Corning (GLW) 10-Q 29 Jul 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 20, 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	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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, $0.50 par value per share
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		845,318,144

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net sales		$ 3,615	$ 3,501	$ 7,295	$ 6,791
Cost of sales		2,369	2,186	4,766	4,320
Gross margin		1,246	1,315	2,529	2,471
Operating expenses:
Selling, general and administrative expenses		486	465	920	865
Research, development and engineering expenses		240	242	488	464
Amortization of purchased intangibles		30	33	61	65
Operating income		490	575	1,060	1,077
Interest income		3	2	6	5
Interest expense		(72)	(78)	(143)	(155)
Translated earnings contract gain, net (Note 10)		196	3	325	275
Other income, net		133	19	285	146
Income before income taxes		750	521	1,533	1,348
Provision for income taxes (Note 3)		(166)	(67)	(346)	(293)
Net income		584	454	1,187	1,055
Net income attributable to non-controlling interests		(21)	(5)	(43)	(7)
Net income attributable to Corning Incorporated		$ 563	$ 449	$ 1,144	$ 1,048
Earnings (loss) per common share available to common shareholders:
Basic (Note 4) (in dollars per share)		$ 0.67	$ (0.42)	$ 1.36	$ 0.27
Diluted (Note 4) (in dollars per share)		$ 0.66	$ (0.42)	$ 1.33	$ 0.27
Net income attributable to Corning Incorporated		$ 563	$ 449	$ 1,144	$ 1,048
Series A convertible preferred stock dividend					(24)
Excess consideration paid for redemption of preferred shares (1)	[1]		(803)		(803)
Net income (loss) available to common shareholders		$ 563	$ (354)	$ 1,144	$ 221
[1]Refer to Note 4 (Earnings (Loss) per Common Share) and Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income	$ 584	$ 454	$ 1,187	$ 1,055
Foreign currency translation adjustments and other	(650)	40	(850)	(323)
Unamortized losses and prior service costs for postretirement benefit plans	(51)	(1)	(52)	(1)
Net unrealized (losses) gains on designated hedges	(31)	1	(17)	12
Other comprehensive (loss) income, net of tax	(732)	40	(919)	(312)
Comprehensive (loss) income	(148)	494	268	743
Comprehensive income attributable to non-controlling interests	(21)	(5)	(43)	(7)
Comprehensive (loss) income attributable to Corning Incorporated	$ (169)	$ 489	$ 225	$ 736

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,629	$ 2,148
Trade accounts receivable, net of doubtful accounts - $38 and $42	1,786	2,004
Inventories, net (Note 5)	2,835	2,481
Other current assets	1,633	1,026
Total current assets	7,883	7,659
Property, plant and equipment, net of accumulated depreciation - $13,499 and $13,969	15,350	15,804
Goodwill, net	2,389	2,421
Other intangible assets, net	1,088	1,148
Deferred income taxes (Note 3)	982	1,066
Other assets	2,026	2,056
Total Assets	29,718	30,154
Current liabilities:
Current portion of long-term debt and short-term borrowings (Note 7)	121	55
Accounts payable	1,934	1,612
Other accrued liabilities (Note 6 and Note 9)	3,475	3,139
Total current liabilities	5,530	4,806
Long-term debt (Note 7)	6,677	6,989
Postretirement benefits other than pensions (Note 8)	588	622
Other liabilities (Note 6 and Note 9)	4,941	5,192
Total liabilities	17,736	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	910	907
Additional paid-in capital – common stock	16,590	16,475
Retained earnings	16,837	16,389
Treasury stock, at cost; Shares held: 976 million and 970 million	(20,509)	(20,263)
Accumulated other comprehensive loss	(2,094)	(1,175)
Total Corning Incorporated shareholders’ equity	11,734	12,333
Non-controlling interests	248	212
Total equity	11,982	12,545
Total Liabilities and Equity	$ 29,718	$ 30,154

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Doubtful accounts and allowances	$ 38	$ 42
Accumulated depreciation	$ 13,499	$ 13,969
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred 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)	976,000	970,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net income	$ 1,187	$ 1,055
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	687	666
Amortization of purchased intangibles	61	65
Gain on sale of business	(53)	(54)
Share-based compensation expense	93	78
Translation gain on Japanese yen-denominated debt	(237)	(123)
Deferred tax provision	72	56
Translated earnings contract gain	(325)	(275)
Unrealized translation losses on transactions	77	51
Changes in assets and liabilities:
Trade accounts receivable	55	(49)
Inventories	(436)	18
Other current assets	(77)	(153)
Accounts payable and other current liabilities	209	171
Customer deposits and government incentives	4	56
Deferred income	(24)	(60)
Other, net	(1)	(8)
Net cash provided by operating activities	1,292	1,494
Cash Flows from Investing Activities:
Capital expenditures	(736)	(613)
Proceeds from sale or disposal of assets		17
Proceeds from sale of business	74	102
Investment in and proceeds from unconsolidated entities, net	(6)	85
Realized gains on translated earnings contract	132	13
Other, net	(31)	(19)
Net cash used in investing activities	(567)	(415)
Cash Flows from Financing Activities:
Repayments of short-term borrowings	(11)	(460)
Proceeds from issuance of long-term debt	28
Payment for redemption of preferred stock	(507)	(507)
Payments of employee withholding tax on stock awards	(42)	(55)
Proceeds from exercise of stock options	28	82
Purchases of common stock for treasury	(201)	(1)
Dividends paid	(462)	(442)
Other, net	(11)	(6)
Net cash used in financing activities	(1,178)	(1,389)
Effect of exchange rates on cash	(66)	(42)
Net decrease in cash and cash equivalents	(519)	(352)
Cash and cash equivalents at beginning of period	2,148	2,672
Cash and cash equivalents at end of period	$ 1,629	$ 2,320

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]				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, 2020		2,300	863	14,642	16,120	(19,928)	(740)	13,257	191	13,448
Net income (loss)										1,055
Balance at Jun. 30, 2021		0	907	16,352	15,739	(19,986)	(1,052)	11,960	182	12,142
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 income (loss)							40	40	1	41
Purchase of common stock for treasury						(1)		(1)		(1)
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)	[2]	(700)			(803)			(1,503)		(1,503)
Conversion of preferred stock to common stock (3)	[3]	(1,600)	40	1,560				0		0
Balance at Jun. 30, 2021		$ 0	907	16,352	15,739	(19,986)	(1,052)	11,960	182	12,142
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	[1]					(5)		(5)		(5)
Balance at Mar. 31, 2022			908	16,531	16,737	(20,419)	(1,362)	12,395	234	12,629
Balance at Dec. 31, 2021			907	16,475	16,389	(20,263)	(1,175)	12,333	212	12,545
Net income (loss)										1,187
Balance at Jun. 30, 2022			910	16,590	16,837	(20,509)	(2,094)	11,734	248	11,982
Balance at Mar. 31, 2022			908	16,531	16,737	(20,419)	(1,362)	12,395	234	12,629
Net income (loss)					563			563	21	584
Other comprehensive income (loss)							(732)	(732)	(2)	(734)
Purchase of common stock for treasury						(53)		(53)		(53)
Shares issued to benefit plans and for option exercises			2	59				61		61
Common dividends					(463)			(463)		(463)
Other, net	[1]					(37)		(37)	(5)	(42)
Balance at Jun. 30, 2022			$ 910	$ 16,590	$ 16,837	$ (20,509)	$ (2,094)	$ 11,734	$ 248	$ 11,982
[1]Treasury stock includes the deemed surrender to the Company of common stock to satisfy employee tax withholding obligations.[2]Refer to Note 4 (Earnings (Loss) per Common Share) and Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information.[3]Refer to Note 12 (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, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Common Dividends (in dollars per share)	$ 0.54	$ 0.27	$ 0.48	$ 0.24
Preferred Dividends (in dollars per share)				$ 10,625

