Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-3247 | ||
Entity Registrant Name | CORNING INC /NY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 19 | ||
Entity Common Stock, Shares Outstanding | 768,367,889 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000024741 | ||
Current Fiscal Year End Date | --12-31 | ||
Documents Incorporated by Reference [Text Block] | Portions of the Registrant’s Definitive Proxy Statement dated March 18, 2021, and filed for the Registrant’s 2021 Annual Meeting of Shareholders are incorporated into Part III of this Annual Report on Form 10-K, as specifically set forth in Part III. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Income [Abstract] | |||
Net sales | $ 11,303 | $ 11,503 | $ 11,290 |
Cost of sales | 7,772 | 7,468 | 6,829 |
Gross margin | 3,531 | 4,035 | 4,461 |
Operating expenses: | |||
Selling, general and administrative expenses | 1,747 | 1,585 | 1,799 |
Research, development and engineering expenses | 1,154 | 1,031 | 993 |
Amortization of purchased intangibles | 121 | 113 | 94 |
Operating income | 509 | 1,306 | 1,575 |
Equity in (losses) earnings of affiliated companies (Note 3) | (25) | 17 | 390 |
Interest income | 15 | 21 | 38 |
Interest expense | (276) | (221) | (191) |
Translated earnings contract (loss) gain, net (Note 15) | (38) | 248 | (93) |
Transaction-related gain, net (Note 4) | 498 | ||
Other expense, net | (60) | (155) | (216) |
Income before income taxes | 623 | 1,216 | 1,503 |
Provision for income taxes (Note 8) | (111) | (256) | (437) |
Net income attributable to Corning Incorporated | $ 512 | $ 960 | $ 1,066 |
Earnings per common share attributable to Corning Incorporated: | |||
Basic (Note 18) | $ 0.54 | $ 1.11 | $ 1.19 |
Diluted (Note 18) | $ 0.54 | $ 1.07 | $ 1.13 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income attributable to Corning Incorporated | $ 512 | $ 960 | $ 1,066 |
Foreign currency translation adjustments and other | 528 | (143) | (185) |
Net unrealized gains (losses) on investments | 1 | (1) | |
Unamortized (losses) gains and prior service (costs) credits for postretirement benefit plans | (88) | (64) | 19 |
Net unrealized (losses) gains on designated hedges | (9) | 45 | (1) |
Other comprehensive income (loss), net of tax (Note 17) | 431 | (161) | (168) |
Comprehensive income attributable to Corning Incorporated | $ 943 | $ 799 | $ 898 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 2,672 | $ 2,434 |
Trade accounts receivable, net of doubtful accounts - $46 and $41 | 2,133 | 1,836 |
Inventories, net (Note 6) | 2,438 | 2,320 |
Other current assets (Note 11 and 15) | 761 | 873 |
Total current assets | 8,004 | 7,463 |
Property, plant and equipment, net of accumulated depreciation - $13,663 and $12,995 (Note 9) | 15,742 | 15,337 |
Goodwill, net (Note 10) | 2,460 | 1,935 |
Other intangible assets, net (Note 10) | 1,308 | 1,185 |
Deferred income taxes (Note 8) | 1,121 | 1,157 |
Other assets (Note 11 and 15) | 2,140 | 1,821 |
Total Assets | 30,775 | 28,898 |
Current liabilities: | ||
Current portion of long-term debt and short-term borrowings (Note 12) | 156 | 11 |
Accounts payable | 1,174 | 1,587 |
Other accrued liabilities (Note 11 and 14) | 2,437 | 1,923 |
Total current liabilities | 3,767 | 3,521 |
Long-term debt (Note 12) | 7,816 | 7,729 |
Postretirement benefits other than pensions (Note 13) | 727 | 671 |
Other liabilities (Note 11 and 14) | 5,017 | 3,980 |
Total liabilities | 17,327 | 15,901 |
Commitments, contingencies and guarantees (Note 14) | ||
Shareholders’ equity (Note 17): | ||
Convertible preferred stock, Series A – Par value $100 per share; Shares authorized 3,100; Shares issued: 2,300 | 2,300 | 2,300 |
Common stock – Par value $0.50 per share; Shares authorized: 3.8 billion; Shares issued: 1,726 million and 1,718 million | 863 | 859 |
Additional paid-in capital – common stock | 14,642 | 14,323 |
Retained earnings | 16,120 | 16,408 |
Treasury stock, at cost; shares held: 961 million and 956 million | (19,928) | (19,812) |
Accumulated other comprehensive loss | (740) | (1,171) |
Total Corning Incorporated shareholders’ equity | 13,257 | 12,907 |
Noncontrolling interests | 191 | 90 |
Total equity | 13,448 | 12,997 |
Total Liabilities and Equity | $ 30,775 | $ 28,898 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Consolidated Balance Sheets [Abstract] | ||
Doubtful accounts and allowances | $ 46 | $ 41 |
Accumulated depreciation | $ 13,663 | $ 12,995 |
Convertible preferred stock, par value (in dollars per share) | $ 100 | $ 100 |
Convertible preferred stock, shares authorized (in shares) | 3,100 | 3,100 |
Convertible preferred stock, shares issued (in shares) | 2,300 | 2,300 |
Common stock, par value (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized (in shares) | 3,800,000,000 | 3,800,000,000 |
Common stock, shares issued (in shares) | 1,726,000,000 | 1,718,000,000 |
Treasury stock, shares held (in shares) | 961,000,000 | 956,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net income | $ 512 | $ 960 | $ 1,066 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 1,399 | 1,390 | 1,199 |
Amortization of purchased intangibles | 121 | 113 | 94 |
Loss on disposal of assets | 138 | 123 | 43 |
Severance charges | 148 | 63 | 16 |
Severence payments | (147) | (28) | (3) |
Share-based compensation expense | 207 | 56 | 51 |
Equity in losses (earnings) of affiliated companies | 25 | (17) | (390) |
Dividends received from affiliated companies | 1 | 106 | 241 |
Deferred tax benefit | (20) | (191) | (38) |
Customer incentives and deposits, net | 221 | 142 | 700 |
Pension plan contributions | (221) | (2) | (117) |
Translated earnings contract loss (gain) | 38 | (248) | 93 |
Unrealized translation (gain) loss on transactions | (133) | 33 | 55 |
Asbestos claim payments | (130) | (50) | (35) |
Tax assessment refunds | 101 | ||
Asset impairment | 217 | ||
Transaction-related gain, net | (498) | ||
Gain on investment | (107) | ||
Changes in certain working capital items: | |||
Trade accounts receivable | (274) | 48 | (154) |
Inventories | 423 | (298) | (346) |
Other current assets | (25) | (300) | (20) |
Accounts payable and other current liabilities | 57 | 1 | 345 |
Other, net | 127 | 130 | 119 |
Net cash provided by operating activities | 2,180 | 2,031 | 2,919 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (1,377) | (1,978) | (2,242) |
Acquisitions of businesses, net of cash received | 4 | (842) | |
Proceeds from settlement of initial contingent consideration asset | 196 | ||
Proceeds from sale or disposal of assets | 37 | ||
Purchase of equipment for related party | (9) | (68) | |
Sale of equipment for related party | 78 | 19 | |
Realized gains on translated earnings contracts | 12 | 55 | 108 |
Other, net | 14 | (37) | (58) |
Net cash used in investing activities | (1,310) | (1,891) | (2,887) |
Cash Flows from Financing Activities: | |||
Net repayments of short-term borrowings and current portion of long-term debt | (100) | (300) | (629) |
Repayments of long-term debt | (121) | ||
Proceeds from issuance of long-term debt, net | 243 | 1,831 | 1,485 |
Proceeds from exercise of stock options | 124 | 58 | 81 |
Repurchases of common stock for treasury | (105) | (940) | (2,227) |
Dividends paid | (787) | (742) | (685) |
Other, net | 17 | 46 | (20) |
Net cash used in financing activities | (729) | (47) | (1,995) |
Effect of exchange rates on cash | 97 | (14) | 1 |
Net increase (decrease) in cash and cash equivalents | 238 | 79 | (1,962) |
Cash and cash equivalents at beginning of year | 2,434 | 2,355 | 4,317 |
Cash and cash equivalents at end of year | $ 2,672 | $ 2,434 | $ 2,355 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital Common [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Corning Incorporated Shareholders' Equity [Member] | Non-controlling Interests [Member] | Total | |
Balance at Dec. 31, 2017 | $ 2,300 | $ 854 | $ 14,089 | $ 15,930 | $ (16,633) | $ (842) | $ 15,698 | $ 72 | $ 15,770 | |
Net income | 1,066 | 1,066 | 24 | 1,090 | ||||||
Other comprehensive loss | (168) | (168) | (1) | (169) | ||||||
Purchase of common stock for treasury | (2,230) | (2,230) | (2,230) | |||||||
Shares issued to benefit plans and for option exercises | 3 | 123 | 126 | 126 | ||||||
Common dividends | (590) | (590) | (590) | |||||||
Preferred dividends ($42,500 per share) | (98) | (98) | (98) | |||||||
Other, net | (5) | (7) | (12) | (1) | (13) | |||||
Balance at Dec. 31, 2018 | 2,300 | 857 | 14,212 | 16,303 | (18,870) | (1,010) | 13,792 | 94 | 13,886 | |
Net income | 960 | 960 | 19 | 979 | ||||||
Other comprehensive loss | (161) | (161) | (161) | |||||||
Purchase of common stock for treasury | (925) | (925) | (925) | |||||||
Shares issued to benefit plans and for option exercises | 2 | 111 | 113 | 113 | ||||||
Common dividends | (625) | (625) | (625) | |||||||
Preferred dividends ($42,500 per share) | (98) | (98) | (98) | |||||||
Other, net | [1] | (132) | (17) | (149) | (23) | (172) | ||||
Balance at Dec. 31, 2019 | 2,300 | 859 | 14,323 | 16,408 | (19,812) | (1,171) | 12,907 | 90 | 12,997 | |
Net income | 512 | 512 | 11 | 523 | ||||||
Other comprehensive loss | 431 | 431 | 1 | 432 | ||||||
Purchase of common stock for treasury | (105) | (105) | (105) | |||||||
Shares issued to benefit plans and for option exercises | 4 | 319 | 323 | 323 | ||||||
Common dividends | (681) | (681) | (681) | |||||||
Preferred dividends ($42,500 per share) | (98) | (98) | (98) | |||||||
Non-controlling interest in HSG | [2] | 102 | 102 | |||||||
Other, net | (21) | (11) | (32) | (13) | (45) | |||||
Balance at Dec. 31, 2020 | $ 2,300 | $ 863 | $ 14,642 | $ 16,120 | $ (19,928) | $ (740) | $ 13,257 | $ 191 | $ 13,448 | |
[1] | Adjustments to retained earnings include the effect of the accounting changes recorded for the adoption of the new standard for reclassification of stranded tax effects in accumulated other comprehensive income in the amount of $ 53 million and the impact of an equity affiliate’s adoption of the new revenue standard in January 2019. A net reduction of $ 186 million net of tax was recorded to beginning retained earnings for performance obligations of which a significant amount settled by the end of 2019. | |||||||||
[2] | Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for more information. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Dividends (Per Share) | $ 0.88 | $ 0.80 | $ 0.72 |
Preferred Dividends (Per Share) | $ 42,500 | $ 42,500 | $ 42,500 |
Accumulated other comprehensive loss, net of tax | $ (740) | $ (1,171) | |
Accounting Standards Update 2014-09 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Accumulated other comprehensive loss | 53 | ||
Accumulated other comprehensive loss, net of tax | $ (186) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Signif icant Accounting Policies Organization Corning Incorporated is a provider of high-performance glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; polycrystalline silicon products and other technologies. In these notes, the terms “Corning,” “Company,” “we,” “us,” or “our” mean Corning Incorporated and subsidiary companies. Basis of Presentation and Principles of Consolidation Corning’s consolidated financial statements were prepared in conformity with generally accepted accounting principles in the U.S. and include the assets, liabilities, revenue and expenses of all majority-owned subsidiaries over which Corning exercises control. The equity method of accounting is used for investments in affiliated companies that are not controlled by Corning and in which our interest is generally between 20% and 50% and we have significant influence over the entity. Our share of earnings or losses of affiliated companies, in which at least 20% of the voting securities are owned and we have significant influence but not control over the entity, is included in consolidated operating results. For our investments in companies that we do not control and for which we do not have the ability to exercise significant influence over operating and financial policies, we use the fair value method to account for the investments if readily determinable fair values are available. For the investments without readily determinable fair values, we measure them at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. On September 9, 2020, upon completion of the Redemption, the Company obtained a 100 % interest in Hemlock Semiconductor LLC and 80.5 % interest in Hemlock Semiconductor Operations LLC and began consolidating HSG , which are affiliated entities within the Hemlock Semiconductor Group (“HSG”). Refer to Note 3 (Investments) and Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for more information. All material intercompany accounts, transactions and profits are eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on the results of operations, financial position, or changes in shareholders’ equity. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions affecting reported amounts of assets, liabilities, revenue, expenses and the disclosure of contingent assets and liabilities in the consolidated financial statements and related notes. Significant estimates and assumptions in these consolidated financial statements include estimates associated with revenue recognition, restructuring charges, goodwill and long-lived asset impairment tests, estimates of acquired assets and liabilities, estimates of fair value of investments, equity interests, environmental and legal liabilities, income taxes and deferred tax valuation allowances, assumptions used in calculating pension and other postretirement employee benefit expenses and the fair value of share-based compensation. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. The COVID-19 pandemic and the resulting adverse impacts to global economic conditions, as well as to Corning’s operations, may impact future estimates including, but not limited to, inventory valuations, fair value measurements, goodwill and long-lived asset impairments, the effectiveness of the Company’s hedging instruments, deferred tax valuation allowances, actuarial losses on retirement benefit plans and discount rate assumptions. Revenue Recognition Most of the Company’s revenue is generated by delivery of products to customers and recognized at a point in time based on evaluation of when the customer obtains control of the products. Revenue is recognized when all performance obligations under the terms of a contract are satisfied, and control of the product has been transferred to the customer. If customer acceptance clauses are present and it cannot be objectively determined that control has been transferred, revenue is only recorded when customer acceptance is received and all performance obligations have been satisfied. Sales of goods typically do not include multiple product and/or service elements. Revenue is measured as the amount of consideration expected in exchange for transferring goods or providing services. Sales tax, value-added tax, and other taxes are collected concurrently with revenue-producing activities are excluded from revenue. Incidental contract costs that are not material in the context of the delivery of goods and services are recognized as expense. At the time revenue is recognized, allowances are recorded, with the related reduction to revenue, for estimated product returns, allowances and price discounts based upon historical experience and related terms of customer arrangements. Where product warranties are offered, liabilities are established for estimated warranty costs based upon historical experience and specific warranty provisions. Warranty liabilities are adjusted when experience indicates the expected outcome will differ from initial estimates of the liability. In addition, Corning also has contractual arrangements with certain customers in which revenue is recognized over time. The performance obligations under these contracts generally require services to be performed over time, resulting in either a straight-line amortization method or an input method using incurred and forecasted expense to predict revenue recognition patterns which follows satisfaction of the performance obligation. Research and Development Costs Research and development costs are charged to expense as incurred. Research and development costs totaled $ 1.0 billion, $ 833 million and $ 807 million in 2020, 2019 and 2018, respectively. Foreign Currency Translation and Transactions The determination of the functional currency for Corning’s foreign subsidiaries is made based on the appropriate economic factors. For most foreign operations, the local currencies are generally considered to be the functional currencies. Corning’s most significant exception is a Taiwanese subsidiary, which uses the Japanese yen as its functional currency. For all transactions denominated in a currency other than a subsidiary’s functional currency, exchange rate gains and losses are included in income for the period in which the exchange rates changed. Net losses of $ 37 million, $ 19 million and $ 43 million were recorded for foreign currency transaction activity for the years ended December 31, 2020, 2019 and 2018, respectively. Foreign subsidiary functional currency balance sheet accounts are translated at current exchange rates, and statement of operations accounts are translated at average exchange rates for the year. Translation gains and losses are recorded as a separate component of accumulated other comprehensive income in shareholders’ equity. The effects of remeasuring non-functional currency assets and liabilities into the functional currency are included in current earnings, except for those related to intra-entity foreign currency transactions of a long-term investment nature, which are recorded together with translation gains and losses in accumulated other comprehensive loss in shareholders’ equity. Upon sale or substantially complete liquidation of an investment in a foreign entity, the amount of net translation gains or losses that have been accumulated in other comprehensive income attributable to that investment are reported as a gain or loss for the period in which the sale or liquidation occurs. Share-Based Compensation Corning’s share-based compensation programs include employee stock option grants, time-based restricted stock awards and time-based restricted stock units, as more fully described in Note 19 (Share-Based Compensation) to the consolidated financial statements. The cost of share-based compensation awards is equal to the fair value of the award at the date of grant and compensation expense is recognized for those awards earned over the vesting period. Corning estimates the fair value of share-based awards using a multiple-point Black-Scholes option valuation model, which incorporates assumptions including expected volatility, dividend yield, risk-free rate, expected term and departure rates. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments that are readily convertible into cash. Securities with contractual maturities of three months or less, when purchased, are considered cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments. Supplemental disclosure of cash flow information is as follows (in millions): Year ended December 31, 2020 2019 2018 Non-cash transactions: Accruals for capital expenditures $ 231 $ 592 $ 412 Cash paid for interest and income taxes: Interest (1) $ 298 $ 248 $ 205 Income taxes, net of refunds received $ 220 $ 474 $ 567 (1) Included in this amount are approximately $ 58 million, $ 54 million and $ 49 million of interest costs that were capitalized as part of property, plant and equipment, net of accumulated depreciation, in 2020, 2019 and 2018, respectively. Allowance for Doubtful Accounts The allowance for doubtful accounts is based on the best estimate of the amount of probable lifetime credit losses in existing accounts receivable. The Company determines the allowances based on historical write-off experience and expected future default rate by industry. In addition, in circumstances where the Company is made aware of a specific customer’s inability to meet its financial obligations, a specific allowance is established. The Company does not have any significant off-balance-sheet credit exposure related to its customers. Environmental Liabilities The Company accrues for its environmental investigation, remediation, operating and maintenance costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. For environmental matters, the most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, current laws and regulations and prior remediation experience. For sites with multiple potentially responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill obligations in establishing a provision for those costs. Where no amount within a range of estimates is more likely to occur than another, the minimum undiscounted amount is accrued. When future liabilities are determined to be reimbursable by insurance coverage, an accrual is recorded for the potential liability and a receivable is recorded related to the insurance reimbursement when reimbursement is virtually certain. The uncertain nature inherent in such remediation and the possibility that initial estimates may not reflect the outcome could result in additional costs being recognized by the Company in future periods. Inventories, net Inventories are stated at the lower of cost or net realizable value (“NRV”), which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost is determined on a first-in, first-out basis. Property, Plant and Equipment, Net of Accumulated Depreciation Land, buildings, and equipment, including precious metals, are recorded at cost. Depreciation is based on estimated useful lives of properties using the straight-line method. Except as described in Note 9 (Property, Plant and Equipment, Net of Accumulated Depreciation) to the consolidated financial statements related to the depletion of precious metals, the estimated useful lives range from 10 to 40 year s for buildings and 2 to 20 year s for equipment. Included in the subcategory of equipment are the following types of assets (excluding precious metals): Asset type Range of useful life Computer hardware and software 3 to 7 Year Manufacturing equipment 2 to 15 Year Furniture and fixtures 5 to 10 Year Transportation equipment 3 to 20 Year Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. These assets are not depreciated because they have very low physical losses and are repeatedly reclaimed and reused in the Company’s manufacturing processes over a very long useful life. The physical loss of precious metals in the manufacturing and reclamation process is treated as depletion and these losses are accounted for as a period expense based on actual units lost. Precious metals are integral to many glass production processes and are only acquired to support operations. These metals are not held for trading or other purposes. Leases Corning leases certain real estate, vehicles, and equipment from third parties. Corning classifies leases as either financing or operating. Operating leases are included in other assets, with the corresponding liability in other accrued liabilities and other liabilities, on the consolidated balance sheets. Finance leases are included in property, plant and equipment, with the corresponding liability in the current portion and long-term debt line items on the consolidated balance sheets. As a practical expedient, lease and non-lease components of a contract are accounted for as a single lease component across all underlying asset classes. Corning does not have any significant agreements as a lessor. Lease expense is recognized on a straight-line basis over the lease term for operating leases. Financing leases are recognized on the effective interest method for interest expense and straight-line method for asset amortization. Renewals and terminations are included in the calculation of the Right of Use (“ROU”) assets and lease liabilities when considered to be reasonably certain to be exercised. When the implicit rate is unknown, the incremental borrowing rate, based on commencement date, is used in determining the present value of lease payments. Corning’s leases do not include residual value guarantees. The Company is not the primary beneficiary in and does not have other forms of variable interests with the lessor of the leased assets. Refer to Note 7 (Leases) to the consolidated financial statements for additional information. Impairment of Long-Lived Assets The recoverability of long-lived assets, such as plant and equipment and intangible assets, is reviewed when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. When impairment indicators are present, the estimated undiscounted future cash flows, including the eventual disposition of the asset group at market value, is compared to the assets’ carrying value to determine if the asset group is recoverable. For an asset group that fails the test of recoverability, the estimated fair value of long-lived assets is determined using an “income approach” that starts with the forecast of all the expected future net cash flows including the eventual disposition at market value of long-lived assets, and considers the fair market value of all precious metals. The recoverability of the carrying value of long-lived assets was assessed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If there is an impairment, a loss is recorded to reflect the difference between the assets’ fair value and carrying value. We are required to assess the recoverability of the carrying value of long-lived assets when an indicator of impairment has been identified. We review long-lived assets in each quarter in which impairment indicators are present. We must exercise judgment in assessing whether an event of impairment has occurred. For the year ended December 31, 2020, Corning incurred a long-lived asset impairment and disposal loss for an asset group related to the reassessment of research and development programs within “All Other”. Given the economic environment and market opportunities, Corning discontinued its investment in these research and development programs. The impairment analysis and disposition of certain assets resulted in a total pre-tax charge of $ 217 million, which was substantially all the carrying value, inclusive of an insignificant amount of goodwill. The fair value of the asset group for the impairment analysis was measured using unobservable (Level 3) inputs. Employee Retirement Plans Corning offers employee retirement plans consisting of defined benefit pension plans covering certain domestic and international employees and postretirement plans that provide health care and life insurance benefits for eligible retirees and dependents. The costs and obligations related to these benefits reflect the Company’s assumptions related to general economic conditions (particularly interest rates), expected return on plan assets, rate of compensation increase for employees and health care trend rates. The cost of providing plan benefits depends on demographic assumptions including retirements, mortality, turnover and plan participation. Costs for defined benefit pension plans consist of two elements: 1) on-going costs recognized quarterly, which are comprised of service and interest costs, expected return on plan assets and amortization of prior service costs; and 2) mark-to-market gains and losses outside of the corridor, where the corridor is equal to 10 % of the greater of the benefit obligation or the market-related value of plan assets at the beginning of the year, which are recognized annually in the fourth quarter of each year. These gains and losses result from changes in actuarial assumptions and the differences between actual and expected return on plan assets. Any interim remeasurement, triggered by a curtailment, settlement or significant plan change, as well as any true-up to the annual valuation, is recognized as a mark-to-market adjustment in the quarter in which such event occurs. Costs for postretirement benefit plans consist of on-going costs recognized quarterly, and are comprised of service and interest costs, amortization of prior service costs and amortization of actuarial gains and losses. Actuarial gains and losses resulting from changes in actuarial assumptions are recognized as a component of accumulated other comprehensive income in shareholders’ equity on an annual basis and amortized into operating results over the average remaining service period of employees expected to receive benefits under the plans, to the extent such gains and losses are outside the corridor. Refer to Note 13 (Employee Retirement Plans) to the consolidated financial statements for additional detail. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating loss and tax credit carryforwards and for differences between the carrying amounts of existing assets and liabilities and their respective tax bases. The effective income tax rate reflects the assessment of the ultimate outcome of tax audits. In evaluating the tax benefits associated with our various tax filing positions, we record a tax benefit for uncertain tax positions using the highest cumulative tax benefit that is more likely than not to be realized. Adjustments are made to our liability for unrecognized tax benefits in the period in which we file the return containing the tax position or when new information becomes available. The liability for unrecognized tax benefits, including accrued penalties and interest, is included in other accrued liabilities and other long-term liabilities on the consolidated balance sheets and in income tax expense in the consolidated statements of income. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur. Valuation allowances are established when management is unable to conclude that it is more likely than not that some portion, or all, of the deferred tax asset will ultimately be realized. Generally, Corning will indefinitely reinvest the foreign earnings of: (1) any of its subsidiaries located in jurisdictions where Corning lacks the ability to repatriate its earnings, (2) any of its subsidiaries where Corning’s intention is to reinvest those earnings in operations, (3) legal entities for which Corning holds a non-controlling interest, (4) any subsidiaries with an accumulated deficit in earnings and profits, (5) any subsidiaries which have a positive earnings and profits balance but for which the entity lacks sufficient local statutory earnings or stock basis from which to make a distribution, and (6) any of its subsidiaries where future distribution would trigger a significant net cost to the U.S. shareholder. Equity Method Investments Equity method investments are reviewed for impairment on a periodic basis, or if an event occurs or circumstances change that indicate the carrying amount may be impaired. This assessment is based on a review of the equity investments’ performance and a review of indicators of impairment to determine if there is evidence of a loss in value. For an equity investment with impairment indicators, the fair value is measured based on discounted cash flows, or other appropriate valuation methods, depending on the nature of the company involved. If it is probable that the carrying amount of the investment cannot be recovered, the impairment is considered other-than-temporary and recorded in earnings, and the equity investment balance is reduced to its fair value. All equity securities that do not result in consolidation and are not accounted for under the equity method are measured at fair value with changes therein reflected in net income. The Company utilizes the measurement alternative for equity investments that do not have readily determinable fair values and measures these investments at cost less impairment plus or minus observable price changes in orderly transactions. The balance of these investments is disclosed in Note 3 (Investments) to the consolidated financial statements. Fair Value Measurements Major categories of financial assets and liabilities, including short-term investments, other assets and derivatives are measured at fair value on a recurring basis. Certain assets and liabilities are measured at fair value on a nonrecurring basis when impaired, which include long-lived assets, goodwill, asset retirement obligations, equity method investments and other investments that Corning cannot significantly influence. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the principal or most advantageous market in which we would transact is analyzed. Assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance, are considered. Derivative Instruments The Company enters into a variety of foreign exchange forward contracts and foreign exchange option contracts to manage the exposure to fluctuations in foreign exchange rates. Interest rate swaps are utilized to reduce the risk of changes in a benchmark interest rate from the probable forecasted issuance of debt and manage the mix of fixed and floating rate debt. Financial exposure is managed in accordance with corporate policies and procedures. All derivatives are recorded at fair value on the consolidated balance sheets. Changes in the fair value of derivatives designated as cash flow hedges and hedges of net investments in foreign operations are not recognized in current operating results but are recorded in accumulated other comprehensive income. Amounts related to cash flow hedges are reclassified from accumulated other comprehensive income when the underlying hedged item impacts earnings. This reclassification is recorded in the same line item of the consolidated statements of income as where the effects of the hedged item are recorded, typically sales, cost of sales or other expense, net. Changes in the fair value of derivatives not designated as hedging instruments are recorded in the consolidated statements of income in the translated earnings contract (loss) gain, net and the other expense, net lines. New Accounting Standards On January 1, 2020, Corning adopted Accounting Standards Update (“ASU”) No. 2016-13 ASC (Topic 326), Financial Instruments - Credit Losses. The ASU introduces a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The CECL model was adopted to recognize credit losses of financial assets using a modified retrospective method of accounting as of January 1, 2020. The impact of adopting the new standard to the financial statements was a nominal reduction to beginning retained earnings. As of December 31, 2020, there are no other newly issued accounting standards expected to have a material impact on Corning’s financial statements or disclosures. |
Restructuring, Impairment and O
Restructuring, Impairment and Other Charges and Credits | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring, Impairment and Other Charges and Credits [Abstract] | |
