - Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended March 31, 2022 Segment net sales $ 1,198 $ 959 $ 493 $ 409 $ 310 $ 375 $ 3,744 Depreciation (1) $ 59 $ 156 $ 40 $ 33 $ 14 $ 38 $ 340 Research, development and (2) $ 55 $ 31 $ 53 $ 25 $ 9 $ 40 $ 213 Income tax provision (3) $ (45 ) $ (63 ) $ (20 ) $ (20 ) $ (11 ) $ (1 ) $ (160 ) Segment net income (loss) (4) $ 166 $ 236 $ 75 $ 74 $ 42 $ (8 ) $ 585 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended March 31, 2021 Segment net sales $ 937 $ 863 $ 451 $ 441 $ 300 $ 271 $ 3,263 Depreciation (1) $ 58 $ 148 $ 41 $ 36 $ 12 $ 32 $ 327 Research, development and (2) $ 51 $ 22 $ 45 $ 27 $ 8 $ 34 $ 187 Income tax (provision) benefit (3) $ (31 ) $ (56 ) $ (24 ) $ (20 ) $ (13 ) $ 8 $ (136 ) Segment net income (loss) (4) $ 111 $ 213 $ 91 $ 74 $ 48 $ (24 ) $ 513
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three months ended March 31, 2022 2021 Net sales of reportable segments $ 3,369 $ 2,992 Net sales of Hemlock and Emerging Growth Businesses 375 271 Impact of foreign currency movements (1) (64 ) 27 Consolidated net sales $ 3,680 $ 3,290
Reconciliation of Net Income (Loss) from Segments to Consolidated [Table Text Block]	Three months ended March 31, 2022 2021 Net income of reportable segments $ 593 $ 537 Net loss of Hemlock and Emerging Growth Businesses (8 ) (24 ) Unallocated amounts: Impact of foreign currency movements not included in segment net income (loss) (63 ) 6 Gain on foreign currency hedges related to translated earnings 129 272 Translation gain on Japanese yen-denominated debt 84 118 Research, development, and engineering expenses (35 ) (34 ) Amortization of intangibles (31 ) (32 ) Interest expense, net (61 ) (74 ) Income tax provision (20 ) (90 ) Other corporate items (7 ) (80 ) Net income $ 581 $ 599

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Liability, Total	$ 1,200		$ 1,300
Increase (Decrease) in Contract with Customer, Liability	83	$ 93
Contract with Customer, Liability, Noncurrent	985		1,100	$ 1,072
Contract with Customer, Liability, Current	236		223	223
Contract With Customer Liability, Deferred Revenue, Noncurrent	751			764
Contract With Customer Liability, Deferred Revenue, Current	136			$ 148
HSG [Member]
Contract with Customer, Liability, Total	887		912
Contract With Customer Liability, Deferred Revenue, Noncurrent	751		764
Contract With Customer Liability, Deferred Revenue, Current	$ 136		$ 148
Maximum [Member]
Long Term Supply, Commitment Period (Year)	10 years

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Net sales		$ 3,680	$ 3,290
Impact of foreign currency movements	[1]	64	(27)
Net sales of reportable segments and Hemlock and Emerging Growth Businesses		3,744	3,263
Telecommunication Products [Member]
Net sales		1,198	937
Display Products [Member]
Net sales		906	888
Specialty Glass Products [Member]
Net sales		493	451
Environmental Substrate and Filter Products [Member]
Net sales		401	442
Life Science Products [Member]
Net sales		307	301
Product and Service, Other [Member]
Net sales		$ 375	$ 271
[1]	This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment.

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
National Tax Service of Korea [Member]
Income Taxes Receivable, Noncurrent	$ 354		$ 350

Note 3 - Income Taxes - Provisi

Note 3 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Provision for income taxes (Note 3)	$ (180)	$ (226)
Effective tax rate	23.70%	27.40%

Note 4 - Earnings Per Common _3

Note 4 - Earnings Per Common Share - Reconciliation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Net income		$ 581	$ 599
Less: Series A convertible preferred stock dividend			24
Net income available to common shareholders – basic		581	575
Plus: Series A convertible preferred stock dividend			24
Net income available to common shareholders – diluted		$ 581	$ 599
Weighted-average common shares outstanding – basic (in shares)		843	766
Employee stock options and other dilutive securities (in shares)		16	17
Weighted-average common shares outstanding – diluted (in shares)		859	898
Basic (Note 4) (in dollars per share)		$ 0.69	$ 0.75
Diluted (Note 4) (in dollars per share)		$ 0.68	$ 0.67
Total (in shares)			1
Share-Based Payment Arrangement [Member]
Total (in shares)			1
Series A Convertible Preferred Stock [Member]
Series A convertible preferred stock (in shares)	[1]		115
[1]	For the years ended December 31, 2021 and 2020, the Preferred Stock was anti-dilutive and therefore excluded from the calculation of diluted earnings per share.