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 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”) for interim financial information and in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). 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. The non-controlling interest as recorded in the financial statements represents the amounts attributable to the minority shareholders of Hemlock and other less-than-wholly-owned consolidated subsidiaries. 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 June 30, 2022,

Note 2 - Revenue

Note 2 - Revenue	6 Months Ended
	Jun. 30, 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 Six months ended June 30, June 30, 2022 2021 2022 2021 Telecommunication products $ 1,313 $ 1,075 $ 2,511 $ 2,012 Display products 759 934 1,665 1,822 Specialty glass products 485 483 978 934 Environmental substrate and filter products 336 409 737 851 Life science products 304 312 611 613 Polycrystalline silicon and all other products 418 288 793 559 Total revenue $ 3,615 $ 3,501 $ 7,295 $ 6,791 Impact of foreign currency movements (1) 147 3 211 (24 ) Net sales of reportable segments and Hemlock and Emerging Growth Businesses $ 3,762 $ 3,504 $ 7,506 $ 6,767 ( 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 June 30, 2022 December 31, 2021 Customer deposits used were $48 million and $131 million, respectively, and $28 million and $123 million, respectively in the three six June 30, 2022 2021 June 30, 2022 December 31, 2021 Deferred Revenue As of June 30, 2022 December 31, 2021, As of June 30, 2022 December 31, 2021,

Note 3 - Income Taxes

Note 3 - Income Taxes	6 Months Ended
	Jun. 30, 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 Six months ended June 30, June 30, 2022 2021 2022 2021 Provision for income taxes $ (166 ) $ (67 ) $ (346 ) $ (293 ) Effective tax rate 22.1 % 12.9 % 22.6 % 21.7 % For the three June 30, 2022, six June 30, 2022, For the three June 30, 2021, six June 30, 2021, Corning Precision Materials is currently appealing certain tax assessments and tax refund claims in South Korea for tax years 2010 2018. not June 30, 2022 December 31, 2021,

Note 4 - Earnings (Loss) Per Co

Note 4 - Earnings (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	4. The following table sets forth the computation of basic and diluted earnings (loss) per common share (in millions, except per share amounts): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Net income attributable to Corning Incorporated $ 563 $ 449 $ 1,144 $ 1,048 Less: Series A convertible preferred stock dividend 24 Less: Excess consideration paid for redemption of preferred shares 803 803 Net income (loss) available to common shareholders – basic 563 (354 ) 1,144 221 Net income (loss) available to common shareholders – diluted $ 563 $ (354 ) $ 1,144 $ 221 Weighted-average common shares outstanding – basic 843 844 843 805 Effect of dilutive securities: Employee stock options and other dilutive securities 13 14 17 Weighted-average common shares outstanding – diluted 856 844 857 822 Basic earnings (loss) per common share $ 0.67 $ (0.42 ) $ 1.36 $ 0.27 Diluted earnings (loss) per common share $ 0.66 $ (0.42 ) $ 1.33 $ 0.27 Anti-dilutive potential shares excluded from diluted earnings (loss) per common share: Series A convertible preferred stock (1) 9 62 Employee stock options and awards 2 24 2 1 Total 2 33 2 63 ( 1 For the three six June 30, 2021, Fixed Rate Cumulative Convertible Preferred Stock, Series A December 31, 2020, January 16, 2021, April 5, 2021, April 8, 2021, second 2021. 12

Note 5 - Inventories, Net

Note 5 - Inventories, Net	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. Inventories, net comprise the following (in millions): June 30, December 31, 2022 2021 Finished goods $ 1,391 $ 1,215 Work in process 410 358 Raw materials and accessories 550 427 Supplies and packing materials 484 481 Total inventories, net $ 2,835 $ 2,481

Note 6 - Other Liabilities

Note 6 - Other Liabilities	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	6. Other liabilities follow (in millions): June 30, December 31, 2022 2021 Current liabilities: Wages and employee benefits $ 531 $ 824 Income taxes 184 196 Derivative instruments (Note 10) 484 144 Deferred revenue (Note 2) 112 148 Customer deposits (Note 2) 190 223 Share repurchase liability (Note 12) 502 506 Short-term operating leases 96 94 Other current liabilities 1,376 1,004 Other accrued liabilities $ 3,475 $ 3,139 Non-current liabilities: Defined benefit pension plan liabilities $ 716 $ 707 Derivative instruments (Note 10) 154 49 Deferred revenue (Note 2) 780 764 Customer deposits (Note 2) 1,003 1,072 Share repurchase liability (Note 12) 18 517 Deferred tax liabilities 206 258 Long-term operating leases 678 691 Other non-current liabilities 1,386 1,134 Other liabilities $ 4,941 $ 5,192

Note 7 - Debt

Note 7 - Debt	6 Months Ended
	Jun. 30, 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 $6.4 billion and $8.3 billion at June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 2 Debt Issuances and Redemptions In the second 2022, 2027. 2025. June 30, 2022 December 31, 2021, no In the second 2021, 2022, Corning had no outstanding commercial paper as of June 30, 2022 December 31, 2021

Note 8 - Employee Retirement Pl

Note 8 - Employee Retirement Plans	6 Months Ended
	Jun. 30, 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 Six months ended Three months ended Six months ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 32 $ 32 $ 64 $ 64 $ 2 $ 3 $ 4 $ 5 Interest cost 27 21 54 43 4 4 8 8 Expected return on plan assets (54 ) (54 ) (109 ) (108 ) Amortization of prior service cost (credit) 2 1 3 2 (1 ) (2 ) (2 ) (3 ) Recognition of actuarial loss (gain) 22 10 22 10 (1 ) 1 (1 ) 1 Total pension and postretirement benefit expense $ 29 $ 10 $ 34 $ 11 $ 4 $ 6 $ 9 $ 11 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2022 not Environmental Litigation Corning has been designated by federal or state governments under environmental laws, including Superfund, as a potentially responsible party that may June 30, 2022 December 31, 2021