Restructuring, Impairment and Other Charges and Credits | 2. Restructuring, Impairment and Other Charges and Credits In 2020, and in response to uncertain global economic conditions, Corning undertook actions to transform the Company’s cost structure and improve operational efficiency. These actions included a corporate-wide workforce reduction program, disposals of certain assets and accelerated depreciation associated with the capacity realignment of certain manufacturing facilities as well as other exit charges and credits. During the years ended December 31, 2020, 2019 and 2018, the following restructuring, impairment and other charges and credits were recorded (in millions): ``` Year ended December 31, 2020 2019 2018 Severance $ 148 $ 63 $ 16 Asset impairment 217 Capacity realignment 304 312 80 Other charges and credits 158 64 34 Total restructuring, impairment and other charges and credits $ 827 $ 439 $ 130 Severance In the second quarter of 2020, the Company implemented a corporate-wide workforce reduction program. Severance charges were primarily incurred to facilitate realignment of capacity in the Asia regions for the Display Technologies segment, optimize the Optical Communications segment and contain corporate costs. For the years ended December 31, 2020, 2019 and 2018, severance charges were $ 148 million, $ 63 million and $ 16 million, respectively. As of December 31, 2020, the unpaid severance liabilities of $ 45 million are expected to be substantially completed within the next twelve months. Asset Impairment For the year ended December 31, 2020, Corning incurred a long-lived asset impairment and disposal loss for an asset group related to the reassessment of research and development programs within “All Other”. Given the economic environment and market opportunities, Corning discontinued its investment in these research and development programs. The impairment analysis and disposition of certain assets resulted in a total pre-tax charge of $ 217 million, which was substantially all the carrying value, inclusive of an insignificant amount of goodwill. Capacity Realignment Capacity realignment for the year ended December 31, 2020, primarily includes accelerated depreciation and asset disposals associated with the exit of certain facilities and other exit activities in the Display Technologies and Specialty Materials business segments. Capacity realignment for the year ended December 31, 2019, is primarily comprised of accelerated depreciation associated with the exit of certain facilities in the Display Technologies segment. Capacity realignment for the year ended December 31, 2018, primarily includes accelerated depreciation and asset disposals in the Specialty Materials business and “All Other”. The following tables present the impact and respective location of total restructuring, impairment, and other charges and credits on the consolidated statements of income (in millions): Year ended December 31, 2020 Selling, Research, general development and and Gross admin. engineering margin (1) expenses expenses Other Total Severance $ 83 $ 34 $ 31 $ 148 Asset impairment 6 211 217 Capacity realignment 288 16 304 Other charges and credits 72 60 5 $ 21 158 Total restructuring, impairment and other charges and credits $ 443 $ 116 $ 247 $ 21 $ 827 Year ended December 31, 2019 Selling, Research, general development and and Gross admin. engineering margin (1) expenses expenses Other Total Severance $ 30 $ 20 $ 13 $ 63 Capacity realignment 298 14 312 Other charges and credits 60 8 3 $ ( 7 ) 64 Total restructuring, impairment and other charges and credits $ 388 $ 28 $ 30 $ ( 7 ) $ 439 Year ended December 31, 2018 Selling, Research, general development and and Gross admin. engineering margin (1) expenses expenses Other Total Severance $ 1 $ 15 $ 16 Capacity realignment 76 $ 4 80 Other charges and credits 20 5 2 $ 7 34 Total restructuring, impairment and other charges and credits $ 97 $ 20 $ 6 $ 7 $ 130 (1) Activity reflected in cost o f sales. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Investments | 3. Investments Investments are comprised of the following (in millions): Ownership December 31, interest 2020 2019 Affiliated companies accounted for by the equity method (1) 20 % to 50 % $ 258 $ 291 Other investments (2) 177 43 Subtotal investment assets $ 435 $ 334 Affiliated companies accounted for by the equity method HSG (3) 50 % $ — $ 270 Subtotal investment liabilities $ — $ 270 (1) Amounts reflect Corning’s direct ownership interest in the affiliated companies at December 31, 2020 and 2019. (3) Included in other investments were equity securities with readily available fair values that were measured using Level 1 inputs, in the amount of $ 137 million as of December 31, 2020. The increase in the investment balance is primarily driven by a recognized gain of $ 107 million from the initial public offering of an investment in the fourth quarter of 2020. Refer to Note 16 (Fair Value Measurements) for additional information. (3) Corning began consolidating HSG on September 9, 2020. At December 31, 2019, the negative carrying value of Corning’s investment in HSG was $ 270 million and recorded in other liabilities. Affiliated Companies at Equity Method The results of operations and financial position of the investments accounted for under the equity method is presented below as of December 31 for each respective year (in millions): 2020 2019 2018 Statement of operations (1) : Net sales $ 1,201 $ 1,508 $ 1,759 Gross profit $ 136 $ 79 $ 424 Net (loss) income $ ( 48 ) $ ( 102 ) $ 835 Net (loss) income attributable to the affiliated companies $ ( 15 ) $ 70 $ 798 Corning’s equity in (losses) earnings of affiliated companies $ ( 25 ) $ 17 $ 390 Related party transactions: Corning sales to affiliated companies $ 253 $ 277 $ 184 Corning purchases from affiliated companies $ 8 $ 12 $ 11 Corning transfers of assets, at cost, to affiliated companies $ 9 $ 8 $ 2 Dividends received from affiliated companies $ 1 $ 106 $ 241 Intercompany sales within HSG (included in net sales) $ 55 $ 112 $ 206 2020 2019 Balance sheet: Current assets $ 534 $ 1,566 Noncurrent assets $ 466 $ 943 Short-term borrowings, including current portion of long-term debt $ 2 $ 4 Other current liabilities $ 164 $ 632 Long-term debt $ 60 $ 68 Other long-term liabilities $ 11 $ 1,522 Non-controlling interest $ $ 42 Related party transactions: Balances due from affiliated companies $ 36 $ 42 Balances due to affiliated companies $ 1 $ 4 Intercompany receivables and payables within HSG (included in current assets and other current liabilities) $ 15 (1) The year ended December 31, 2020, only include HSG’s results of operations through September 8, 2020. Immediately following the Redemption, Corning began consolidating HSG on September 9, 2020. As of December 31, 2020 and 2019, the undistributed earnings of equity companies included in retained earnings were not material. Hemlock Semiconductor Group (“HSG”) In 2016, Corning realigned its ownership interest in Dow Corning, exchanging its 50 % interest in the joint venture between Corning and Dow Chemical for a newly formed company that held a 49.9 % interest in Hemlock Semiconductor LLC and a 40.25 % interest in Hemlock Semiconductor Operations LLC which were recorded as equity method investments of Corning and are affiliated companies of HSG. DuPont de Nemours, Inc. (“DuPont”) subsequently undertook Dow Chemical Company’s ownership interest in HSG. HSG manufactures polysilicon products for the semiconductor and solar industries, and it is one of the world’s leading providers of ultra-pure polycrystalline silicon to the semiconductor industry. 2020 On September 9, 2020, HSG entered into a series of agreements with DuPont resulting in a change in control and consolidation for Corning. HSG acquired DuPont’s TCS manufacturing assets, which was determined to be a business and recorded as a business combination. The fair value of the purchase price was $ 255 million. In conjunction with this acquisition, HSG settled the TCS Settlement for a contractual amount of $ 175 million, which was determined to have a fair value of $ 200 million. Corning’s share of the pre-tax loss was $ 81 million and recorded in equity in (losses) earnings of affiliated companies in the consolidated statements of income. See Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for more information. Hemlock Semiconductor LLC and Hemlock Semiconductor Operations LLC, of which Corning previously held 49.9 % and 40.25 % ownership interest, respectively, were recorded as equity method investments and are affiliates of Hemlock Semiconductor Group (HSG). On September 9, 2020, HSG redeemed DuPont’s entire ownership interest in HSG with a fair value of $ 250 million (“Redemption”). Upon completion of the Redemption, Corning obtained a controlling interest of 100 % in Hemlock Semiconductor LLC and 80.5 % in Hemlock Semiconductor Operations LLC and began consolidating HSG. Since September 9, 2020, HSG’s revenue of $ 194 million has been consolidated in “All Other” in Corning’s consolidated statements of income for the year ended December 31, 2020. The amount of net income is not material to Corning’s consolidated financial statements for the current year. See Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for more information. 2019 In prior years, HSG’s solar and semiconductor customers entered into long-term “take or pay” contracts which included up-front cash payments to secure capacity. During the last few years, and more significantly in 2019, the solar power panel industry experienced significant over-capacity in the market, resulting in declining sales volumes and market prices. As a result, HSG’s solar business experienced lower market penetration, overall price declines, and settled contracts with customers that had committed volume and fixed pricing above the current market price. While these settlements positively impacted HSG’s cash flow in 2019, they reduced expectations for future sales in HSG’s solar business. Due to the adverse change in HSG’s solar business, HSG was required to assess the recoverability of its long-lived assets in the fourth quarter of 2019. Based on this assessment, HSG determined that the carrying values of HSG’s solar asset group significantly exceeded its fair values. HSG engaged a third-party appraiser to assist in determining the fair value of the assets within in the solar asset group based on the highest and best use of the asset group. As a result of the fair value determination, HSG recognized a pre-tax asset impairment charge of $ 916 million for the year ended December 31, 2019. Corning’s share of the pre-tax impairment was $ 369 million. Due to the adverse changes above, the carrying values of HSG’s solar business inventories were also affected resulting in an inventory write-down of $ 257 million for the year. Corning’s pre-tax share of the provision was $ 105 million. In addition, HSG settled certain revenue contracts in the fourth quarter of 2019, resulting in settlement gains of $ 383 million in net income. Corning’s share of the settlement gains was $ 185 million. HSG’s results of operations and balance sheet through September 8, 2020 were as follows (in millions): Year ended December 31, 2020 2019 2018 Statement of operations (1) : Net sales $ 423 $ 779 $ 1,158 Gross profit $ 87 $ 9 $ 367 Net income (loss) (2) $ 11 $ ( 117 ) $ 814 Net income attributable to HSG $ 44 $ 54 $ 776 Corning’s equity in earnings of affiliated companies $ 22 $ 27 $ 388 Related party transactions: Dividends received from affiliated companies $ 100 $ 241 Intercompany sales within HSG (included in net sales) $ 55 $ 112 $ 206 2020 2019 Balance sheet (3) : Current assets $ 853 $ 1,011 Noncurrent assets $ 725 $ 420 Short-term borrowings, including current portion of long-term debt $ 178 $ 3 Other current liabilities $ 337 $ 412 Long-term debt $ 6 $ 8 Other long-term liabilities $ 1,499 $ 1,507 Non-controlling interest $ 9 $ 42 Related party transactions: Intercompany receivables and payables within HSG (included in current assets and other current liabilities) $ 8 $ 15 (1) The year ended December 31, 2020, only include HSG’s results of operations through September 8, 2020. Immediately following the Redemption, Corning began consolidating HSG on September 9, 2020. (2) HSG’s net income for the period ended September 8, 2020, included a pre-tax gain recorded in the second quarter of 2020, related to the settlement of a long-term supply agreement of approximately $ 165 million, partially offset by an inventory provision of approximately $ 44 million associated with the settlement of the agreement. Prior to the Redemption, in the third quarter of 2020, HSG recorded a pre-tax loss of $ 200 million resulting from the TCS Settlement, of which Corning’s share of the pre-tax loss was $ 81 million. Accordingly, Corning’s share of the net impact was an equity loss of $ 19 million. (3) HSG’s balance sheet were presented as of September 8, 2020 and December 31, 2019, respectively. |
HSG Transactions and Acquisitio
HSG Transactions and Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
HSG Transactions and Acquisitions [Abstract] | |
HSG Transactions and Acquisitions | 4. H SG Transactions and Acquisitions HSG Transactions On September 9, 2020, HSG acquired DuPont’s TCS manufacturing assets, which was determined to be a business and recorded as a business combination. The fair value of the purchase price was $ 255 million. In conjunction with this acquisition, HSG resolved the TCS Settlement for a contractual amount of $ 175 million, which was determined to have a fair value of $ 200 million. HSG will pay for the TCS Settlement over three years with equal annual payments of approximately $ 58 million. The Redemption was funded with HSG’s existing cash on-hand of $ 75 million and its newly obtained third-party debt of $ 175 million, maturing on September 8, 2021. The third-party debt was recorded as a non-cash financing activity on Corning’s consolidated statements of cash flows. In December 2020, HSG repaid $ 100 million on the third-party debt. Refer to Note 3 (Investments) and Note 12 (Debt) to the consolidated financial statements for additional information. Hemlock Semiconductor LLC and Hemlock Semiconductor Operations LLC, of which Corning previously held 49.9 % and 40.25 % ownership interest, respectively, were recorded as equity method investments and are affiliates of Hemlock Semiconductor Group (HSG). As of September 9, 2020, HSG redeemed Dupont’s entire ownership of HSG with a value of $ 250 million (Redemption), Upon completion of the redemption, Corning obtained a 100 % interest in HS LLC and 80.5 % interest in HSO LLC. Corning accounted for the Redemption under the acquisition method of accounting in accordance with business combinations without the transfer of net cash consideration. The Redemption price of $ 250 million approximated the fair value of Corning’s equity interest in HSG immediately preceding the Redemption. The fair value of Corning’s equity interest in HSG was estimated by applying the income approach, which was based on significant assumptions such as projected revenue and discount rate. The Company used a discount rate of 16.5 % and terminal growth rate of zero . As no net-cash consideration was transferred, the fair value of Corning’s previously held equity interest in HSG was used to measure the goodwill resulting from the Redemption and the Company’s controlling interest after the Redemption. Corning recognized a pre-tax gain of $ 498 million on its previously held equity investment in HSG as a result of the consolidation resulting from the Redemption. The gain was calculated based on the difference between the fair value and carrying value of the equity method investment immediately preceding the Redemption and included in the transaction-related gain, net in Corning’s consolidated statements of income for the year ended December 31, 2020. The net gain on previously owned equity was calculated as follows (in millions): Fair value of previously held equity investment $ 250 Equity investment liability balance as of acquisition date ( 248 ) Corning’s gain on previously held equity investment $ 498 The following table summarizes the amounts of recorded assets acquired and liabilities assumed as of September 9, 2020, which include the TCS assets and liabilities acquired by HSG immediately prior to the Redemption and the consolidation by Corning. Recognized amounts of identified assets and liabilities recorded at fair value (in millions): Inventory $ 503 Property, plant and equipment 651 Intangible assets 285 Other current and non-current assets (1) 173 Short-term borrowings ( 178 ) Trade payables and other accrued liabilities ( 329 ) Other liabilities ( 1,261 ) Total identified net liabilities ( 156 ) Non-controlling interests (2) ( 102 ) Total fair value of Corning's previously held equity investment (2) ( 250 ) Goodwill (3) $ 508 (1) The other current and non-current assets included a contingent consideration asset of $ 20 million at fair value for a cost adjustment contract related to the TCS Transaction. Refer to Note 3 (Investments) and Note 16 (Fair Value Measurements) to the consolidated financial statements for additional information. (2) The purchase price used to measure the goodwill of the Redemption is $ 352 million, including the fair value of Corning’s previously held equity interest and non-controlling interest, in the amount of $ 250 million and $ 102 million, respectively. (3) The goodwill recognized is not deductible for U.S. income tax purposes. The goodwill was allocated to “All Other” within segment reporting as disclosed in Note 20 (Reportable Segments) to the consolidated financial statements for more information. Upon completion of the Redemption and resulting consolidation, Corning recorded preliminary values of assets acquired and liabilities assumed from HSG, including a customer deposit liability and deferred revenue. Corning recorded a customer deposit liability of $ 264 million at the fair value of refundable payments that HSG received from a customer under a long-term supply agreement. The discount rates used to calculate the present value of the customer deposit range from 2.54 % to 3.23 %. The deposits will be repaid from 2029 to 2034 provided that all purchase obligations of this customer under the supply agreement have been satisfied. Corning also recorded deferred revenue of $ 1,070 million at fair value related to the performance obligations of non-refundable consideration previously received by HSG from its customers under long term supply agreements. The fair values of deferred revenue were estimated by applying a bottoms-up cost buildup method of the cost approach based on significant inputs such as the cost to fulfill the obligations as well as key inputs including a normal profit margin. The goodwill is primarily related to other intangibles and synergies of the acquired business which do not qualify for separate recognition. Intangible assets consist primarily of $ 215 million of developed technologies and know-how, and $ 70 million of other intangibles that are amortized over the weighted average useful life of approximately 20 and 15 years, respectively. Acquisition-related costs of $ 12 million for the year ended December 31, 2020, included costs for legal and other professional services and were included in selling, general and administrative expense in the consolidated statements of income. The fair value of the non-controlling interest in HSG was estimated to be $ 102 million by applying the income approach, using the same key assumptions as the estimate of fair value for Corning’s equity interest in HSG. Since September 9, 2020, HSG’s revenue of $ 194 million has been consolidated in “All Other” in Corning’s consolidated statements of income for the year ended December 31, 2020. The amount of net income is not material to Corning’s consolidated financial statements for the current year. Acquisitions There were no material acquisitions completed in 2020 or 2019. During 2018, Corning acquired substantially all of 3M Company’s (3M) Communication Markets Division in two cash transactions totaling $ 841 million. Corning acquired a manufacturing facility and a business, which designs, manufactures and markets high bandwidth and optical fiber products. The acquisition was accounted for as a business combination. A summary of the allocation of the total purchase price to the net tangible and other intangible assets acquired, with the remainder recorded as goodwill based on fair value is as follows (in millions): Property, plant and equipment $ 32 Other intangible assets 525 Other net assets 13 Total identified net assets 570 Purchase consideration 841 Goodwill (1)(2) $ 271 (1) Amounts reflect measurement period adjustments. (2) The goodwill recognized is deductible for U.S. income tax purposes. The goodwill was allocated to the Optical Communications segment. Goodwill is related to the value of CMD’s product and customer portfolio and its combination with Corning’s existing optical communications platform, as well as synergies and other intangibles that do not qualify for separate recognition. Other intangible assets consist primarily of $ 434 million of customer relationships and $ 91 million of other intangibles that are amortized over the weighted average useful life of approximately 14 and 11 years, respectively. Acquisition-related costs of $ 18 million for the year ended December 31, 2018, included costs for legal, accounting, valuation and other professional services and were included in selling, general and administrative expense in the consolidated statements of income. Supplemental pro forma information was not provided because the acquisition was not material to Corning’s consolidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [Abstract] | |
Revenue | 5. Revenue Product Revenue (Point in Time) Most of the Company’s revenue is generated by delivery of products to customers and recognized at a point in time based on evaluation of when the customer obtains control of the products. Revenue is recognized when all performance obligations under the terms of a contract are satisfied, and control of the product has been transferred to the customer. If customer acceptance clauses are present and it cannot be objectively determined that control has been transferred, revenue is only recorded when customer acceptance is received and all performance obligations have been satisfied. Sales of goods typically do not include multiple product and/or service elements. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales tax, value-added tax, and other taxes are collected concurrently with revenue-producing activities are excluded from revenue. Incidental contract costs that are not material in the context of the delivery of goods and services are recognized as expense. At the time revenue is recognized, allowances are recorded, with the related reduction to revenue, for estimated product returns, allowances and price discounts based upon historical experience and related terms of customer arrangements. Where product warranties are offered, liabilities are established for estimated warranty costs based upon historical experience and specific warranty provisions. Warranty liabilities are adjusted when experience indicates the expected outcome will differ from initial estimates of the liability. Product warranty liabilities were not material at December 31, 2020 and 2019. Other Revenue (Over Time) Corning’s revenue over time is mainly related to Telecommunications products, and comprised of design, installation, training and software maintenance services. The performance obligations under these contracts generally require services to be performed over time, resulting in either a straight-line amortization method or an input method using incurred and forecasted expense to predict revenue recognition patterns which follows satisfaction of the performance obligations. Corning’s other revenue is inconsequential to consolidated results. Revenue Disaggregation Table The following table shows revenue by major product categories, similar to the reportable segment disclosure. Within each product category, contract terms, conditions and economic factors affecting the nature, amount, timing and uncertainty around revenue recognition and cash flows are substantially similar. The commercial markets and selling channels are also similar. Except for an inconsequential number of Telecommunications products, product category revenue is recognized at point in time when control transfers to the customer. Revenue by product category is as follows (in millions): Year ended December 31, 2020 2019 2018 Display products $ 3,077 $ 3,180 $ 3,168 Telecommunication products 3,563 4,064 4,192 Specialty glass products 1,884 1,594 1,479 Environmental substrate and filter products 1,333 1,440 1,289 Life science products 981 995 946 All Other 465 230 216 Total Revenue $ 11,303 $ 11,503 $ 11,290 Impact of foreign currency movements (1) 44 153 108 Cumulative adjustment related to customer contract 105 Net sales of reportable segments and All Other $ 11,452 $ 11,656 $ 11,398 (1) This amount primarily represents the impact of foreign currency adjustments in the Display Technologies, Environmental Technologies and Life Sciences segments. At the end of 2015, Corning entered into an agreement with a customer pursuant to which Corning exchanged contingent consideration, for the incremental fair value associated with several commercial agreements, including the amendment of the customer’s long-term supply agreement. The net present fair value of the commercial benefit asset related to the long-term supply agreement of $ 212 million was reclassified to the other asset line of the consolidated balance sheets and amortized over the term of agreement as a reduction in revenue. During March 2020, this customer announced its decision to exit its production of LCD panels by the end of 2020. Based on this announcement, Corning recorded a cumulative adjustment of $ 105 million during the first quarter of 2020 and recognized the remaining balance as a reduction to revenue over the remainder of the current year. Due to the one-time nature of this cumulative adjustment, it has been excluded from segment results. However, it is included in the reconciliation from segment net income (loss) to consolidated net income. Refer to Note 20 (Reportable Segments) to the consolidated financial statements for additional information. 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 cost of fulfillment as a manufacturer of products is classified as inventory, fixed assets and intangible assets, which are accounted for under the respective guidance for those asset types. Other costs of contract fulfillment are immaterial due to the nature of the products and their respective manufacturing processes. Contract liabilities include deferred revenue, other advanced payments and customer deposits. Other advanced payments are not significant to operations and are classified as part of other accrued liabilities in the financial statements. Customer deposits are predominately related to Display products and deferred revenue is predominately related to obtaining a controlling interest in HSG. Both are classified as part of other accrued liabilities and other liabilities, as appropriate, and are disclosed below. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information. Customer Deposits As of December 31, 2020 and 2019, Corning had customer deposits of approximately $ 1.4 billion and $ 1.0 billion. The majority of these were non-refundable cash deposits for customers to secure rights to an amount of glass produced by Corning under long-term supply agreements. The duration of these long-term supply agreements ranges up to 10 year s. As glass is shipped to customers, Corning will recognize revenue and reduce the amount of the customer deposit liability. The increase in the balance, when compared to the prior period, was primarily driven by a customer deposit liability of $ 264 million recorded at the fair value of refundable payments that HSG received from a customer under a long-term supply agreement. In the years ended December 31, 2020 and 2019, customer deposits used were $ 140 million and $ 37 million, respectively. As of December 31, 2020 and 2019, $ 1,148 million and $ 927 million were recorded as other long-term liabilities, respectively. The remaining $ 211 million and $ 104 million, respectively, were classified as other current liabilities. Deferred Revenue During the third quarter of 2020, Corning obtained a controlling interest in HSG and recorded deferred revenue of $ 1,070 million at fair value related to the performance obligations of non-refundable consideration previously received by HSG from its customers under long term supply agreements. The deferred revenue is tracked on a per-customer contract-unit basis. As customers take delivery of the committed volumes under the terms of the contract, a per unit amount of deferred revenue is recognized when control of the promised goods is transferred to the customer based upon the units shipped compared to the remaining contractual units. As of December 31, 2020, $ 872 million was classified as a long-term liability and $ 152 million remaining was classified as a current liability. These balances reflect reductions in deferred revenue since September 9, 2020. Practical Expedients and Exemptions The value of unsatisfied performance obligations is not disclosed for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue has been recognized at an amount for which the right exists to invoice for services performed. Shipping and handling fees are treated as fulfillment costs and not as separate performance obligations under the terms of revenue contracts due to the perfunctory nature of the shipping and handling obligations. Significant Customers For 2020, 2019 and 2018, no customer met or exceeded 10% of Corning’s consolidated net sales. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2020 | |
Inventories, Net [Abstract] | |
Inventories, Net | 6. Inventories, Net Inventories, net, are comprised of the following (in millions) (1) : December 31, 2020 2019 Finished goods $ 1,236 $ 973 Work in process 357 421 Raw materials and accessories 370 481 Supplies and packing materials 475 445 Total inventories, net $ 2,438 $ 2,320 (1) Corning obtained a controlling interest in HSG as of September 9, 2020. Consolidated inventories as of December 31, 2020, included $ 461 million of inventories from HSG. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 7. Leases Corning has operating and finance leases for real estate, vehicles, and equipment. The following table shows components of lease expense (in millions): Year ended December 31, 2020 2019 Financing: Depreciation of right-of-use assets $ 15 $ 11 Interest on lease liabilities 7 12 Total financing lease expense $ 22 $ 23 Operating lease expense $ 133 $ 110 Variable lease expense 41 38 Short-term lease expense 4 5 Total lease expense $ 200 $ 176 Total rental expense for operating leases of $ 156 million was recorded in the year ended 2018 and accounted for under the previous leasing standard. The following table shows components of cash paid for amounts included in the measurement of lease liabilities (in millions): December 31, 2020 2019 Financing: Principal $ 10 $ 6 Interest 7 12 Total financing lease payments $ 17 $ 18 Operating lease payments $ 121 $ 105 Total lease payments $ 138 $ 123 Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate): December 31, 2020 2019 Operating Leases: Operating lease right-of-use assets, net (1) $ 680 $ 504 Other current liabilities $ 96 $ 62 Operating lease liabilities (2) 633 450 Total operating lease liabilities $ 729 $ 512 Finance Leases: Property and equipment, at cost $ 184 $ 294 Accumulated depreciation ( 27 ) ( 52 ) Property and equipment, net $ 157 $ 242 Current portion of long-term debt $ 10 $ 9 Long-term debt 163 271 Total finance lease liabilities $ 173 $ 280 (1) Included in other assets. (2) Included in other liabilities. The weighted average remaining lease terms for operating and financing leases are 12.5 years and 15.5 years, respectively. The weighted average discount rates for operating and financing leases are 3.9 % and 4.7 %, respectively. As of December 31, 2020, maturities of lease liabilities are as follows (in millions): 2021 2022 2023 2024 2025 After 2025 Gross Total Imputed Discount Total Operating leases $ 141 $ 125 $ 114 $ 102 $ 92 $ 733 $ 1,307 $ ( 578 ) $ 729 Financing leases 13 16 21 24 12 169 255 ( 82 ) 173 As of December 31, 2020, Corning had additional operating leases, primarily for new production facilities, that have not yet commenced or been recorded, of approximately $ 138 million on an undiscounted basis. These operating leases will commence in fiscal year 2021 with lease terms of 20 year s . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes Income before income taxes follows (in millions): Year ended December 31, 2020 2019 2018 U.S. companies $ ( 71 ) $ 504 $ 472 Non-U.S. companies 694 712 1,031 Income before income taxes $ 623 $ 1,216 $ 1,503 The current and deferred amounts of the provision for income taxes are as follows (in millions): Year ended December 31, 2020 2019 2018 Current: Federal $ 88 $ ( 82 ) $ ( 256 ) State and municipal ( 16 ) ( 12 ) ( 22 ) Foreign ( 203 ) ( 354 ) ( 196 ) Deferred: Federal 7 64 ( 34 ) State and municipal 3 13 4 Foreign 10 115 67 Provision for income taxes $ ( 111 ) $ ( 256 ) $ ( 437 ) Amounts are reflected in the preceding tables based on the location of the taxing authorities. Reconciliation of the U.S. statutory income tax rate to the effective tax rate for operations is as follows: Year ended December 31, 2020 2019 2018 Statutory U.S. income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal effect 1.4 0.6 0.9 Global intangible low-taxed income ( 0.5 ) 1.2 3.6 Foreign derived intangible income ( 8.5 ) ( 0.6 ) Repatriation tax on accumulated previously untaxed foreign earnings 9.1 ( 1.2 ) Remeasurement of deferred tax assets and liabilities ( 13.4 ) ( 0.6 ) ( 0.1 ) Rate difference on foreign earnings (1) 7.3 5.4 ( 2.3 ) IRS settlements & change in reserve 12.1 8.5 11.5 Valuation allowance 2.5 ( 3.7 ) ( 3.8 ) Tax credits (2) ( 29.7 ) ( 2.8 ) ( 0.7 ) Stock compensation ( 1.7 ) ( 0.6 ) ( 0.5 ) Legal entity rationalization ( 2.2 ) Intercompany loan adjustment 6.2 ( 0.5 ) Non-deductible expenses 5.8 2.1 Other items, net ( 0.1 ) ( 1.0 ) 1.3 Effective income tax rate 17.8 % 21.1 % 29.1 % (1) The net provision for the year ended December 31, 2020, was primarily due to stronger foreign earnings relative to U.S. earnings and net Subpart F income. (2) The net benefit for the year ended December 31, 2020, was primarily due to a net operating loss carryback allowed under the CARES Act, as well as a change in estimate from the prior year attributable to research and development credits. On September 9, 2020, Corning obtained a 100 % controlling interest in HS LLC and an 80.5 % controlling interest in HSO LLC. As a result, the deferred tax liability on the outside basis difference between book and tax basis for Corning’s investment in HS LLC and HSO LLC was adjusted by approximately $ 116 million. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information. Generally, Corning will indefinitely reinvest the foreign earnings of: (1) any of its subsidiaries located in jurisdictions where Corning lacks the ability to repatriate its earnings, (2) any of its subsidiaries where Corning’s intention is to reinvest those earnings in operations, (3) legal entities for which Corning holds a non-controlling interest, (4) any subsidiaries with an accumulated deficit in earnings and profits, (5) any subsidiaries which have a positive earnings and profits balance but for which the entity lacks sufficient local statutory earnings or stock basis from which to make a distribution, or (6) future distribution would trigger a significant net cost to the U.S. shareholder. During 2020, the Company distributed approximately $ 914 million from foreign subsidiaries to their respective U.S. parent companies. As of December 31, 2020, Corning has approximately $ 2 billion of indefinitely reinvested foreign earnings. It remains impracticable to calculate the tax cost of repatriating unremitted earnings which are considered indefinitely reinvested. The tax effects of temporary differences and carryforwards that gave rise to significant portions of the deferred tax assets and liabilities are as follows (in millions): December 31, 2020 2019 Loss and tax credit carryforwards $ 637 $ 388 Other assets 269 345 Asset impairments and restructuring reserves 29 30 Postretirement medical and life benefits 171 168 Other accrued liabilities 162 218 Other employee benefits 337 345 Gross deferred tax assets 1,605 1,494 Valuation allowances ( 167 ) ( 215 ) Total deferred tax assets 1,438 1,279 Intangible and other assets ( 95 ) ( 110 ) Fixed assets ( 375 ) ( 216 ) Financing leases ( 160 ) ( 121 ) Total deferred tax liabilities ( 630 ) ( 447 ) Net deferred tax assets $ 808 $ 832 The net deferred tax assets in the consolidated balance sheets are as follows (in millions): December 31, 2020 2019 Deferred tax assets $ 1,121 $ 1,157 Other liabilities ( 313 ) ( 325 ) Net deferred tax assets $ 808 $ 832 Details on deferred tax assets for loss and tax credit carryforwards at December 31, 2020 are as follows (in millions): Expiration Amount 2021-2025 2026-2030 2031-2040 Indefinite Net operating losses $ 334 $ 129 $ 22 $ 36 $ 147 Tax credits 303 5 188 104 6 Totals as of December 31, 2020 $ 637 $ 134 $ 210 $ 140 $ 153 The following is a tabular reconciliation of the total amount of unrecognized tax benefits (in millions): 2020 2019 2018 Balance at January 1 $ 62 $ 435 $ 252 Additions based on tax positions related to the current year 19 3 204 Additions for tax positions of prior years 53 2 Reductions for tax positions of prior years ( 10 ) Settlements and lapse of statute of limitations ( 3 ) ( 378 ) ( 11 ) Balance at December 31 $ 131 $ 62 $ 435 During 2020, the Internal Revenue Service (“IRS”) opened an audit for tax years 2015-2018. We do not expect additional material exposure for the tax years under audit. However, if upon conclusion of these matters, the ultimate determination of taxes owed is for an amount materially different than our current position, our overall tax expense and effective tax rate could be materially impacted in the period of adjustment. The additions for tax positions of prior years were primarily due to tax audits, development of tax court cases, and tax law changes in various jurisdictions. Included in the balance at December 31, 2020, 2019 and 2018 are $ 102 million, $ 35 million and $ 263 million, respectively, of unrecognized tax benefits that would impact the Company’s effective tax rate if recognized. Accrued interest and penalties associated with uncertain tax positions are recognized as part of tax expense. For the years ended December 31, 2020, 2019 and 2018 the amount recognized in interest expense and accrued for the payment of interest and penalties were not material. It is possible that the amount of unrecognized tax benefits will change due to one or more of the following events during the next twelve months: audit activity, tax payments, or final decisions in matters that are the subject of controversy in various jurisdictions. Corning believes that adequate tax reserves are provided for these matters. However, if upon conclusion of these matters, the ultimate determination of taxes owed is for an amount materially different than the current reserves, the Company’s overall tax expense and effective tax rate could be materially impacted in the period of adjustment. As of December 31, 2020, the company is not expecting any significant movements in the uncertain tax benefits in the next twelve months. Corning Incorporated, as the common parent company, and all 80%-or-more-owned of its U.S. subsidiaries join in the filing of consolidated U.S. federal income tax returns. The statute of limitations is closed for all periods ending through December 31, 2012. All returns for periods ended through December 31, 2014, have been audited by and settled with the IRS. Corning Incorporated and its U.S. subsidiaries file income tax returns on a combined, unitary or stand-alone basis in multiple state and local jurisdictions, which generally have statutes of limitations ranging from 3 to 5 years . Various state income tax returns are currently in the process of examination or administrative appeal. The Company does not expect any material proposed adjustments from any of these audits. Corning’s foreign subsidiaries file income tax returns in the countries where their operations are located. Generally, these countries have statutes of limitations ranging from 3 to 10 years . The statute of limitations is closed through the following years in these major jurisdictions: China (2008), Japan (2012), Taiwan (2014) and South Korea (2013). CPM (“Corning Precision Materials”), a South Korean subsidiary, is currently appealing certain tax assessments and tax refund claims for tax years 2010 through 2018. The Company is required to deposit the disputed tax amounts with the South Korean government as a condition of its appeal of any tax assessments. We believe that it is more likely than not that we will prevail in the appeal process, and as a result we have recorded a non-current receivable of $ 365 million as of December 31, 2020 compared to a $ 415 million non-current receivable and $ 33 million current receivable as of December 31, 2019 for the amount on deposit with the South Korean government. The reduction of the net receivable balance is due primarily to refunds received upon the successful defense of one of our tax positions with the South Korean government. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net of Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment, Net of Accumulated Depreciation [Abstract] | |