Note 5 - Inventories, Net - Inv

Note 5 - Inventories, Net - Inventories, Net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finished goods	$ 1,216		$ 1,190
Work in process	383		358
Raw materials and accessories	485		427
Supplies and packing materials	534		506
Total inventories, net	$ 2,618	$ 2,481	$ 2,481

Note 6 - Other Liabilities - Ot

Note 6 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Wages and employee benefits	$ 488		$ 824
Income taxes	238		196
Derivative instruments (Note 10)	276		144
Deferred revenue (Note 2)	136		148
Customer deposits (Note 2)	236	$ 223	223
Share repurchase liability (Note 12)	507		506
Short-term operating leases	93		94
Other current liabilities	1,118		1,004
Other accrued liabilities	3,092	3,139	3,139
Defined benefit pension plan liabilities	696		707
Derivative instruments (Note 10)	85		49
Deferred revenue (Note 2)	751		764
Customer deposits (Note 2)	985	1,100	1,072
Share repurchase liability (Note 12)	518		517
Deferred tax liabilities	248		258
Long-term operating leases	676		691
Other non-current liabilities	1,149		1,134
Other liabilities	$ 5,108	$ 5,192	$ 5,192

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt and Lease Obligation, Total	$ 6,839,000	$ 6,989,000
Commercial Paper [Member]
Short-term Debt, Total	0		$ 0
Fair Value, Inputs, Level 2 [Member]
Long-term Debt, Fair Value	$ 7,300,000	$ 8,300,000

Note 8 - Employee Retirement _3

Note 8 - Employee Retirement Plans (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Other Postretirement Benefits Plan [Member] | UNITED STATES
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 30

Note 8 - Employee Retirement _4

Note 8 - Employee Retirement Plans - Net Periodic Benefit Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Plan [Member]
Service cost	$ 32	$ 32
Interest cost	27	22
Expected return on plan assets	(55)	(54)
Amortization of prior service cost (credit)	1	1
Total pension and postretirement benefit expense	5	1
Other Postretirement Benefits Plan [Member]
Service cost	2	2
Interest cost	4	4
Expected return on plan assets
Amortization of prior service cost (credit)	(1)	(1)
Total pension and postretirement benefit expense	$ 5	$ 5

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) $ in Millions	May 31, 2016USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Jun. 01, 2016
Environmental Litigation [Member]
Number of Hazardous Waste Sites [Member]		15
Accrual for Environmental Loss Contingencies, Ending Balance		$ 50	$ 55
Dow Corning Corporation [Member] | Dow Corning Chapter 11 Related Matters [Member]
Equity Method Investment, Ownership Percentage				50.00%
Indemnification of Excess Liability	50.00%
Dow Corning Corporation [Member] | Dow Corning Breast Implant Litigation [Member]
Indemnification of Excess Liability		50.00%
Litigation Settlement, Expense		$ 1,800
Loss Contingency Accrual, Ending Balance	$ 290	$ 127	$ 130
Dow Corning Corporation [Member] | Dow Corning Bankruptcy Pendency Interest Claims [Member]
Loss Contingency Accrual, Ending Balance	$ 107
Dow Corning Corporation [Member] | Dow Corning Environmental Claims [Member]
Indemnification of Excess Liability		50.00%

Note 10 - Hedging Activities (D

Note 10 - Hedging Activities (Details Textual) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)GT	Dec. 31, 2021USD ($)ozt
Derivative, Notional Amount	$ 13,952	$ 13,543
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	53
New Investment Hedges [Member] | Cash Flow Hedging [Member]
Derivative, Notional Amount	714	780
Leased Precious Metal Pools [Member] | Property and Equipment, Net [Member]
Derivative Instruments in Hedges, Assets, at Fair Value, Total	223	107
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount	$ 714	$ 780
Lease Precious Metals [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative, Nonmonetary Notional Amount, Mass (Gigaton)	11,417	7,559

Note 10 - Hedging Activities -

Note 10 - Hedging Activities - Undesignated Hedges (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Gross notional value for translated earning contracts		$ 13,952	$ 13,543
Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		9,400	8,900
Average Rate Forward Contracts, Japanese Yen-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		2,400	2,900
Average Rate Forward Contracts, South Korean Won-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		1,600	1,200
Average Rate Forward Contracts, Euro-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		100	200
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]	4,900	3,600
Options Contracts, Other Foreign Currencies [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts	[3]	$ 300	$ 900
[1]	Denominational currencies for average rate forward contracts include the Chinese yuan and British pound.
[2]	Japanese yen-denominated option contracts include zero-cost collars, purchased put and call options. With respect to the zero-cost collars, the gross notional amount includes the value of the put and call options. However, due to the nature of the zero-cost collars, only the put or call option can be exercised at maturity.
[3]	Other foreign currency 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 U.S. dollars.