Note 10 - Hedging Activities

Note 10 - Hedging Activities	6 Months Ended
	Jun. 30, 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 $600 million and $780 million at June 30, 2022 December 31, 2021 2022 2024. June 30, 2022 12 Corning has entered into leases of precious metals with maturities through 2025. not June 30, 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 June 30, 2022 December 31, 2021 June 30, December 31, 2022 2021 Average rate forward contracts: Japanese yen-denominated $ 1.7 $ 2.9 South Korean won-denominated 2.2 1.2 Euro-denominated 0.1 0.2 Other foreign currencies (1) 0.4 0.1 Option contracts: Japanese yen-denominated (2) 4.7 3.6 Other foreign currencies (3) — 0.9 Total gross notional value for translated earning contracts $ 9.1 $ 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 are settled against U.S. dollars. The following table summarizes the notional amounts and respective fair values of Corning’s derivative financial instruments on a gross basis for June 30, 2022 December 31, 2021 Asset derivatives Liability derivatives Notional amount Balance Fair value Balance Fair value June 30, December 31, sheet June 30, December 31, sheet June 30, December 31, 2022 2021 location 2022 2021 location 2022 2021 Derivatives designated as hedging instruments (1) Foreign exchange contracts and other $ 600 $ 780 Other current assets $ 47 $ 49 Other accrued liabilities $ (3 ) $ (2 ) Other assets 77 10 Other liabilities (47 ) (9 ) Derivatives not designated as hedging instruments Foreign exchange contracts 3,257 3,864 Other current assets 198 91 Other accrued liabilities (209 ) (95 ) Translated earnings contracts 9,116 8,899 Other current assets 640 196 Other accrued liabilities (272 ) (47 ) Other assets 220 154 Other liabilities (107 ) (40 ) Total derivatives $ 12,973 $ 13,543 $ 1,182 $ 500 $ (638 ) $ (193 ) ( 1 At June 30, 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 June 30, (Loss) gain recognized Location of gain Gain reclassified Derivative 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 $ 13 $ 4 Foreign exchange contracts and other $ (14 ) $ 15 Cost of sales 6 10 Total cash flow and fair value hedges $ (14 ) $ 15 $ 19 $ 14 Six months ended June 30, Gain recognized Location of gain Gain reclassified Derivative 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 $ 23 $ 6 Foreign exchange contracts and other $ 20 $ 41 Cost of sales 13 17 Total cash flow and fair value hedges $ 20 $ 41 $ 36 $ 23 Gain (loss) recognized in income Three months ended Six months ended Location of gain (loss) June 30, June 30, Undesignated derivatives recognized in income 2022 2021 2022 2021 Foreign exchange contracts Other income, net $ 33 $ (9 ) $ 59 $ 35 Translated earnings contracts Translated earnings contract gain, net 196 3 325 275 Total undesignated $ 229 $ (6 ) $ 384 $ 310

Note 11 - Fair Value Measuremen

Note 11 - Fair Value Measurements	6 Months Ended
	Jun. 30, 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” June 30, 2022 L1 L2 L3 December 31, 2021 L1 L2 L3 Current assets: Other current assets (1) $ 928 $ 3 $ 885 $ 40 $ 352 $ 10 $ 336 $ 6 Non-current assets: Other assets (1) $ 306 $ 297 $ 9 $ 175 $ 164 $ 11 Current liabilities: Other accrued liabilities (1) $ 484 $ 484 $ 144 $ 144 Non-current liabilities: Other liabilities (1) $ 171 $ 171 $ 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 June 30, 2022 December 31, 2021.

Note 12 - Shareholders' Equity

Note 12 - Shareholders' Equity	6 Months Ended
	Jun. 30, 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 April 8, 2022 2021, April 8, 2023. 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. These common shares 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 April 26, 2018, no “2018 July 17, 2019, no “2019 For the three six June 30, 2022 2019 For the three six June 30, 2021, 2018 2019 Accumulated Other Comprehensive (Loss) Income In the three six June 30, 2022 2021 A summary of changes in the foreign currency translation adjustment component of accumulated other comprehensive (loss) income is as follows (in millions) ( 1 Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Beginning balance $ (1,133 ) $ (692 ) $ (933 ) $ (329 ) (Losses) gains on foreign currency translation (2) (635 ) 39 (833 ) (316 ) Equity method affiliates (3) (15 ) 1 (17 ) (7 ) Net current-period other comprehensive (loss) income (650 ) 40 (850 ) (323 ) Ending balance $ (1,783 ) $ (652 ) $ (1,783 ) $ (652 ) ( 1 All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive (loss) income. ( 2 For the three six June 30, 2022 three six June 30, 2021 ( 3 Tax effects are not

Note 13 - Share-based Compensat

Note 13 - Share-based Compensation	6 Months Ended
	Jun. 30, 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 June 30, 2022 Share-based compensation cost is allocated to the cost of sales, selling, general and administrative, and research, development and engineering expense 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 $51 million and $93 million, respectively, for the three six June 30, 2022 three six June 30, 2021 three six June 30, 2022 three six June 30, 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 six June 30, 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 (1,422 ) 19.42 Forfeited and expired (159 ) 18.22 Options outstanding as of June 30, 2022 10,323 22.77 6.29 $ 93,772 Options expected to vest as of June 30, 2022 10,287 22.78 6.28 93,346 Options exercisable as of June 30, 2022 8,483 23.45 5.94 71,945 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 six June 30, 2022 June 30, 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 for awards that receive dividends on the underlying shares while unvested or dividends accumulated and paid upon vesting is based on the closing market price of the Company’s stock on the grant date. Awards that do not The following table summarizes the Company’s non-vested time-based restricted stock and restricted stock units and changes which occurred during the six June 30, 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 4,090 34.24 Vested (3,067 ) 24.42 Forfeited (200 ) 27.99 Non-vested shares and share units at June 30, 2022 11,417 $ 29.19 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 six June 30, 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 1,761 40.76 Vested (130 ) 31.86 Performance adjustments 366 34.46 Forfeited (62 ) 32.72 Non-vested share units at June 30, 2022 5,619 $ 36.27