Property, Plant and Equipment, Net of Accumulated Depreciation | 9. Property, Plant and Equipment, Net of Accumulated Depreciation Property, plant and equipment, net of accumulated depreciation follow (in millions): December 31, 2020 2019 Land $ 471 $ 452 Buildings 6,453 6,023 Equipment 20,563 19,100 Construction in progress 1,918 2,757 Subtotal 29,405 28,332 Accumulated depreciation ( 13,663 ) ( 12,995 ) Total $ 15,742 $ 15,337 Approximately $ 58 million, $ 54 million and $ 49 million of interest costs were capitalized as part of property, plant and equipment, net of accumulated depreciation, in 2020, 2019 and 2018, respectively. Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. At December 31, 2020 and 2019, the recorded value of precious metals totaled $ 3.4 billion and $ 3.3 billion, respectively. Depletion expense for precious metals in the years ended December 31, 2020, 2019 and 2018 was $ 24 million, $ 16 million and $ 14 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 1 0. Goodwill and Other Intangible Assets Goodwill Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill relates to and is assigned directly to a specific reporting unit. Reporting units are either operating segments or one level below the operating segment. Impairment testing for goodwill is done at a reporting unit level. Goodwill is reviewed for indicators of impairment quarterly or if an event occurs or circumstances change that indicate that the carrying amount may be impaired. Corning also performs a detailed quantitative impairment test every three years if no indicators suggest a test should be performed in the interim. We use this calculation as quantitative validation of the qualitative process; this process does not represent an election to perform the quantitative impairment test in place of the qualitative review. The qualitative process includes an extensive review of expectations for the long-term growth of our businesses and forecasting future cash flows. If we are required to perform the quantitative impairment analysis, our valuation method is an “income approach” using a discounted cash flow model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate rate of return. Our estimates are based upon our historical experience, our current knowledge from our commercial relationships, and available external information about future trends. If the fair value is less than the carrying value, a loss is recorded to reflect the difference between the fair value and carrying value. Changes in the carrying amount of goodwill for the twelve months ended December 31, 2020 and 2019, were as follows (in millions): Display Technologies Optical Communications Specialty Materials Life Sciences All Other Total Balance at December 31, 2018 $ 132 $ 926 $ 150 $ 617 $ 111 $ 1,936 Foreign currency translation adjustment and other ( 3 ) 5 ( 1 ) ( 2 ) ( 1 ) Balance at December 31, 2019 $ 129 $ 931 $ 150 $ 616 $ 109 $ 1,935 Acquired goodwill (1) 495 495 Foreign currency translation adjustment and other 3 12 2 13 30 Balance at December 31, 2020 $ 132 $ 943 $ 150 $ 618 $ 617 $ 2,460 (1) The Company obtained a controlling interest in HSG during the third quarter of 2020. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information on this transaction. Corning’s gross goodwill balance and accumulated impairment losses were $ 9.0 billion and $ 6.5 billion, respectively, for the year ended December 31, 2020. Corning’s gross goodwill balance and accumulated impairment losses were $ 8.4 billion and $ 6.5 billion, respectively, for the year ended December 31, 2019. Accumulated impairment losses were generated primarily through goodwill impairments related to the Optical Communications segment. Other Intangible Assets Other intangible assets follow (in millions): December 31, 2020 2019 Gross Accumulated amortization Net Gross Accumulated amortization Net Amortized intangible assets: Patents, trademarks & trade names $ 500 $ 255 $ 245 $ 469 $ 228 $ 241 Customer lists and other (1) 1,517 454 1,063 1,301 357 944 Total $ 2,017 $ 709 $ 1,308 $ 1,770 $ 585 $ 1,185 (1) Other is comprised of intangible assets related to developed technologies and intellectual know-how. Corning’s amortized intangible assets are primarily related to the Optical Communications and Life Sciences segments and “All Other”. The net carrying amount of intangible assets increased during the year, primarily driven by the consolidation of HSG and foreign currency translation and other adjustments of $ 14 million; offset by amortization of $ 121 million and an impairment of $ 55 million. Intangible assets obtained from HSG consist primarily of $ 215 million of developed technologies and know-how, and $ 70 million of other intangibles that are amortized over the weighted average useful life of approximately 20 and 15 years, respectively. Amortization expense related to all intangible assets is expected to be approximately $ 130 million annually for years 2021 through 2025. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | 11. Other Assets and Other Liabilities Other assets follow (in millions): December 31, 2020 2019 Current assets: Derivative instruments (Note 15) $ 148 $ 157 South Korean tax deposits 33 Other current assets 613 683 Other current assets $ 761 $ 873 Non-current assets: Derivative instruments (Note 15) $ 123 $ 92 South Korean tax deposits 365 415 Operating leases (Note 7) 680 504 Investments (Note 3) 435 334 Other non-current assets 537 476 Other assets $ 2,140 $ 1,821 South Korean tax deposits CPM is currently appealing certain tax assessments and tax refund claims for tax years 2010 through 2018. The Company is required to deposit the disputed tax amounts with the South Korean government as a condition of its appeal of any tax assessments. Corning believes that it is more likely than not that we will prevail in the appeal process. Other liabilities follow (in millions): December 31, 2020 2019 Current liabilities: Wages and employee benefits $ 572 $ 565 Income taxes 173 182 Derivative instruments (Note 15) 189 100 Asbestos and other litigation (Note 14) 13 57 Deferred revenue (Note 5) 152 Settlement liability (Note 4) 58 Customer deposits (Note 5) 211 104 Short-term leases (Note 7) 96 62 Other current liabilities 973 853 Other accrued liabilities $ 2,437 $ 1,923 Non-current liabilities: Defined benefit pension plan liabilities $ 887 $ 980 Derivative instruments (Note 15) 155 165 Asbestos and other litigation (Note 14) 94 196 Deferred revenue (Note 5) 872 Settlement liability (Note 4) 117 Investment in Hemlock Semiconductor Group (1) 270 Customer deposits (Note 5) 1,148 927 Deferred tax liabilities 313 325 Long-term leases (Note 7) 633 450 Other non-current liabilities 798 667 Other liabilities $ 5,017 $ 3,980 (1) The negative carrying value resulted from a one-time charge to this entity in 2019 for the impairment of certain assets. Refer to Note 3 (Investments) and Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt [Abstract] | |
Debt | 12. Debt (In millions) December 31, 2020 2019 Current portion of long-term debt $ 81 $ 11 Short-term borrowings 75 Current portion of long-term debt and short-term borrowings $ 156 $ 11 Long-term debt Debentures, 8.875 %, due 2021 $ 63 $ 64 Debentures, 2.90 %, due 2022 374 374 Debentures, 3.70 %, due 2023 249 249 Medium-term notes, average rate 7.66 %, due through 2023 45 45 Debentures, 7.00 %, due 2024 100 Debentures, 3.90 %, due 2049 394 395 Debentures, 5.45 %, due 2079 1,084 1,085 Yen-denominated debentures, 0.698 %, due 2024 203 192 Yen-denominated debentures, 0.722 %, due 2025 96 91 Yen-denominated debentures, 0.992 %, due 2027 453 430 Yen-denominated debentures, 1.043 %, due 2028 293 278 Yen-denominated debentures, 1.153 %, due 2031 301 285 Yen-denominated debentures, 1.513 %, due 2039 56 54 Debentures, 6.85 %, due 2029 161 163 Yen-denominated debentures, 1.219 %, due 2030 239 227 Debentures, callable, 7.25 %, due 2036 249 249 Debentures, 4.70 %, due 2037 296 295 Yen-denominated debentures, 1.583 %, due 2037 96 91 Debentures, 5.75 %, due 2040 396 395 Debentures, 4.75 %, due 2042 496 496 Debentures, 5.35 %, due 2048 543 543 Debentures, 4.375 %, due 2057 743 742 Debentures, 5.85 %, due 2068 296 296 Financing Leases, average discount rate 4.7 %, due through 2044 173 280 Other, average rate 4.54 %, due through 2043 598 321 Total long-term debt 7,897 7,740 Less current portion of long-term debt 81 11 Long-term debt $ 7,816 $ 7,729 Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $ 9.4 billion and $ 8.5 billion at December 31, 2020 and 2019, respectively. The Company measures the fair value of its long-term debt using Level 2 inputs based primarily on current market yields for its existing debt traded in the secondary market. Corning did no t have outstanding commercial paper at December 31, 2020 and 2019. Corning maintains a revolving credit agreement (the “Revolving Credit Agreement”) which provides a committed $ 1.5 billion unsecured multi-currency line of credit and expires August 15, 2023 . At December 31, 2020, there were no outstanding amounts under the Revolving Credit Agreement. The following table shows debt maturities by year at December 31, 2020 (in millions) (1) : 2021 2022 2023 2024 2025 Thereafter $ 156 $ 422 $ 382 $ 317 $ 171 $ 6,580 (1) Excludes interest rate swap gains, bond discounts and deferred expenses. Debt Issuances and Repayments 2020 During the fourth quarter of 2020, Corning redeemed $ 100 million of 7.0 % debentures due in 2024 with a carrying amount of $ 99 million, paying a $ 21 million make-whole call premium. The total payment of $ 121 million is disclosed in financing activities in the consolidated statements of cash flows. The redemption resulted in a loss of $ 22 million. In conjunction with the change in control of HSG on September 9, 2020, a variable interest rate loan of $ 175 million USD, maturing on September 8, 2021, was made to DC HSC Holdings, LLC, now a consolidated subsidiary of Corning. In December 2020, DC HSC Holdings, LLC repaid $ 100 million of the loan. The remaining balance of $ 75 million is reflected in the current portion of long-term debt and short-term borrowings in Corning’s consolidated balance sheets as of December 31, 2020. Refer to Note 4 (HSG Transactions) to the consolidated financial statements for additional information. During the second quarter of 2020, Corning established an incremental liquidity facility for 25 billion Japanese yen, equivalent to $ 232 million with a maturity of three year s. As of December 31, 2020, the facility has no t been drawn upon. In the first quarter of 2020, Corning established two unsecured variable rate loan facilities for 1,050 million Chinese yuan, equivalent to $ 150 million, and 749 million Chinese yuan, equivalent to $ 105 million, each with a maturity of five year s. In the fourth quarter of 2020, Corning established a third unsecured variable rate loan facility for 546 million Chinese yuan, equivalent to $ 84 million, with a maturity of five year s. Borrowings under these loan facilities for the year ended December 31, 2020, totaled 1,691 million Chinese yuan, or approximately $ 243 million. These Chinese yuan-denominated proceeds will not be converted into USD and will be used for capital projects. Payments of principal and interest on the Notes will be in Chinese yuan, or should yuan be unavailable due to circumstances beyond Corning’s control, a USD equivalent. These loans are the sole obligations of the subsidiary borrowers and are not guaranteed by any other Corning entity. 2019 In the fourth quarter of 2019, Corning issued two USD-denominated debt securities (the “Notes”), as follows: $ 400 million 3.90 % senior unsecured notes with a maturity of 30 year s; and $ 1.1 billion 5.45 % senior unsecured notes with a maturity of 60 year s. The net proceeds, after deducting offering expenses, were approximately $ 1.5 billion and will be used for general corporate purposes. These notes can be redeemed at any time, subject to certain terms and conditions. In the fourth quarter of 2019, Corning redeemed $ 300 million of 4.25 % notes due in 2020 , paying a premium of $ 4.7 million by exercising a make-whole call. The bond redemption resulted in an $ 8.4 million loss during the same quarter. In the third quarter of 2019, Corning issued two Japanese yen-denominated debt securities (the “Notes”), as follows: ¥ 31.3 billion 1.153 % senior unsecured notes with a maturity of 12 year s; and ¥ 5.9 billion 1.513 % senior unsecured notes with a maturity of 20 year s. The proceeds from the Notes were received in Japanese yen and converted to USD on the date of issuance. The net proceeds received in USD, after deducting offering expenses, were approximately $ 349 million and will be used for general corporate purposes. Payments of principal and interest on the Notes will be in Japanese yen, or should yen be unavailable due to circumstances beyond Corning’s control, a USD equivalent. On a quarterly basis, Corning will recognize the foreign currency translation gains and losses resulting from changes in exchanges rates within accumulated other comprehensive income (loss) in shareholders’ equity. Cash proceeds from loans and debt issuances are disclosed as financing activities, and cash payments for interest are disclosed as operating activities, in the consolidated statements of cash flows. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Dec. 31, 2020 | |
Employee Retirement Plans [Abstract] | |
Employee Retirement Plans | 13. Employee Retirement Plans Defined Benefit Plans Corning has defined benefit pension plans covering certain domestic and international employees. The Company’s funding policy has been to contribute, as necessary, an amount exceeding the minimum requirements to achieve the Company’s long-term funding targets. In 2020, voluntary cash contributions were made to domestic defined benefit pension plans and international pension plans in the amount of $ 180 million and $ 41 million, respectively. In 2019, no voluntary contributions were made to domestic defined benefit pension plans. Voluntary cash contributions of $ 2 million were made to international pension plans. During 2021, the Company plans to make cash contributions of $ 31 million to international pension plans. Corning offers postretirement plans that provide health care and life insurance benefits for retirees and eligible dependents. Certain employees may become eligible for such postretirement benefits upon reaching retirement age and service requirements. In 2020, voluntary cash contributions were made to domestic postretirement plans in the amount of $ 30 million. For current retirees (including surviving spouses) and active employees eligible for the salaried retiree medical program, Corning has placed a “cap” on the amount to be contributed toward retiree medical coverage in the future. The cap is equal to 120 % of the 2005 contributions toward retiree medical benefits. Once contributions toward salaried retiree medical costs reach this cap, impacted retirees will have to pay the excess amount in addition to their regular contributions for coverage. This cap was attained for post-65 retirees in 2008 and attained for pre-65 retirees in 2010. Furthermore, employees hired or rehired on or after January 1, 2007 will be eligible for Corning retiree medical benefits upon retirement; however, these employees will pay 100 % of the cost. Obligations and Funded Status The change in benefit obligation and funded status of our defined benefit pension plans are as follows (in millions): Total pension benefits Domestic pension benefits International pension benefits December 31, 2020 2019 2020 2019 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 4,581 $ 4,003 $ 3,856 $ 3,358 $ 725 $ 645 Service cost 118 101 92 76 26 25 Interest cost 122 148 110 133 12 15 Plan participants’ contributions 1 1 1 1 Plan amendments 1 1 Actuarial loss 358 533 329 462 29 71 Other ( 29 ) 6 8 6 ( 37 ) Benefits paid ( 213 ) ( 214 ) ( 194 ) ( 180 ) ( 19 ) ( 34 ) Foreign currency translation 42 3 42 3 Benefit obligation at end of year $ 4,981 $ 4,581 $ 4,203 $ 3,856 $ 778 $ 725 Change in plan assets Fair value of plan assets at beginning of year $ 3,671 $ 3,239 $ 3,153 $ 2,742 $ 518 $ 497 Actual gain on plan assets 469 615 420 576 49 39 Employer contributions 245 22 195 14 50 8 Plan participants’ contributions 1 1 1 1 Benefits paid ( 238 ) ( 214 ) ( 194 ) ( 180 ) ( 44 ) ( 34 ) Foreign currency translation 25 8 25 8 Fair value of plan assets at end of year $ 4,173 $ 3,671 $ 3,575 $ 3,153 $ 598 $ 518 Funded status at end of year Fair value of plan assets $ 4,173 $ 3,671 $ 3,575 $ 3,153 $ 598 $ 518 Benefit obligations ( 4,981 ) ( 4,581 ) ( 4,203 ) ( 3,856 ) ( 778 ) ( 725 ) Funded status of plans $ ( 808 ) $ ( 910 ) $ ( 628 ) $ ( 703 ) $ ( 180 ) $ ( 207 ) Amounts recognized in the consolidated balance sheets consist of: Noncurrent asset $ 99 $ 82 $ 99 $ 82 Current liability ( 20 ) ( 20 ) $ ( 13 ) $ ( 13 ) ( 7 ) ( 7 ) Noncurrent liability ( 887 ) ( 972 ) ( 615 ) ( 690 ) ( 272 ) ( 282 ) Recognized liability $ ( 808 ) $ ( 910 ) $ ( 628 ) $ ( 703 ) $ ( 180 ) $ ( 207 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 394 $ 338 $ 387 $ 306 $ 7 $ 32 Prior service cost (credit) 27 29 26 30 1 ( 1 ) Amount recognized at end of year $ 421 $ 367 $ 413 $ 336 $ 8 $ 31 An actuarial loss of $ 358 million was recognized in 2020 primarily due to decreases in bond yields during the year, leading to a domestic plan weighted-average discount rate that was 78 basis points lower than the prior year. In 2019, an actuarial loss of $ 533 million was recognized primarily due to decreases in bond yields during the year, leading to a domestic plan weighted-average discount rate that was 100 basis points lower than the prior year. The accumulated benefit obligation for defined benefit pension plans was $ 4.7 billion and $ 4.3 billion at December 31, 2020 and 2019, respectively. The following information is presented for pension plans where the projected benefit obligation exceeded the fair value of plan assets (in millions): December 31, 2020 2019 Projected benefit obligation $ 4,665 $ 4,298 Fair value of plan assets $ 3,758 $ 3,305 In 2020 and 2019, the fair value of plan assets exceeded the projected benefit obligation for the United Kingdom pension plan. The following information is presented for pension plans where the accumulated benefit obligation exceeded the fair value of plan assets (in millions): December 31, 2020 2019 Accumulated benefit obligation $ 4,247 $ 3,904 Fair value of plan assets $ 3,603 $ 3,178 In 2020 and 2019, the fair value of plan assets exceeded the accumulated benefit obligation for the United Kingdom and South Korea pension plans. The change in benefit obligation and funded status of our postretirement plans are as follows (in millions): Postretirement benefits December 31, 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 705 $ 699 Service cost 9 9 Interest cost 20 27 Plan participants’ contributions 8 8 Plan amendments 5 Actuarial loss (gain) 58 6 Other 2 1 Benefits paid ( 38 ) ( 50 ) Benefit obligation at end of year $ 764 $ 705 Change in plan asset Fair value of plan assets at beginning of year $ — Employer contributions 60 Plan participants' contributions 8 Gross benefits paid ( 38 ) Fair value of plan assets at end of year $ 30 Funded status at end of year Fair value of plan assets $ 30 Benefit obligations ( 764 ) $ ( 705 ) Funded status of plans $ ( 734 ) $ ( 705 ) Amounts recognized in the consolidated balance sheets consist of: Current liability $ ( 7 ) $ ( 34 ) Noncurrent liability ( 727 ) ( 671 ) Recognized liability $ ( 734 ) $ ( 705 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 86 $ 28 Prior service credit ( 26 ) ( 32 ) Amount recognized at end of year $ 60 $ ( 4 ) An actuarial loss of $ 58 million was recognized in 2020 due to current year decreases in bond yields, leading to a weighted-average discount rate that was 72 basis points lower than the prior year. In 2019, an actuarial loss of $ 6 million was recognized due to decreases in bond yields during the year, leading to a weighted-average discount rate that was 92 basis points lower than the prior year. The components of net periodic benefit cost for employee retirement plans are presented in the following tables (in millions): Total pension benefits Domestic pension benefits International pension benefits December 31, 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service cost $ 118 $ 101 $ 103 $ 92 $ 76 $ 78 $ 26 $ 25 $ 25 Interest cost 122 148 132 110 133 116 12 15 16 Expected return on plan assets ( 195 ) ( 171 ) ( 189 ) ( 186 ) ( 161 ) ( 178 ) ( 9 ) ( 10 ) ( 11 ) Amortization of prior service cost (credit) 5 6 6 6 7 7 ( 1 ) ( 1 ) ( 1 ) Recognition of actuarial loss 22 90 145 12 66 143 10 24 2 Total net periodic benefit expense $ 72 $ 174 $ 197 $ 34 $ 121 $ 166 $ 38 $ 53 $ 31 Settlement charge ( 1 ) ( 1 ) Special termination benefit charge 8 6 8 6 Total expense $ 80 $ 180 $ 196 $ 42 $ 127 $ 166 $ 38 $ 53 $ 30 Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Curtailment effects $ ( 4 ) $ ( 4 ) Settlements $ 1 $ 1 Current year actuarial loss (gain) 83 $ 88 180 $ 94 $ 47 $ 182 ( 11 ) $ 41 ( 2 ) Recognition of actuarial loss ( 22 ) ( 90 ) ( 145 ) ( 12 ) ( 66 ) ( 143 ) ( 10 ) ( 24 ) ( 2 ) Current year prior service cost 1 20 1 20 Amortization of prior service (cost) credit ( 5 ) ( 6 ) ( 6 ) ( 6 ) ( 7 ) ( 7 ) 1 1 1 Total recognized in other comprehensive loss (income) $ 53 $ ( 8 ) $ 50 $ 77 $ ( 26 ) $ 52 $ ( 24 ) $ 18 $ ( 2 ) Postretirement benefits 2020 2019 2018 Service cost $ 9 $ 9 $ 10 Interest cost 20 27 24 Amortization of prior service credit ( 5 ) ( 7 ) ( 7 ) Amortization of actuarial loss (gain) 1 ( 1 ) Total net periodic benefit expense $ 25 $ 28 $ 27 Special termination benefit charge 1 1 Total expense $ 26 $ 29 $ 27 Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): Current year actuarial loss (gain) $ 58 $ 6 $ ( 47 ) Amortization of actuarial (loss) gain ( 1 ) 1 Current year prior service cost (credit) 5 ( 40 ) Amortization of prior service credit 5 7 7 Total recognized in other comprehensive loss (income) $ 62 $ 19 $ ( 80 ) The components of net periodic benefit cost other than the service cost component are included in the line item other expense, net, in the consolidated statements of income. Corning uses a hypothetical yield curve and associated spot rate curve to discount the plan’s projected benefit payments. Once the present value of projected benefit payments is calculated, the suggested discount rate is equal to the level rate that results in the same present value. The yield curve is based on actual high-quality corporate bonds across the full maturity spectrum, which also includes private placements and eurobonds that are denominated in U.S. currency. The curve is developed from yields on hundreds of bonds from four grading sources, Moody’s, S&P, Fitch and the Dominion Bond Rating Service. A bond will be included if at least half of the grades from these sources are Aa, non-callable bonds. The very highest 10 % yields and the lowest 40 % yields are excluded from the curve to eliminate outliers in the bond population. Mortality is one of the key assumptions used in valuing liabilities of retirement plans. It is used to assign a probability of payment for benefits that are contingent upon participants’ survival. To make this assumption, benefit plan sponsors typically use a base mortality table and an improvement scale to mortality rates for future anticipated changes to historical death rates. As of December 31, 2020, Corning updated the adjustment factors applied to its base mortality assumption (PRI-2012 white collar table and PRI-2012 blue collar table for non-union and union participants, respectively) to value its U.S. benefit plan obligations as of December 31, 2020. In addition, Corning also updated to the MP-2020 projection scale at year-end 2020. As the Society of Actuaries publishes additional mortality improvement scales (i.e. MP-2020) and base mortality tables (i.e. PRI-2012), each year Corning considers these revised schedules in setting its mortality assumptions. Furthermore, Corning updated for the year ended 2020 the mortality assumption applied to disabled participants to be the PRI-2012 disabled mortality base table with future improvements using MP-2020. Measurement of postretirement benefit expense is based on assumptions used to value the postretirement benefit obligation at the beginning of the year. The weighted-average assumptions used to determine benefit obligations at December 31, 2020 were as follows: Pension benefits Domestic International Postretirement benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 2.50 % 3.28 % 4.28 % 1.02 % 1.34 % 1.96 % 2.69 % 3.41 % 4.33 % Rate of compensation increase 4.16 % 3.50 % 3.50 % 3.55 % 2.96 % 2.96 % Cash balance crediting rate 3.84 % 3.94 % 3.94 % 0.94 % 0.97 % 0.97 % Employee contributions crediting rate 0.62 % 2.03 % 3.47 % The weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 were as follows: Pension benefits Domestic International Postretirement benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 3.28 % 4.28 % 3.58 % 1.34 % 1.96 % 1.93 % 3.41 % 4.33 % 3.63 % Expected return on plan assets 6.00 % 6.00 % 6.00 % 1.71 % 2.01 % 2.13 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.96 % 2.96 % 2.81 % Cash balance crediting rate 3.94 % 3.94 % 3.94 % 0.97 % 0.97 % 1.00 % Employee contributions crediting rate 2.03 % 3.47 % 2.62 % Expected long-term returns on plan assets is based on long-term expectations for future returns informed by historical data in conjunction with the investment policies further described within “Plan Assets” below. Reasonableness of the results is tested using models provided by the plan actuaries. Assumed health care trend rates at December 31 2020 2019 Health care cost trend rate assumed for next year 6.50 % 6.75 % Rate that the cost trend rate gradually declines to 5 % 5 % Year that the rate reaches the ultimate trend rate 2027 2027 Plan Assets The Company’s primary objective is to ensure the plan has sufficient return on assets to fund the plan’s current and future obligations as they become due. Investments are primarily made in public securities to ensure adequate liquidity to support benefit payments. Domestic and international stocks provide diversification to the portfolio. The target allocation range equity investment is 40 % which includes large, mid and small-cap companies and investments in both developed and emerging markets. The target allocation for bond investments is 60 %, which predominately includes corporate bonds. Long-duration fixed income assets are utilized to mitigate the sensitivity of funding ratios to changes in interest rates. The following tables provide fair value measurement information for the Company’s major categories; Level 1 (quoted market prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) of domestic defined benefit plan assets: December 31, 2020 December 31, 2019 (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Equity securities: U.S. companies $ 781 $ 1 $ 780 $ 494 $ 2 $ 492 International companies 441 441 387 387 Fixed income: U.S. treasury bonds 147 147 U.S. corporate bonds 1,951 1,951 2,017 226 1,791 Preferred securities 11 11 Private equity (1) 51 $ 51 64 $ 64 Real estate (2) 140 140 145 145 Cash equivalents 83 83 46 46 Total $ 3,605 $ 231 $ 3,183 $ 191 $ 3,153 $ 274 $ 2,670 $ 209 (1) This category includes venture capital, leverage buyouts and distressed debt limited partnerships invested primarily in U.S. companies. The inputs are valued by discounted cash flow analysis and comparable sale analysis. (2) This category includes industrial, office, apartments, hotels, infrastructure and retail investments which are limited partnerships predominately in the U.S. The inputs are valued by discounted cash flow analysis; comparable sale analysis and periodic external appraisals. The following tables provide fair value measurement information for the Company’s major categories; Level 1 (quoted market prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) of international defined benefit plan assets: December 31, 2020 December 31, 2019 (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Fixed income: International fixed income $ 519 $ 426 $ 93 $ 455 $ 373 $ 82 Insurance contracts 3 $ 3 2 $ 2 Mortgages 20 20 21 21 Cash equivalents 56 56 40 40 Total $ 598 $ 482 $ 93 $ 23 $ 518 $ 413 $ 82 $ 23 The following table sets forth a summary of changes in the fair value of the defined benefit plans Level 3 assets: Level 3 assets – domestic Level 3 assets – international (in millions) Private equity Real estate Mortgages Insurance contracts Balance at December 31, 2018 $ 82 $ 148 $ 22 $ 2 Actual return on plan assets relating to assets still held at the reporting date 2 Transfers in or out of level 3 ( 18 ) ( 5 ) ( 1 ) Balance at December 31, 2019 $ 64 $ 145 $ 21 $ 2 Actual return on plan assets relating to assets still held at the reporting date 4 Transfers in or out of level 3 ( 17 ) ( 5 ) ( 1 ) 1 Balance at December 31, 2020 $ 51 $ 140 $ 20 $ 3 Credit Risk 58 % of domestic plan assets are invested in long duration bonds. The average rating for these bonds is A-. These bonds are subject to both credit and default risk and changes in the risk could lead to a decline in the value of these bonds. Currency Risk 12 % of domestic assets are valued in non-U.S. dollar denominated investments that are subject to currency fluctuations. The value of these securities will decline if the U.S. dollar increases in value relative to the value of the currencies in which these investments are denominated. Liquidity Risk 5 % of the domestic securities are invested in Level 3 securities. These are long-term investments in private equity and private real estate investments that may not mature or be sellable in the near-term without significant loss. At December 31, 20 20 and 2019, the amount of Corning common stock included in equity securities was not significant. Cash Flow Data The following reflects the gross benefit payments that are expected to be paid for domestic and international defined benefit pension plans and the postretirement medical and life plans (in millions): Expected benefit payments Domestic pension benefits International pension benefits Postretirement benefits 2021 $ 216 $ 25 $ 37 2022 $ 221 $ 31 $ 37 2023 $ 231 $ 30 $ 37 2024 $ 238 $ 32 $ 37 2025 $ 247 $ 35 $ 37 2026-2030 $ 1,312 $ 219 $ 188 Other Benefit Plans Corning offers defined contribution plans covering employees meeting certain eligibility requirements. Total consolidated defined contribution plan expense was $ 76 million, $ 108 million and $ 67 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2020 | |
Commitments, Contingencies and Guarantees [Abstract] | |
Commitments, Contingencies and Guarantees | 14. Commitments, Contingencies and Guarantees The amounts of obligations are as follows (in millions): Amount of commitment and contingency expiration per period Total Less than 1 year 1 to 3 Years 3 to 5 Years 5 Years and thereafter Performance bonds and guarantees $ 152 $ 5 $ 30 $ 2 $ 115 Stand-by letters of credit (1) 82 51 28 2 1 Subtotal of commitment expirations per period $ 234 $ 56 $ 58 $ 4 $ 116 Purchase obligations (2) $ 966 $ 180 $ 223 $ 120 $ 443 Capital expenditure obligations (3) 231 231 Debentures (4) 7,182 62 670 300 6,150 Finance leases and financing obligations 846 94 134 188 430 Interest on debentures (5) 8,634 290 553 524 7,267 Imputed interest on finance leases and financing obligations 287 31 58 42 156 Operating lease obligations 1,307 141 239 194 733 Uncertain tax positions (6) 35 35 Subtotal of contractual obligation payments due by period $ 19,488 $ 1,064 $ 1,877 $ 1,368 $ 15,179 Total commitments and contingencies $ 19,722 $ 1,120 $ 1,935 $ 1,372 $ 15,295 (1) At December 31, 2020, the Company had stand-by letters of credit commitments of $ 121 million; $ 39 million was included in other accrued liabilities on the consolidated balance sheets. (2) Purchase obligations are enforceable and legally binding obligations which primarily consist of raw material and energy-related take-or-pay contracts. (3) Capital expenditure obligations primarily reflect amounts associated with capital expansion activities. (4) Debentures are stated at maturity value and excludes interest rate swap gains or losses and bond discounts. (5) The estimate of interest payments assumes interest is paid through the date of maturity or expiration of the related debt, based upon stated rates in the respective debt instruments. (6) At December 31, 2020, $ 35 million was included on the consolidated balance sheets related to uncertain tax positions. The Company is required, at the time a guarantee is issued, to recognize a liability for the fair value or market value of the obligation it assumes. In the normal course of business, the Company does not routinely provide significant third-party guarantees. Generally, third-party guarantees provided by Corning are limited to certain financial guarantees, including stand-by letters of credit and performance bonds, and the incurrence of contingent liabilities in the form of purchase price adjustments related to attainment of milestones. These guarantees have various terms, and none of these guarantees are individually significant. The Company believes a significant majority of these guarantees and contingent liabilities will expire without being funded. Product warranty liability accruals at December 31, 2020 and 2019 were insignificant. The ability of certain subsidiaries and affiliated companies to transfer funds is limited by provisions of foreign government regulations, affiliate agreements and certain loan agreements. At December 31, 2020, the amount of equity subject to such restrictions for consolidated subsidiaries and affiliated companies was not significant. While this amount is legally restricted, it does not result in operational difficulties since the Company has generally permitted subsidiaries to retain a majority of equity to support growth programs. Corning is a defendant in various lawsuits and is subject to various claims that arise in the normal course of business, the most significant of which are summarized below. In the opinion of management, the likelihood that the ultimate disposition of these matters will have a material adverse effect on Corning’s consolidated financial position, liquidity, or results of operations, is remote. Asbestos Claims Corning and PPG Industries, Inc. each owned 50 % of the capital stock of Pittsburgh Corning Corporation (“PCC”). PCC filed for Chapter 11 reorganization in 2000 and the Modified Third Amended Plan of Reorganization for PCC (the “Plan”) became effective in April 2016. At December 31, 2016, the Company’s liability under the Plan was $ 290 million, which was required to be paid through a series of fixed payments beginning in the second quarter of 2017. Payments of $ 130 million and $ 50 million were made in the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, there is no further liability associated with this plan. Non-PCC Asbestos Claims Corning is a defendant in certain cases alleging injuries from asbestos unrelated to PCC (the “non-PCC asbestos claims”) which had been stayed pending the confirmation of the Plan. The stay was lifted on August 25, 2016. At December 31, 2020 and 2019, the amount of the reserve for these non-PCC asbestos claims was estimated to be $ 96 million and $ 98 million, respectively. The reserve balance as of December 31, 2020 and 2019 represents the undiscounted projection of claims and related legal fees for the estimated life of the litigation. Dow Corning Chapter 11 Related Matters Until June 1, 2016, Corning and The Dow Chemical Company (“Dow”) each owned 50 % of the common stock of Dow Corning Corporation (“Dow Corning”). On May 31, 2016, Corning and Dow realigned their ownership interest in Dow Corning. Following the realignment, Corning no longer owned any interest in Dow Corning. With the realignment, Corning agreed to indemnify Dow for 50 % of Dow Corning’s non-ordinary course, pre-closing liabilities to the extent such liabilities exceed the amounts reserved for them by Dow Corning as of May 31, 2016, subject to certain conditions and limits. Dow Corning Breast Implant Litigation In May 1995, Dow Corning filed for bankruptcy protection to address pending and claimed liabilities arising from many thousands of breast implant product lawsuits. On June 1, 2004, Dow Corning emerged from Chapter 11 with a Plan of Reorganization (the “Plan”) which provided for the settlement or other resolution of implant claims. The Plan includes releases for Corning and Dow as shareholders in exchange for contributions to the Plan. Under the terms of the Plan, Dow Corning has established and funded a Settlement Trust and a Litigation Facility, referred to above, to provide a means for tort claimants to settle or litigate their claims. Inclusive of insurance, Dow Corning has paid approximately $ 1.8 billion to the Settlement Trust. As of May 31, 2016, Dow Corning had recorded a reserve for breast implant litigation of $ 290 million. In the event Dow Corning’s total liability for these claims exceeds such amount, Corning may be required to indemnify Dow for up to 50 % of the excess liability, subject to certain conditions and limits. As of December 31, 2020, Dow Corning had recorded a reserve for breast implant litigation of $ 160 million. As a result, Corning does not believe its indemnity obligation for Dow Corning’s breast implant litigation liability, if any, will be material. Dow Corning Bankruptcy Pendency Interest Claims As a separate matter arising from the bankruptcy proceedings, Dow Corning has 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 through June 2004. As of May 31, 2016, Dow Corning had recorded a reserve for these claims of $ 107 million. Dow Corning settled those claims as of September 30, 2019 and received approval of the settlement from the bankruptcy court. Corning does not believe its indemnity obligation, if any, for Dow Corning’s liability to be material. Dow Corning Environmental Claims In September 2019, Dow formally notified Corning of certain environmental matters for which Dow asserts that it has or will experience losses arising from remediation and response at a number of sites. In the event Dow is liable for these claims, Corning may be required to indemnify Dow for up to 50 % of that liability, subject to certain conditions and limits. As of December 31, 2020, Corning has determined a potential liability for these environmental matters is probable, and the amount recorded was not material. 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 have contributed any waste to a hazardous waste site, identified by the Agency, are jointly and severally liable for the cost of cleanup unless the Agency agrees otherwise. It is Corning’s policy to accrue for its estimated liability related to Superfund sites and other environmental liabilities related to property owned by Corning based on expert analysis and continual monitoring by both internal and external consultants. At December 31, 20 20 and 2019, Corning had accrued approximately $ 68 million and $ 41 million, respectively, for the undiscounted estimated liability for environmental cleanup and related litigation. Based upon the information developed to date, management believes that the accrued reserve is a reasonable estimate of the Company’s liability and that the risk of an additional loss in an amount materially higher than that accrued is remote. |