Note 10 - Hedging Activities _2

Note 10 - Hedging Activities - Summary of Notional Amounts and Respective Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Notional amount		$ 13,952	$ 13,543
Asset derivatives, fair value		767	500
Liability derivatives, fair value		(361)	(193)
Not Designated as Hedging Instrument [Member]
Notional amount		9,400	8,900
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Notional amount	[1]	714	780
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Asset derivatives, fair value	[1]	55	49
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]
Liability derivatives, fair value	[1]	(2)	(2)
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Notional amount		3,842	3,864
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Asset derivatives, fair value		155	91
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]
Liability derivatives, fair value		(133)	(95)
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member]
Asset derivatives, fair value	[1]	19	10
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Liability derivatives, fair value	[1]	(44)	(9)
Translated Earnings Contracts [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
Asset derivatives, fair value		180	154
Translated Earnings Contracts [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Liability derivatives, fair value		(41)	(40)
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member]
Notional amount		9,396	8,899
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Asset derivatives, fair value		358	196
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]
Liability derivatives, fair value		$ (141)	$ (47)
[1]	At March 31, 2022, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $714 million and fair value hedges of leased precious metals with gross notional amounts of 11,417 troy ounces. At December 31, 2021, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $780 million and fair value hedges of leased precious metals with gross notional amounts of 7,559 troy ounces.

Note 10 - Hedging Activities _3

Note 10 - Hedging Activities - Summary of Effect of Designated Derivative Financial Instruments on Consolidated Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net sales	$ 3,680	$ 3,290
Gain (loss) recognized in other comprehensive income	34	26
Cost of sales	2,397	2,134
Cost of sales	2,397	2,134
Net income	581	599
Net income attributable to Corning Incorporated	581	599
Foreign Exchange Contract [Member]
Gain (loss) recognized in other comprehensive income	34	26
Reclassification out of Accumulated Other Comprehensive Income [Member]
Net sales	10	2
Cost of sales	7	7	[1]
Cost of sales	7	7	[1]
Net income	17	9
Net income attributable to Corning Incorporated	$ 17	$ 9
[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 during the year ended December 31, 2020.

Note 10 - Hedging Activities _4

Note 10 - 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
		Mar. 31, 2022	Mar. 31, 2021
Gain (loss) recognized in income		$ 155	$ 316
Foreign Exchange Contract [Member] | Other (Expense) Income, Net [Member]
Gain (loss) recognized in income	[1]	26	44
Translated Earnings Contracts [Member] | Translated Earnings Contract (Loss) Gain, Net [Member]
Gain (loss) recognized in income		$ 129	$ 272
[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 during the year ended December 31, 2020.

Note 11 - Fair Value Measurem_3

Note 11 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Other current assets (1)	[1]	$ 622	$ 352
Other assets (1)	[1]	199	175
Other accrued liabilities (1)	[1]	276	144
Other liabilities (1)	[1]	102	66
Fair Value, Inputs, Level 1 [Member]
Other current assets (1)	[1]	11	10
Fair Value, Inputs, Level 2 [Member]
Other current assets (1)	[1]	568	336
Other assets (1)	[1]	199	164
Other accrued liabilities (1)	[1]	276	144
Other liabilities (1)	[1]	102	66
Fair Value, Inputs, Level 3 [Member]
Other current assets (1)	[1]	$ 43	6
Other assets (1)	[1]		$ 11
[1]	Derivative assets and liabilities mainly consist of foreign exchange contracts which were measured using observable inputs for similar assets and liabilities.