Note 14 - Reportable Segments

Note 14 - Reportable Segments	6 Months Ended
	Jun. 30, 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 June 30, 2022 Segment net sales $ 1,313 $ 878 $ 485 $ 356 $ 312 $ 418 $ 3,762 Depreciation (1) $ 68 $ 146 $ 42 $ 34 $ 16 $ 35 $ 341 Research, development and engineering expenses (2) $ 58 $ 30 $ 44 $ 24 $ 9 $ 38 $ 203 Income tax provision (3) $ (51 ) $ (59 ) $ (24 ) $ (16 ) $ (10 ) $ (10 ) $ (170 ) Segment net income (4) $ 182 $ 228 $ 91 $ 62 $ 37 $ 25 $ 625 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended June 30, 2021 Segment net sales $ 1,075 $ 939 $ 483 $ 407 $ 312 $ 288 $ 3,504 Depreciation (1) $ 58 $ 149 $ 42 $ 35 $ 14 $ 34 $ 332 Research, development and engineering expenses (2) $ 52 $ 26 $ 49 $ 29 $ 8 $ 36 $ 200 Income tax (provision) benefit (3) $ (40 ) $ (64 ) $ (22 ) $ (21 ) $ (14 ) $ 3 $ (158 ) Segment net income (loss) (4) $ 148 $ 248 $ 81 $ 81 $ 52 $ (15 ) $ 595 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Six months ended June 30, 2022 Segment net sales $ 2,511 $ 1,837 $ 978 $ 765 $ 622 $ 793 $ 7,506 Depreciation (1) $ 127 $ 302 $ 82 $ 67 $ 30 $ 73 $ 681 Research, development and engineering expenses (2) $ 113 $ 61 $ 97 $ 49 $ 18 $ 78 $ 416 Income tax provision (3) $ (96 ) $ (122 ) $ (44 ) $ (36 ) $ (21 ) $ (11 ) $ (330 ) Segment net income (4) $ 348 $ 464 $ 166 $ 136 $ 79 $ 17 $ 1,210 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Six months ended June 30, 2021 Segment net sales $ 2,012 $ 1,802 $ 934 $ 848 $ 612 $ 559 $ 6,767 Depreciation (1) $ 116 $ 297 $ 83 $ 71 $ 26 $ 66 $ 659 Research, development and engineering expenses (2) $ 103 $ 48 $ 94 $ 56 $ 16 $ 70 $ 387 Income tax (provision) benefit (3) $ (71 ) $ (120 ) $ (46 ) $ (41 ) $ (27 ) $ 11 $ (294 ) Segment net income (loss) (4) $ 259 $ 461 $ 172 $ 155 $ 100 $ (39 ) $ 1,108 ( 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 Six months ended June 30, June 30, 2022 2021 2022 2021 Net sales of reportable segments $ 3,344 $ 3,216 $ 6,713 $ 6,208 Net sales of Hemlock and Emerging Growth Businesses 418 288 793 559 Impact of foreign currency movements (1) (147 ) (3 ) (211 ) 24 Consolidated net sales $ 3,615 $ 3,501 $ 7,295 $ 6,791 ( 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 attributable to Corning follows (in millions): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Net income of reportable segments $ 600 $ 610 $ 1,193 $ 1,147 Net income (loss) of Hemlock and Emerging Growth Businesses 25 (15 ) 17 (39 ) Unallocated amounts: Impact of foreign currency movements not included in segment net income (loss) (120 ) (20 ) (183 ) (14 ) Gain on foreign currency hedges related to translated earnings 196 3 325 275 Translation gain on Japanese yen-denominated debt 153 5 237 123 Research, development, and engineering expenses (37 ) (42 ) (72 ) (77 ) Amortization of intangibles (30 ) (33 ) (61 ) (65 ) Interest expense, net (60 ) (67 ) (121 ) (141 ) Income tax benefit (provision) 4 91 (16 ) 1 Gain on sale of a business 40 53 54 Other corporate items (168 ) (123 ) (228 ) (216 ) Net income attributable to Corning Incorporated $ 563 $ 449 $ 1,144 $ 1,048

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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”) for interim financial information and in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). 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. The non-controlling interest as recorded in the financial statements represents the amounts attributable to the minority shareholders of Hemlock and other less-than-wholly-owned consolidated subsidiaries. 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 June 30, 2022,

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Telecommunication products $ 1,313 $ 1,075 $ 2,511 $ 2,012 Display products 759 934 1,665 1,822 Specialty glass products 485 483 978 934 Environmental substrate and filter products 336 409 737 851 Life science products 304 312 611 613 Polycrystalline silicon and all other products 418 288 793 559 Total revenue $ 3,615 $ 3,501 $ 7,295 $ 6,791 Impact of foreign currency movements (1) 147 3 211 (24 ) Net sales of reportable segments and Hemlock and Emerging Growth Businesses $ 3,762 $ 3,504 $ 7,506 $ 6,767

Note 3 - Income Taxes (Tables)

Note 3 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Income Tax Provisions and Rates [Table Text Block]	Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Provision for income taxes $ (166 ) $ (67 ) $ (346 ) $ (293 ) Effective tax rate 22.1 % 12.9 % 22.6 % 21.7 %

Note 4 - Earnings (Loss) Per _2

Note 4 - Earnings (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Net income attributable to Corning Incorporated $ 563 $ 449 $ 1,144 $ 1,048 Less: Series A convertible preferred stock dividend 24 Less: Excess consideration paid for redemption of preferred shares 803 803 Net income (loss) available to common shareholders – basic 563 (354 ) 1,144 221 Net income (loss) available to common shareholders – diluted $ 563 $ (354 ) $ 1,144 $ 221 Weighted-average common shares outstanding – basic 843 844 843 805 Effect of dilutive securities: Employee stock options and other dilutive securities 13 14 17 Weighted-average common shares outstanding – diluted 856 844 857 822 Basic earnings (loss) per common share $ 0.67 $ (0.42 ) $ 1.36 $ 0.27 Diluted earnings (loss) per common share $ 0.66 $ (0.42 ) $ 1.33 $ 0.27 Anti-dilutive potential shares excluded from diluted earnings (loss) per common share: Series A convertible preferred stock (1) 9 62 Employee stock options and awards 2 24 2 1 Total 2 33 2 63

Note 5 - Inventories, Net (Tabl

Note 5 - Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, 2022 2021 Finished goods $ 1,391 $ 1,215 Work in process 410 358 Raw materials and accessories 550 427 Supplies and packing materials 484 481 Total inventories, net $ 2,835 $ 2,481

Note 6 - Other Liabilities (Tab

Note 6 - Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Other Liabilities [Table Text Block]	June 30, December 31, 2022 2021 Current liabilities: Wages and employee benefits $ 531 $ 824 Income taxes 184 196 Derivative instruments (Note 10) 484 144 Deferred revenue (Note 2) 112 148 Customer deposits (Note 2) 190 223 Share repurchase liability (Note 12) 502 506 Short-term operating leases 96 94 Other current liabilities 1,376 1,004 Other accrued liabilities $ 3,475 $ 3,139 Non-current liabilities: Defined benefit pension plan liabilities $ 716 $ 707 Derivative instruments (Note 10) 154 49 Deferred revenue (Note 2) 780 764 Customer deposits (Note 2) 1,003 1,072 Share repurchase liability (Note 12) 18 517 Deferred tax liabilities 206 258 Long-term operating leases 678 691 Other non-current liabilities 1,386 1,134 Other liabilities $ 4,941 $ 5,192

Note 8 - Employee Retirement _2

Note 8 - Employee Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 2022 2021 2022 2021 Service cost $ 32 $ 32 $ 64 $ 64 $ 2 $ 3 $ 4 $ 5 Interest cost 27 21 54 43 4 4 8 8 Expected return on plan assets (54 ) (54 ) (109 ) (108 ) Amortization of prior service cost (credit) 2 1 3 2 (1 ) (2 ) (2 ) (3 ) Recognition of actuarial loss (gain) 22 10 22 10 (1 ) 1 (1 ) 1 Total pension and postretirement benefit expense $ 29 $ 10 $ 34 $ 11 $ 4 $ 6 $ 9 $ 11