Hedging Activities
Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Hedging Activities [Abstract] | |
Hedging Activities | 15. Hedging Activities Corning is exposed to interest rate and foreign currency risks due to the movement of these rates. The areas in which exchange rate fluctuations affect the Company include: Financial instruments and transactions denominated in foreign currencies, which impact earnings; and The translation of net assets in foreign subsidiaries for which the functional currency is not the U.S. dollar. The most significant foreign currency exposure relates to the Japanese yen, South Korean won, new Taiwan dollar, Chinese yuan, the euro and British pound. Corning seeks to mitigate the impact of exchange rate movements in our income statement by using over-the-counter (OTC) derivative instruments including foreign exchange forward and option contracts. In general, these hedge expirations coincide with the timing of the underlying foreign currency commitments and transactions. Corning is exposed to potential losses in the event of non-performance by counterparties to these derivative contracts. However, this risk is minimized by maintaining a portfolio with a diverse group of highly-rated major financial institutions. The Company does not expect to record any losses due to counterparty default. Neither the company nor its counterparties are required to post collateral for these financial instruments. The Company qualified for and elected the end-user exception to the mandatory swap clearing requirement of the Dodd-Frank Act. Cash Flow Hedges Corning’s cash flow hedging activities utilize OTC foreign exchange forward contracts to reduce the risk that movements in exchange rates will adversely affect the net cash flows resulting from the sale of products to customers and purchases from suppliers. The total gross notional values for foreign currency cash flow hedges are $ 1.1 billion, including net investment hedges of $ 251 million, and $ 2.1 billion at December 31, 2020 and 2019, respectively, with maturities spanning the years 2021 through 2023. Corning uses regression analysis or critical term match method to assess initial hedge effectiveness. Following the inception of a hedging relationship, hedge effectiveness is assessed quarterly based on qualitative factors. Corning defers gains and losses related to the cash flow hedges into accumulated other comprehensive loss on the consolidated balance sheets until the hedged item impacts earnings. At December 31, 2020, the amount expected to be reclassified into earnings within the next 12 months is a pre-tax net gain of $ 35 million. In the first quarter of 2020, a loss of $ 14 million was reclassified from accumulated other comprehensive loss into other expense, net, due to the de-designation of certain cash flow hedges related to Japanese yen-denominated sales. The effect of cash flow hedges on Coring’s consolidated statements of income and comprehensive income was not material for the year ended December 31, 2020, 2019 and 2018. Undesignated Hedges Corning also uses OTC foreign exchange forward and option contracts that are not designated as hedged instruments for accounting purposes. These contracts are used to offset economic currency risks. The undesignated hedges limit exposure to foreign functional currency fluctuations related to certain subsidiaries’ monetary assets, monetary liabilities and net earnings in foreign currencies. 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 other derivative instruments. The table below includes a total gross notional value for translated earnings contracts of $ 7.5 billion and $ 12.2 billion at December 31, 2020 and 2019, respectively. These include gross notional value for average rate forward contracts of $ 5.4 billion and $ 9.7 billion, zero-cost collars and purchased put or call options of $ 2.0 billion and $ 2.5 billion at December 31, 2020 and 2019, respectively. The majority of average rate forward contracts hedge a significant portion of the Company’s exposure to the Japanese yen with maturities spanning the years 2021-2024 and with gross notional values of $ 4.5 billion and $ 7.7 billion at December 31, 2020 and 2019, respectively. The average rate forward contracts also partially hedge the impacts of the South Korean won, Chinese yuan, euro, new Taiwan dollar and British pound translation on the Company’s projected net income. The fair values of these derivative contracts are recorded as either assets (gain position) or liabilities (loss position) on the consolidated balance sheets. Changes in the fair value of the derivative contracts are recorded currently in earnings in the translated earnings contract (loss) gain, net line of the consolidated statements of income. The following table summarizes the notional amounts and respective fair values of Corning’s derivative financial instruments on a gross basis for December 31, 2020 and 2019 (in millions): Asset derivatives Liability derivatives Notional amount Fair value Fair value 2020 2019 Balance sheet location 2020 2019 Balance sheet location 2020 2019 Derivatives designated as hedging instruments Foreign exchange contracts (1) $ 1,143 $ 2,123 Other current assets $ 37 $ 38 Other accrued liabilities $ ( 3 ) $ ( 7 ) Other assets 21 37 Other liabilities ( 1 ) ( 4 ) Derivatives not designated as hedging instruments Foreign exchange contracts and other 6,144 1,815 Other current assets 45 5 Other accrued liabilities ( 76 ) ( 19 ) Other assets 41 21 Other liabilities ( 59 ) Translated earnings contracts 7,453 12,166 Other current assets 66 114 Other accrued liabilities ( 110 ) ( 74 ) Other assets 61 34 Other liabilities ( 95 ) ( 161 ) Total derivatives $ 14,740 $ 16,104 $ 271 $ 249 $ ( 344 ) $ ( 265 ) (1) At December 31, 2020, the foreign exchange contracts that are designated as hedging instruments include the notional amount $ 892 million of cash flow hedges and $ 251 million of net investment hedges. The following tables summarize the effect on the consolidated financial statements relating to Corning’s derivative financial instruments (in millions): Effect of derivative instruments on the consolidated financial statements for the year ended December 31 Derivatives in hedging relationships (Loss) gain recognized in other comprehensive income (OCI) Location of (loss) gain reclassified from accumulated OCI into income (Loss) Gain reclassified from accumulated OCI into income for designated hedges 2020 2019 2018 effective (ineffective) 2020 2019 2018 Net sales $ ( 6 ) Interest rate hedge $ 16 Cost of sales 13 $ 11 $ 13 Foreign exchange contracts $ ( 19 ) $ 72 ( 5 ) Other expense, net (1) ( 14 ) ( 1 ) Total designated hedges $ ( 19 ) $ 72 $ 11 $ ( 7 ) $ 11 $ 12 (Loss) Gain recognized in income Undesignated derivatives Location of (loss) gain recognized in income 2020 2019 2018 Foreign exchange and other contracts – balance sheet, loans and other Other (expense) income, net (1) $ ( 93 ) $ 21 $ 22 Translated earnings contracts Translated earnings contract (loss) gain, net ( 38 ) 248 ( 93 ) Total undesignated $ ( 131 ) $ 269 $ ( 71 ) (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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 16. Fair Value Measurements Fair value standards under U.S. 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 also identify two kinds of inputs that are used to determine the fair value of assets and liabilities: observable and unobservable. Observable inputs are based on market data or independent sources while unobservable inputs are based on the Company’s own market assumptions. Once inputs have been characterized, the inputs are prioritized into one of three broad levels (provided in the table below) used to measure fair value. Fair value standards apply whenever an entity is measuring fair value under other accounting pronouncements that require or permit fair value measurement and require the use of observable market data when available. The following tables provide fair value measurement information for the Company’s major categories of financial assets and liabilities measured on a recurring basis: Fair value measurements at reporting date using December 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in millions) 2020 (Level 1) (Level 2) (Level 3) Current assets: Other current assets (1)(2) $ 152 $ 148 $ 4 Non-current assets: Investments (3) $ 137 $ 137 Other assets (1)(2) $ 139 $ 123 $ 16 Current liabilities: Other accrued liabilities (1) $ 189 $ 189 Non-current liabilities: Other liabilities (1) $ 155 $ 155 (1) Derivative assets and liabilities include foreign exchange contracts which are measured using observable inputs for similar assets and liabilities. (2) Included in other current assets and other assets is a contingent consideration asset for a cost adjustment contract of $ 20 million, resulting from the HSG Transactions as of September 9, 2020, that were measured using unobservable (Level 3) inputs. (3) Included in the investments were equity securities with readily available fair values that were measured using Level 1 inputs. A pre-tax gain of $ 107 million was recognized from the initial public offering of an investment for the year ended December 31, 2020. Fair value measurements at reporting date using December 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in millions) 2019 (Level 1) (Level 2) (Level 3) Current assets: Other current assets (1) $ 157 $ 157 Non-current assets: Other assets (1)(2) $ 92 $ 71 $ 21 Current liabilities: Other accrued liabilities (1) $ 100 $ 100 Non-current liabilities: Other liabilities (1) $ 165 $ 165 (1) Derivative assets and liabilities include foreign exchange contracts which are measured using observable inputs for similar assets and liabilities. (2) Other assets include one of the Company’s renewable energy derivative contracts that was measured using unobservable (Level 3) inputs, in the amount of $ 21 million. For the year ended December 31, 2020, assets and liabilities that were measured using unobservable (Level 3) inputs resulted in losses recognized in earnings of $ 21 million for a renewable energy derivative contract and $ 4 million for auction rate securities, respectively. For the year ended December 31, 2019, assets and liabilities that were measured using unobservable (Level 3) inputs resulted in unrealized gains recognized in earnings of $ 21 million for a renewable energy derivative contract and the reversal of a liability for contingent consideration of $ 20 million. Assets and Liabilities Measured on a Non-Recurring Basis For the year ended December 31, 2020, Corning incurred a long-lived asset impairment and disposal loss for an asset group related to the reassessment of research and development programs within “All Other”. Given the economic environment and market opportunities, Corning discontinued its investment in these research and development programs. The impairment analysis and disposition of certain assets resulted in a total pre-tax charge of $ 217 million, which was substantially all the carrying value, inclusive of an insignificant amount of goodwill. The fair value of the asset group for the impairment analysis was measured using unobservable (Level 3) inputs. Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) to the consolidated financial statements for additional information this impairment. At December 31, 2019, HSG, one of the Company’s equity method affiliates, recorded an impairment of its long-lived assets. HSG engaged a third-party appraiser to assist in determining the fair value of its long-lived assets using unobservable (Level 3) inputs based on the highest and best use of the asset group. As a result, HSG recognized pre-tax asset impairment charges of $ 916 million for the year ended December 31, 2019. Corning’s share of the pre-tax impairment was $ 369 million. For the year ended December 31, 2020, no material asset impairment losses were recognized on a nonrecurring basis by HSG. Refer to Note 3 (Investments) to the consolidated financial statements for additional information. Fair value measurements (Level 3) related to the Redemption are disclosed in Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements. There were no other significant financial assets and liabilities measured on a nonrecurring basis as of December 31, 2020 and 2019. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 17. Shareholders’ Equity Common Stock Dividends On February 3, 2021, Corning’s Board of Directors declared a 9 % increase in the Company’s quarterly common stock dividend, which increased the quarterly dividend from $ 0.22 to $ 0.24 per share of common stock, beginning with the dividend paid in the first quarter of 2021. This increase marks the tenth dividend increase since October 2011. On February 5, 2020, Corning’s Board of Directors declared a 10 % increase in the Company’s quarterly common stock dividend, which increased the quarterly dividend from $ 0.20 to $ 0.22 per share of common stock, beginning with the dividend paid in the first quarter of 2020. On February 6, 2019, Corning’s Board of Directors declared an 11 % increase in the Company’s quarterly common stock dividend, which increased the quarterly dividend from $ 0.18 to $ 0.20 per share of common stock, beginning with the dividend paid in the first quarter of 2019. Fixed Rate Cumulative Convertible Preferred Stock, Series A On January 15, 2014, Corning designated a new series of its preferred stock as Fixed Rate Cumulative Convertible Preferred Stock, Series A, par value $ 100 per share, and issued 1,900 shares of preferred stock at an issue price of $ 1 million per share, for an aggregate issue price of $ 1.9 billion, to Samsung Display with the acquisition of its equity interest in Samsung Corning Precision Materials. Corning also issued to Samsung Display an additional amount of preferred stock at closing, for an aggregate issue price of $ 400 million in cash. Dividends on the preferred stock are cumulative and accrue at the annual rate of 4.25 % on the per share issue price of $ 1 million. The dividends are payable quarterly as and when declared by the Company’s Board of Directors. The preferred stock ranks senior to common stock with respect to payment of dividends and rights upon liquidation. The preferred stock is not redeemable except in the case of a certain deemed liquidation event, the occurrence of which is under the control of the Company. The preferred stock is convertible at the option of the holder, and by the Company upon certain events, at a conversion rate of 50,000 shares of Corning’s common stock per one share of preferred stock, subject to certain anti-dilution provisions. As of December 31, 2020, the preferred stock had not been converted, and none of the anti-dilution provisions had been triggered. On January 16, 2021, the preferred stock became convertible, in whole or in part, at the option of the holder. The Company has the right, at its option, to cause some or all the shares of preferred stock to be converted into common stock, if, for 25 trading days (whether or not consecutive) within any period of 40 consecutive trading days, the closing price of common stock exceeds $ 35 per share. The preferred stock does not have any voting rights except as may be required by law. Share Repurchases 2020 Share Repurchases The Company suspended share buybacks during the first quarter of 2020 and made no share repurchases for the remainder of the year. For the year ended December 31, 2020, the Company repurchased 4.1 million shares of common stock on the open market for approximately $ 105 million, as part of its 2018 Repurchase Program. 2019 Share Repurchases On July 17, 2019, Corning’s Board of Directors authorized $ 5 billion in share repurchases with no expiration date (the “2019 Repurchase Program”). During the year ended December 31, 2019, the Company repurchased 31.0 million shares of common stock on the open market for approximately $ 925 million as part of its 2018 Repurchase Program. 2018 Share Repurchases On April 26, 2018, Corning’s Board of Directors approved a $ 2 billion share repurchase program with no expiration (the “2018 Repurchase Program”). During the year ended December 31, 2018, the Company repurchased 74.8 million shares of common stock on the open market for approximately $ 2.2 billion as part of its 2016 and 2018 Repurchase Programs. The following table presents changes in capital stock (in millions): Common stock Treasury stock Shares Par value Shares Cost Balance at December 31, 2017 1,708 $ 854 ( 850 ) $ ( 16,633 ) Shares issued to benefit plans and for option exercises 5 3 Shares purchased for treasury ( 75 ) ( 2,230 ) Other, net ( 7 ) Balance at December 31, 2018 1,713 $ 857 ( 925 ) $ ( 18,870 ) Shares issued to benefit plans and for option exercises 5 2 Shares purchased for treasury ( 31 ) ( 925 ) Other, net ( 17 ) Balance at December 31, 2019 1,718 $ 859 ( 956 ) $ ( 19,812 ) Shares issued to benefit plans and for option exercises 8 4 Shares purchased for treasury ( 4 ) ( 105 ) Other, net ( 1 ) ( 11 ) Balance at December 31, 2020 1,726 $ 863 ( 961 ) $ ( 19,928 ) Accumulated Other Comprehensive Loss A summary of changes in the components of accumulated other comprehensive loss, including the proportionate share of equity method investee’s accumulated other comprehensive loss, is as follows (in millions) (1) : Foreign currency translation adjustments and other Unamortized actuarial gains (losses) and prior service (costs) credits Net unrealized gains (losses) on investments Net unrealized gains (losses) on designated hedges Accumulated other comprehensive loss Balance at December 31, 2017 $ ( 529 ) $ ( 317 ) $ ( 3 ) $ 7 $ ( 842 ) Other comprehensive (loss) income before reclassifications (2) $ ( 180 ) $ ( 84 ) $ ( 1 ) $ 9 $ ( 256 ) Amounts reclassified from accumulated other comprehensive income (loss) (5) 103 ( 10 ) 93 Equity method affiliates (6) ( 5 ) ( 5 ) Net current-period other comprehensive income ( 185 ) 19 ( 1 ) ( 1 ) ( 168 ) Balance at December 31, 2018 $ ( 714 ) $ ( 298 ) $ ( 4 ) $ 6 $ ( 1,010 ) Other comprehensive (loss) income before reclassifications (3) $ ( 129 ) $ ( 79 ) $ 1 $ 54 $ ( 153 ) Amounts reclassified from accumulated other comprehensive income (loss) (5) 15 ( 9 ) 6 Equity method affiliates (6) ( 14 ) ( 14 ) Net current-period other comprehensive (loss) income ( 143 ) ( 64 ) 1 45 ( 161 ) Balance at December 31, 2019 $ ( 857 ) $ ( 362 ) $ ( 3 ) $ 51 $ ( 1,171 ) Other comprehensive income (loss) before reclassifications (4) $ 511 $ ( 106 ) $ ( 14 ) $ 391 Amounts reclassified from accumulated other comprehensive income (5) 18 5 23 Equity method affiliates (6) 17 17 Net current-period other comprehensive income (loss) 528 ( 88 ) — ( 9 ) 431 Balance at December 31, 2020 $ ( 329 ) $ ( 450 ) $ ( 3 ) $ 42 $ ( 740 ) (1) All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive income. (2) Amounts are net of total tax benefit of $ 64 million, primarily driven by $ 34 million and $ 33 million, related to foreign currency translation adjustments and retirement plans, respectively. (3) Amounts are net of total tax benefit of $ 8 million, primarily driven by $ 7 million related to foreign currency translation adjustments; embedded in this number is the negative impact of $ 18 million related to the hedging component, offset by the positive impact of $ 19 million related to retirement plans. (4) Amounts are net of total tax expense of $ 22 million, primarily driven by $ 55 million related to foreign currency translation adjustments; embedded in this number are the positive impacts of $ 5 million related to the hedging component and $ 28 million related to retirement plans. (5) Tax effect of reclassifications are disclosed separately within this footnote. (6) Tax effects related to equity method affiliates are not significant in the reported periods. (In millions) Reclassifications Out of Accumulated Other Comprehensive Income ("AOCI") by Component (1) Amount reclassified from AOCI Affected line item Year ended December 31, in the consolidated Details about AOCI Components 2020 2019 2018 statements of income Amortization of net actuarial loss $ ( 23 ) $ ( 89 ) $ ( 138 ) (2) Amortization of prior service credit (cost) 1 ( 6 ) (2) ( 23 ) ( 88 ) ( 144 ) Total before tax 5 73 41 Tax benefit (3) $ ( 18 ) $ ( 15 ) $ ( 103 ) Net of tax Realized (losses) gains on designated hedges $ ( 6 ) Sales 13 $ 11 $ 13 Cost of sales ( 14 ) ( 1 ) Other expense, net ( 7 ) 11 12 Total before tax 2 ( 2 ) ( 2 ) Tax benefit (expense) $ ( 5 ) $ 9 $ 10 Net of tax Total reclassifications for the period $ ( 23 ) $ ( 6 ) $ ( 93 ) Net of tax (1) Amounts in parentheses indicate debits to the statement of income. (2) These accumulated other comprehensive income components are included in net periodic pension cost. Refer to Note 13 (Employee Retirement Plans) to the consolidated financial statements for additional details. (3) Includes $ 52 million that was recognized during the first quarter of 2019 due to adoption of the new standard related to Income Statement - Reporting Comprehensive Income, which allows for reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 18. Earnings Per Common Share Basic earnings per common share are computed by dividing income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share assumes the issuance of common shares for all potentially dilutive securities outstanding. The reconciliation of the amounts used to compute basic and diluted earnings per common share from operations is as follows (in millions, except per share amounts): Year ended December 31, 2020 2019 2018 Net income attributable to Corning Incorporated $ 512 $ 960 $ 1,066 Less: Series A convertible preferred stock dividend 98 98 98 Net income available to common stockholders - basic 414 862 968 Plus: Series A convertible preferred stock dividend 98 98 Net income available to common stockholders - diluted $ 414 $ 960 $ 1,066 Weighted-average common shares outstanding - basic 761 776 816 Effect of dilutive securities: Stock options and other dilutive securities 11 8 10 Series A convertible preferred stock (1) 115 115 Weighted-average common shares outstanding - diluted 772 899 941 Basic earnings per common share $ 0.54 $ 1.11 $ 1.19 Diluted earnings per common share $ 0.54 $ 1.07 $ 1.13 Anti-dilutive potential shares excluded from diluted earnings per common share: Series A convertible preferred stock dividend (1) 115 Employee stock options and awards 2 2 2 Total 117 2 2 (1) For the year ended December 31, 2020, the Series A preferred stock was anti-dilutive and therefore excluded from the calculation of diluted earnings per share . |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | 19. Share-Based Compensation Corning maintains long-term incentive plans (the “Plans”) for key employees and non-employee members of its Board of Directors. The Plans allow us 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 December 31, 2020, there were approximately 36 million unissued common shares available for future grants authorized under the Plans. Beginning in 2020, Corning increased the equity component in its Long-Term Incentive (“LTI”) Plan from 40 % to 75 % of an executive’s annual targeted compensation opportunity. Share-based compensation cost is allocated to the selling, general and administrative, research, development and engineering, and cost of sales expenses lines in the consolidated statements of income. Stock Compensation Plans The Company measures and recognizes compensation cost for all share-based payment awards made to employees and directors based on estimated fair values. The fair value of awards granted that are expected to ultimately vest is recognized as expense over the requisite service periods. The number of options expected to vest equals the total options granted less an estimation of the number of forfeitures expected to occur prior to vesting. The forfeiture rate is calculated based on 15 years of historical data and is adjusted if actual forfeitures differ significantly from the original estimates. The effect of any change in estimated forfeitures would be recognized through a cumulative adjustment that would be included in compensation cost in the period of the change in estimate. Total share-based compensation cost was approximately $ 207 million, $ 56 million and $ 51 million, respectively, for the years ended December 31, 2020, 2019 and 2018. The incremental change in expense of $ 151 million for the year ended December 31, 2020, was driven primarily by a larger equity component for Director and Executive compensation, issuance of employee share-based compensation awards and the acceleration of vesting of options on December 3, 2020. The income tax benefit realized from share-based compensation was $ 12 million, $ 9 million and $ 8 million, respectively, for the years ended December 31, 2020, 2019 and 2018. Refer to Note 8 (Income Taxes) to the consolidated financial statements for additional information. 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 year to five year s from the grant date. The maximum term of non-qualified and incentive stock options is 10 years from the grant date. An award is considered vested when the employee’s retention of the award is no longer contingent on providing subsequent service (the “non-substantive vesting period approach”). The following table summarizes information concerning stock options outstanding, including the related transactions under the stock option plans for the year ended December 31, 2020: Number of shares (in thousands) Weighted- average exercise price Weighted- average remaining contractual term in Years Aggregate intrinsic value (in thousands) Options Outstanding as of December 31, 2019 13,172 $ 21.94 Granted 10,653 19.65 Exercised ( 6,502 ) 19.16 Forfeited and expired ( 228 ) 19.96 Options outstanding as of December 31, 2020 17,095 21.60 7.18 $ 246,236 Options expected to vest as of December 31, 2020 16,903 21.61 7.15 243,277 Options exercisable as of December 31, 2020 8,646 19.57 5.66 142,076 The aggregate intrinsic value (market value of stock less option exercise price) in the preceding table represents the total pretax intrinsic value, based on the Company’s closing stock price on December 31, 2020, which would have been received by the option holders had all option holders exercised their “in-the-money” options as of that date. The total number of “in-the-money” options exercisable on December 31, 2020, was approximately 9 million. The weighted-average grant-date fair value for options granted for the years ended December 31, 2020, 2019 and 2018 was $ 3.67 , $ 8.78 and $ 7.17 , respectively. The total fair value of options that vested during the years ended December 31, 2020, 2019 and 2018 was approximately $ 31 million, $ 10 million and $ 12 million, respectively. Compensation cost related to stock options for the years ended December 31, 2020, 2019 and 2018, was approximately $ 23 million, $ 13 million and $ 12 million, respectively. As of December 31, 2020, there was approximately $ 21 million of unrecognized compensation cost related to stock options granted under the Plans. The cost is expected to be recognized over a weighted-average period of 2.2 years. Proceeds received from the exercise of stock options were $ 124 million for the year ended December 31, 2020. The total intrinsic value of options exercised for the years ended December 31, 2020, 2019 and 2018 was approximately $ 99 million, $ 47 million and $ 66 million, respectively. 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 -year historical volatility. The expected term is the period the options are expected to be outstanding and is calculated using a combination of historical exercise experience adjusted to reflect the current vesting period of options being valued, and partial life cycles of outstanding options. The risk-free rates used in the multiple-point Black-Scholes valuation model are the implied rates for a zero-coupon U.S. Treasury bond with a term equal to the option’s expected term. The ranges given below reflect results from separate groups of employees exhibiting different exercise behavior. The following inputs were used for the valuation of option grants under the stock option plans: 2020 2019 2018 Expected volatility 32.9 % 29.5 - 29.9 % 30.6 - 31.4 % Weighted-average volatility 32.9 % 29.5 - 29.9 % 30.6 - 31.4 % Expected dividends 4.48 % 2.36 - 2.95 % 2.22 - 2.66 % Risk-free rate 0.5 % 1.5 - 2.4 % 2.7 - 3.1 % Average risk-free rate 0.5 % 1.5 - 2.4 % 2.7 - 3.1 % Expected term (in years) 7.4 7.4 7.4 Pre-vesting executive departure rate 0.6 % 0.6 % 0.6 % Pre-vesting non-executive departure rate 2.5 % Incentive Stock Plans The Corning Incentive Stock Plan permits 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 Plan are granted at the closing market price on the grant date, contingently vest over a period of generally one year to ten year s, and generally have contractual lives of one year to ten year s. The fair value of each restricted stock grant or restricted stock unit awarded under the Incentive Stock Plan is based on the grant date closing price of the Company’s stock. 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 represents a summary of the status of the Company’s non-vested time-based restricted stock and restricted stock units as of December 31, 2019 and changes which occurred during the year ended December 31, 2020: Number of shares (in thousands) Weighted- average grant-date fair value Non-vested shares and share units at December 31, 2019 5,189 $ 27.58 Granted 9,400 20.90 Vested ( 1,408 ) 26.97 Forfeited ( 238 ) 23.72 Non-vested shares and share units at December 31, 2020 12,943 $ 22.87 As of December 31, 2020, there was approximately $ 149 million of unrecognized compensation cost related to non-vested time-based restricted stock and restricted stock units compensation arrangements granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.4 years. The total fair value of time-based restricted stock that vested during the years ended December 31, 2020, 2019 and 2018 was approximately $ 38 million, $ 33 million and $ 31 million, respectively. Compensation cost related to time-based restricted stock and restricted stock units was approximately $ 95 million, $ 43 million and $ 39 million for the years ended December 31, 2020, 2019 and 2018, respectively. 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 year period. The weighted-average grant date fair value is based on the market price of the Company’s stock on the grant date and assumes that the target payout level will be achieved. Compensation cost is recognized over the requisite vesting period and adjusted for actual forfeitures before vesting. During the performance period, compensation cost may be adjusted based on changes in the expected outcome of the performance-related target. The following table summarizes information concerning the Company’s non-vested performance-based restricted stock units, including the related transactions under the performance-based restricted stock units plan for the year ended December 31, 2020: Number of shares (in thousands) Weighted- average grant-date fair value Non-vested share units at December 31, 2019 — $ — Granted 2,784 20.13 Vested Forfeited ( 41 ) 19.11 Non-vested share units at December 31, 2020 2,743 $ 20.14 As of December 31, 2020, there was approximately $ 32 million of unrecognized compensation cost related to non-vested performance-based restricted stock units compensation arrangements granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.0 years. Compensation cost related to performance-based restricted stock units for the year ended December 31, 2020, was approximately $ 81 million, largely driven by retirement-eligible employees. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2020 | |
Reportable Segments [Abstract] | |