Note 12 - Shareholders' Equit_2

Note 12 - Shareholders' Equity (Details Textual) - USD ($) shares in Millions, $ in Millions	Apr. 05, 2022	Apr. 06, 2021	Apr. 05, 2021	Jul. 17, 2019	Mar. 31, 2022	Mar. 31, 2021	Apr. 05, 2022	Jan. 16, 2021
Payments for Repurchase of Common Stock					$ 149
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Other Comprehensive Income (Loss), Tax, Total					11	$ 10
Share Repurchase Agreement [Member] | Samsung [Member]
Stock Repurchased and Retired During Period, Shares (in shares)		35
Payments for Repurchase of Common Stock			$ 507
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)			22
Number of Shares Held by Counter Party subject to Seven Year Lock-up Period (in shares)			58
Share Repurchase Agreement [Member] | Samsung [Member] | Subsequent Event [Member]
Payments for Repurchase of Common Stock	$ 507						$ 1,500
The 2018 Repurchase Program [Member]
Treasury Stock, Shares, Acquired (in shares)				5,000
The 2019 Repurchase Program [Member]
Payments for Repurchase of Common Stock					$ 151
Treasury Stock, Shares, Acquired (in shares)					3.9
Series A Convertible Preferred Stock [Member]
Preferred Stock, Convertible, Shares Issuable (in shares)								115
Converted from Preferred Stock [Member]
Common Stock, Shares, Outstanding, Ending Balance (in shares)			80

Note 12 - Shareholders' Equity-

Note 12 - Shareholders' Equity- Summary of Changes in Foreign Currency Translation Adjustment Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Balance		$ 12,545	$ 13,448
Net current-period other comprehensive loss		(187)	(352)
Balance		12,629	13,558
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	[1]	(933)	(329)
Losses on foreign currency translation (2)	[1],[2]	(198)	(355)
Equity method affiliates	[1],[3]	(2)	(8)
Net current-period other comprehensive loss	[1]	(200)	(363)
Balance	[1]	$ (1,133)	$ (692)
[1]	All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.
[2]	For the three months ended March 31, 2022 and 2021, amounts are net of tax benefit of $11 million and $10 million, respectively.
[3]	Tax effects are not significant.

Note 13 - Share-based Compens_3

Note 13 - Share-based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	39,000
Share-based Payment Arrangement, Expense	$ 42	$ 34
Share-based Payment Arrangement, Expense, Tax Benefit	$ 4
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
Restricted Stock and Restricted Stock Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	10 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years

Note 13 - Share-based Compens_4

Note 13 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Beginning Options Outstanding, number of shares (in shares) | shares	11,904
Beginning Options Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 22.31
Exercised, number of shares (in shares) | shares	(941)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 18.60
Forfeited and Expired, number of shares (in shares) | shares	(109)
Forfeited and Expired, weighted average exercise price (in dollars per share) | $ / shares	$ 17.82
Ending Options Outstanding, number of shares (in shares) | shares	10,854
Ending Options Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 22.68
Options Outstanding, weighted average remaining contractual term (Year)	6 years 7 months 6 days
Options Outstanding, aggregate intrinsic value | $	$ 154,501
Options Expected to Vest, number of shares (in shares) | shares	10,802
Options Expected to Vest, weighted average exercise price (in dollars per share) | $ / shares	$ 22.69
Options Expected to Vest, weighted average remaining contractual term (Year)	6 years 7 months 6 days
Options Expected to Vest, aggregate intrinsic value | $	$ 153,600
Options Exercisable, number of shares (in shares) | shares	5,594
Options Exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 21.68
Options Exercisable, weighted average remaining contractual term (Year)	5 years 6 months
Options Exercisable, aggregate intrinsic value | $	$ 85,179

Note 13 - Share-based Compens_5

Note 13 - Share-based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock and Restricted Stock Units [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Beginning Non-vested shares and share units, number of shares (in shares) | shares	10,594
Beginning Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 25.83
Granted, number of shares (in shares) | shares	117
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 42.48
Vested, number of shares (in shares) | shares	(180)
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 30.99
Forfeited, number of shares (in shares) | shares	(71)
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 22.47
Ending Non-vested shares and share units, number of shares (in shares) | shares	10,460
Ending Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 25.95

Note 13 - Share-based Compens_6

Note 13 - Share-based Compensation - Summary of Performance-based Restricted Stock Units (Details) - Performance Shares [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Beginning Non-vested shares and share units, number of shares (in shares) | shares	3,684
Beginning Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 34.17
Granted, number of shares (in shares) | shares	1,215
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 42.74
Vested, number of shares (in shares) | shares	(48)
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 38.72
Performance adjustments (in shares) | shares	367
Performance adjustments (in dollars per share) | $ / shares	$ 34.46
Forfeited, number of shares (in shares) | shares	(27)
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 41.26
Ending Non-vested shares and share units, number of shares (in shares) | shares	5,191
Ending Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 36.11