Note 10 - Hedging Activities (T

Note 10 - Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Derivatives Not Designated as Hedging Instruments [Table Text Block]	June 30, December 31, 2022 2021 Average rate forward contracts: Japanese yen-denominated $ 1.7 $ 2.9 South Korean won-denominated 2.2 1.2 Euro-denominated 0.1 0.2 Other foreign currencies (1) 0.4 0.1 Option contracts: Japanese yen-denominated (2) 4.7 3.6 Other foreign currencies (3) — 0.9 Total gross notional value for translated earning contracts $ 9.1 $ 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 June 30, December 31, sheet June 30, December 31, sheet June 30, December 31, 2022 2021 location 2022 2021 location 2022 2021 Derivatives designated as hedging instruments (1) Foreign exchange contracts and other $ 600 $ 780 Other current assets $ 47 $ 49 Other accrued liabilities $ (3 ) $ (2 ) Other assets 77 10 Other liabilities (47 ) (9 ) Derivatives not designated as hedging instruments Foreign exchange contracts 3,257 3,864 Other current assets 198 91 Other accrued liabilities (209 ) (95 ) Translated earnings contracts 9,116 8,899 Other current assets 640 196 Other accrued liabilities (272 ) (47 ) Other assets 220 154 Other liabilities (107 ) (40 ) Total derivatives $ 12,973 $ 13,543 $ 1,182 $ 500 $ (638 ) $ (193 )
Not Designated as Hedging Instrument [Member]
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Gain (loss) recognized in income Three months ended Six months ended Location of gain (loss) June 30, June 30, Undesignated derivatives recognized in income 2022 2021 2022 2021 Foreign exchange contracts Other income, net $ 33 $ (9 ) $ 59 $ 35 Translated earnings contracts Translated earnings contract gain, net 196 3 325 275 Total undesignated $ 229 $ (6 ) $ 384 $ 310
Designated as Hedging Instrument [Member]
Notes Tables
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Three months ended June 30, (Loss) gain recognized Location of gain Gain reclassified Derivative 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 $ 13 $ 4 Foreign exchange contracts and other $ (14 ) $ 15 Cost of sales 6 10 Total cash flow and fair value hedges $ (14 ) $ 15 $ 19 $ 14 Six months ended June 30, Gain recognized Location of gain Gain reclassified Derivative 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 $ 23 $ 6 Foreign exchange contracts and other $ 20 $ 41 Cost of sales 13 17 Total cash flow and fair value hedges $ 20 $ 41 $ 36 $ 23

Note 11 - Fair Value Measurem_2

Note 11 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	June 30, 2022 L1 L2 L3 December 31, 2021 L1 L2 L3 Current assets: Other current assets (1) $ 928 $ 3 $ 885 $ 40 $ 352 $ 10 $ 336 $ 6 Non-current assets: Other assets (1) $ 306 $ 297 $ 9 $ 175 $ 164 $ 11 Current liabilities: Other accrued liabilities (1) $ 484 $ 484 $ 144 $ 144 Non-current liabilities: Other liabilities (1) $ 171 $ 171 $ 66 $ 66

Note 12 - Shareholders' Equity

Note 12 - Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 Beginning balance $ (1,133 ) $ (692 ) $ (933 ) $ (329 ) (Losses) gains on foreign currency translation (2) (635 ) 39 (833 ) (316 ) Equity method affiliates (3) (15 ) 1 (17 ) (7 ) Net current-period other comprehensive (loss) income (650 ) 40 (850 ) (323 ) Ending balance $ (1,783 ) $ (652 ) $ (1,783 ) $ (652 )

Note 13 - Share-based Compens_2

Note 13 - Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 (1,422 ) 19.42 Forfeited and expired (159 ) 18.22 Options outstanding as of June 30, 2022 10,323 22.77 6.29 $ 93,772 Options expected to vest as of June 30, 2022 10,287 22.78 6.28 93,346 Options exercisable as of June 30, 2022 8,483 23.45 5.94 71,945
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 4,090 34.24 Vested (3,067 ) 24.42 Forfeited (200 ) 27.99 Non-vested shares and share units at June 30, 2022 11,417 $ 29.19
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 1,761 40.76 Vested (130 ) 31.86 Performance adjustments 366 34.46 Forfeited (62 ) 32.72 Non-vested share units at June 30, 2022 5,619 $ 36.27

Note 14 - Reportable Segments (

Note 14 - Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 Segment net sales $ 1,313 $ 878 $ 485 $ 356 $ 312 $ 418 $ 3,762 Depreciation (1) $ 68 $ 146 $ 42 $ 34 $ 16 $ 35 $ 341 Research, development and engineering expenses (2) $ 58 $ 30 $ 44 $ 24 $ 9 $ 38 $ 203 Income tax provision (3) $ (51 ) $ (59 ) $ (24 ) $ (16 ) $ (10 ) $ (10 ) $ (170 ) Segment net income (4) $ 182 $ 228 $ 91 $ 62 $ 37 $ 25 $ 625 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Three months ended June 30, 2021 Segment net sales $ 1,075 $ 939 $ 483 $ 407 $ 312 $ 288 $ 3,504 Depreciation (1) $ 58 $ 149 $ 42 $ 35 $ 14 $ 34 $ 332 Research, development and engineering expenses (2) $ 52 $ 26 $ 49 $ 29 $ 8 $ 36 $ 200 Income tax (provision) benefit (3) $ (40 ) $ (64 ) $ (22 ) $ (21 ) $ (14 ) $ 3 $ (158 ) Segment net income (loss) (4) $ 148 $ 248 $ 81 $ 81 $ 52 $ (15 ) $ 595 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Six months ended June 30, 2022 Segment net sales $ 2,511 $ 1,837 $ 978 $ 765 $ 622 $ 793 $ 7,506 Depreciation (1) $ 127 $ 302 $ 82 $ 67 $ 30 $ 73 $ 681 Research, development and engineering expenses (2) $ 113 $ 61 $ 97 $ 49 $ 18 $ 78 $ 416 Income tax provision (3) $ (96 ) $ (122 ) $ (44 ) $ (36 ) $ (21 ) $ (11 ) $ (330 ) Segment net income (4) $ 348 $ 464 $ 166 $ 136 $ 79 $ 17 $ 1,210 Hemlock and Emerging Optical Display Specialty Environmental Life Growth Communications Technologies Materials Technologies Sciences Businesses Total Six months ended June 30, 2021 Segment net sales $ 2,012 $ 1,802 $ 934 $ 848 $ 612 $ 559 $ 6,767 Depreciation (1) $ 116 $ 297 $ 83 $ 71 $ 26 $ 66 $ 659 Research, development and engineering expenses (2) $ 103 $ 48 $ 94 $ 56 $ 16 $ 70 $ 387 Income tax (provision) benefit (3) $ (71 ) $ (120 ) $ (46 ) $ (41 ) $ (27 ) $ 11 $ (294 ) Segment net income (loss) (4) $ 259 $ 461 $ 172 $ 155 $ 100 $ (39 ) $ 1,108
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Net sales of reportable segments $ 3,344 $ 3,216 $ 6,713 $ 6,208 Net sales of Hemlock and Emerging Growth Businesses 418 288 793 559 Impact of foreign currency movements (1) (147 ) (3 ) (211 ) 24 Consolidated net sales $ 3,615 $ 3,501 $ 7,295 $ 6,791
Reconciliation of Net Income (Loss) from Segments to Consolidated [Table Text Block]	Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Net income of reportable segments $ 600 $ 610 $ 1,193 $ 1,147 Net income (loss) of Hemlock and Emerging Growth Businesses 25 (15 ) 17 (39 ) Unallocated amounts: Impact of foreign currency movements not included in segment net income (loss) (120 ) (20 ) (183 ) (14 ) Gain on foreign currency hedges related to translated earnings 196 3 325 275 Translation gain on Japanese yen-denominated debt 153 5 237 123 Research, development, and engineering expenses (37 ) (42 ) (72 ) (77 ) Amortization of intangibles (30 ) (33 ) (61 ) (65 ) Interest expense, net (60 ) (67 ) (121 ) (141 ) Income tax benefit (provision) 4 91 (16 ) 1 Gain on sale of a business 40 53 54 Other corporate items (168 ) (123 ) (228 ) (216 ) Net income attributable to Corning Incorporated $ 563 $ 449 $ 1,144 $ 1,048