Reportable Segments | 20. Reportable Segments Reportable segments are as follows: Display Technologies – manufactures glass substrates for flat panel liquid crystal displays and other high-performance display panels. Optical Communications – manufactures carrier network and enterprise network components for the telecommunications industry. Specialty Materials – manufactures products that provide more than 150 material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs. Environmental Technologies – manufactures ceramic substrates and filters for automotive and diesel applications. Life Sciences – manufactures glass and plastic labware, equipment, media, serum and reagents enabling workflow solutions for drug discovery and bioproduction. All other segments that do not meet the quantitative threshold for separate reporting have been grouped as “All Other.” This group is primarily comprised of the results of the pharmaceutical technologies, auto glass and new product lines and development projects, as well as other businesses and certain corporate investments. The Company obtained a controlling interest in HSG during the third quarter of 2020 and has consolidated results in “All Other” as of September 9, 2020. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information on this transaction. Financial results for the reportable segments are prepared on a basis consistent with the internal disaggregation of financial information to assist the CODM in making internal operating decisions. The impact of changes in the Japanese yen, South Korean won, Chinese yuan and new Taiwan dollar are excluded from segment sales and segment net income for the Display Technologies and Specialty Materials segments. The impact of changes in the euro and Chinese yuan are excluded from segment sales and segment net income for the Environment Technologies segment. The impact of changes in the euro, Chinese yuan and Japanese yen are excluded from segment sales and segment net income for the Life Sciences segment. 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 used by the CODM in evaluating the results of or in allocating resources to the segments and include the following items: the impact of the translated earnings contracts; acquisition-related costs; discrete tax items and other tax-related adjustments; certain litigation, regulatory and other legal matters; restructuring, impairment losses and other charges and credits; adjustments relating to acquisitions; and other non-recurring non-operational items. Although these amounts are excluded from segment results, they are included in reported consolidated results. 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 for stand-alone financial information. Segment net income (loss) may not be consistent with measures used by other companies. The following provides historical segment information as described above: Segment Information (in millions) Display Technologies Optical Communications Specialty Materials Environmental Technologies Life Sciences All Other Total For the year ended December 31, 2020 Segment net sales $ 3,172 $ 3,563 $ 1,884 $ 1,370 $ 998 $ 465 $ 11,452 Depreciation (1) $ 548 $ 242 $ 162 $ 132 $ 50 $ 81 $ 1,215 Research, development and engineering expenses (2) $ 99 $ 204 $ 155 $ 100 $ 26 $ 170 $ 754 Income tax (provision) benefit (3) $ ( 190 ) $ ( 101 ) $ ( 113 ) $ ( 52 ) $ ( 37 ) $ 58 $ ( 435 ) Net income (loss) (4) $ 717 $ 366 $ 423 $ 197 $ 139 $ ( 214 ) $ 1,628 Investment in affiliated companies, at equity $ 107 $ 3 $ 4 $ — $ 2 $ 142 $ 258 Segment assets (5) $ 8,777 $ 2,868 $ 2,551 $ 1,986 $ 683 $ 2,157 $ 19,022 Capital expenditures $ 311 $ 127 $ 125 $ 159 $ 83 $ 123 $ 928 For the year ended December 31, 2019 Segment net sales $ 3,254 $ 4,064 $ 1,594 $ 1,499 $ 1,015 $ 230 $ 11,656 Depreciation (1) $ 583 $ 237 $ 145 $ 128 $ 49 $ 50 $ 1,192 Research, development and engineering expenses (2) $ 119 $ 218 $ 154 $ 118 $ 21 $ 237 $ 867 Income tax (provision) benefit (3) $ ( 206 ) $ ( 134 ) $ ( 81 ) $ ( 70 ) $ ( 40 ) $ 80 $ ( 451 ) Net income (loss) (4) $ 786 $ 489 $ 302 $ 263 $ 150 $ ( 289 ) $ 1,701 Investment in affiliated companies, at equity $ 145 $ 3 $ 3 $ — $ 3 $ 137 $ 291 Segment assets (5) $ 9,022 $ 3,004 $ 2,433 $ 1,912 $ 627 $ 1,028 $ 18,026 Capital expenditures $ 872 $ 329 $ 176 $ 287 $ 80 $ 155 $ 1,899 For the year ended December 31, 2018 Segment net sales $ 3,276 $ 4,192 $ 1,479 $ 1,289 $ 946 $ 216 $ 11,398 Depreciation (1) $ 585 $ 218 $ 136 $ 119 $ 50 $ 38 $ 1,146 Research, development and engineering expenses (2) $ 106 $ 212 $ 163 $ 118 $ 20 $ 231 $ 850 Income tax (provision) benefit (3) $ ( 221 ) $ ( 163 ) $ ( 83 ) $ ( 55 ) $ ( 31 ) $ 76 $ ( 477 ) Net income (loss) (4) $ 835 $ 592 $ 313 $ 208 $ 117 $ ( 281 ) $ 1,784 Investment in affiliated companies, at equity $ 131 $ 3 $ 6 $ — $ 1 $ 171 $ 312 Segment assets (5) $ 8,794 $ 3,042 $ 2,176 $ 1,633 $ 585 $ 1,018 $ 17,248 Capital expenditures $ 755 $ 417 $ 242 $ 273 $ 55 $ 329 $ 2,071 (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. (5) Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation, and associated equity companies. HSG assets are included as of December 31, 2020. A reconciliation of reportable segments and “All Other” net sales to consolidated net sales is as follows (in millions): Year ended December 31, 2020 2019 2018 Net sales of reportable segments and All Other $ 11,452 $ 11,656 $ 11,398 Impact of foreign currency movements (1) ( 44 ) ( 153 ) ( 108 ) Cumulative adjustment related to customer contract (2) ( 105 ) Consolidated net sales $ 11,303 $ 11,503 $ 11,290 (1) This amount primarily represents the impact of foreign currency adjustments in the Display Technologies, Environmental Technologies and Life Sciences segments. (2) Amount represents the negative impact of a cumulative adjustment recorded during the first quarter of 2020 to reduce revenue in the amount of $ 105 million. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that is exiting its production of LCD panels. Refer to Note 5 (Revenue) to the consolidated financial statements for additional information. A reconciliation of reportable segment net income (loss) to consolidated net income follows (in millions): Year ended December 31, 2020 2019 2018 Net income of reportable segments $ 1,842 $ 1,990 $ 2,065 Net loss of All Other (1) ( 214 ) ( 289 ) ( 281 ) Unallocated amounts: Impact of foreign currency movements not included in segment net income (loss) ( 22 ) ( 115 ) ( 157 ) Gain (loss) on foreign currency hedges related to translated earnings ( 46 ) 245 ( 78 ) Translation loss on Japanese yen-denominated debt ( 86 ) ( 3 ) ( 18 ) Litigation, regulatory and other legal matters ( 144 ) 17 ( 124 ) Research, development, and engineering expense (2)(6) ( 153 ) ( 134 ) ( 137 ) Transaction-related gain, net (3) 498 Equity in (losses) earnings of affiliated companies (4) ( 24 ) 15 390 Amortization of intangibles ( 121 ) ( 113 ) ( 93 ) Interest expense, net ( 261 ) ( 200 ) ( 149 ) Income tax benefit (provision) 324 195 42 Pension mark-to-market ( 31 ) ( 95 ) ( 145 ) Cumulative adjustment related to customer contract (5) ( 105 ) Severance charges (6) ( 148 ) ( 63 ) ( 16 ) Asset impairment (6) ( 217 ) Capacity realignment and other charges and credits (6) ( 462 ) ( 376 ) ( 114 ) Bond redemption loss (7) ( 22 ) Gain on investment (8) 107 Other corporate items ( 203 ) ( 114 ) ( 119 ) Net income $ 512 $ 960 $ 1,066 (1) The Company obtained a controlling interest in HSG during the third quarter of 2020 and has consolidated results in “All Other” as of September 9, 2020. (2) Amount does not include research, development, and engineering expense related to restructuring, impairment and other charges and credits. (3) Amount represents the pre-tax gain recorded on Corning’s previously held equity investment in HSG. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information on this transaction. (4) Primarily represents the equity earnings of HSG prior to September 9, 2020. Refer to Note 3 (Investments) and Note 4 ( HSG Transactions and Acquisitions ) to the consolidated financial statements for more information. (5) Amount represents the negative impact of a cumulative adjustment to reduce revenue in the amount of $ 105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that is exiting its production of LCD panels. Refer to Note 5 (Revenue) to the consolidated financial statements for additional information. (6) Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) to the consolidated financial statements for additional information on restructuring activities and impairment. (7) Refer to Note 12 (Debt) to the consolidated financial statements for additional information on the bond redemption loss. (8) Amount represents the gain recognized from the initial public offering of an investment in the fourth quarter of 2020. A reconciliation of reportable segment assets to consolidated total assets follows (in millions): December 31, 2020 2019 2018 Total assets of reportable segments $ 16,865 $ 16,998 $ 16,230 Non-reportable segments 2,157 1,028 1,018 Unallocated amounts: Current assets (1) 3,434 3,301 3,065 Investments (2) 177 43 64 Property, plant and equipment, net (3) 1,548 1,764 1,928 Other non-current assets (4) 6,594 5,764 5,200 Total assets $ 30,775 $ 28,898 $ 27,505 (1) Includes current corporate assets, including cash, other receivables, prepaid expenses and current portion of long-term derivative assets. (2) Represents other corporate investments. Asset balance does not include equity method affiliate liability balance of $ 270 million for HSG in 2019. HSG became a fully consolidated subsidiary of Corning on September 9, 2020. (3) Represents corporate property not specifically identifiable to an operating segment. (4) Includes non-current corporate assets, including goodwill, other intangible assets, pension assets, long-term derivative assets, operating leases and deferred income taxes. Selected financial information concerning the Company’s product lines and reportable segments follow (in millions): Year ended December 31, Revenue from external customers 2020 2019 2018 Display Technologies $ 3,172 $ 3,254 $ 3,276 Optical Communications Carrier network 2,612 2,885 3,084 Enterprise network 951 1,179 1,108 Total Optical Communications 3,563 4,064 4,192 Specialty Materials Corning® Gorilla® Glass 1,420 1,180 1,069 Advanced optics and other specialty glass 464 414 410 Total Specialty Materials 1,884 1,594 1,479 Environmental Technologies Automotive and other 883 907 719 Diesel 487 592 570 Total Environmental Technologies 1,370 1,499 1,289 Life Sciences Labware 552 550 536 Cell culture products 446 465 410 Total Life Science 998 1,015 946 All Other All Other 271 230 216 Polycrystalline silicon 194 Total All Other 465 230 216 Net sales of reportable segments and All Other 11,452 11,656 11,398 Impact of foreign currency movements (1) ( 44 ) ( 153 ) ( 108 ) Cumulative adjustment related to customer contract (2) ( 105 ) Consolidated net sales $ 11,303 $ 11,503 $ 11,290 (1) This amount primarily represents the impact of foreign currency adjustments in the Display Technologies, Environmental Technologies and Life Sciences segments. (2) Amount represents the negative impact of a cumulative adjustment recorded during the first quarter of 2020 to reduce revenue in the amount of $ 105 million. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that is exiting its production of LCD panels. Refer to Note 5 (Revenue) to the consolidated financial statements for additional information. Information concerning principal geographic areas was as follows (in millions): 2020 2019 2018 Net sales (1)(3) Long-lived assets (2)(3) Net sales (1) Long-lived assets (2) Net sales (1) Long-lived assets (2) North America: United States $ 3,412 $ 8,718 $ 3,760 $ 7,654 $ 3,569 $ 7,538 Canada 274 121 277 126 296 127 Mexico 75 239 55 267 53 200 Total North America 3,761 9,078 4,092 8,047 3,918 7,865 Asia Pacific: Japan 505 583 441 893 415 1,148 Taiwan 887 2,247 880 2,280 921 2,326 China 3,734 4,469 3,096 3,816 2,716 2,644 Korea 748 3,597 1,051 3,625 1,259 3,736 Other 340 83 401 86 436 85 Total Asia Pacific 6,214 10,979 5,869 10,700 5,747 9,939 Europe: Germany 378 579 435 546 451 508 Other 838 931 886 914 905 1,147 Total Europe 1,216 1,510 1,321 1,460 1,356 1,655 All Other 261 83 374 71 377 61 Total $ 11,452 $ 21,650 $ 11,656 $ 20,278 $ 11,398 $ 19,520 (1) Net sales are attributed to countries based on location of customer. (2) Long-lived assets primarily include investments, plant and equipment, goodwill and other intangible assets. (3) Includes HSG’s net sales and long-lived assets as of December 31, 2020. Refer to Note 3 (Investments) and Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for more information. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Corning Incorporated and S ubsidiary Companies Schedule II – Valuation and Qualifying Accounts (in millions) Year ended December 31, 2020 Balance at beginning of period Additions Net deductions and other Balance at end of period Doubtful accounts $ 41 $ 5 $ 46 Deferred tax valuation allowance $ 215 $ 27 $ 75 $ 167 Year ended December 31, 2019 Balance at beginning of period Additions Net deductions and other Balance at end of period Doubtful accounts $ 35 $ 6 $ 41 Deferred tax valuation allowance $ 317 $ 10 $ 112 $ 215 Year ended December 31, 2018 Balance at beginning of period Additions Net deductions and other Balance at end of period Doubtful accounts $ 32 $ 3 $ 35 Deferred tax valuation allowance $ 456 $ 17 $ 156 $ 317 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Organization | Organization Corning Incorporated is a provider of high-performance glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; polycrystalline silicon products and other technologies. In these notes, the terms “Corning,” “Company,” “we,” “us,” or “our” mean Corning Incorporated and subsidiary companies. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation Corning’s consolidated financial statements were prepared in conformity with generally accepted accounting principles in the U.S. and include the assets, liabilities, revenue and expenses of all majority-owned subsidiaries over which Corning exercises control. The equity method of accounting is used for investments in affiliated companies that are not controlled by Corning and in which our interest is generally between 20% and 50% and we have significant influence over the entity. Our share of earnings or losses of affiliated companies, in which at least 20% of the voting securities are owned and we have significant influence but not control over the entity, is included in consolidated operating results. For our investments in companies that we do not control and for which we do not have the ability to exercise significant influence over operating and financial policies, we use the fair value method to account for the investments if readily determinable fair values are available. For the investments without readily determinable fair values, we measure them at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. On September 9, 2020, upon completion of the Redemption, the Company obtained a 100 % interest in Hemlock Semiconductor LLC and 80.5 % interest in Hemlock Semiconductor Operations LLC and began consolidating HSG , which are affiliated entities within the Hemlock Semiconductor Group (“HSG”). Refer to Note 3 (Investments) and Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for more information. All material intercompany accounts, transactions and profits are eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on the results of operations, financial position, or changes in shareholders’ equity. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions affecting reported amounts of assets, liabilities, revenue, expenses and the disclosure of contingent assets and liabilities in the consolidated financial statements and related notes. Significant estimates and assumptions in these consolidated financial statements include estimates associated with revenue recognition, restructuring charges, goodwill and long-lived asset impairment tests, estimates of acquired assets and liabilities, estimates of fair value of investments, equity interests, environmental and legal liabilities, income taxes and deferred tax valuation allowances, assumptions used in calculating pension and other postretirement employee benefit expenses and the fair value of share-based compensation. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. The COVID-19 pandemic and the resulting adverse impacts to global economic conditions, as well as to Corning’s operations, may impact future estimates including, but not limited to, inventory valuations, fair value measurements, goodwill and long-lived asset impairments, the effectiveness of the Company’s hedging instruments, deferred tax valuation allowances, actuarial losses on retirement benefit plans and discount rate assumptions. |
Revenue Recognition | Revenue Recognition Most of the Company’s revenue is generated by delivery of products to customers and recognized at a point in time based on evaluation of when the customer obtains control of the products. Revenue is recognized when all performance obligations under the terms of a contract are satisfied, and control of the product has been transferred to the customer. If customer acceptance clauses are present and it cannot be objectively determined that control has been transferred, revenue is only recorded when customer acceptance is received and all performance obligations have been satisfied. Sales of goods typically do not include multiple product and/or service elements. Revenue is measured as the amount of consideration expected in exchange for transferring goods or providing services. Sales tax, value-added tax, and other taxes are collected concurrently with revenue-producing activities are excluded from revenue. Incidental contract costs that are not material in the context of the delivery of goods and services are recognized as expense. At the time revenue is recognized, allowances are recorded, with the related reduction to revenue, for estimated product returns, allowances and price discounts based upon historical experience and related terms of customer arrangements. Where product warranties are offered, liabilities are established for estimated warranty costs based upon historical experience and specific warranty provisions. Warranty liabilities are adjusted when experience indicates the expected outcome will differ from initial estimates of the liability. In addition, Corning also has contractual arrangements with certain customers in which revenue is recognized over time. The performance obligations under these contracts generally require services to be performed over time, resulting in either a straight-line amortization method or an input method using incurred and forecasted expense to predict revenue recognition patterns which follows satisfaction of the performance obligation. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to expense as incurred. Research and development costs totaled $ 1.0 billion, $ 833 million and $ 807 million in 2020, 2019 and 2018, respectively. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The determination of the functional currency for Corning’s foreign subsidiaries is made based on the appropriate economic factors. For most foreign operations, the local currencies are generally considered to be the functional currencies. Corning’s most significant exception is a Taiwanese subsidiary, which uses the Japanese yen as its functional currency. For all transactions denominated in a currency other than a subsidiary’s functional currency, exchange rate gains and losses are included in income for the period in which the exchange rates changed. Net losses of $ 37 million, $ 19 million and $ 43 million were recorded for foreign currency transaction activity for the years ended December 31, 2020, 2019 and 2018, respectively. Foreign subsidiary functional currency balance sheet accounts are translated at current exchange rates, and statement of operations accounts are translated at average exchange rates for the year. Translation gains and losses are recorded as a separate component of accumulated other comprehensive income in shareholders’ equity. The effects of remeasuring non-functional currency assets and liabilities into the functional currency are included in current earnings, except for those related to intra-entity foreign currency transactions of a long-term investment nature, which are recorded together with translation gains and losses in accumulated other comprehensive loss in shareholders’ equity. Upon sale or substantially complete liquidation of an investment in a foreign entity, the amount of net translation gains or losses that have been accumulated in other comprehensive income attributable to that investment are reported as a gain or loss for the period in which the sale or liquidation occurs. |
Share-Based Compensation | Share-Based Compensation Corning’s share-based compensation programs include employee stock option grants, time-based restricted stock awards and time-based restricted stock units, as more fully described in Note 19 (Share-Based Compensation) to the consolidated financial statements. The cost of share-based compensation awards is equal to the fair value of the award at the date of grant and compensation expense is recognized for those awards earned over the vesting period. Corning estimates the fair value of share-based awards using a multiple-point Black-Scholes option valuation model, which incorporates assumptions including expected volatility, dividend yield, risk-free rate, expected term and departure rates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments that are readily convertible into cash. Securities with contractual maturities of three months or less, when purchased, are considered cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments. Supplemental disclosure of cash flow information is as follows (in millions): Year ended December 31, 2020 2019 2018 Non-cash transactions: Accruals for capital expenditures $ 231 $ 592 $ 412 Cash paid for interest and income taxes: Interest (1) $ 298 $ 248 $ 205 Income taxes, net of refunds received $ 220 $ 474 $ 567 (1) Included in this amount are approximately $ 58 million, $ 54 million and $ 49 million of interest costs that were capitalized as part of property, plant and equipment, net of accumulated depreciation, in 2020, 2019 and 2018, respectively. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The allowance for doubtful accounts is based on the best estimate of the amount of probable lifetime credit losses in existing accounts receivable. The Company determines the allowances based on historical write-off experience and expected future default rate by industry. In addition, in circumstances where the Company is made aware of a specific customer’s inability to meet its financial obligations, a specific allowance is established. The Company does not have any significant off-balance-sheet credit exposure related to its customers. |
Environmental Liabilities | Environmental Liabilities The Company accrues for its environmental investigation, remediation, operating and maintenance costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. For environmental matters, the most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, current laws and regulations and prior remediation experience. For sites with multiple potentially responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill obligations in establishing a provision for those costs. Where no amount within a range of estimates is more likely to occur than another, the minimum undiscounted amount is accrued. When future liabilities are determined to be reimbursable by insurance coverage, an accrual is recorded for the potential liability and a receivable is recorded related to the insurance reimbursement when reimbursement is virtually certain. The uncertain nature inherent in such remediation and the possibility that initial estimates may not reflect the outcome could result in additional costs being recognized by the Company in future periods. |
Inventories, Net | Inventories, net Inventories are stated at the lower of cost or net realizable value (“NRV”), which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost is determined on a first-in, first-out basis. |
Property, Plant and Equipment, Net of Accumulated Depreciation | Property, Plant and Equipment, Net of Accumulated Depreciation Land, buildings, and equipment, including precious metals, are recorded at cost. Depreciation is based on estimated useful lives of properties using the straight-line method. Except as described in Note 9 (Property, Plant and Equipment, Net of Accumulated Depreciation) to the consolidated financial statements related to the depletion of precious metals, the estimated useful lives range from 10 to 40 year s for buildings and 2 to 20 year s for equipment. Included in the subcategory of equipment are the following types of assets (excluding precious metals): Asset type Range of useful life Computer hardware and software 3 to 7 Year Manufacturing equipment 2 to 15 Year Furniture and fixtures 5 to 10 Year Transportation equipment 3 to 20 Year Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. These assets are not depreciated because they have very low physical losses and are repeatedly reclaimed and reused in the Company’s manufacturing processes over a very long useful life. The physical loss of precious metals in the manufacturing and reclamation process is treated as depletion and these losses are accounted for as a period expense based on actual units lost. Precious metals are integral to many glass production processes and are only acquired to support operations. These metals are not held for trading or other purposes. |
Leases | Leases Corning leases certain real estate, vehicles, and equipment from third parties. Corning classifies leases as either financing or operating. Operating leases are included in other assets, with the corresponding liability in other accrued liabilities and other liabilities, on the consolidated balance sheets. Finance leases are included in property, plant and equipment, with the corresponding liability in the current portion and long-term debt line items on the consolidated balance sheets. As a practical expedient, lease and non-lease components of a contract are accounted for as a single lease component across all underlying asset classes. Corning does not have any significant agreements as a lessor. Lease expense is recognized on a straight-line basis over the lease term for operating leases. Financing leases are recognized on the effective interest method for interest expense and straight-line method for asset amortization. Renewals and terminations are included in the calculation of the Right of Use (“ROU”) assets and lease liabilities when considered to be reasonably certain to be exercised. When the implicit rate is unknown, the incremental borrowing rate, based on commencement date, is used in determining the present value of lease payments. Corning’s leases do not include residual value guarantees. The Company is not the primary beneficiary in and does not have other forms of variable interests with the lessor of the leased assets. Refer to Note 7 (Leases) to the consolidated financial statements for additional information. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The recoverability of long-lived assets, such as plant and equipment and intangible assets, is reviewed when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. When impairment indicators are present, the estimated undiscounted future cash flows, including the eventual disposition of the asset group at market value, is compared to the assets’ carrying value to determine if the asset group is recoverable. For an asset group that fails the test of recoverability, the estimated fair value of long-lived assets is determined using an “income approach” that starts with the forecast of all the expected future net cash flows including the eventual disposition at market value of long-lived assets, and considers the fair market value of all precious metals. The recoverability of the carrying value of long-lived assets was assessed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If there is an impairment, a loss is recorded to reflect the difference between the assets’ fair value and carrying value. We are required to assess the recoverability of the carrying value of long-lived assets when an indicator of impairment has been identified. We review long-lived assets in each quarter in which impairment indicators are present. We must exercise judgment in assessing whether an event of impairment has occurred. For the year ended December 31, 2020, Corning incurred a long-lived asset impairment and disposal loss for an asset group related to the reassessment of research and development programs within “All Other”. Given the economic environment and market opportunities, Corning discontinued its investment in these research and development programs. The impairment analysis and disposition of certain assets resulted in a total pre-tax charge of $ 217 million, which was substantially all the carrying value, inclusive of an insignificant amount of goodwill. The fair value of the asset group for the impairment analysis was measured using unobservable (Level 3) inputs. |
Employee Retirement Plans | Employee Retirement Plans Corning offers employee retirement plans consisting of defined benefit pension plans covering certain domestic and international employees and postretirement plans that provide health care and life insurance benefits for eligible retirees and dependents. The costs and obligations related to these benefits reflect the Company’s assumptions related to general economic conditions (particularly interest rates), expected return on plan assets, rate of compensation increase for employees and health care trend rates. The cost of providing plan benefits depends on demographic assumptions including retirements, mortality, turnover and plan participation. Costs for defined benefit pension plans consist of two elements: 1) on-going costs recognized quarterly, which are comprised of service and interest costs, expected return on plan assets and amortization of prior service costs; and 2) mark-to-market gains and losses outside of the corridor, where the corridor is equal to 10 % of the greater of the benefit obligation or the market-related value of plan assets at the beginning of the year, which are recognized annually in the fourth quarter of each year. These gains and losses result from changes in actuarial assumptions and the differences between actual and expected return on plan assets. Any interim remeasurement, triggered by a curtailment, settlement or significant plan change, as well as any true-up to the annual valuation, is recognized as a mark-to-market adjustment in the quarter in which such event occurs. Costs for postretirement benefit plans consist of on-going costs recognized quarterly, and are comprised of service and interest costs, amortization of prior service costs and amortization of actuarial gains and losses. Actuarial gains and losses resulting from changes in actuarial assumptions are recognized as a component of accumulated other comprehensive income in shareholders’ equity on an annual basis and amortized into operating results over the average remaining service period of employees expected to receive benefits under the plans, to the extent such gains and losses are outside the corridor. Refer to Note 13 (Employee Retirement Plans) to the consolidated financial statements for additional detail. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating loss and tax credit carryforwards and for differences between the carrying amounts of existing assets and liabilities and their respective tax bases. The effective income tax rate reflects the assessment of the ultimate outcome of tax audits. In evaluating the tax benefits associated with our various tax filing positions, we record a tax benefit for uncertain tax positions using the highest cumulative tax benefit that is more likely than not to be realized. Adjustments are made to our liability for unrecognized tax benefits in the period in which we file the return containing the tax position or when new information becomes available. The liability for unrecognized tax benefits, including accrued penalties and interest, is included in other accrued liabilities and other long-term liabilities on the consolidated balance sheets and in income tax expense in the consolidated statements of income. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur. Valuation allowances are established when management is unable to conclude that it is more likely than not that some portion, or all, of the deferred tax asset will ultimately be realized. Generally, Corning will indefinitely reinvest the foreign earnings of: (1) any of its subsidiaries located in jurisdictions where Corning lacks the ability to repatriate its earnings, (2) any of its subsidiaries where Corning’s intention is to reinvest those earnings in operations, (3) legal entities for which Corning holds a non-controlling interest, (4) any subsidiaries with an accumulated deficit in earnings and profits, (5) any subsidiaries which have a positive earnings and profits balance but for which the entity lacks sufficient local statutory earnings or stock basis from which to make a distribution, and (6) any of its subsidiaries where future distribution would trigger a significant net cost to the U.S. shareholder. |
Equity Method Investments | Equity Method Investments Equity method investments are reviewed for impairment on a periodic basis, or if an event occurs or circumstances change that indicate the carrying amount may be impaired. This assessment is based on a review of the equity investments’ performance and a review of indicators of impairment to determine if there is evidence of a loss in value. For an equity investment with impairment indicators, the fair value is measured based on discounted cash flows, or other appropriate valuation methods, depending on the nature of the company involved. If it is probable that the carrying amount of the investment cannot be recovered, the impairment is considered other-than-temporary and recorded in earnings, and the equity investment balance is reduced to its fair value. All equity securities that do not result in consolidation and are not accounted for under the equity method are measured at fair value with changes therein reflected in net income. The Company utilizes the measurement alternative for equity investments that do not have readily determinable fair values and measures these investments at cost less impairment plus or minus observable price changes in orderly transactions. The balance of these investments is disclosed in Note 3 (Investments) to the consolidated financial statements. |
Fair Value Measurements | Fair Value Measurements Major categories of financial assets and liabilities, including short-term investments, other assets and derivatives are measured at fair value on a recurring basis. Certain assets and liabilities are measured at fair value on a nonrecurring basis when impaired, which include long-lived assets, goodwill, asset retirement obligations, equity method investments and other investments that Corning cannot significantly influence. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the principal or most advantageous market in which we would transact is analyzed. Assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance, are considered. |
Derivative Instruments | Derivative Instruments The Company enters into a variety of foreign exchange forward contracts and foreign exchange option contracts to manage the exposure to fluctuations in foreign exchange rates. Interest rate swaps are utilized to reduce the risk of changes in a benchmark interest rate from the probable forecasted issuance of debt and manage the mix of fixed and floating rate debt. Financial exposure is managed in accordance with corporate policies and procedures. All derivatives are recorded at fair value on the consolidated balance sheets. Changes in the fair value of derivatives designated as cash flow hedges and hedges of net investments in foreign operations are not recognized in current operating results but are recorded in accumulated other comprehensive income. Amounts related to cash flow hedges are reclassified from accumulated other comprehensive income when the underlying hedged item impacts earnings. This reclassification is recorded in the same line item of the consolidated statements of income as where the effects of the hedged item are recorded, typically sales, cost of sales or other expense, net. Changes in the fair value of derivatives not designated as hedging instruments are recorded in the consolidated statements of income in the translated earnings contract (loss) gain, net and the other expense, net lines. |
New Accounting Standards | New Accounting Standards On January 1, 2020, Corning adopted Accounting Standards Update (“ASU”) No. 2016-13 ASC (Topic 326), Financial Instruments - Credit Losses. The ASU introduces a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The CECL model was adopted to recognize credit losses of financial assets using a modified retrospective method of accounting as of January 1, 2020. The impact of adopting the new standard to the financial statements was a nominal reduction to beginning retained earnings. As of December 31, 2020, there are no other newly issued accounting standards expected to have a material impact on Corning’s financial statements or disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Year ended December 31, 2020 2019 2018 Non-cash transactions: Accruals for capital expenditures $ 231 $ 592 $ 412 Cash paid for interest and income taxes: Interest (1) $ 298 $ 248 $ 205 Income taxes, net of refunds received $ 220 $ 474 $ 567 (1) Included in this amount are approximately $ 58 million, $ 54 million and $ 49 million of interest costs that were capitalized as part of property, plant and equipment, net of accumulated depreciation, in 2020, 2019 and 2018, respectively. |
Useful Life of Equipment | Asset type Range of useful life Computer hardware and software 3 to 7 Year Manufacturing equipment 2 to 15 Year Furniture and fixtures 5 to 10 Year Transportation equipment 3 to 20 Year |
Restructuring, Impairment and_2
Restructuring, Impairment and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring, Impairment and Other Charges and Credits [Abstract] | |
Restructuring, Impairment, and Other Charges and Credits | 2. Restructuring, Impairment and Other Charges and Credits In 2020, and in response to uncertain global economic conditions, Corning undertook actions to transform the Company’s cost structure and improve operational efficiency. These actions included a corporate-wide workforce reduction program, disposals of certain assets and accelerated depreciation associated with the capacity realignment of certain manufacturing facilities as well as other exit charges and credits. During the years ended December 31, 2020, 2019 and 2018, the following restructuring, impairment and other charges and credits were recorded (in millions): ``` Year ended December 31, 2020 2019 2018 Severance $ 148 $ 63 $ 16 Asset impairment 217 Capacity realignment 304 312 80 Other charges and credits 158 64 34 Total restructuring, impairment and other charges and credits $ 827 $ 439 $ 130 Severance In the second quarter of 2020, the Company implemented a corporate-wide workforce reduction program. Severance charges were primarily incurred to facilitate realignment of capacity in the Asia regions for the Display Technologies segment, optimize the Optical Communications segment and contain corporate costs. For the years ended December 31, 2020, 2019 and 2018, severance charges were $ 148 million, $ 63 million and $ 16 million, respectively. As of December 31, 2020, the unpaid severance liabilities of $ 45 million are expected to be substantially completed within the next twelve months. Asset Impairment For the year ended December 31, 2020, Corning incurred a long-lived asset impairment and disposal loss for an asset group related to the reassessment of research and development programs within “All Other”. Given the economic environment and market opportunities, Corning discontinued its investment in these research and development programs. The impairment analysis and disposition of certain assets resulted in a total pre-tax charge of $ 217 million, which was substantially all the carrying value, inclusive of an insignificant amount of goodwill. Capacity Realignment Capacity realignment for the year ended December 31, 2020, primarily includes accelerated depreciation and asset disposals associated with the exit of certain facilities and other exit activities in the Display Technologies and Specialty Materials business segments. Capacity realignment for the year ended December 31, 2019, is primarily comprised of accelerated depreciation associated with the exit of certain facilities in the Display Technologies segment. Capacity realignment for the year ended December 31, 2018, primarily includes accelerated depreciation and asset disposals in the Specialty Materials business and “All Other”. The following tables present the impact and respective location of total restructuring, impairment, and other charges and credits on the consolidated statements of income (in millions): Year ended December 31, 2020 Selling, Research, general development and and Gross admin. engineering margin (1) expenses expenses Other Total Severance $ 83 $ 34 $ 31 $ 148 Asset impairment 6 211 217 Capacity realignment 288 16 304 Other charges and credits 72 60 5 $ 21 158 Total restructuring, impairment and other charges and credits $ 443 $ 116 $ 247 $ 21 $ 827 Year ended December 31, 2019 Selling, Research, general development and and Gross admin. engineering margin (1) expenses expenses Other Total Severance $ 30 $ 20 $ 13 $ 63 Capacity realignment 298 14 312 Other charges and credits 60 8 3 $ ( 7 ) 64 Total restructuring, impairment and other charges and credits $ 388 $ 28 $ 30 $ ( 7 ) $ 439 Year ended December 31, 2018 Selling, Research, general development and and Gross admin. engineering margin (1) expenses expenses Other Total Severance $ 1 $ 15 $ 16 Capacity realignment 76 $ 4 80 Other charges and credits 20 5 2 $ 7 34 Total restructuring, impairment and other charges and credits $ 97 $ 20 $ 6 $ 7 $ 130 (1) Activity reflected in cost o f sales. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments | Ownership December 31, interest 2020 2019 Affiliated companies accounted for by the equity method (1) 20 % to 50 % $ 258 $ 291 Other investments (2) 177 43 Subtotal investment assets $ 435 $ 334 Affiliated companies accounted for by the equity method HSG (3) 50 % $ — $ 270 Subtotal investment liabilities $ — $ 270 (1) Amounts reflect Corning’s direct ownership interest in the affiliated companies at December 31, 2020 and 2019. (3) Included in other investments were equity securities with readily available fair values that were measured using Level 1 inputs, in the amount of $ 137 million as of December 31, 2020. The increase in the investment balance is primarily driven by a recognized gain of $ 107 million from the initial public offering of an investment in the fourth quarter of 2020. Refer to Note 16 (Fair Value Measurements) for additional information. (3) Corning began consolidating HSG on September 9, 2020. At December 31, 2019, the negative carrying value of Corning’s investment in HSG was $ 270 million and recorded in other liabilities. |