Note 14 - Reportable Segments_2

Note 14 - Reportable Segments (Details Textual)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Number of Material Formations	150
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

Note 14 - Reportable Segments -

Note 14 - Reportable Segments - Reportable Segments (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Depreciation (1)		$ 342	$ 330
Research, development, and engineering expenses		248	222
Income tax provision (3)		180	226
Net income attributable to Corning Incorporated		581	599
Operating Segments [Member]
Net sales of reportable segments		3,744	3,263
Depreciation (1)	[1]	340	327
Research, development, and engineering expenses	[2]	213	187
Income tax provision (3)	[3]	(160)	(136)
Net income attributable to Corning Incorporated	[4]	585	513
Optical Communications [Member] | Operating Segments [Member]
Net sales of reportable segments		1,198	937
Depreciation (1)	[1]	59	58
Research, development, and engineering expenses	[2]	55	51
Income tax provision (3)	[3]	(45)	(56)
Net income attributable to Corning Incorporated	[4]	166	111
Display Products [Member] | Operating Segments [Member]
Net sales of reportable segments		959	863
Depreciation (1)	[1]	156	148
Research, development, and engineering expenses	[2]	31	22
Income tax provision (3)	[3]	(63)	(31)
Net income attributable to Corning Incorporated	[4]	236	213
Specialty Materials [Member] | Operating Segments [Member]
Net sales of reportable segments		493	451
Depreciation (1)	[1]	40	41
Research, development, and engineering expenses	[2]	53	45
Income tax provision (3)	[3]	(20)	(24)
Net income attributable to Corning Incorporated	[4]	75	91
Environmental Technologies [Member] | Operating Segments [Member]
Net sales of reportable segments		409	441
Depreciation (1)	[1]	33	36
Research, development, and engineering expenses	[2]	25	27
Income tax provision (3)	[3]	(20)	(20)
Net income attributable to Corning Incorporated	[4]	74	74
Life Science Products [Member] | Operating Segments [Member]
Net sales of reportable segments		310	300
Depreciation (1)	[1]	14	12
Research, development, and engineering expenses	[2]	9	8
Income tax provision (3)	[3]	(11)	(13)
Net income attributable to Corning Incorporated	[4]	42	48
Other Segments [Member] | Operating Segments [Member]
Net sales of reportable segments		375	271
Depreciation (1)	[1]	38	32
Research, development, and engineering expenses	[2]	40	34
Income tax provision (3)	[3]	(1)	8
Net income attributable to Corning Incorporated	[4]	$ (8)	$ (24)
[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.

Note 14 - Reportable Segments_3

Note 14 - Reportable Segments - Reconciliation of Reportable Segments and All Other Net Sales to Consolidated Net Sales (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Consolidated net sales		$ 3,680	$ 3,290
Operating Segments [Member]
Net sales of reportable segments		3,744	3,263
Operating Segments [Member] | Reportable Segments [Member]
Net sales of reportable segments		3,369	2,992
Operating Segments [Member] | Hemlock and Emerging Growth Businesses [Member]
Net sales of reportable segments		375	271
Segment Reconciling Items [Member]
Impact of foreign currency movements	[1]	$ (64)	$ 27
[1]	This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment.

Note 14 - Reportable Segments_4

Note 14 - Reportable Segments - Reconciliation of Reportable Segment Net Income (Loss) to Consolidated Net Income (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Net income attributable to Corning Incorporated		$ 581	$ 599
Gain on foreign currency hedges related to translated earnings		129	272
Research, development, and engineering expenses		248	222
Amortization of intangibles		(31)	(32)
Interest expense, net		(71)	(77)
Income tax provision		180	226
Operating Segments [Member]
Net income attributable to Corning Incorporated	[1]	585	513
Research, development, and engineering expenses	[2]	213	187
Income tax provision	[3]	(160)	(136)
Operating Segments [Member] | Reportable Segments [Member]
Net income attributable to Corning Incorporated		593	537
Operating Segments [Member] | Nonreportable Segments [Member]
Net income attributable to Corning Incorporated		(8)	(24)
Segment Reconciling Items [Member]
Net income attributable to Corning Incorporated		581	599
Impact of foreign currency movements not included in segment net income (loss)		(63)	6
Gain on foreign currency hedges related to translated earnings		129	272
Translation gain on Japanese yen-denominated debt		84	118
Research, development, and engineering expenses		(35)	(34)
Amortization of intangibles		(31)	(32)
Interest expense, net		(61)	(74)
Income tax provision		(20)	(90)
Other corporate items		$ (7)	$ (80)
[1]	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.
[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%.