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Contract with Customer, Liability, Customer Deposits	$ 1,200		$ 1,200		$ 1,300
Increase (Decrease) in Contract with Customer, Liability	48	$ 28	131	$ 123
Contract with Customer, Liability, Noncurrent	1,003		1,003		1,072
Contract with Customer, Liability, Current	190		190		223
Contract with Customer, Liability, Total	892		892		912
Contract With Customer Liability, Deferred Revenue, Noncurrent	780		780		764
Contract With Customer Liability, Deferred Revenue, Current	$ 112		$ 112		$ 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		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net sales		$ 3,615	$ 3,501	$ 7,295	$ 6,791
Impact of foreign currency movements	[1]	147	3	211	(24)
Net sales of reportable segments and Hemlock and Emerging Growth Businesses		3,762	3,504	7,506	6,767
Telecommunication Products [Member]
Net sales		1,313	1,075	2,511	2,012
Display Products [Member]
Net sales		759	934	1,665	1,822
Specialty Glass Products [Member]
Net sales		485	483	978	934
Environmental Substrate and Filter Products [Member]
Net sales		336	409	737	851
Life Science Products [Member]
Net sales		304	312	611	613
Product and Service, Other [Member]
Net sales		$ 418	$ 288	$ 793	$ 559
[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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%	21%
National Tax Service of Korea [Member]
Income Taxes Receivable, Noncurrent	$ 342		$ 342		$ 350

Note 3 - Income Taxes - Provisi

Note 3 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Provision for income taxes (Note 3)	$ (166)	$ (67)	$ (346)	$ (293)
Effective tax rate	22.10%	12.90%	22.60%	21.70%

Note 4 - Earnings (Loss) Per _3

Note 4 - Earnings (Loss) Per Common Share (Details Textual) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
		Apr. 08, 2021	Jun. 30, 2021		Dec. 31, 2020	Apr. 05, 2021	Jan. 16, 2021
Stock Redeemed or Called During Period, Value	[1]		$ 1,503
Retained Earnings [Member]
Stock Redeemed or Called During Period, Value		$ 803	$ 803	[1]
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
Conversion of Preferred Stock into Common Stock [Member] | Samsung [Member]
Stock Repurchased and Retired During Period, Shares (in shares)		35,000,000
[1]Refer to Note 4 (Earnings (Loss) per Common Share) and Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information.

Note 4 - Earnings (Loss) Per _4

Note 4 - Earnings (Loss) Per Common Share - Reconciliation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income attributable to Corning Incorporated		$ 563	$ 449	$ 1,144	$ 1,048
Less: Series A convertible preferred stock dividend					24
Less: Excess consideration paid for redemption of preferred shares	[1]		803		803
Net income (loss) available to common shareholders		563	(354)	1,144	221
Net income (loss) available to common shareholders – diluted		$ 563	$ (354)	$ 1,144	$ 221
Weighted-average common shares outstanding – basic (in shares)		843	844	843	805
Employee stock options and other dilutive securities (in shares)		13		14	17
Weighted-average common shares outstanding – diluted (in shares)		856	844	857	822
Basic (Note 4) (in dollars per share)		$ 0.67	$ (0.42)	$ 1.36	$ 0.27
Diluted (Note 4) (in dollars per share)		$ 0.66	$ (0.42)	$ 1.33	$ 0.27
Total (in shares)		2	33	2	63
Share-Based Payment Arrangement [Member]
Total (in shares)		2	24	2	1
Series A Convertible Preferred Stock [Member]
Series A convertible preferred stock (1) (in shares)	[2]		9		62
[1]Refer to Note 4 (Earnings (Loss) per Common Share) and Note 12 (Shareholders' Equity) to the consolidated financial statements for additional information.[2]For the three and six months ended June 30, 2021, the Preferred Stock was anti-dilutive; therefore, it was excluded from the calculation of diluted earnings (loss) per share

Note 5 - Inventories, Net - Inv

Note 5 - Inventories, Net - Inventories, Net (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Finished goods	$ 1,391	$ 1,215
Work in process	410	358
Raw materials and accessories	550	427
Supplies and packing materials	484	481
Total inventories, net	$ 2,835	$ 2,481

Note 6 - Other Liabilities - Ot

Note 6 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Wages and employee benefits	$ 531	$ 824
Income taxes	184	196
Derivative instruments (Note 10)	484	144
Deferred revenue (Note 2)	112	148
Customer deposits (Note 2)	190	223
Share repurchase liability (Note 12)	502	506
Short-term operating leases	96	94
Other current liabilities	1,376	1,004
Other accrued liabilities	3,475	3,139
Defined benefit pension plan liabilities	716	707
Derivative instruments (Note 10)	154	49
Deferred revenue (Note 2)	780	764
Customer deposits (Note 2)	1,003	1,072
Share repurchase liability (Note 12)	18	517
Deferred tax liabilities	206	258
Long-term operating leases	678	691
Other non-current liabilities	1,386	1,134
Other liabilities	$ 4,941	$ 5,192

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) $ in Thousands, ¥ in Billions	3 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 JPY (¥)	Dec. 31, 2021 USD ($)
Long-Term Debt and Lease Obligation, Total		$ 6,677,000		$ 6,989,000
Debentures Due in 2022 [Member]
Extinguishment of Debt, Amount	$ 375,000
Debt Instrument, Interest Rate, Stated Percentage	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
Incremental Liquidity Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		184,000	¥ 25
Revolving Credit Facility [Member] | Amended Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		1,500,000
Fair Value, Inputs, Level 2 [Member]
Long-Term Debt, Fair Value		$ 6,400,000		$ 8,300,000

Note 8 - Employee Retirement _3

Note 8 - Employee Retirement Plans (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension Plan [Member]
Service cost	$ 32	$ 32	$ 64	$ 64
Interest cost	27	21	54	43
Expected return on plan assets	(54)	(54)	(109)	(108)
Amortization of prior service cost (credit)	2	1	3	2
Recognition of actuarial loss (gain)	22	10	22	10
Total pension and postretirement benefit expense	29	10	34	11
Other Postretirement Benefits Plan [Member]
Service cost	2	3	4	5
Interest cost	4	4	8	8
Expected return on plan assets
Amortization of prior service cost (credit)	(1)	(2)	(2)	(3)
Recognition of actuarial loss (gain)	(1)	1	(1)	1
Total pension and postretirement benefit expense	$ 4	$ 6	$ 9	$ 11