Affiliated Companies [Member] | |
Results From Operations | 2020 2019 2018 Statement of operations (1) : Net sales $ 1,201 $ 1,508 $ 1,759 Gross profit $ 136 $ 79 $ 424 Net (loss) income $ ( 48 ) $ ( 102 ) $ 835 Net (loss) income attributable to the affiliated companies $ ( 15 ) $ 70 $ 798 Corning’s equity in (losses) earnings of affiliated companies $ ( 25 ) $ 17 $ 390 Related party transactions: Corning sales to affiliated companies $ 253 $ 277 $ 184 Corning purchases from affiliated companies $ 8 $ 12 $ 11 Corning transfers of assets, at cost, to affiliated companies $ 9 $ 8 $ 2 Dividends received from affiliated companies $ 1 $ 106 $ 241 Intercompany sales within HSG (included in net sales) $ 55 $ 112 $ 206 2020 2019 Balance sheet: Current assets $ 534 $ 1,566 Noncurrent assets $ 466 $ 943 Short-term borrowings, including current portion of long-term debt $ 2 $ 4 Other current liabilities $ 164 $ 632 Long-term debt $ 60 $ 68 Other long-term liabilities $ 11 $ 1,522 Non-controlling interest $ $ 42 Related party transactions: Balances due from affiliated companies $ 36 $ 42 Balances due to affiliated companies $ 1 $ 4 Intercompany receivables and payables within HSG (included in current assets and other current liabilities) $ 15 (1) The year ended December 31, 2020, only include HSG’s results of operations through September 8, 2020. Immediately following the Redemption, Corning began consolidating HSG on September 9, 2020. |
HSG Transactions and Acquisit_2
HSG Transactions and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Net Gain on Previously Owned Equity | Fair value of previously held equity investment $ 250 Equity investment liability balance as of acquisition date ( 248 ) Corning’s gain on previously held equity investment $ 498 |
Communications Market Division [Member] | |
Notes Tables | |
Recognized Amounts of Identified Assets Acquired and Liabilities Assumed | Property, plant and equipment $ 32 Other intangible assets 525 Other net assets 13 Total identified net assets 570 Purchase consideration 841 Goodwill (1)(2) $ 271 (1) Amounts reflect measurement period adjustments. (2) The goodwill recognized is deductible for U.S. income tax purposes. The goodwill was allocated to the Optical Communications segment. |
HSG [Member] | |
Notes Tables | |
Recognized Amounts of Identified Assets Acquired and Liabilities Assumed | Inventory $ 503 Property, plant and equipment 651 Intangible assets 285 Other current and non-current assets (1) 173 Short-term borrowings ( 178 ) Trade payables and other accrued liabilities ( 329 ) Other liabilities ( 1,261 ) Total identified net liabilities ( 156 ) Non-controlling interests (2) ( 102 ) Total fair value of Corning's previously held equity investment (2) ( 250 ) Goodwill (3) $ 508 (1) The other current and non-current assets included a contingent consideration asset of $ 20 million at fair value for a cost adjustment contract related to the TCS Transaction. Refer to Note 3 (Investments) and Note 16 (Fair Value Measurements) to the consolidated financial statements for additional information. (2) The purchase price used to measure the goodwill of the Redemption is $ 352 million, including the fair value of Corning’s previously held equity interest and non-controlling interest, in the amount of $ 250 million and $ 102 million, respectively. (3) The goodwill recognized is not deductible for U.S. income tax purposes. The goodwill was allocated to “All Other” within segment reporting as disclosed in Note 20 (Reportable Segments) to the consolidated financial statements for more information. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [Abstract] | |
Disaggregation of Revenue | Year ended December 31, 2020 2019 2018 Display products $ 3,077 $ 3,180 $ 3,168 Telecommunication products 3,563 4,064 4,192 Specialty glass products 1,884 1,594 1,479 Environmental substrate and filter products 1,333 1,440 1,289 Life science products 981 995 946 All Other 465 230 216 Total Revenue $ 11,303 $ 11,503 $ 11,290 Impact of foreign currency movements (1) 44 153 108 Cumulative adjustment related to customer contract 105 Net sales of reportable segments and All Other $ 11,452 $ 11,656 $ 11,398 (1) This amount primarily represents the impact of foreign currency adjustments in the Display Technologies, Environmental Technologies and Life Sciences segments. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories, Net [Abstract] | |
Inventories, Net | December 31, 2020 2019 Finished goods $ 1,236 $ 973 Work in process 357 421 Raw materials and accessories 370 481 Supplies and packing materials 475 445 Total inventories, net $ 2,438 $ 2,320 (1) Corning obtained a controlling interest in HSG as of September 9, 2020. Consolidated inventories as of December 31, 2020, included $ 461 million of inventories from HSG. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | Year ended December 31, 2020 2019 Financing: Depreciation of right-of-use assets $ 15 $ 11 Interest on lease liabilities 7 12 Total financing lease expense $ 22 $ 23 Operating lease expense $ 133 $ 110 Variable lease expense 41 38 Short-term lease expense 4 5 Total lease expense $ 200 $ 176 |
Components of Lease Liabilities | December 31, 2020 2019 Financing: Principal $ 10 $ 6 Interest 7 12 Total financing lease payments $ 17 $ 18 Operating lease payments $ 121 $ 105 Total lease payments $ 138 $ 123 |
Supplemental Balance Sheet Information | December 31, 2020 2019 Operating Leases: Operating lease right-of-use assets, net (1) $ 680 $ 504 Other current liabilities $ 96 $ 62 Operating lease liabilities (2) 633 450 Total operating lease liabilities $ 729 $ 512 Finance Leases: Property and equipment, at cost $ 184 $ 294 Accumulated depreciation ( 27 ) ( 52 ) Property and equipment, net $ 157 $ 242 Current portion of long-term debt $ 10 $ 9 Long-term debt 163 271 Total finance lease liabilities $ 173 $ 280 (1) Included in other assets. (2) Included in other liabilities. |
Maturities of Lease Liabilities | 2021 2022 2023 2024 2025 After 2025 Gross Total Imputed Discount Total Operating leases $ 141 $ 125 $ 114 $ 102 $ 92 $ 733 $ 1,307 $ ( 578 ) $ 729 Financing leases 13 16 21 24 12 169 255 ( 82 ) 173 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Before Income Taxes | Year ended December 31, 2020 2019 2018 U.S. companies $ ( 71 ) $ 504 $ 472 Non-U.S. companies 694 712 1,031 Income before income taxes $ 623 $ 1,216 $ 1,503 |
Current and Deferred Amounts of Provision | Year ended December 31, 2020 2019 2018 Current: Federal $ 88 $ ( 82 ) $ ( 256 ) State and municipal ( 16 ) ( 12 ) ( 22 ) Foreign ( 203 ) ( 354 ) ( 196 ) Deferred: Federal 7 64 ( 34 ) State and municipal 3 13 4 Foreign 10 115 67 Provision for income taxes $ ( 111 ) $ ( 256 ) $ ( 437 ) |
Reconciliation of the U.S. Statutory Income Tax Rate to Effective Tax Rate | Year ended December 31, 2020 2019 2018 Statutory U.S. income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal effect 1.4 0.6 0.9 Global intangible low-taxed income ( 0.5 ) 1.2 3.6 Foreign derived intangible income ( 8.5 ) ( 0.6 ) Repatriation tax on accumulated previously untaxed foreign earnings 9.1 ( 1.2 ) Remeasurement of deferred tax assets and liabilities ( 13.4 ) ( 0.6 ) ( 0.1 ) Rate difference on foreign earnings (1) 7.3 5.4 ( 2.3 ) IRS settlements & change in reserve 12.1 8.5 11.5 Valuation allowance 2.5 ( 3.7 ) ( 3.8 ) Tax credits (2) ( 29.7 ) ( 2.8 ) ( 0.7 ) Stock compensation ( 1.7 ) ( 0.6 ) ( 0.5 ) Legal entity rationalization ( 2.2 ) Intercompany loan adjustment 6.2 ( 0.5 ) Non-deductible expenses 5.8 2.1 Other items, net ( 0.1 ) ( 1.0 ) 1.3 Effective income tax rate 17.8 % 21.1 % 29.1 % (1) The net provision for the year ended December 31, 2020, was primarily due to stronger foreign earnings relative to U.S. earnings and net Subpart F income. (2) The net benefit for the year ended December 31, 2020, was primarily due to a net operating loss carryback allowed under the CARES Act, as well as a change in estimate from the prior year attributable to research and development credits. |
Tax Effects of Temporary Differences and Carryforwards of Deferred Tax Assets and Liabilities | December 31, 2020 2019 Loss and tax credit carryforwards $ 637 $ 388 Other assets 269 345 Asset impairments and restructuring reserves 29 30 Postretirement medical and life benefits 171 168 Other accrued liabilities 162 218 Other employee benefits 337 345 Gross deferred tax assets 1,605 1,494 Valuation allowances ( 167 ) ( 215 ) Total deferred tax assets 1,438 1,279 Intangible and other assets ( 95 ) ( 110 ) Fixed assets ( 375 ) ( 216 ) Financing leases ( 160 ) ( 121 ) Total deferred tax liabilities ( 630 ) ( 447 ) Net deferred tax assets $ 808 $ 832 |
Net Deferred Tax Assets | December 31, 2020 2019 Deferred tax assets $ 1,121 $ 1,157 Other liabilities ( 313 ) ( 325 ) Net deferred tax assets $ 808 $ 832 |
Deferred Tax Assets for Loss and Tax Credit Carryforwards | Expiration Amount 2021-2025 2026-2030 2031-2040 Indefinite Net operating losses $ 334 $ 129 $ 22 $ 36 $ 147 Tax credits 303 5 188 104 6 Totals as of December 31, 2020 $ 637 $ 134 $ 210 $ 140 $ 153 |
Reconciliation of Unrecognized Tax Benefits | 2020 2019 2018 Balance at January 1 $ 62 $ 435 $ 252 Additions based on tax positions related to the current year 19 3 204 Additions for tax positions of prior years 53 2 Reductions for tax positions of prior years ( 10 ) Settlements and lapse of statute of limitations ( 3 ) ( 378 ) ( 11 ) Balance at December 31 $ 131 $ 62 $ 435 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net of Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment, Net of Accumulated Depreciation [Abstract] | |
Property, Plant and Equipment, Net of Accumulated Depreciation | December 31, 2020 2019 Land $ 471 $ 452 Buildings 6,453 6,023 Equipment 20,563 19,100 Construction in progress 1,918 2,757 Subtotal 29,405 28,332 Accumulated depreciation ( 13,663 ) ( 12,995 ) Total $ 15,742 $ 15,337 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Other Intangible Assets [Abstract] | |
Carrying Amount of Goodwill by Segment | Display Technologies Optical Communications Specialty Materials Life Sciences All Other Total Balance at December 31, 2018 $ 132 $ 926 $ 150 $ 617 $ 111 $ 1,936 Foreign currency translation adjustment and other ( 3 ) 5 ( 1 ) ( 2 ) ( 1 ) Balance at December 31, 2019 $ 129 $ 931 $ 150 $ 616 $ 109 $ 1,935 Acquired goodwill (1) 495 495 Foreign currency translation adjustment and other 3 12 2 13 30 Balance at December 31, 2020 $ 132 $ 943 $ 150 $ 618 $ 617 $ 2,460 (1) The Company obtained a controlling interest in HSG during the third quarter of 2020. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information on this transaction. |
Other Intangible Assets | December 31, 2020 2019 Gross Accumulated amortization Net Gross Accumulated amortization Net Amortized intangible assets: Patents, trademarks & trade names $ 500 $ 255 $ 245 $ 469 $ 228 $ 241 Customer lists and other (1) 1,517 454 1,063 1,301 357 944 Total $ 2,017 $ 709 $ 1,308 $ 1,770 $ 585 $ 1,185 (1) Other is comprised of intangible assets related to developed technologies and intellectual know-how. |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities [Abstract] | |
Other Assets | December 31, 2020 2019 Current assets: Derivative instruments (Note 15) $ 148 $ 157 South Korean tax deposits 33 Other current assets 613 683 Other current assets $ 761 $ 873 Non-current assets: Derivative instruments (Note 15) $ 123 $ 92 South Korean tax deposits 365 415 Operating leases (Note 7) 680 504 Investments (Note 3) 435 334 Other non-current assets 537 476 Other assets $ 2,140 $ 1,821 |
Other Liabilities | December 31, 2020 2019 Current liabilities: Wages and employee benefits $ 572 $ 565 Income taxes 173 182 Derivative instruments (Note 15) 189 100 Asbestos and other litigation (Note 14) 13 57 Deferred revenue (Note 5) 152 Settlement liability (Note 4) 58 Customer deposits (Note 5) 211 104 Short-term leases (Note 7) 96 62 Other current liabilities 973 853 Other accrued liabilities $ 2,437 $ 1,923 Non-current liabilities: Defined benefit pension plan liabilities $ 887 $ 980 Derivative instruments (Note 15) 155 165 Asbestos and other litigation (Note 14) 94 196 Deferred revenue (Note 5) 872 Settlement liability (Note 4) 117 Investment in Hemlock Semiconductor Group (1) 270 Customer deposits (Note 5) 1,148 927 Deferred tax liabilities 313 325 Long-term leases (Note 7) 633 450 Other non-current liabilities 798 667 Other liabilities $ 5,017 $ 3,980 (1) The negative carrying value resulted from a one-time charge to this entity in 2019 for the impairment of certain assets. Refer to Note 3 (Investments) and Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt [Abstract] | |
Long-term Debt | December 31, 2020 2019 Current portion of long-term debt $ 81 $ 11 Short-term borrowings 75 Current portion of long-term debt and short-term borrowings $ 156 $ 11 Long-term debt Debentures, 8.875 %, due 2021 $ 63 $ 64 Debentures, 2.90 %, due 2022 374 374 Debentures, 3.70 %, due 2023 249 249 Medium-term notes, average rate 7.66 %, due through 2023 45 45 Debentures, 7.00 %, due 2024 100 Debentures, 3.90 %, due 2049 394 395 Debentures, 5.45 %, due 2079 1,084 1,085 Yen-denominated debentures, 0.698 %, due 2024 203 192 Yen-denominated debentures, 0.722 %, due 2025 96 91 Yen-denominated debentures, 0.992 %, due 2027 453 430 Yen-denominated debentures, 1.043 %, due 2028 293 278 Yen-denominated debentures, 1.153 %, due 2031 301 285 Yen-denominated debentures, 1.513 %, due 2039 56 54 Debentures, 6.85 %, due 2029 161 163 Yen-denominated debentures, 1.219 %, due 2030 239 227 Debentures, callable, 7.25 %, due 2036 249 249 Debentures, 4.70 %, due 2037 296 295 Yen-denominated debentures, 1.583 %, due 2037 96 91 Debentures, 5.75 %, due 2040 396 395 Debentures, 4.75 %, due 2042 496 496 Debentures, 5.35 %, due 2048 543 543 Debentures, 4.375 %, due 2057 743 742 Debentures, 5.85 %, due 2068 296 296 Financing Leases, average discount rate 4.7 %, due through 2044 173 280 Other, average rate 4.54 %, due through 2043 598 321 Total long-term debt 7,897 7,740 Less current portion of long-term debt 81 11 Long-term debt $ 7,816 $ 7,729 |
Debt Maturities | 2021 2022 2023 2024 2025 Thereafter $ 156 $ 422 $ 382 $ 317 $ 171 $ 6,580 (1) Excludes interest rate swap gains, bond discounts and deferred expenses. |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Net Periodic Benefit Expense | Postretirement benefits 2020 2019 2018 Service cost $ 9 $ 9 $ 10 Interest cost 20 27 24 Amortization of prior service credit ( 5 ) ( 7 ) ( 7 ) Amortization of actuarial loss (gain) 1 ( 1 ) Total net periodic benefit expense $ 25 $ 28 $ 27 Special termination benefit charge 1 1 Total expense $ 26 $ 29 $ 27 Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): Current year actuarial loss (gain) $ 58 $ 6 $ ( 47 ) Amortization of actuarial (loss) gain ( 1 ) 1 Current year prior service cost (credit) 5 ( 40 ) Amortization of prior service credit 5 7 7 Total recognized in other comprehensive loss (income) $ 62 $ 19 $ ( 80 ) |
Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | Pension benefits Domestic International Postretirement benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 2.50 % 3.28 % 4.28 % 1.02 % 1.34 % 1.96 % 2.69 % 3.41 % 4.33 % Rate of compensation increase 4.16 % 3.50 % 3.50 % 3.55 % 2.96 % 2.96 % Cash balance crediting rate 3.84 % 3.94 % 3.94 % 0.94 % 0.97 % 0.97 % Employee contributions crediting rate 0.62 % 2.03 % 3.47 % The weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 were as follows: Pension benefits Domestic International Postretirement benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 3.28 % 4.28 % 3.58 % 1.34 % 1.96 % 1.93 % 3.41 % 4.33 % 3.63 % Expected return on plan assets 6.00 % 6.00 % 6.00 % 1.71 % 2.01 % 2.13 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.96 % 2.96 % 2.81 % Cash balance crediting rate 3.94 % 3.94 % 3.94 % 0.97 % 0.97 % 1.00 % Employee contributions crediting rate 2.03 % 3.47 % 2.62 % |
Assumed Health Care Trend Rates | Assumed health care trend rates at December 31 2020 2019 Health care cost trend rate assumed for next year 6.50 % 6.75 % Rate that the cost trend rate gradually declines to 5 % 5 % Year that the rate reaches the ultimate trend rate 2027 2027 |
Estimated Future Benefit Payments and Gross Medicare to be Received | Expected benefit payments Domestic pension benefits International pension benefits Postretirement benefits 2021 $ 216 $ 25 $ 37 2022 $ 221 $ 31 $ 37 2023 $ 231 $ 30 $ 37 2024 $ 238 $ 32 $ 37 2025 $ 247 $ 35 $ 37 2026-2030 $ 1,312 $ 219 $ 188 |
Pension Benefits [Member] | |
Obligations and Funded Status Schedule | Total pension benefits Domestic pension benefits International pension benefits December 31, 2020 2019 2020 2019 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 4,581 $ 4,003 $ 3,856 $ 3,358 $ 725 $ 645 Service cost 118 101 92 76 26 25 Interest cost 122 148 110 133 12 15 Plan participants’ contributions 1 1 1 1 Plan amendments 1 1 Actuarial loss 358 533 329 462 29 71 Other ( 29 ) 6 8 6 ( 37 ) Benefits paid ( 213 ) ( 214 ) ( 194 ) ( 180 ) ( 19 ) ( 34 ) Foreign currency translation 42 3 42 3 Benefit obligation at end of year $ 4,981 $ 4,581 $ 4,203 $ 3,856 $ 778 $ 725 Change in plan assets Fair value of plan assets at beginning of year $ 3,671 $ 3,239 $ 3,153 $ 2,742 $ 518 $ 497 Actual gain on plan assets 469 615 420 576 49 39 Employer contributions 245 22 195 14 50 8 Plan participants’ contributions 1 1 1 1 Benefits paid ( 238 ) ( 214 ) ( 194 ) ( 180 ) ( 44 ) ( 34 ) Foreign currency translation 25 8 25 8 Fair value of plan assets at end of year $ 4,173 $ 3,671 $ 3,575 $ 3,153 $ 598 $ 518 Funded status at end of year Fair value of plan assets $ 4,173 $ 3,671 $ 3,575 $ 3,153 $ 598 $ 518 Benefit obligations ( 4,981 ) ( 4,581 ) ( 4,203 ) ( 3,856 ) ( 778 ) ( 725 ) Funded status of plans $ ( 808 ) $ ( 910 ) $ ( 628 ) $ ( 703 ) $ ( 180 ) $ ( 207 ) Amounts recognized in the consolidated balance sheets consist of: Noncurrent asset $ 99 $ 82 $ 99 $ 82 Current liability ( 20 ) ( 20 ) $ ( 13 ) $ ( 13 ) ( 7 ) ( 7 ) Noncurrent liability ( 887 ) ( 972 ) ( 615 ) ( 690 ) ( 272 ) ( 282 ) Recognized liability $ ( 808 ) $ ( 910 ) $ ( 628 ) $ ( 703 ) $ ( 180 ) $ ( 207 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 394 $ 338 $ 387 $ 306 $ 7 $ 32 Prior service cost (credit) 27 29 26 30 1 ( 1 ) Amount recognized at end of year $ 421 $ 367 $ 413 $ 336 $ 8 $ 31 |
Benefit Obligations in Excess of Fair Value of Plan Assets | December 31, 2020 2019 Projected benefit obligation $ 4,665 $ 4,298 Fair value of plan assets $ 3,758 $ 3,305 |
Accumulated Benefit Obligation in Excess of Fair Value of Plan Assets | December 31, 2020 2019 Accumulated benefit obligation $ 4,247 $ 3,904 Fair value of plan assets $ 3,603 $ 3,178 |
Net Periodic Benefit Expense | Total pension benefits Domestic pension benefits International pension benefits December 31, 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service cost $ 118 $ 101 $ 103 $ 92 $ 76 $ 78 $ 26 $ 25 $ 25 Interest cost 122 148 132 110 133 116 12 15 16 Expected return on plan assets ( 195 ) ( 171 ) ( 189 ) ( 186 ) ( 161 ) ( 178 ) ( 9 ) ( 10 ) ( 11 ) Amortization of prior service cost (credit) 5 6 6 6 7 7 ( 1 ) ( 1 ) ( 1 ) Recognition of actuarial loss 22 90 145 12 66 143 10 24 2 Total net periodic benefit expense $ 72 $ 174 $ 197 $ 34 $ 121 $ 166 $ 38 $ 53 $ 31 Settlement charge ( 1 ) ( 1 ) Special termination benefit charge 8 6 8 6 Total expense $ 80 $ 180 $ 196 $ 42 $ 127 $ 166 $ 38 $ 53 $ 30 Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Curtailment effects $ ( 4 ) $ ( 4 ) Settlements $ 1 $ 1 Current year actuarial loss (gain) 83 $ 88 180 $ 94 $ 47 $ 182 ( 11 ) $ 41 ( 2 ) Recognition of actuarial loss ( 22 ) ( 90 ) ( 145 ) ( 12 ) ( 66 ) ( 143 ) ( 10 ) ( 24 ) ( 2 ) Current year prior service cost 1 20 1 20 Amortization of prior service (cost) credit ( 5 ) ( 6 ) ( 6 ) ( 6 ) ( 7 ) ( 7 ) 1 1 1 Total recognized in other comprehensive loss (income) $ 53 $ ( 8 ) $ 50 $ 77 $ ( 26 ) $ 52 $ ( 24 ) $ 18 $ ( 2 ) |
Changes in Fair Value of Level 3 Assets for Defined Benefit Plans | Level 3 assets – domestic Level 3 assets – international (in millions) Private equity Real estate Mortgages Insurance contracts Balance at December 31, 2018 $ 82 $ 148 $ 22 $ 2 Actual return on plan assets relating to assets still held at the reporting date 2 Transfers in or out of level 3 ( 18 ) ( 5 ) ( 1 ) Balance at December 31, 2019 $ 64 $ 145 $ 21 $ 2 Actual return on plan assets relating to assets still held at the reporting date 4 Transfers in or out of level 3 ( 17 ) ( 5 ) ( 1 ) 1 Balance at December 31, 2020 $ 51 $ 140 $ 20 $ 3 |
Postretirement Benefits [Member] | |
Obligations and Funded Status Schedule | Postretirement benefits December 31, 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 705 $ 699 Service cost 9 9 Interest cost 20 27 Plan participants’ contributions 8 8 Plan amendments 5 Actuarial loss (gain) 58 6 Other 2 1 Benefits paid ( 38 ) ( 50 ) Benefit obligation at end of year $ 764 $ 705 Change in plan asset Fair value of plan assets at beginning of year $ — Employer contributions 60 Plan participants' contributions 8 Gross benefits paid ( 38 ) Fair value of plan assets at end of year $ 30 Funded status at end of year Fair value of plan assets $ 30 Benefit obligations ( 764 ) $ ( 705 ) Funded status of plans $ ( 734 ) $ ( 705 ) Amounts recognized in the consolidated balance sheets consist of: Current liability $ ( 7 ) $ ( 34 ) Noncurrent liability ( 727 ) ( 671 ) Recognized liability $ ( 734 ) $ ( 705 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 86 $ 28 Prior service credit ( 26 ) ( 32 ) Amount recognized at end of year $ 60 $ ( 4 ) |
United States [Member] | Pension Benefits [Member] | |
Defined Benefit Plan Assets | The following tables provide fair value measurement information for the Company’s major categories; Level 1 (quoted market prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) of domestic defined benefit plan assets: December 31, 2020 December 31, 2019 (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Equity securities: U.S. companies $ 781 $ 1 $ 780 $ 494 $ 2 $ 492 International companies 441 441 387 387 Fixed income: U.S. treasury bonds 147 147 U.S. corporate bonds 1,951 1,951 2,017 226 1,791 Preferred securities 11 11 Private equity (1) 51 $ 51 64 $ 64 Real estate (2) 140 140 145 145 Cash equivalents 83 83 46 46 Total $ 3,605 $ 231 $ 3,183 $ 191 $ 3,153 $ 274 $ 2,670 $ 209 (1) This category includes venture capital, leverage buyouts and distressed debt limited partnerships invested primarily in U.S. companies. The inputs are valued by discounted cash flow analysis and comparable sale analysis. (2) This category includes industrial, office, apartments, hotels, infrastructure and retail investments which are limited partnerships predominately in the U.S. The inputs are valued by discounted cash flow analysis; comparable sale analysis and periodic external appraisals. |
International [Member] | Pension Benefits [Member] | |
Defined Benefit Plan Assets | December 31, 2020 December 31, 2019 (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Fixed income: International fixed income $ 519 $ 426 $ 93 $ 455 $ 373 $ 82 Insurance contracts 3 $ 3 2 $ 2 Mortgages 20 20 21 21 Cash equivalents 56 56 40 40 Total $ 598 $ 482 $ 93 $ 23 $ 518 $ 413 $ 82 $ 23 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments, Contingencies and Guarantees [Abstract] | |
Obligations | Amount of commitment and contingency expiration per period Total Less than 1 year 1 to 3 Years 3 to 5 Years 5 Years and thereafter Performance bonds and guarantees $ 152 $ 5 $ 30 $ 2 $ 115 Stand-by letters of credit (1) 82 51 28 2 1 Subtotal of commitment expirations per period $ 234 $ 56 $ 58 $ 4 $ 116 Purchase obligations (2) $ 966 $ 180 $ 223 $ 120 $ 443 Capital expenditure obligations (3) 231 231 Debentures (4) 7,182 62 670 300 6,150 Finance leases and financing obligations 846 94 134 188 430 Interest on debentures (5) 8,634 290 553 524 7,267 Imputed interest on finance leases and financing obligations 287 31 58 42 156 Operating lease obligations 1,307 141 239 194 733 Uncertain tax positions (6) 35 35 Subtotal of contractual obligation payments due by period $ 19,488 $ 1,064 $ 1,877 $ 1,368 $ 15,179 Total commitments and contingencies $ 19,722 $ 1,120 $ 1,935 $ 1,372 $ 15,295 (1) At December 31, 2020, the Company had stand-by letters of credit commitments of $ 121 million; $ 39 million was included in other accrued liabilities on the consolidated balance sheets. (2) Purchase obligations are enforceable and legally binding obligations which primarily consist of raw material and energy-related take-or-pay contracts. (3) Capital expenditure obligations primarily reflect amounts associated with capital expansion activities. (4) Debentures are stated at maturity value and excludes interest rate swap gains or losses and bond discounts. (5) The estimate of interest payments assumes interest is paid through the date of maturity or expiration of the related debt, based upon stated rates in the respective debt instruments. (6) At December 31, 2020, $ 35 million was included on the consolidated balance sheets related to uncertain tax positions. |
Hedging Activities (Tables)
Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Hedging Activities [Abstract] | |
Summary of Notional Amounts and Respective Fair Values of Derivative Financial Instruments | Asset derivatives Liability derivatives Notional amount Fair value Fair value 2020 2019 Balance sheet location 2020 2019 Balance sheet location 2020 2019 Derivatives designated as hedging instruments Foreign exchange contracts (1) $ 1,143 $ 2,123 Other current assets $ 37 $ 38 Other accrued liabilities $ ( 3 ) $ ( 7 ) Other assets 21 37 Other liabilities ( 1 ) ( 4 ) Derivatives not designated as hedging instruments Foreign exchange contracts and other 6,144 1,815 Other current assets 45 5 Other accrued liabilities ( 76 ) ( 19 ) Other assets 41 21 Other liabilities ( 59 ) Translated earnings contracts 7,453 12,166 Other current assets 66 114 Other accrued liabilities ( 110 ) ( 74 ) Other assets 61 34 Other liabilities ( 95 ) ( 161 ) Total derivatives $ 14,740 $ 16,104 $ 271 $ 249 $ ( 344 ) $ ( 265 ) (1) At December 31, 2020, the foreign exchange contracts that are designated as hedging instruments include the notional amount $ 892 million of cash flow hedges and $ 251 million of net investment hedges. |
Effect on Consolidated Financial Statements | Effect of derivative instruments on the consolidated financial statements for the year ended December 31 Derivatives in hedging relationships (Loss) gain recognized in other comprehensive income (OCI) Location of (loss) gain reclassified from accumulated OCI into income (Loss) Gain reclassified from accumulated OCI into income for designated hedges 2020 2019 2018 effective (ineffective) 2020 2019 2018 Net sales $ ( 6 ) Interest rate hedge $ 16 Cost of sales 13 $ 11 $ 13 Foreign exchange contracts $ ( 19 ) $ 72 ( 5 ) Other expense, net (1) ( 14 ) ( 1 ) Total designated hedges $ ( 19 ) $ 72 $ 11 $ ( 7 ) $ 11 $ 12 (Loss) Gain recognized in income Undesignated derivatives Location of (loss) gain recognized in income 2020 2019 2018 Foreign exchange and other contracts – balance sheet, loans and other Other (expense) income, net (1) $ ( 93 ) $ 21 $ 22 Translated earnings contracts Translated earnings contract (loss) gain, net ( 38 ) 248 ( 93 ) Total undesignated $ ( 131 ) $ 269 $ ( 71 ) (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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Major Categories of Financial Assets and Liabilities Measured on a Recurring Basis | Fair value measurements at reporting date using December 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in millions) 2020 (Level 1) (Level 2) (Level 3) Current assets: Other current assets (1)(2) $ 152 $ 148 $ 4 Non-current assets: Investments (3) $ 137 $ 137 Other assets (1)(2) $ 139 $ 123 $ 16 Current liabilities: Other accrued liabilities (1) $ 189 $ 189 Non-current liabilities: Other liabilities (1) $ 155 $ 155 (1) Derivative assets and liabilities include foreign exchange contracts which are measured using observable inputs for similar assets and liabilities. (2) Included in other current assets and other assets is a contingent consideration asset for a cost adjustment contract of $ 20 million, resulting from the HSG Transactions as of September 9, 2020, that were measured using unobservable (Level 3) inputs. (3) Included in the investments were equity securities with readily available fair values that were measured using Level 1 inputs. A pre-tax gain of $ 107 million was recognized from the initial public offering of an investment for the year ended December 31, 2020. Fair value measurements at reporting date using December 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in millions) 2019 (Level 1) (Level 2) (Level 3) Current assets: Other current assets (1) $ 157 $ 157 Non-current assets: Other assets (1)(2) $ 92 $ 71 $ 21 Current liabilities: Other accrued liabilities (1) $ 100 $ 100 Non-current liabilities: Other liabilities (1) $ 165 $ 165 (1) Derivative assets and liabilities include foreign exchange contracts which are measured using observable inputs for similar assets and liabilities. (2) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity [Abstract] | |
Changes in Capital Stock | Common stock Treasury stock Shares Par value Shares Cost Balance at December 31, 2017 1,708 $ 854 ( 850 ) $ ( 16,633 ) Shares issued to benefit plans and for option exercises 5 3 Shares purchased for treasury ( 75 ) ( 2,230 ) Other, net ( 7 ) Balance at December 31, 2018 1,713 $ 857 ( 925 ) $ ( 18,870 ) Shares issued to benefit plans and for option exercises 5 2 Shares purchased for treasury ( 31 ) ( 925 ) Other, net ( 17 ) Balance at December 31, 2019 1,718 $ 859 ( 956 ) $ ( 19,812 ) Shares issued to benefit plans and for option exercises 8 4 Shares purchased for treasury ( 4 ) ( 105 ) Other, net ( 1 ) ( 11 ) Balance at December 31, 2020 1,726 $ 863 ( 961 ) $ ( 19,928 ) |
Accumulated Other Comprehensive Income (Loss) | Foreign currency translation adjustments and other Unamortized actuarial gains (losses) and prior service (costs) credits Net unrealized gains (losses) on investments Net unrealized gains (losses) on designated hedges Accumulated other comprehensive loss Balance at December 31, 2017 $ ( 529 ) $ ( 317 ) $ ( 3 ) $ 7 $ ( 842 ) Other comprehensive (loss) income before reclassifications (2) $ ( 180 ) $ ( 84 ) $ ( 1 ) $ 9 $ ( 256 ) Amounts reclassified from accumulated other comprehensive income (loss) (5) 103 ( 10 ) 93 Equity method affiliates (6) ( 5 ) ( 5 ) Net current-period other comprehensive income ( 185 ) 19 ( 1 ) ( 1 ) ( 168 ) Balance at December 31, 2018 $ ( 714 ) $ ( 298 ) $ ( 4 ) $ 6 $ ( 1,010 ) Other comprehensive (loss) income before reclassifications (3) $ ( 129 ) $ ( 79 ) $ 1 $ 54 $ ( 153 ) Amounts reclassified from accumulated other comprehensive income (loss) (5) 15 ( 9 ) 6 Equity method affiliates (6) ( 14 ) ( 14 ) Net current-period other comprehensive (loss) income ( 143 ) ( 64 ) 1 45 ( 161 ) Balance at December 31, 2019 $ ( 857 ) $ ( 362 ) $ ( 3 ) $ 51 $ ( 1,171 ) Other comprehensive income (loss) before reclassifications (4) $ 511 $ ( 106 ) $ ( 14 ) $ 391 Amounts reclassified from accumulated other comprehensive income (5) 18 5 23 Equity method affiliates (6) 17 17 Net current-period other comprehensive income (loss) 528 ( 88 ) — ( 9 ) 431 Balance at December 31, 2020 $ ( 329 ) $ ( 450 ) $ ( 3 ) $ 42 $ ( 740 ) (1) All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive income. (2) Amounts are net of total tax benefit of $ 64 million, primarily driven by $ 34 million and $ 33 million, related to foreign currency translation adjustments and retirement plans, respectively. (3) Amounts are net of total tax benefit of $ 8 million, primarily driven by $ 7 million related to foreign currency translation adjustments; embedded in this number is the negative impact of $ 18 million related to the hedging component, offset by the positive impact of $ 19 million related to retirement plans. (4) Amounts are net of total tax expense of $ 22 million, primarily driven by $ 55 million related to foreign currency translation adjustments; embedded in this number are the positive impacts of $ 5 million related to the hedging component and $ 28 million related to retirement plans. (5) Tax effect of reclassifications are disclosed separately within this footnote. (6) Tax effects related to equity method affiliates are not significant in the reported periods. |
Reclassifications Out of Accumulated Other Comprehensive Income by Component | Reclassifications Out of Accumulated Other Comprehensive Income ("AOCI") by Component (1) Amount reclassified from AOCI Affected line item Year ended December 31, in the consolidated Details about AOCI Components 2020 2019 2018 statements of income Amortization of net actuarial loss $ ( 23 ) $ ( 89 ) $ ( 138 ) (2) Amortization of prior service credit (cost) 1 ( 6 ) (2) ( 23 ) ( 88 ) ( 144 ) Total before tax 5 73 41 Tax benefit (3) $ ( 18 ) $ ( 15 ) $ ( 103 ) Net of tax Realized (losses) gains on designated hedges $ ( 6 ) Sales 13 $ 11 $ 13 Cost of sales ( 14 ) ( 1 ) Other expense, net ( 7 ) 11 12 Total before tax 2 ( 2 ) ( 2 ) Tax benefit (expense) $ ( 5 ) $ 9 $ 10 Net of tax Total reclassifications for the period $ ( 23 ) $ ( 6 ) $ ( 93 ) Net of tax (1) Amounts in parentheses indicate debits to the statement of income. (2) These accumulated other comprehensive income components are included in net periodic pension cost. Refer to Note 13 (Employee Retirement Plans) to the consolidated financial statements for additional details. (3) Includes $ 52 million that was recognized during the first quarter of 2019 due to adoption of the new standard related to Income Statement - Reporting Comprehensive Income, which allows for reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) per Common Share | Year ended December 31, 2020 2019 2018 Net income attributable to Corning Incorporated $ 512 $ 960 $ 1,066 Less: Series A convertible preferred stock dividend 98 98 98 Net income available to common stockholders - basic 414 862 968 Plus: Series A convertible preferred stock dividend 98 98 Net income available to common stockholders - diluted $ 414 $ 960 $ 1,066 Weighted-average common shares outstanding - basic 761 776 816 Effect of dilutive securities: Stock options and other dilutive securities 11 8 10 Series A convertible preferred stock (1) 115 115 Weighted-average common shares outstanding - diluted 772 899 941 Basic earnings per common share $ 0.54 $ 1.11 $ 1.19 Diluted earnings per common share $ 0.54 $ 1.07 $ 1.13 Anti-dilutive potential shares excluded from diluted earnings per common share: Series A convertible preferred stock dividend (1) 115 Employee stock options and awards 2 2 2 Total 117 2 2 (1) For the year ended December 31, 2020, the Series A preferred stock was anti-dilutive and therefore excluded from the calculation of diluted earnings per share |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Information Concerning Stock Options Outstanding Including the Related Transactions under the Stock Option Plans | Number of shares (in thousands) Weighted- average exercise price Weighted- average remaining contractual term in Years Aggregate intrinsic value (in thousands) Options Outstanding as of December 31, 2019 13,172 $ 21.94 Granted 10,653 19.65 Exercised ( 6,502 ) 19.16 Forfeited and expired ( 228 ) 19.96 Options outstanding as of December 31, 2020 17,095 21.60 7.18 $ 246,236 Options expected to vest as of December 31, 2020 16,903 21.61 7.15 243,277 Options exercisable as of December 31, 2020 8,646 19.57 5.66 142,076 |
Valuation of Option Grants under Stock Option Plans | 2020 2019 2018 Expected volatility 32.9 % 29.5 - 29.9 % 30.6 - 31.4 % Weighted-average volatility 32.9 % 29.5 - 29.9 % 30.6 - 31.4 % Expected dividends 4.48 % 2.36 - 2.95 % 2.22 - 2.66 % Risk-free rate 0.5 % 1.5 - 2.4 % 2.7 - 3.1 % Average risk-free rate 0.5 % 1.5 - 2.4 % 2.7 - 3.1 % Expected term (in years) 7.4 7.4 7.4 Pre-vesting executive departure rate 0.6 % 0.6 % 0.6 % Pre-vesting non-executive departure rate 2.5 % |
Time-Based Restricted Stock and Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of the Status of Non-vested Time-based Restricted Stock and Restricted Stock Units | Number of shares (in thousands) Weighted- average grant-date fair value Non-vested shares and share units at December 31, 2019 5,189 $ 27.58 Granted 9,400 20.90 Vested ( 1,408 ) 26.97 Forfeited ( 238 ) 23.72 Non-vested shares and share units at December 31, 2020 12,943 $ 22.87 |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of the Status of Non-vested Time-based Restricted Stock and Restricted Stock Units | Number of shares (in thousands) Weighted- average grant-date fair value Non-vested share units at December 31, 2019 — $ — Granted 2,784 20.13 Vested Forfeited ( 41 ) 19.11 Non-vested share units at December 31, 2020 2,743 $ 20.14 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reportable Segments [Abstract] | |
Reportable Segments | Display Technologies Optical Communications Specialty Materials Environmental Technologies Life Sciences All Other Total For the year ended December 31, 2020 Segment net sales $ 3,172 $ 3,563 $ 1,884 $ 1,370 $ 998 $ 465 $ 11,452 Depreciation (1) $ 548 $ 242 $ 162 $ 132 $ 50 $ 81 $ 1,215 Research, development and engineering expenses (2) $ 99 $ 204 $ 155 $ 100 $ 26 $ 170 $ 754 Income tax (provision) benefit (3) $ ( 190 ) $ ( 101 ) $ ( 113 ) $ ( 52 ) $ ( 37 ) $ 58 $ ( 435 ) Net income (loss) (4) $ 717 $ 366 $ 423 $ 197 $ 139 $ ( 214 ) $ 1,628 Investment in affiliated companies, at equity $ 107 $ 3 $ 4 $ — $ 2 $ 142 $ 258 Segment assets (5) $ 8,777 $ 2,868 $ 2,551 $ 1,986 $ 683 $ 2,157 $ 19,022 Capital expenditures $ 311 $ 127 $ 125 $ 159 $ 83 $ 123 $ 928 For the year ended December 31, 2019 Segment net sales $ 3,254 $ 4,064 $ 1,594 $ 1,499 $ 1,015 $ 230 $ 11,656 Depreciation (1) $ 583 $ 237 $ 145 $ 128 $ 49 $ 50 $ 1,192 Research, development and engineering expenses (2) $ 119 $ 218 $ 154 $ 118 $ 21 $ 237 $ 867 Income tax (provision) benefit (3) $ ( 206 ) $ ( 134 ) $ ( 81 ) $ ( 70 ) $ ( 40 ) $ 80 $ ( 451 ) Net income (loss) (4) $ 786 $ 489 $ 302 $ 263 $ 150 $ ( 289 ) $ 1,701 Investment in affiliated companies, at equity $ 145 $ 3 $ 3 $ — $ 3 $ 137 $ 291 Segment assets (5) $ 9,022 $ 3,004 $ 2,433 $ 1,912 $ 627 $ 1,028 $ 18,026 Capital expenditures $ 872 $ 329 $ 176 $ 287 $ 80 $ 155 $ 1,899 For the year ended December 31, 2018 Segment net sales $ 3,276 $ 4,192 $ 1,479 $ 1,289 $ 946 $ 216 $ 11,398 Depreciation (1) $ 585 $ 218 $ 136 $ 119 $ 50 $ 38 $ 1,146 Research, development and engineering expenses (2) $ 106 $ 212 $ 163 $ 118 $ 20 $ 231 $ 850 Income tax (provision) benefit (3) $ ( 221 ) $ ( 163 ) $ ( 83 ) $ ( 55 ) $ ( 31 ) $ 76 $ ( 477 ) Net income (loss) (4) $ 835 $ 592 $ 313 $ 208 $ 117 $ ( 281 ) $ 1,784 Investment in affiliated companies, at equity $ 131 $ 3 $ 6 $ — $ 1 $ 171 $ 312 Segment assets (5) $ 8,794 $ 3,042 $ 2,176 $ 1,633 $ 585 $ 1,018 $ 17,248 Capital expenditures $ 755 $ 417 $ 242 $ 273 $ 55 $ 329 $ 2,071 (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. (5) Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation, and associated equity companies. HSG assets are included as of December 31, 2020. |