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) $ in Millions		6 Months Ended
	May 31, 2016 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 01, 2016
Environmental Litigation [Member]
Number of Hazardous Waste Sites		17
Accrual for Environmental Loss Contingencies, Ending Balance		$ 86	$ 55
Dow Corning Corporation [Member] | Dow Corning Chapter 11 Related Matters [Member]
Equity Method Investment, Ownership Percentage				50%
Indemnification of Excess Liability	50%
Dow Corning Corporation [Member] | Dow Corning Breast Implant Litigation [Member]
Indemnification of Excess Liability		50%
Litigation Settlement, Expense		$ 1,800
Loss Contingency Accrual, Ending Balance	$ 290	$ 106	$ 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%

Note 10 - Hedging Activities (D

Note 10 - Hedging Activities (Details Textual) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) ozt	Dec. 31, 2021 USD ($) ozt
Derivative, Notional Amount	$ 12,973	$ 13,543
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	44
New Investment Hedges [Member] | Cash Flow Hedging [Member]
Derivative, Notional Amount	600	780
Leased Precious Metal Pools [Member] | Property and Equipment, Net [Member]
Derivative Instruments in Hedges, Assets, at Fair Value	324	107
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount	$ 600	$ 780
Lease Precious Metals [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative, Nonmonetary Notional Amount, Mass (Troy Ounce) | ozt	23,152	7,559

Note 10 - Hedging Activities -

Note 10 - Hedging Activities - Undesignated Hedges (Details) - USD ($) $ in Millions		Jun. 30, 2022	Dec. 31, 2021
Gross notional value for translated earning contracts		$ 12,973	$ 13,543
Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		9,100	8,900
Average Rate Forward Contracts, Japanese Yen-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		1,700	2,900
Average Rate Forward Contracts, South Korean Won-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts		2,200	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]	400	100
Options Contracts, Japanese Yen-denominated [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts	[2]	4,700	3,600
Options Contracts, Other Foreign Currencies [Member] | Not Designated as Hedging Instrument [Member]
Gross notional value for translated earning contracts	[3]	$ 0	$ 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, euro and British pound, and each basket option are 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		Jun. 30, 2022	Dec. 31, 2021
Notional amount		$ 12,973	$ 13,543
Asset derivatives, fair value		1,182	500
Liability derivatives, fair value		(638)	(193)
Not Designated as Hedging Instrument [Member]
Notional amount		9,100	8,900
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Notional amount	[1]	600	780
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Asset derivatives, fair value	[1]	47	49
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]
Liability derivatives, fair value	[1]	(3)	(2)
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member]
Asset derivatives, fair value		77	10
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Liability derivatives, fair value		(47)	(9)
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Notional amount		3,257	3,864
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Asset derivatives, fair value		198	91
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]
Liability derivatives, fair value		(209)	(95)
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member]
Notional amount		9,116	8,899
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Asset derivatives, fair value		640	196
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member]
Liability derivatives, fair value		(272)	(47)
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member]
Asset derivatives, fair value		220	154
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Liability derivatives, fair value		$ (107)	$ (40)
[1]At June 30, 2022, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $600 million and fair value hedges of leased precious metals with gross notional amounts of 23,152 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			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Net sales	$ 3,615	$ 3,501		$ 7,295	$ 6,791
Gain (loss) recognized in other comprehensive income	(14)	15		20	41
Cost of sales	2,369	2,186		4,766	4,320
Net income attributable to Corning Incorporated	563	449		1,144	1,048
Foreign Exchange Contract [Member]
Gain (loss) recognized in other comprehensive income	(14)	15		20	41
Reclassification out of Accumulated Other Comprehensive Income [Member]
Net sales	13	4		23	6
Cost of sales	6	10	[1]	13	17	[1]
Net income attributable to Corning Incorporated	$ 19	$ 14		$ 36	$ 23
[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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Gain (loss) recognized in income	$ 229	$ (6)	$ 384	$ 310
Foreign Exchange Contract [Member] | Other (Expense) Income, Net [Member]
Gain (loss) recognized in income	33	(9)	59	35
Translated Earnings Contracts [Member] | Translated Earnings Contract (Loss) Gain, Net [Member]
Gain (loss) recognized in income	$ 196	$ 3	$ 325	$ 275

Note 11 - Fair Value Measurem_3

Note 11 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions		Jun. 30, 2022	Dec. 31, 2021
Other current assets	[1]	$ 928	$ 352
Other assets	[1]	306	175
Other accrued liabilities	[1]	484	144
Other liabilities	[1]	171	66
Fair Value, Inputs, Level 1 [Member]
Other current assets	[1]	3	10
Fair Value, Inputs, Level 2 [Member]
Other current assets	[1]	885	336
Other assets	[1]	297	164
Other accrued liabilities	[1]	484	144
Other liabilities	[1]	171	66
Fair Value, Inputs, Level 3 [Member]
Other current assets	[1]	40	6
Other assets	[1]	$ 9	$ 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

3 Months Ended

6 Months Ended

12 Months Ended

Apr. 05, 2022

Apr. 06, 2021

Apr. 05, 2021

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Apr. 05, 2022

Apr. 08, 2021

Jan. 16, 2021

Jul. 17, 2019

Apr. 26, 2018

Payments for Repurchase of Common Stock

$ 201

$ 1

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

Other Comprehensive Income (Loss), Tax, Total

$ 27

$ 1

38

$ 11

Share Repurchase Agreement [Member] | Samsung [Member]

Stock Repurchased and Retired During Period, Shares (in shares)

35

Payments for Repurchase of Common Stock

$ 507

$ 507

$ 1,500

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

The 2018 Repurchase Program [Member]

Stock Repurchase Program, Authorized Amount

$ 2,000

The 2019 Repurchase Program [Member]

Payments for Repurchase of Common Stock

$ 53

$ 204

Stock Repurchase Program, Authorized Amount

$ 5,000

Treasury Stock, Shares, Acquired (in shares)

1.6

5.5

The 2018 and 2019 Repurchase Programs [Member]

Treasury Stock, Shares, Acquired (in shares)

35

35

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

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				6 Months Ended
		Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Balance		$ 12,629	$ 12,545	$ 13,558	$ 13,448	$ 12,545	$ 13,448
Foreign currency translation adjustments and other		(650)		40		(850)	(323)
Net current-period other comprehensive (loss) income		(734)	(187)	41	(353)
Balance		11,982	12,629	12,142	13,558	11,982	12,142
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	[1]	(1,133)	(933)	(692)	(329)	(933)	(329)
Foreign currency translation adjustments and other	[1],[2]	(635)		39		(833)	(316)
Equity method affiliates (3)	[1],[3]	(15)		1		(17)	(7)
Net current-period other comprehensive (loss) income		(650)		40		(850)	(323)
Balance	[1]	$ (1,783)	$ (1,133)	$ (652)	$ (692)	$ (1,783)	$ (652)
[1]All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive (loss) income.[2]For the three and six months ended June 30, 2022, amounts are net of tax benefit of $27 million and $38 million, respectively. For the three and six months ended June 30, 2021, amounts are net of tax benefit of $1 million and $11 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	33,000		33,000
Share-Based Payment Arrangement, Expense	$ 51	$ 44	$ 93	$ 78
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 10	$ 21	$ 14	$ 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
Restricted Stock and Restricted Stock Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			10 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	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
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	(1,422)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 19.42
Forfeited and Expired, number of shares (in shares) | shares	(159)
Forfeited and Expired, weighted average exercise price (in dollars per share) | $ / shares	$ 18.22
Ending Options Outstanding, number of shares (in shares) | shares	10,323
Ending Options Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 22.77
Options Outstanding, weighted average remaining contractual term (Year)	6 years 3 months 14 days
Options Outstanding, aggregate intrinsic value | $	$ 93,772
Options Expected to Vest, number of shares (in shares) | shares	10,287
Options Expected to Vest, weighted average exercise price (in dollars per share) | $ / shares	$ 22.78
Options Expected to Vest, weighted average remaining contractual term (Year)	6 years 3 months 10 days
Options Expected to Vest, aggregate intrinsic value | $	$ 93,346
Options Exercisable, number of shares (in shares) | shares	8,483
Options Exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 23.45
Options Exercisable, weighted average remaining contractual term (Year)	5 years 11 months 8 days
Options Exercisable, aggregate intrinsic value | $	$ 71,945

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	6 Months Ended
	Jun. 30, 2022 $ / shares shares
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	4,090
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 34.24
Vested, number of shares (in shares) | shares	(3,067)
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 24.42
Forfeited, number of shares (in shares) | shares	(200)
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 27.99
Ending Non-vested shares and share units, number of shares (in shares) | shares	11,417
Ending Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 29.19

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	6 Months Ended
	Jun. 30, 2022 $ / shares shares
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	1,761
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 40.76
Vested, number of shares (in shares) | shares	(130)
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 31.86
Performance adjustments (in shares) | shares	366
Performance adjustments (in dollars per share) | $ / shares	$ 34.46
Forfeited, number of shares (in shares) | shares	(62)
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 32.72
Ending Non-vested shares and share units, number of shares (in shares) | shares	5,619
Ending Non-vested shares and share units, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 36.27

Note 14 - Reportable Segments_2

Note 14 - Reportable Segments (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Number of Material Formations			150
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%	21%

Note 14 - Reportable Segments -

Note 14 - Reportable Segments - Reportable Segments (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Depreciation (1)				$ 687	$ 666
Research, development, and engineering expenses		$ 240	$ 242	488	464
Income tax provision (3)		166	67	346	293
Net income attributable to Corning Incorporated		563	449	1,144	1,048
Operating Segments [Member]
Net sales of reportable segments		3,762	3,504	7,506	6,767
Depreciation (1)	[1]	341	332	681	659
Research, development, and engineering expenses	[2]	203	200	416	387
Income tax provision (3)	[3]	(170)	(158)	(330)	(294)
Net income attributable to Corning Incorporated	[4]	625	595	1,210	1,108
Optical Communications [Member] | Operating Segments [Member]
Net sales of reportable segments		1,313	1,075	2,511	2,012
Depreciation (1)	[1]	68	58	127	116
Research, development, and engineering expenses	[2]	58	52	113	103
Income tax provision (3)	[3]	(51)	(64)	(96)	(120)
Net income attributable to Corning Incorporated	[4]	182	148	348	259
Display Products [Member] | Operating Segments [Member]
Net sales of reportable segments		878	939	1,837	1,802
Depreciation (1)	[1]	146	149	302	297
Research, development, and engineering expenses	[2]	30	26	61	48
Income tax provision (3)	[3]	(59)	(40)	(122)	(71)
Net income attributable to Corning Incorporated	[4]	228	248	464	461
Specialty Materials [Member] | Operating Segments [Member]
Net sales of reportable segments		485	483	978	934
Depreciation (1)	[1]	42	42	82	83
Research, development, and engineering expenses	[2]	44	49	97	94
Income tax provision (3)	[3]	(24)	(22)	(44)	(46)
Net income attributable to Corning Incorporated	[4]	91	81	166	172
Environmental Technologies [Member] | Operating Segments [Member]
Net sales of reportable segments		356	407	765	848
Depreciation (1)	[1]	34	35	67	71
Research, development, and engineering expenses	[2]	24	29	49	56
Income tax provision (3)	[3]	(16)	(21)	(36)	(41)
Net income attributable to Corning Incorporated	[4]	62	81	136	155
Life Science Products [Member] | Operating Segments [Member]
Net sales of reportable segments		312	312	622	612
Depreciation (1)	[1]	16	14	30	26
Research, development, and engineering expenses	[2]	9	8	18	16
Income tax provision (3)	[3]	(10)	(14)	(21)	(27)
Net income attributable to Corning Incorporated	[4]	37	52	79	100
Hemlock and Emerging Growth Businesses [Member]
Net sales of reportable segments		418	288	793	559
Depreciation (1)	[1]	35	34	73	66
Research, development, and engineering expenses	[2]	38	36	78	70
Income tax provision (3)	[3]	(10)	3	(11)	11
Net income attributable to Corning Incorporated	[4]	$ 25	$ (15)	$ 17	$ (39)
[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		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Consolidated net sales		$ 3,615	$ 3,501	$ 7,295	$ 6,791
Hemlock and Emerging Growth Businesses [Member]
Net sales of reportable segments		418	288	793	559
Operating Segments [Member]
Net sales of reportable segments		3,762	3,504	7,506	6,767
Operating Segments [Member] | Reportable Segments [Member]
Net sales of reportable segments		3,344	3,216	6,713	6,208
Segment Reconciling Items [Member]
Impact of foreign currency movements	[1]	$ (147)	$ (3)	$ (211)	$ 24
[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		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income attributable to Corning Incorporated		$ 563	$ 449	$ 1,144	$ 1,048
Gain on foreign currency hedges related to translated earnings		196	3	325	275
Research, development, and engineering expenses		240	242	488	464
Amortization of intangibles		(30)	(33)	(61)	(65)
Interest expense, net		(72)	(78)	(143)	(155)
Provision for income taxes (Note 3)		(166)	(67)	(346)	(293)
Gain on sale of a business				53	54
Operating Segments [Member]
Net income attributable to Corning Incorporated	[1]	625	595	1,210	1,108
Research, development, and engineering expenses	[2]	203	200	416	387
Provision for income taxes (Note 3)	[3]	170	158	330	294
Operating Segments [Member] | Reportable Segments [Member]
Net income attributable to Corning Incorporated		600	610	1,193	1,147
Operating Segments [Member] | Nonreportable Segments [Member]
Net income attributable to Corning Incorporated		25	(15)	17	(39)
Segment Reconciling Items [Member]
Net income attributable to Corning Incorporated		563	449	1,144	1,048
Impact of foreign currency movements not included in segment net income (loss)		(120)	(20)	(183)	(14)
Gain on foreign currency hedges related to translated earnings		196	3	325	275
Translation gain on Japanese yen-denominated debt		153	5	237	123
Research, development, and engineering expenses		(37)	(42)	(72)	(77)
Amortization of intangibles		(30)	(33)	(61)	(65)
Interest expense, net		(60)	(67)	(121)	(141)
Provision for income taxes (Note 3)		4	91	(16)	1
Gain on sale of a business			40	53	54
Other corporate items		$ (168)	$ (123)	$ (228)	$ (216)
[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%.