Reconciliation of Reportable Segment and All Other Net Sales to Consolidated Net Sales | Year ended December 31, 2020 2019 2018 Net sales of reportable segments and All Other $ 11,452 $ 11,656 $ 11,398 Impact of foreign currency movements (1) ( 44 ) ( 153 ) ( 108 ) Cumulative adjustment related to customer contract (2) ( 105 ) Consolidated net sales $ 11,303 $ 11,503 $ 11,290 (1) This amount primarily represents the impact of foreign currency adjustments in the Display Technologies, Environmental Technologies and Life Sciences segments. (2) Amount represents the negative impact of a cumulative adjustment recorded during the first quarter of 2020 to reduce revenue in the amount of $ 105 million. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that is exiting its production of LCD panels. Refer to Note 5 (Revenue) to the consolidated financial statements for additional information. |
Reconciliation of Reportable Segment Net Income to Consolidated Net Income (Loss) | Year ended December 31, 2020 2019 2018 Net income of reportable segments $ 1,842 $ 1,990 $ 2,065 Net loss of All Other (1) ( 214 ) ( 289 ) ( 281 ) Unallocated amounts: Impact of foreign currency movements not included in segment net income (loss) ( 22 ) ( 115 ) ( 157 ) Gain (loss) on foreign currency hedges related to translated earnings ( 46 ) 245 ( 78 ) Translation loss on Japanese yen-denominated debt ( 86 ) ( 3 ) ( 18 ) Litigation, regulatory and other legal matters ( 144 ) 17 ( 124 ) Research, development, and engineering expense (2)(6) ( 153 ) ( 134 ) ( 137 ) Transaction-related gain, net (3) 498 Equity in (losses) earnings of affiliated companies (4) ( 24 ) 15 390 Amortization of intangibles ( 121 ) ( 113 ) ( 93 ) Interest expense, net ( 261 ) ( 200 ) ( 149 ) Income tax benefit (provision) 324 195 42 Pension mark-to-market ( 31 ) ( 95 ) ( 145 ) Cumulative adjustment related to customer contract (5) ( 105 ) Severance charges (6) ( 148 ) ( 63 ) ( 16 ) Asset impairment (6) ( 217 ) Capacity realignment and other charges and credits (6) ( 462 ) ( 376 ) ( 114 ) Bond redemption loss (7) ( 22 ) Gain on investment (8) 107 Other corporate items ( 203 ) ( 114 ) ( 119 ) Net income $ 512 $ 960 $ 1,066 (1) The Company obtained a controlling interest in HSG during the third quarter of 2020 and has consolidated results in “All Other” as of September 9, 2020. (2) Amount does not include research, development, and engineering expense related to restructuring, impairment and other charges and credits. (3) Amount represents the pre-tax gain recorded on Corning’s previously held equity investment in HSG. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information on this transaction. (4) Primarily represents the equity earnings of HSG prior to September 9, 2020. Refer to Note 3 (Investments) and Note 4 ( HSG Transactions and Acquisitions ) to the consolidated financial statements for more information. (5) Amount represents the negative impact of a cumulative adjustment to reduce revenue in the amount of $ 105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that is exiting its production of LCD panels. Refer to Note 5 (Revenue) to the consolidated financial statements for additional information. (6) Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) to the consolidated financial statements for additional information on restructuring activities and impairment. (7) Refer to Note 12 (Debt) to the consolidated financial statements for additional information on the bond redemption loss. (8) Amount represents the gain recognized from the initial public offering of an investment in the fourth quarter of 2020. |
Reconciliation of Reportable Segment Assets to Consolidated Total Assets | December 31, 2020 2019 2018 Total assets of reportable segments $ 16,865 $ 16,998 $ 16,230 Non-reportable segments 2,157 1,028 1,018 Unallocated amounts: Current assets (1) 3,434 3,301 3,065 Investments (2) 177 43 64 Property, plant and equipment, net (3) 1,548 1,764 1,928 Other non-current assets (4) 6,594 5,764 5,200 Total assets $ 30,775 $ 28,898 $ 27,505 (1) Includes current corporate assets, including cash, other receivables, prepaid expenses and current portion of long-term derivative assets. (2) Represents other corporate investments. Asset balance does not include equity method affiliate liability balance of $ 270 million for HSG in 2019. HSG became a fully consolidated subsidiary of Corning on September 9, 2020. (3) Represents corporate property not specifically identifiable to an operating segment. (4) Includes non-current corporate assets, including goodwill, other intangible assets, pension assets, long-term derivative assets, operating leases and deferred income taxes. |
Selected Financial Information On Product Lines and Reportable Segments | Year ended December 31, Revenue from external customers 2020 2019 2018 Display Technologies $ 3,172 $ 3,254 $ 3,276 Optical Communications Carrier network 2,612 2,885 3,084 Enterprise network 951 1,179 1,108 Total Optical Communications 3,563 4,064 4,192 Specialty Materials Corning® Gorilla® Glass 1,420 1,180 1,069 Advanced optics and other specialty glass 464 414 410 Total Specialty Materials 1,884 1,594 1,479 Environmental Technologies Automotive and other 883 907 719 Diesel 487 592 570 Total Environmental Technologies 1,370 1,499 1,289 Life Sciences Labware 552 550 536 Cell culture products 446 465 410 Total Life Science 998 1,015 946 All Other All Other 271 230 216 Polycrystalline silicon 194 Total All Other 465 230 216 Net sales of reportable segments and All Other 11,452 11,656 11,398 Impact of foreign currency movements (1) ( 44 ) ( 153 ) ( 108 ) Cumulative adjustment related to customer contract (2) ( 105 ) Consolidated net sales $ 11,303 $ 11,503 $ 11,290 (1) This amount primarily represents the impact of foreign currency adjustments in the Display Technologies, Environmental Technologies and Life Sciences segments. (2) Amount represents the negative impact of a cumulative adjustment recorded during the first quarter of 2020 to reduce revenue in the amount of $ 105 million. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that is exiting its production of LCD panels. Refer to Note 5 (Revenue) to the consolidated financial statements for additional information. |
Information Concerning Principal Geographic Areas | 2020 2019 2018 Net sales (1)(3) Long-lived assets (2)(3) Net sales (1) Long-lived assets (2) Net sales (1) Long-lived assets (2) North America: United States $ 3,412 $ 8,718 $ 3,760 $ 7,654 $ 3,569 $ 7,538 Canada 274 121 277 126 296 127 Mexico 75 239 55 267 53 200 Total North America 3,761 9,078 4,092 8,047 3,918 7,865 Asia Pacific: Japan 505 583 441 893 415 1,148 Taiwan 887 2,247 880 2,280 921 2,326 China 3,734 4,469 3,096 3,816 2,716 2,644 Korea 748 3,597 1,051 3,625 1,259 3,736 Other 340 83 401 86 436 85 Total Asia Pacific 6,214 10,979 5,869 10,700 5,747 9,939 Europe: Germany 378 579 435 546 451 508 Other 838 931 886 914 905 1,147 Total Europe 1,216 1,510 1,321 1,460 1,356 1,655 All Other 261 83 374 71 377 61 Total $ 11,452 $ 21,650 $ 11,656 $ 20,278 $ 11,398 $ 19,520 (1) Net sales are attributed to countries based on location of customer. (2) Long-lived assets primarily include investments, plant and equipment, goodwill and other intangible assets. (3) Includes HSG’s net sales and long-lived assets as of December 31, 2020. Refer to Note 3 (Investments) and Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for more information. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 09, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Research and development costs | $ 1,000 | $ 833 | $ 807 | |
Gain (loss) from foreign currency transaction activity | (37) | $ (19) | $ (43) | |
Asset impairment | $ 217 | |||
Benchmark percentage of benefit obligation or market related value of plan assets | 10.00% | |||
Hemlock Semiconductor LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity method investment, ownership percentage | 49.90% | 49.90% | ||
Business combination ownership interest acquired | 100.00% | |||
Hemlock Semiconductor Operations LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity method investment, ownership percentage | 40.25% | 40.25% | ||
Business combination ownership interest acquired | 80.50% | |||
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity method investment, ownership percentage | 20.00% | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Building [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 10 years | |||
Building [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 40 years | |||
Equipment [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 2 years | |||
Equipment [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Supplemental Disclosure of Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |||
Accruals for capital expenditures | $ 231 | $ 592 | $ 412 |
Interest | 298 | 248 | 205 |
Income taxes, net of refunds received | 220 | 474 | 567 |
Interest costs capitalized | $ 58 | $ 54 | $ 49 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Useful Life of Equipment) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Computer Hardware and Software [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 3 years |
Computer Hardware and Software [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 7 years |
Manufacturing Equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 2 years |
Manufacturing Equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 15 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 10 years |
Transportation Equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 20 years |
Restructuring, Impairment and_3
Restructuring, Impairment and Other Charges and Credits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring, Impairment and Other Charges and Credits [Abstract] | |||
Severance charges | $ 148 | $ 63 | $ 16 |
Unpaid severance | 45 | ||
Asset impairment | $ 217 |
Restructuring, Impairment and_4
Restructuring, Impairment and Other Charges and Credits (Restructuring, Impairment, and Other Charges and Credits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Severence | $ 148 | $ 63 | $ 16 |
Asset impairment | 217 | ||
Capacity realignment | 304 | 312 | 80 |
Other charges and credits | 158 | 64 | 34 |
Total restructuring, impairment and other charges and credits | 827 | 439 | 130 |
Gross Margin [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severence | 83 | 30 | 1 |
Capacity realignment | 288 | 298 | 76 |
Other charges and credits | 72 | 60 | 20 |
Total restructuring, impairment and other charges and credits | 443 | 388 | 97 |
Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severence | 34 | 20 | 15 |
Asset impairment | 6 | ||
Capacity realignment | 16 | ||
Other charges and credits | 60 | 8 | 5 |
Total restructuring, impairment and other charges and credits | 116 | 28 | 20 |
Research, Development And Engineering Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severence | 31 | 13 | |
Asset impairment | 211 | ||
Capacity realignment | 14 | 4 | |
Other charges and credits | 5 | 3 | 2 |
Total restructuring, impairment and other charges and credits | 247 | 30 | 6 |
Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other charges and credits | 21 | (7) | 7 |
Total restructuring, impairment and other charges and credits | $ 21 | $ (7) | $ 7 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | Sep. 09, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2016 |
Schedule of Equity Method Investments [Line Items] | |||||||||
Revenue recognized | $ 185 | ||||||||
Asset impairment | $ 217 | ||||||||
Purchase price | $ 841 | ||||||||
Inventory write-down | $ 105 | ||||||||
Net sales | 11,303 | 11,503 | 11,290 | ||||||
Net income | $ 512 | 960 | 1,066 | ||||||
Dow Corning Corporation [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||||
Pittsburgh Corning Corporation PCC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||
HSG [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Revenue recognized | $ 383 | ||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||
Asset impairment | 369 | ||||||||
Loss from settlement | $ (81) | ||||||||
Inventory write-down | $ 44 | 257 | |||||||
Net sales | $ 423 | 779 | $ 1,158 | ||||||
Redemption price | $ 250 | ||||||||
Pre-existing contract disputes, loss on settlement | $ 81 | ||||||||
Hemlock Semiconductor LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 49.90% | ||||||||
HSG [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Asset impairment | $ 916 | ||||||||
Net sales | $ 194 | ||||||||
Dupont’s Trichlorosilane [Member] | HSG [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Purchase price | $ 255 | ||||||||
Contingent consideration | 175 | ||||||||
Pre-existing contract disputes | 200 | ||||||||
Loss from settlement | (81) | ||||||||
Pre-existing contract disputes, loss on settlement | $ 81 | ||||||||
Hemlock Semiconductor LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 49.90% | 49.90% | 49.90% | ||||||
Business combination ownership interest acquired | 100.00% | ||||||||
Hemlock Semiconductor LLC [Member] | HSG [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Business combination ownership interest acquired | 100.00% | 100.00% | |||||||
Redemption price | $ 250 | ||||||||
Hemlock Semiconductor Operations LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 40.25% | 40.25% | 40.25% | ||||||
Purchase price | 352 | ||||||||
Contingent consideration | $ 20 | ||||||||
Business combination ownership interest acquired | 80.50% | ||||||||
Hemlock Semiconductor Operations LLC [Member] | HSG [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Business combination ownership interest acquired | 80.50% | 80.50% | |||||||
Redemption price | $ 250 | ||||||||
HSG [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Purchase price | $ 250 |
Investments (Investments) (Deta
Investments (Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Jun. 01, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investment assets | $ 435 | $ 435 | $ 334 | ||
Investment liabilities | 270 | ||||
Dow Corning Corporation [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
All Other [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in affiliated companies, at equity | 258 | 258 | 291 | ||
Other investments | 177 | 177 | 43 | ||
Investment assets | 435 | $ 435 | 334 | ||
Pre-tax gain | $ 107 | ||||
HSG [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investment liabilities | $ 270 | ||||
Hemlock Semiconductor LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 49.90% | 49.90% | |||
Hemlock Semiconductor Operations LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 40.25% | 40.25% | |||
Minimum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 20.00% | 20.00% | |||
Maximum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | $ 137 | $ 137 | |||
Pre-tax gain | $ 107 |
Investments (Results From Opera
Investments (Results From Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Net sales | $ 11,303 | $ 11,503 | $ 11,290 | ||
Gross profit | 3,531 | 4,035 | 4,461 | ||
Net income | 523 | 979 | 1,090 | ||
Corning’s equity in earnings of affiliated companies | (25) | 17 | 390 | ||
Dividends received from affiliated companies | 1 | 106 | 241 | ||
Current assets | 8,004 | 7,463 | |||
Noncontrolling interests | 191 | 90 | |||
Inventory write-down | 105 | ||||
Affiliated Companies [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Net sales | 1,201 | 1,508 | 1,759 | ||
Gross profit | 136 | 79 | 424 | ||
Net of tax | (48) | (102) | 835 | ||
Net income | (15) | 70 | 798 | ||
Corning’s equity in earnings of affiliated companies | (25) | 17 | 390 | ||
Intercompany sales within HSG | 253 | 277 | 184 | ||
Corning purchases from affiliated companies | 8 | 12 | 11 | ||
Corning transfers of assets, at cost, to affiliated companies | 9 | 8 | 2 | ||
Dividends received from affiliated companies | 1 | 106 | 241 | ||
Current assets | 534 | 1,566 | |||
Noncurrent assets | 466 | 943 | |||
Short-term borrowings, including current portion of long-term debt | 2 | 4 | |||
Other current liabilities | 164 | 632 | |||
Long-term debt | 60 | 68 | |||
Other long-term liabilities | 11 | 1,522 | |||
Noncontrolling interests | 42 | ||||
Balances due from affiliated companies | 36 | 42 | |||
Balances due to affiliated companies | 1 | 4 | |||
HSG [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Net sales | 423 | 779 | 1,158 | ||
Gross profit | 87 | 9 | 367 | ||
Net of tax | 11 | (117) | 814 | ||
Net income | 44 | 54 | 776 | ||
Corning’s equity in earnings of affiliated companies | 22 | 27 | 388 | ||
Intercompany sales within HSG | 55 | 112 | 206 | ||
Dividends received from affiliated companies | 100 | $ 241 | |||
Current assets | 853 | 1,011 | |||
Noncurrent assets | 725 | 420 | |||
Short-term borrowings, including current portion of long-term debt | 178 | 3 | |||
Other current liabilities | 337 | 412 | |||
Long-term debt | 6 | 8 | |||
Other long-term liabilities | 1,499 | 1,507 | |||
Noncontrolling interests | 9 | 42 | |||
Intercompany receivables and payables within HSG (included in current assets and other current liabilities) | $ 8 | 15 | |||
Pre-tax gain on settlements of long-term sales agreements | $ 200 | $ 165 | |||
Inventory write-down | $ 44 | $ 257 | |||
Gain on settlements of long-term sales agreements, net | 19 | ||||
Pre-existing contract disputes, loss on settlement | $ 81 |
HSG Transactions and Acquisit_3
HSG Transactions and Acquisitions (Narrative) (Details) $ in Millions | Sep. 09, 2020USD ($) | Dec. 31, 2020USD ($)item | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 01, 2016 |
Business Acquisition [Line Items] | |||||||||
Purchase consideration | $ 841 | ||||||||
Cash and cash equivalents | $ 2,672 | $ 2,672 | $ 2,434 | 2,355 | $ 4,317 | ||||
Noncontrolling interests | 191 | 191 | 90 | ||||||
Net sales | 11,303 | 11,503 | 11,290 | ||||||
Net income | 512 | 960 | 1,066 | ||||||
Inventory write-down | 105 | ||||||||
HSG [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Customer deposits/ deferred revenue | 264 | $ 264 | |||||||
Deferred revenue | $ 1,070 | ||||||||
HSG [Member] | Developed Technologies [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible asset estimated useful lives | 20 years | ||||||||
Intangible assets | 215 | $ 215 | |||||||
HSG [Member] | Other Intangible Assets [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible asset estimated useful lives | 15 years | ||||||||
Intangible assets | $ 70 | $ 70 | |||||||
HSG [Member] | Measurement Input, Discount Rate [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Measurement input | item | 0.165 | 0.165 | |||||||
HSG [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Measurement input | item | 0 | 0 | |||||||
HSG [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash and cash equivalents | $ 75 | ||||||||
Debt Instrument, Face Amount | 175 | ||||||||
Noncontrolling interests | $ 102 | $ 102 | |||||||
Net sales | $ 194 | ||||||||
Repayment of short term debt | $ 100 | ||||||||
Dow Corning Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 50.00% | 50.00% | |||||||
HSG [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 50.00% | 50.00% | |||||||
Pre-existing contract disputes, loss on settlement | 81 | ||||||||
Redemption price | $ 250 | $ 250 | |||||||
Pre-tax gain | 498 | ||||||||
Noncontrolling interests | 9 | 9 | 42 | ||||||
Net sales | $ 423 | 779 | 1,158 | ||||||
Pre-tax gain on settlements of long-term sales agreements | 200 | $ 165 | |||||||
Inventory write-down | $ 44 | $ 257 | |||||||
Gain on settlements of long-term sales agreements, net | $ 19 | ||||||||
Communications Market Division [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase consideration | 841 | ||||||||
Intangible assets | 525 | ||||||||
Acquisition-related costs | 18 | ||||||||
Communications Market Division [Member] | Other Intangible Assets [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | 91 | ||||||||
Communications Market Division [Member] | Customer Relationships [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | $ 434 | ||||||||
Dupont’s Trichlorosilane [Member] | HSG [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase consideration | 255 | ||||||||
Contingent consideration | 175 | ||||||||
Pre-existing contract disputes | 200 | ||||||||
Pre-existing contract disputes, loss on settlement | 81 | ||||||||
Business Combination, Settlement | 175 | ||||||||
Business Combination, Settlement, Fair Value | 200 | ||||||||
Settlement term | 3 years | ||||||||
Annual payment amount | 58 | ||||||||
HSG [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase consideration | 250 | ||||||||
Pre-tax gain | 498 | ||||||||
Customer deposits/ deferred revenue | 264 | ||||||||
Deferred revenue | 1,070 | ||||||||
Intangible assets | $ 285 | ||||||||
Acquisition-related costs | 12 | $ 12 | |||||||
HSG [Member] | Developed Technologies [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible asset estimated useful lives | 20 years | ||||||||
Intangible assets | 215 | $ 215 | |||||||
HSG [Member] | Other Intangible Assets [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible asset estimated useful lives | 15 years | ||||||||
Intangible assets | $ 70 | $ 70 | |||||||
Hemlock Semiconductor LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 49.90% | 49.90% | 49.90% | ||||||
Business combination ownership interest acquired | 100.00% | ||||||||
Hemlock Semiconductor LLC [Member] | HSG [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business combination ownership interest acquired | 100.00% | 100.00% | 100.00% | ||||||
Redemption price | $ 250 | ||||||||
Hemlock Semiconductor Operations LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 40.25% | 40.25% | 40.25% | ||||||
Purchase consideration | 352 | ||||||||
Contingent consideration | $ 20 | ||||||||
Business combination ownership interest acquired | 80.50% | ||||||||
Hemlock Semiconductor Operations LLC [Member] | HSG [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business combination ownership interest acquired | 80.50% | 80.50% | 80.50% | ||||||
Redemption price | $ 250 | ||||||||
Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 20.00% | 20.00% | |||||||
Minimum [Member] | Communications Market Division [Member] | Customer Relationships [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible asset estimated useful lives | 14 years | ||||||||
Minimum [Member] | HSG [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Measurement input | 2.54% | ||||||||
Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 50.00% | 50.00% | |||||||
Maximum [Member] | Communications Market Division [Member] | Other Intangible Assets [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible asset estimated useful lives | 11 years | ||||||||
Maximum [Member] | HSG [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Measurement input | 3.23% |
HSG Transactions and Acquisit_4
HSG Transactions and Acquisitions (Net Gain on Previously Owned Equity) (Details) - USD ($) $ in Millions | Sep. 09, 2020 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Fair value of previously held equity investment | $ 841 | |
HSG [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of previously held equity investment | $ 250 | |
Equity investment liability balance as of acquisition date | (248) | |
Corning's gain on previously held equity investment | $ 498 |
HSG Transactions and Acquisit_5
HSG Transactions and Acquisitions (Recognized Amounts of Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Sep. 09, 2020 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,936 | $ 2,460 | $ 1,935 | |
Purchase price | 841 | |||
Communications Market Division [Member] | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment | 32 | |||
Intangible assets | 525 | |||
Other current and non-current assets | 13 | |||
Total identified net assets | 570 | |||
Goodwill | 271 | |||
Purchase price | $ 841 | |||
Hemlock Semiconductor Operations LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Non-controlling interests | $ (102) | |||
Total fair value of Corning's previously held equity investment | 250 | |||
Contingent consideration | 20 | |||
Purchase price | 352 | |||
HSG [Member] | ||||
Business Acquisition [Line Items] | ||||
Inventory | 503 | $ 461 | ||
Property, plant and equipment | 651 | |||
Intangible assets | 285 | |||
Other current and non-current assets | 173 | |||
Short-term borrowings | (178) | |||
Trade payables and other accrued liabilities | (329) | |||
Other liabilities | (1,261) | |||
Total identified net liabilities | (156) | |||
Non-controlling interests | (102) | |||
Total fair value of Corning's previously held equity investment | (250) | |||
Goodwill | 508 | |||
Purchase price | $ 250 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Dec. 31, 2015 | |
Disaggregation of Revenue [Line Items] | |||||||
Deferred revenue current | $ 104 | $ 211 | $ 104 | ||||
Deferred revenue non-current | 927 | 1,148 | 927 | ||||
Increase (decrease) in customer deposits | 140 | 37 | |||||
Revenue recognized | 185 | ||||||
Revenue | 11,303 | 11,503 | $ 11,290 | ||||
Other assets (Note 11 and 15) | 1,821 | 2,140 | 1,821 | ||||
Cumulative adjustment related to customer contract | $ 105 | $ 105 | |||||
Maximum [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Long-term supply commitment | 10 years | ||||||
Accounting Standards Update 2014-09 [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Customer deposits/ deferred revenue | $ 1,000 | $ 1,400 | $ 1,000 | ||||
Other assets (Note 11 and 15) | $ 212 | ||||||
HSG [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue | 194 | ||||||
HSG [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Customer deposits/ deferred revenue | 264 | ||||||
Deferred revenue current | 152 | ||||||
Deferred revenue non-current | $ 872 | ||||||
Deferred revenue | $ 1,070 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 11,303 | $ 11,503 | $ 11,290 | |
Impact of foreign currency movements | 44 | 153 | 108 | |
Cumulative adjustment related to customer contract | $ 105 | 105 | ||
Net sales of reportable segments and All Other | 11,452 | 11,656 | 11,398 | |
Display Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,077 | 3,180 | 3,168 | |
Telecommunication Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,563 | 4,064 | 4,192 | |
Specialty Glass Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,884 | 1,594 | 1,479 | |
Environmental Substrate and Filter Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,333 | 1,440 | 1,289 | |
Life Science Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 981 | 995 | 946 | |
All Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 465 | $ 230 | $ 216 |
Inventories, Net (Narrative) (D
Inventories, Net (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 09, 2020 |
HSG [Member] | ||
Inventory [Line Items] | ||
Inventory | $ 461 | $ 503 |
Inventories, Net (Inventories,
Inventories, Net (Inventories, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories, Net [Abstract] | ||
Finished goods | $ 1,236 | $ 973 |
Work in process | 357 | 421 |
Raw materials and accessories | 370 | 481 |
Supplies and packing materials | 475 | 445 |
Total inventories, net of inventory reserves | $ 2,438 | $ 2,320 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | $ 133 | $ 110 | $ 156 |
Operating cash flows from finance leases | 7 | 12 | |
Finance lease, principal payments | 10 | 6 | |
Finance lease, interest payments | $ 7 | $ 12 | |
Operating leases weighted average remaining term | 12 years 6 months | ||
Finance leases weighted average remaining term | 15 years 6 months | ||
Operating leases weighted average discount rate | 3.90% | ||
Finance leases weighted average discount rate | 4.70% | ||
Lease not yet commenced | $ 138 | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease term | 20 years |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Depreciation of right-of-use assets | $ 15 | $ 11 | |
Interest on lease liabilities | 7 | 12 | |
Total financing lease expense | 22 | 23 | |
Operating lease expense | 133 | 110 | $ 156 |
Variable lease expense | 41 | 38 | |
Short-term lease expense | 4 | 5 | |
Total lease expense | $ 200 | $ 176 |
Leases (Components of Lease Lia
Leases (Components of Lease Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Principal | $ 10 | $ 6 |
Interest | 7 | 12 |
Total financing lease payments | 17 | 18 |
Operating lease payments | 121 | 105 |
Total lease payments | $ 138 | $ 123 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases: | ||
Operating lease right-of-use assets, net | $ 680 | $ 504 |
Other current liabilities | 96 | 62 |
Operating lease liabilities | 633 | 450 |
Total operating lease liabilities | 729 | 512 |
Finance Leases: | ||
Property and equipment, at cost | 29,405 | 28,332 |
Accumulated depreciation | (13,663) | (12,995) |
Property and equipment, net | 15,742 | 15,337 |
Current portion of long-term debt | 10 | 9 |
Long-term debt | 163 | 271 |
Total finance lease liabilities | 173 | 280 |
Leaseholds and Leasehold Improvements [Member] | ||
Finance Leases: | ||
Property and equipment, at cost | 184 | 294 |
Accumulated depreciation | (27) | (52) |
Property and equipment, net | $ 157 | $ 242 |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 141 | |
2022 | 125 | |
2023 | 114 | |
2024 | 102 | |
2025 | 92 | |
After 2025 | 733 | |
Gross Total | 1,307 | |
Imputed Discount | (578) | |
Total | 729 | $ 512 |
Financing Leases | ||
2021 | 13 | |
2022 | 16 | |
2023 | 21 | |
2024 | 24 | |
2025 | 12 | |
After 2025 | 169 | |
Gross Total | 255 | |
Imputed Discount | (82) | |
Total | $ 173 | $ 280 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Sep. 09, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Line Items] | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 102 | $ 35 | $ 263 | |
Undistributed earnings of foreign subsidiaries | 2,000 | |||
Foreign earnings repatriated | $ 914 | |||
Receivable, Current, Disputed Tax Deposit | $ 33 | |||
Statutory U.S. income tax rate | 21.00% | 21.00% | 21.00% | |
Net deferred tax liability | $ 630 | $ 447 | ||
Change in income tax reserves | $ 116 | |||
National Tax Service of Korea [Member] | ||||
Income Taxes [Line Items] | ||||
Current receivable | 33 | |||
Non-current receivable | $ 365 | $ 415 | ||
Hemlock Semiconductor LLC [Member] | ||||
Income Taxes [Line Items] | ||||
Business combination ownership interest acquired | 100.00% | |||
Hemlock Semiconductor Operations LLC [Member] | ||||
Income Taxes [Line Items] | ||||
Business combination ownership interest acquired | 80.50% |
Income Taxes (Income Before Inc
Income Taxes (Income Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
U.S. companies | $ (71) | $ 504 | $ 472 |
Non-U.S. companies | 694 | 712 | 1,031 |
Income before income taxes | $ 623 | $ 1,216 | $ 1,503 |
Income Taxes (Current and Defer
Income Taxes (Current and Deferred Amounts of Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 88 | $ (82) | $ (256) |
State and municipal | (16) | (12) | (22) |
Foreign | (203) | (354) | (196) |
Deferred: | |||
Federal | 7 | 64 | (34) |
State and municipal | 3 | 13 | 4 |
Foreign | 10 | 115 | 67 |
(Provision) benefit for income taxes | $ (111) | $ (256) | $ (437) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the U.S. Statutory Income Tax Rate to Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Statutory U.S. income tax rate | 21.00% | 21.00% | 21.00% |
State income tax, net of federal effect | 1.40% | 0.60% | 0.90% |
Global intangible low-taxed income | (0.50%) | 1.20% | 3.60% |
Foreign derived intangible income | (8.50%) | (0.60%) | |
Repatriation tax on accumulated previously untaxed foreign earnings | 9.10% | (1.20%) | |
Remeasurement of deferred tax assets and liabilities | (13.40%) | (0.60%) | (0.10%) |
Rate difference on foreign earnings | 7.30% | 5.40% | (2.30%) |
IRS settlements | 12.10% | 8.50% | 11.50% |
Valuation allowance | 2.50% | (3.70%) | (3.80%) |
Tax credit | (29.70%) | (2.80%) | (0.70%) |
Stock compensation | (1.70%) | (0.60%) | (0.50%) |
Legal entity rationalization | (2.20%) | ||
Intercompany loan adjustment | 6.20% | (0.50%) | |
Non-deductible expenses | 5.80% | 2.10% | |
Other items, net | (0.10%) | (1.00%) | 1.30% |
Effective income tax rate | 17.80% | 21.10% | 29.10% |
Income Taxes (Tax Effects of Te
Income Taxes (Tax Effects of Temporary Differences and Carryforwards of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Abstract] | ||
Loss and tax credit carryforwards | $ 637 | $ 388 |
Other assets | 269 | 345 |
Asset impairments and restructuring reserves | 29 | 30 |
Postretirement medical and life benefits | 171 | 168 |
Other accrued liabilities | 162 | 218 |
Other employee benefits | 337 | 345 |
Gross deferred tax assets | 1,605 | 1,494 |
Valuation allowance | (167) | (215) |
Total deferred tax assets | 1,438 | 1,279 |
Intangible and other assets | (95) | (110) |
Fixed assets | (375) | (216) |
Financing leases | (160) | (121) |
Total deferred tax liabilities | (630) | (447) |
Net deferred tax assets | $ 808 | $ 832 |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Abstract] | ||
Deferred tax assets | $ 1,121 | $ 1,157 |
Other liabilities | (313) | (325) |
Net deferred tax assets | $ 808 | $ 832 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets for Loss and Tax Credit Carryforwards) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Line Items] | ||
Net operating losses | $ 334 | |
Tax credits | 303 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | 637 | $ 388 |
Tax Years 2021 Through 2025 [Member] | ||
Income Taxes [Line Items] | ||
Net operating losses | 129 | |
Tax credits | 5 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | 134 | |
Tax Years 2026 Through 2030 [Member] | ||
Income Taxes [Line Items] | ||
Net operating losses | 22 | |
Tax credits | 188 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | 210 | |
Tax Years 2031 Through 2040 [Member] | ||
Income Taxes [Line Items] | ||
Net operating losses | 36 | |
Tax credits | 104 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | 140 | |
Indefinite [Member] | ||
Income Taxes [Line Items] | ||
Net operating losses | 147 | |
Tax credits | 6 | |
Deferred Tax Assets Loss And Tax Credit Carry Forward | $ 153 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ 62 | $ 435 | $ 252 |
Additions based on tax positions related to the current year | 19 | 3 | 204 |
Additions for tax positions of prior years | 53 | 2 | |
Reductions for tax positions of prior years | (10) | ||
Settlements and lapse of statute of limitations | (3) | (378) | (11) |
Balance at December 31 | $ 131 | $ 62 | $ 435 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net of Accumulated Depreciation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Net of Accumulated Depreciation [Abstract] | |||
Interest costs capitalized | $ 58 | $ 54 | $ 49 |
Precious metals | 3,400 | 3,300 | |
Depletion | $ 24 | $ 16 | $ 14 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net of Accumulated Depreciation (Property, Plant and Equipment, Net of Accumulated Depreciation) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 29,405 | $ 28,332 |
Accumulated depreciation | (13,663) | (12,995) |
Property and equipment, net | 15,742 | 15,337 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 471 | 452 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 6,453 | 6,023 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 20,563 | 19,100 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 1,918 | $ 2,757 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill, Gross | $ 9,000 | $ 8,400 | |
Goodwill, Impaired, Accumulated Impairment Loss | 6,500 | 6,500 | |
Amortization of intangibles | 121 | $ 113 | $ 94 |
Finite-lived intangible assets, period increase (decrease) | (14) | ||
Finite-Lived Intangible Assets, Amortization Expense, 2021 | 130 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2022 | 130 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2023 | 130 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2024 | 130 | ||
Finite-Lived Intangible Assets, Amortization Expense, 2025 | 130 | ||
Communications Market Division [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Intangible assets | 525 | ||
HSG [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Amortization of intangibles | 121 | ||
Impairment | 55 | ||
Developed Technologies [Member] | HSG [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Intangible assets | $ 215 | ||
Intangible asset estimated useful lives | 20 years | ||
Other Intangible Assets [Member] | Communications Market Division [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Intangible assets | $ 91 | ||
Other Intangible Assets [Member] | HSG [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Intangible assets | $ 70 | ||
Intangible asset estimated useful lives | 15 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Carrying Amount of Goodwill by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Other Intangible Assets [Line Items] | ||
Balance | $ 1,935 | $ 1,936 |
Acquired goodwill | 495 | |
Foreign currency translation adjustment and other | 30 | (1) |
Balance | 2,460 | 1,935 |
Display Technologies [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Balance | 129 | 132 |
Foreign currency translation adjustment and other | 3 | (3) |
Balance | 132 | 129 |
Optical Communications [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Balance | 931 | 926 |
Foreign currency translation adjustment and other | 12 | 5 |
Balance | 943 | 931 |
Specialty Materials [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Balance | 150 | 150 |
Balance | 150 | 150 |
Life Sciences [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Balance | 616 | 617 |
Foreign currency translation adjustment and other | 2 | (1) |
Balance | 618 | 616 |
All Other [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Balance | 109 | 111 |
Acquired goodwill | 495 | |
Foreign currency translation adjustment and other | 13 | (2) |
Balance | $ 617 | $ 109 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized intangible assets: | ||
Other intangible assets, gross | $ 2,017 | $ 1,770 |
Other intangible assets, accumulated amortization | 709 | 585 |
Other intangible assets, net | 1,308 | 1,185 |
Patents, Trademarks, and Trade Names [Member] | ||
Amortized intangible assets: | ||
Other intangible assets, gross | 500 | 469 |
Other intangible assets, accumulated amortization | 255 | 228 |
Other intangible assets, net | 245 | 241 |
Customer Lists and Other [Member] | ||
Amortized intangible assets: | ||
Other intangible assets, gross | 1,517 | 1,301 |
Other intangible assets, accumulated amortization | 454 | 357 |
Other intangible assets, net | $ 1,063 | $ 944 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities (Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Other Liabilities [Abstract] | |
Receivable, Current, Disputed Tax Deposit | $ 33 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities (Other Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities [Abstract] | ||
Derivative instruments (Note 15) | $ 148 | $ 157 |
South Korean tax deposits | 33 | |
Other current assets | 613 | 683 |
Other current assets | 761 | 873 |
Derivative instruments | 123 | 92 |
South Korean tax deposits | 365 | 415 |
Operating leases (Note 4) | 680 | 504 |
Investments | 435 | 334 |
Other non-current assets | 537 | 476 |
Other assets | $ 2,140 | $ 1,821 |
Other Assets and Other Liabil_5
Other Assets and Other Liabilities (Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities [Abstract] | ||
Wages and employee benefits | $ 572 | $ 565 |
Income taxes | 173 | 182 |
Derivative instruments (Note 15) | 189 | 100 |
Asbestos and other litigation (Note 6) | 13 | 57 |
Deferred revenue (Note 5) | 152 | |
Settlement liability (4) | 58 | |
Customer deposits (Note 5) | 211 | 104 |
Short-term leases | 96 | 62 |
Other current liabilities | 973 | 853 |
Other accrued liabilities | 2,437 | 1,923 |
Defined benefit pension plan liabilities | 887 | 980 |
Derivative instruments (Note 15) | 155 | 165 |
Asbestos and other litigation (Note 6) | 94 | 196 |
Deferred revenue (Note 5) | 872 | |
Settlement liability (Note 4) | 117 | |
Investment in HSG (1) | 270 | |
Customer deposits (Note 5) | 1,148 | 927 |
Deferred tax liabilities | 313 | 325 |
Long-term leases | 633 | 450 |
Other non-current liabilities | 798 | 667 |
Other liabilities | $ 5,017 | $ 3,980 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) ¥ in Millions, ¥ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019JPY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2020CNY (¥) | Sep. 09, 2020USD ($) | Jun. 30, 2020JPY (¥) | Mar. 31, 2020USD ($) | Mar. 31, 2020CNY (¥) | Sep. 30, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Fair Value Disclosure | $ 9,400,000,000 | $ 9,400,000,000 | $ 8,500,000,000 | $ 9,400,000,000 | $ 8,500,000,000 | |||||||||
Short-term borrowings | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||
Commercial paper | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||
Long-term debt | $ 7,816,000,000 | $ 7,816,000,000 | $ 7,729,000,000 | 7,816,000,000 | $ 7,729,000,000 | |||||||||
Bond redemption loss | $ (22,000,000) | |||||||||||||
Debentures, 4.375%, due 2057 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | 4.375% | 4.375% | 4.375% | 4.375% | 4.375% | ||||||||
Debt maturity date | 2057 | 2057 | 2057 | |||||||||||
Debt | $ 743,000,000 | $ 743,000,000 | $ 742,000,000 | $ 743,000,000 | $ 742,000,000 | |||||||||
Yen-denominated Debentures, 1.153%, due 2031 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | ¥ | ¥ 31.3 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.153% | 1.153% | 1.153% | 1.153% | 1.153% | 1.153% | 1.153% | |||||||
Debt maturity date | 2031 | 2031 | 2031 | |||||||||||
Debt Instrument, Term | 12 years | |||||||||||||
Debt | $ 301,000,000 | $ 301,000,000 | $ 285,000,000 | $ 301,000,000 | $ 285,000,000 | |||||||||
Yen-denominated Debentures, 1.513%, due 2039 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | ¥ | ¥ 5.9 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.513% | 1.513% | 1.513% | 1.513% | 1.513% | 1.513% | 1.513% | |||||||
Debt maturity date | 2039 | 2039 | 2039 | |||||||||||
Debt Instrument, Term | 20 years | |||||||||||||
Debt | $ 56,000,000 | $ 56,000,000 | $ 54,000,000 | $ 56,000,000 | $ 54,000,000 | |||||||||
Debentures, 3.9%, Due 2049 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | 3.90% | 3.90% | 3.90% | 3.90% | 3.90% | ||||||||
Debt maturity date | 2049 | 2049 | 2049 | |||||||||||
Debt Instrument, Term | 30 years | |||||||||||||
Debt | $ 394,000,000 | $ 394,000,000 | $ 395,000,000 | $ 394,000,000 | $ 395,000,000 | |||||||||
Debentures, 5.45%, Due 2079 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 1,100,000,000 | $ 1,100,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | 5.45% | 5.45% | 5.45% | 5.45% | 5.45% | ||||||||
Debt maturity date | 2079 | 2079 | 2079 | |||||||||||
Debt Instrument, Term | 60 years | |||||||||||||
Debt | $ 1,084,000,000 | $ 1,084,000,000 | $ 1,085,000,000 | $ 1,084,000,000 | $ 1,085,000,000 | |||||||||
Debentures, 4.25%, Due 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | ||||||||||||
Debt maturity date | 2020 | |||||||||||||
Repayment of long-term debt | $ 300,000,000 | |||||||||||||
Premium paid | 4,700,000 | |||||||||||||
Loss on redemption | (8,400,000) | |||||||||||||
Debentures, 7.0%, Due 2024 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | 7.00% | 7.00% | ||||||||||
Debt maturity date | 2024 | |||||||||||||
Repayment of long-term debt | $ 100,000,000 | |||||||||||||
Premium paid | 21,000,000 | |||||||||||||
Proceeds from loan facilities | 121,000,000 | |||||||||||||
Debt | $ 99,000,000 | 99,000,000 | $ 99,000,000 | |||||||||||
Bond redemption loss | (22,000,000) | |||||||||||||
Unsecured Variable Rate Loan Facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Unsecured Debt | $ 243,000,000 | ¥ 1,691 | ||||||||||||
Unsecured Variable Rate Loan Facilities, B [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | ¥ 1,050 | ||||||||||||
Debt Instrument, Term | 5 years | 5 years | ||||||||||||
Unsecured Variable Rate Loan Facilities, C [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 105,000,000 | ¥ 749 | ||||||||||||
Debt Instrument, Term | 5 years | 5 years | ||||||||||||
Unsecured Variable Rate Loan Facilities, D [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | 84,000,000 | 84,000,000 | $ 84,000,000 | ¥ 546 | ||||||||||
Debt Instrument, Term | 5 years | 5 years | ||||||||||||
Variable Rate Loan Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Fair Value Disclosure | $ 175,000,000 | |||||||||||||
Repayment of short term debt | 100,000,000 | |||||||||||||
Short-term borrowings | 75,000,000 | 75,000,000 | $ 75,000,000 | |||||||||||
Commercial paper | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||
Incremental Liquidity Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 232,000,000 | ¥ 25 | ||||||||||||
Line of credit outstanding | 0 | 0 | $ 0 | |||||||||||
Debt Instrument, Term | 3 years | |||||||||||||
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | |||||||||||||
Line of Credit Facility, Expiration Date | Aug. 15, 2023 | Aug. 15, 2023 | ||||||||||||
Line of credit outstanding | 0 | 0 | $ 0 | |||||||||||
Commercial Paper [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit outstanding | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Current portion of long-term debt | $ 81 | $ 11 | |
Short-term borrowings | 75 | ||
Current portion of long-term debt and short-term borrowings | 156 | 11 | |
Finance Leases | 173 | 280 | |
Total long-term debt | 7,897 | 7,740 | |
Less current portion of long-term debt | 81 | 11 | |
Long-term debt | 7,816 | 7,729 | |
Debentures, 8.875%, Due 2021 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 63 | $ 64 | |
Interest rate on debt | 8.875% | 8.875% | |
Debt maturity date | 2021 | 2021 | |
Debentures, 2.90%, Due 2022 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 374 | $ 374 | |
Interest rate on debt | 2.90% | 2.90% | |
Debt maturity date | 2022 | 2022 | |
Debentures, 3.70%, due 2023 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 249 | $ 249 | |
Interest rate on debt | 3.70% | 3.70% | |
Debt maturity date | 2023 | 2023 | |
Medium-Term Notes, Average Rate 7.66%, Due Through 2023 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 45 | $ 45 | |
Average rate | 7.66% | 7.66% | |
Debt maturity date | 2023 | 2023 | |
Debentures, 7.00%, Due 2024 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 100 | ||
Interest rate on debt | 7.00% | ||
Debt maturity date | 2024 | 2024 | |
Debentures, 3.9%, Due 2049 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 394 | $ 395 | |
Interest rate on debt | 3.90% | 3.90% | |
Debt maturity date | 2049 | 2049 | |
Debentures, 5.45%, Due 2079 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 1,084 | $ 1,085 | |
Interest rate on debt | 5.45% | 5.45% | |
Debt maturity date | 2079 | 2079 | |
Yen-denominated Debentures, .698%, due 2024 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 203 | $ 192 | |
Interest rate on debt | 0.698% | 0.698% | |
Debt maturity date | 2024 | 2024 | |
Yen-denominated Debentures, .722%, due 2025 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 96 | $ 91 | |
Interest rate on debt | 0.722% | 0.722% | |
Debt maturity date | 2025 | 2025 | |
Yen-denominated Debentures, .992%, due 2027 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 453 | $ 430 | |
Interest rate on debt | 0.992% | 0.992% | |
Debt maturity date | 2027 | 2027 | |
Yen-denominated Debentures, 1.043%, due 2028 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 293 | $ 278 | |
Interest rate on debt | 1.043% | 1.043% | |
Debt maturity date | 2028 | 2028 | |
Yen-denominated Debentures, 1.153%, due 2031 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 301 | $ 285 | |
Interest rate on debt | 1.153% | 1.153% | 1.153% |
Debt maturity date | 2031 | 2031 | |
Yen-denominated Debentures, 1.513%, due 2039 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 56 | $ 54 | |
Interest rate on debt | 1.513% | 1.513% | 1.513% |
Debt maturity date | 2039 | 2039 | |
Debentures, 6.85%, Due 2029 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 161 | $ 163 | |
Interest rate on debt | 6.85% | 6.85% | |
Debt maturity date | 2029 | 2029 | |
Yen-denominated Debentures, 1.219%, due 2030 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 239 | $ 227 | |
Interest rate on debt | 1.219% | 1.219% | |
Debt maturity date | 2030 | 2030 | |
Debentures, Callable, 7.25%, Due 2036 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 249 | $ 249 | |
Interest rate on debt | 7.25% | 7.25% | |
Debt maturity date | 2036 | 2036 | |
Debentures, 4.70%, Due 2037 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 296 | $ 295 | |
Interest rate on debt | 4.70% | 4.70% | |
Debt maturity date | 2037 | 2037 | |
Yen-denominated Debentures, 1.583%, due 2037 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 96 | $ 91 | |
Interest rate on debt | 1.583% | 1.583% | |
Debt maturity date | 2037 | 2037 | |
Debentures, 5.75%, Due 2040 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 396 | $ 395 | |
Interest rate on debt | 5.75% | 5.75% | |
Debt maturity date | 2040 | 2040 | |
Debentures, 4.75%, Due 2042 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 496 | $ 496 | |
Interest rate on debt | 4.75% | 4.75% | |
Debt maturity date | 2042 | 2042 | |
Debentures, 5.35%, due 2048 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 543 | $ 543 | |
Interest rate on debt | 5.35% | 5.35% | |
Debt maturity date | 2048 | 2048 | |
Debentures, 4.375%, due 2057 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 743 | $ 742 | |
Interest rate on debt | 4.375% | 4.375% | |
Debt maturity date | 2057 | 2057 | |
Debentures, 5.85%, due 2068 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 296 | $ 296 | |
Interest rate on debt | 5.85% | 5.85% | |
Debt maturity date | 2068 | 2068 | |
Financing Leases, Average Discount Rate 5.7%, Due Through 2044 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Finance Leases | $ 173 | $ 280 | |
Average rate | 4.70% | 4.70% | |
Debt maturity date | 2044 | 2044 | |
Other, Average Rate 4.27%, Due Through 2043 [Member] | |||
Long-term Debt and Lease Obligation, Current [Abstract] | |||
Debentures | $ 598 | $ 321 | |
Average rate | 4.54% | 4.54% | |
Debt maturity date | 2043 | 2043 |
Debt (Debt Maturities) (Details
Debt (Debt Maturities) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Debt [Abstract] | |
Long-term debt, due 2021 | $ 156 |
Long-term debt, due 2022 | 422 |
Long-term debt, due 2023 | 382 |
Long-term debt, due 2024 | 317 |
Long-term debt, due 2025 | 171 |
Long-term debt, due Thereafter | $ 6,580 |
Employee Retirement Plans (Narr
Employee Retirement Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Credit Risk of Plan Assets, Long Duration Corporate Bonds | 58.00% | ||
Currency Fluctuations, Assets Invested in Non US Investments | 12.00% | ||
Liquidity Risk, Long Term Investments in Private Equity and Real Estate | 5.00% | ||
Defined Contribution Plan, Cost Recognized | $ 76,000,000 | $ 108,000,000 | $ 67,000,000 |
Bond Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent to Yield | 10.00% | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent to Yield | 40.00% | ||
Maximum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Voluntary Contributions by Employer | 0 | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan contributions | $ 245,000,000 | 22,000,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 4,700,000,000 | 4,300,000,000 | |
Actuarial loss (gain) | $ 358,000,000 | $ 533,000,000 | |
Weighted average discount rate, rounded amount | 0.78% | 1.00% | |
Pension Benefits [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Voluntary Contributions by Employer | $ 180,000,000 | ||
Pension plan contributions | 195,000,000 | $ 14,000,000 | |
Pension Benefits [Member] | International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Voluntary Contributions by Employer | 41,000,000 | 2,000,000 | |
Pension plan contributions | 50,000,000 | 8,000,000 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 31,000,000 | ||
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan contributions | $ 60,000,000 | ||
Cap on Contribution Toward Future Retiree Medical Coverage | 120.00% | ||
Percentage of Cost to Be Paid by Employees for Retiree Medical Upon Retirement | 100.00% | ||
Actuarial loss (gain) | $ 58,000,000 | $ 6,000,000 | |
Weighted average discount rate, rounded amount | 0.72% | 0.92% | |
Postretirement Benefits [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan contributions | $ 30,000,000 |
Employee Retirement Plans (Obli
Employee Retirement Plans (Obligations and Funded Status Schedule) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligation | |||||
Benefit obligation at beginning of year | $ 4,581 | $ 4,003 | |||
Service cost | 118 | 101 | $ 103 | ||
Interest cost | 122 | 148 | 132 | ||
Plan participants’ contributions | 1 | 1 | |||
Plan amendments | 1 | ||||
Actuarial loss (gain) | 358 | 533 | |||
Other | (29) | 6 | |||
Benefits paid | (213) | (214) | |||
Foreign currency translation | 42 | 3 | |||
Benefit obligation at end of year | 4,981 | 4,581 | 4,003 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 3,671 | 3,239 | |||
Actual gain (loss) on plan assets | 469 | 615 | |||
Employer contributions | 245 | 22 | |||
Plan participants’ contributions | 1 | 1 | |||
Benefits paid | (238) | (214) | |||
Foreign currency translation | 25 | 8 | |||
Fair value of plan assets at end of year | 4,173 | 3,671 | 3,239 | ||
Funded status at end of year | |||||
Fair value of plan assets | 4,173 | 3,671 | 3,239 | $ 4,173 | $ 3,671 |
Benefit obligations | (4,581) | (4,581) | (4,003) | (4,981) | (4,581) |
Funded status of plans | (808) | (910) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||
Noncurrent asset | 99 | 82 | |||
Current liability | (20) | (20) | |||
Noncurrent liability | (887) | (972) | |||
Recognized liability | (808) | (910) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 394 | 338 | |||
Prior service cost (credit) | 27 | 29 | |||
Amount recognized at end of year | 421 | 367 | |||
United States [Member] | |||||
Change in benefit obligation | |||||
Benefit obligation at beginning of year | 3,856 | 3,358 | |||
Service cost | 92 | 76 | 78 | ||
Interest cost | 110 | 133 | 116 | ||
Plan participants’ contributions | 1 | 1 | |||
Plan amendments | 1 | ||||
Actuarial loss (gain) | 329 | 462 | |||
Other | 8 | 6 | |||
Benefits paid | (194) | (180) | |||
Benefit obligation at end of year | 4,203 | 3,856 | 3,358 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 3,153 | 2,742 | |||
Actual gain (loss) on plan assets | 420 | 576 | |||
Employer contributions | 195 | 14 | |||
Plan participants’ contributions | 1 | 1 | |||
Benefits paid | (194) | (180) | |||
Fair value of plan assets at end of year | 3,575 | 3,153 | 2,742 | ||
Funded status at end of year | |||||
Fair value of plan assets | 3,575 | 3,153 | 2,742 | 3,575 | 3,153 |
Benefit obligations | (4,203) | (3,856) | (3,358) | (4,203) | (3,856) |
Funded status of plans | (628) | (703) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||
Current liability | (13) | (13) | |||
Noncurrent liability | (615) | (690) | |||
Recognized liability | (628) | (703) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 387 | 306 | |||
Prior service cost (credit) | 26 | 30 | |||
Amount recognized at end of year | 413 | 336 | |||
International [Member] | |||||
Change in benefit obligation | |||||
Benefit obligation at beginning of year | 725 | 645 | |||
Service cost | 26 | 25 | 25 | ||
Interest cost | 12 | 15 | 16 | ||
Actuarial loss (gain) | 29 | 71 | |||
Other | (37) | ||||
Benefits paid | (19) | (34) | |||
Foreign currency translation | 42 | 3 | |||
Benefit obligation at end of year | 778 | 725 | 645 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 518 | 497 | |||
Actual gain (loss) on plan assets | 49 | 39 | |||
Employer contributions | 50 | 8 | |||
Benefits paid | (44) | (34) | |||
Foreign currency translation | 25 | 8 | |||
Fair value of plan assets at end of year | 598 | 518 | 497 | ||
Funded status at end of year | |||||
Fair value of plan assets | 518 | 518 | 497 | 598 | 518 |
Benefit obligations | $ (725) | $ (725) | $ (645) | (778) | (725) |
Funded status of plans | (180) | (207) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||
Noncurrent asset | 99 | 82 | |||
Current liability | (7) | (7) | |||
Noncurrent liability | (272) | (282) | |||
Recognized liability | (180) | (207) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 7 | 32 | |||
Prior service cost (credit) | 1 | (1) | |||
Amount recognized at end of year | $ 8 | $ 31 |
Employee Retirement Plans (Bene
Employee Retirement Plans (Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Employee Retirement Plans [Abstract] | ||
Projected benefit obligation | $ 4,665 | $ 4,298 |
Fair value of plan assets | $ 3,758 | $ 3,305 |
Employee Retirement Plans (Accu
Employee Retirement Plans (Accumulated Benefit Obligation in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Employee Retirement Plans [Abstract] | ||
Accumulated benefit obligation | $ 4,247 | $ 3,904 |
Fair value of plan assets | $ 3,603 | $ 3,178 |
Employee Retirement Plans (Post
Employee Retirement Plans (Postretirement Benefits) (Details) - Postretirement Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligation | |||||
Benefit obligation at beginning of year | $ 705 | $ 699 | |||
Service cost | 9 | 9 | $ 10 | ||
Interest cost | 20 | 27 | 24 | ||
Plan participants’ contributions | 8 | 8 | |||
Plan amendments | 5 | ||||
Actuarial loss (gain) | 58 | 6 | |||
Other | 2 | 1 | |||
Benefits paid | (38) | (50) | |||
Benefit obligation at end of year | 764 | 705 | 699 | ||
Change in plan asset | |||||
Fair value of plan assets at beginning of year | |||||
Employer contributions | 60 | ||||
Plan participants’ contributions | 8 | ||||
Benefits paid | (38) | ||||
Fair value of plan assets at end of year | 30 | ||||
Funded status at end of year | |||||
Fair value of plan assets | 30 | $ 30 | |||
Benefit obligations | $ (764) | $ (699) | $ (699) | (764) | (705) |
Funded status of plans | (734) | (705) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||
Current liability | (7) | (34) | |||
Noncurrent liability | (727) | (671) | |||
Recognized liability | (734) | (705) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 86 | 28 | |||
Prior service credit | (26) | (32) | |||
Amount recognized at end of year | $ 60 | $ (4) |
Employee Retirement Plans (Net
Employee Retirement Plans (Net Periodic Benefit Expense) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 118 | $ 101 | $ 103 |
Interest cost | 122 | 148 | 132 |
Expected return on plan assets | (195) | (171) | (189) |
Amortization of prior service cost (credit) | 5 | 6 | 6 |
Recognition of actuarial (gain) loss | 22 | 90 | 145 |
Total pension and postretirement benefit expense | 72 | 174 | 197 |
Settlement charge | (1) | ||
Special termination benefit charge | 8 | 6 | |
Total expense | 80 | 180 | 196 |
Curtailment effects | (4) | ||
Settlements | 1 | ||
Current year actuarial loss (gain) | 83 | 88 | 180 |
Amortization of actuarial gain | (22) | (90) | (145) |
Current year prior service cost | 1 | 20 | |
Amortization of prior service (cost) credit | (5) | (6) | (6) |
Total recognized in other comprehensive loss (income) | 53 | (8) | 50 |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 92 | 76 | 78 |
Interest cost | 110 | 133 | 116 |
Expected return on plan assets | (186) | (161) | (178) |
Amortization of prior service cost (credit) | 6 | 7 | 7 |
Recognition of actuarial (gain) loss | 12 | 66 | 143 |
Total pension and postretirement benefit expense | 34 | 121 | 166 |
Special termination benefit charge | 8 | 6 | |
Total expense | 42 | 127 | 166 |
Current year actuarial loss (gain) | 94 | 47 | 182 |
Amortization of actuarial gain | (12) | (66) | (143) |
Current year prior service cost | 1 | 20 | |
Amortization of prior service (cost) credit | (6) | (7) | (7) |
Total recognized in other comprehensive loss (income) | 77 | (26) | 52 |
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 26 | 25 | 25 |
Interest cost | 12 | 15 | 16 |
Expected return on plan assets | (9) | (10) | (11) |
Amortization of prior service cost (credit) | (1) | (1) | (1) |
Recognition of actuarial (gain) loss | 10 | 24 | 2 |
Total pension and postretirement benefit expense | 38 | 53 | 31 |
Settlement charge | (1) | ||
Total expense | 38 | 53 | 30 |
Curtailment effects | (4) | ||
Settlements | 1 | ||
Current year actuarial loss (gain) | (11) | 41 | (2) |
Amortization of actuarial gain | (10) | (24) | (2) |
Amortization of prior service (cost) credit | 1 | 1 | 1 |
Total recognized in other comprehensive loss (income) | $ (24) | $ 18 | $ (2) |
Employee Retirement Plans (Ne_2
Employee Retirement Plans (Net Periodic Benefit Cost of Postretirement Benefits) (Details) - Postretirement Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 9 | $ 9 | $ 10 |
Interest cost | 20 | 27 | 24 |
Amortization of prior service credit | (5) | (7) | (7) |
Recognition of actuarial (gain) loss | 1 | (1) | |
Total pension and postretirement benefit expense | 25 | 28 | 27 |
Special termination benefit charge | 1 | 1 | |
Total expense | 26 | 29 | 27 |
Current year actuarial loss (gain) | 58 | 6 | (47) |
Amortization of actuarial net gain | (1) | 1 | |
Current year prior service cost/credit | 5 | (40) | |
Amortization of prior service (cost) credit | 5 | 7 | 7 |
Total recognized in other comprehensive loss (income) | $ 62 | $ 19 | $ (80) |
Employee Retirement Plans (Weig
Employee Retirement Plans (Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.69% | 3.41% | 4.33% |
Discount rate | 3.41% | 4.33% | 3.63% |
United States [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.50% | 3.28% | 4.28% |
Rate of compensation increase | 4.16% | 3.50% | 3.50% |
Cash balance crediting rate | 3.84% | 3.94% | 3.94% |
Employee contributions crediting rate | 0.62% | 2.03% | 3.47% |
Discount rate | 3.28% | 4.28% | 3.58% |
Expected return on plan assets | 6.00% | 6.00% | 6.00% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Cash balance crediting rate | 3.94% | 3.94% | 3.94% |
Employee contributions crediting rate | 2.03% | 3.47% | 2.62% |
International [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.02% | 1.34% | 1.96% |
Rate of compensation increase | 3.55% | 2.96% | 2.96% |
Cash balance crediting rate | 0.94% | 0.97% | 0.97% |
Discount rate | 1.34% | 1.96% | 1.93% |
Expected return on plan assets | 1.71% | 2.01% | 2.13% |
Rate of compensation increase | 2.96% | 2.96% | 2.81% |
Cash balance crediting rate | 0.97% | 0.97% | 1.00% |
Employee Retirement Plans (Assu
Employee Retirement Plans (Assumed Health Care Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Retirement Plans [Abstract] | ||
Health care cost trend rate assumed for next year | 6.50% | 6.75% |
Rate that the cost trend rate gradually declines to | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2027 | 2027 |
Employee Retirement Plans (Dome
Employee Retirement Plans (Domestic Defined Benefit Plan Assets) (Details) - Pension Benefits [Member] - United States [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 3,605 | $ 3,153 |
Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 231 | 274 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,183 | 2,670 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 191 | 209 |
Defined Benefit Plan, Equity Securities, US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 781 | 494 |
Defined Benefit Plan, Equity Securities, US [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1 | 2 |
Defined Benefit Plan, Equity Securities, US [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 780 | 492 |
Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 441 | 387 |
Defined Benefit Plan, Equity Securities, Non-US [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 441 | 387 |
US Treasury Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 147 | |
US Treasury Securities [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 147 | |
Debt Security, Corporate, US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,951 | 2,017 |
Debt Security, Corporate, US [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 226 | |
Debt Security, Corporate, US [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,951 | 1,791 |
Preferred Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11 | |
Preferred Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11 | |
Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 51 | 64 |
Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 51 | 64 |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 140 | 145 |
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 140 | 145 |
Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 83 | 46 |
Cash Equivalents [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 83 | $ 46 |
Employee Retirement Plans (Inte
Employee Retirement Plans (International Defined Benefit Plan Assets) (Details) - Pension Benefits [Member] - International [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 598 | $ 518 |
Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 482 | 413 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 93 | 82 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23 | 23 |
Debt Security, Corporate, Non-US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 519 | 455 |
Debt Security, Corporate, Non-US [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 426 | 373 |
Debt Security, Corporate, Non-US [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 93 | 82 |
Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3 | 2 |
Insurance Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3 | 2 |
Collateralized Mortgage Backed Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20 | 21 |
Collateralized Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20 | 21 |
Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 56 | 40 |
Cash Equivalents [Member] | Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 56 | $ 40 |
Employee Retirement Plans (Chan
Employee Retirement Plans (Changes in Fair Value of Level 3 Assets for Defined Benefit Plans) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 3,671 | $ 3,239 |
Fair value of plan assets at end of year | 4,173 | 3,671 |
United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 3,153 | 2,742 |
Fair value of plan assets at end of year | 3,575 | 3,153 |
International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 518 | 497 |
Fair value of plan assets at end of year | 598 | 518 |
Private Equity Funds [Member] | United States [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 64 | 82 |
Actual return on plan assets relating to assets still held at the reporting date | 4 | |
Transfers in and/or out of level 3 | (17) | (18) |
Fair value of plan assets at end of year | 51 | 64 |
Real Estate [Member] | United States [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 145 | 148 |
Actual return on plan assets relating to assets still held at the reporting date | 2 | |
Transfers in and/or out of level 3 | (5) | (5) |
Fair value of plan assets at end of year | 140 | 145 |
Collateralized Mortgage Backed Securities [Member] | International [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 21 | 22 |
Transfers in and/or out of level 3 | (1) | (1) |
Fair value of plan assets at end of year | 20 | 21 |
Insurance Contracts [Member] | International [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 2 | 2 |
Transfers in and/or out of level 3 | 1 | |
Fair value of plan assets at end of year | $ 3 | $ 2 |
Employee Retirement Plans (Esti
Employee Retirement Plans (Estimated Future Benefit Payments and Gross Medicare to be Received) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits [Member] | United States [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 216 |
2022 | 221 |
2023 | 231 |
2024 | 238 |
2025 | 247 |
2026-2030 | 1,312 |
Pension Benefits [Member] | International [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 25 |
2022 | 31 |
2023 | 30 |
2024 | 32 |
2025 | 35 |
2026-2030 | 219 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 37 |
2022 | 37 |
2023 | 37 |
2024 | 37 |
2025 | 37 |
2026-2030 | $ 188 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Details) | May 31, 2016USD ($) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2017 | Dec. 31, 2016USD ($) | Jun. 01, 2016 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Loss Contingency, Accrual, Current | $ 13,000,000 | $ 57,000,000 | ||||
Loss Contingency, Accrual, Noncurrent | $ 94,000,000 | 196,000,000 | ||||
Pittsburgh Corning Corporation PCC [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Dow Corning Corporation [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||
Indemnification of excess liability | 50.00% | |||||
Dow Corning Corporation [Member] | Dow Corning Breast Implant Litigation [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Loss Contingency, Accrual | $ 290,000,000 | $ 160,000,000 | ||||
Indemnification of excess liability | 50.00% | |||||
Payment of claims | $ 1,800,000,000 | |||||
Dow Corning Corporation [Member] | Dow Corning Bankruptcy Pendency Interest Claims [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Loss Contingency, Accrual | $ 107,000,000 | |||||
Dow Corning Corporation [Member] | Dow Corning Environmental Claims [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Indemnification of excess liability | 50.00% | |||||
Environmental Cleanup and Related Litigation [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Number of Hazardous Waste Sites | item | 15 | |||||
Accrual for Environmental Loss Contingencies | $ 68,000,000 | 41,000,000 | ||||
Amended Pittsburgh Corning Corporation Plan [Member] | Asbestos Litigation [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Payment | 130,000,000 | 50,000,000 | ||||
Loss Contingency, Accrual | 0 | $ 290,000,000 | ||||
Non-PCC Asbestos Litigation [Member] | Asbestos Litigation [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Loss Contingency, Accrual | $ 96,000,000 | $ 98,000,000 | ||||
Minimum [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Maximum [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees (Obligations) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | $ 234 |
Contractual obligation payments due | 19,488 |
Total commitments and contingencies | 19,722 |
Purchase Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 966 |
Capital Expenditure Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 231 |
Total Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 7,182 |
Interest on Long-term Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 8,634 |
Finance Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 846 |
Imputed Interest on Capital Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 287 |
Operating Lease Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 1,307 |
Uncertain Tax Positions [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 35 |
Less Than 1 Year [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 56 |
Contractual obligation payments due | 1,064 |
Total commitments and contingencies | 1,120 |
Less Than 1 Year [Member] | Purchase Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 180 |
Less Than 1 Year [Member] | Capital Expenditure Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 231 |
Less Than 1 Year [Member] | Total Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 62 |
Less Than 1 Year [Member] | Interest on Long-term Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 290 |
Less Than 1 Year [Member] | Finance Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 94 |
Less Than 1 Year [Member] | Imputed Interest on Capital Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 31 |
Less Than 1 Year [Member] | Operating Lease Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 141 |
Less Than 1 Year [Member] | Uncertain Tax Positions [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 35 |
1 to 3 Years [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 58 |
Contractual obligation payments due | 1,877 |
Total commitments and contingencies | 1,935 |
1 to 3 Years [Member] | Purchase Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 223 |
1 to 3 Years [Member] | Total Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 670 |
1 to 3 Years [Member] | Interest on Long-term Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 553 |
1 to 3 Years [Member] | Finance Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 134 |
1 to 3 Years [Member] | Imputed Interest on Capital Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 58 |
1 to 3 Years [Member] | Operating Lease Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 239 |
3 to 5 Years [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 4 |
Contractual obligation payments due | 1,368 |
Total commitments and contingencies | 1,372 |
3 to 5 Years [Member] | Purchase Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 120 |
3 to 5 Years [Member] | Total Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 300 |
3 to 5 Years [Member] | Interest on Long-term Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 524 |
3 to 5 Years [Member] | Finance Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 188 |
3 to 5 Years [Member] | Imputed Interest on Capital Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 42 |
3 to 5 Years [Member] | Operating Lease Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 194 |
More Than 5 Years [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 116 |
Contractual obligation payments due | 15,179 |
Total commitments and contingencies | 15,295 |
More Than 5 Years [Member] | Purchase Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 443 |
More Than 5 Years [Member] | Total Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 6,150 |
More Than 5 Years [Member] | Interest on Long-term Debt [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 7,267 |
More Than 5 Years [Member] | Finance Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 430 |
More Than 5 Years [Member] | Imputed Interest on Capital Leases and Financing Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 156 |
More Than 5 Years [Member] | Operating Lease Obligations [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Contractual obligation payments due | 733 |
Performance Bonds and Guarantees [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 152 |
Performance Bonds and Guarantees [Member] | Less Than 1 Year [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 5 |
Performance Bonds and Guarantees [Member] | 1 to 3 Years [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 30 |
Performance Bonds and Guarantees [Member] | 3 to 5 Years [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 2 |
Performance Bonds and Guarantees [Member] | More Than 5 Years [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 115 |
Stand-by Letter of Credit [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 82 |
Stand-by Letter of Credit [Member] | Less Than 1 Year [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 51 |
Stand-by Letter of Credit [Member] | 1 to 3 Years [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 28 |
Stand-by Letter of Credit [Member] | 3 to 5 Years [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 2 |
Stand-by Letter of Credit [Member] | More Than 5 Years [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 1 |
Loan Guarantees [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 121 |
Other Current Liabilities [Member] | Loan Guarantees [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Guarantee obligations | 39 |
Uncertain Tax Positions [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Uncertain tax position | $ 35 |
Hedging Activities (Narrative)
Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Amount reclassified | $ 14 | |
Derivative Asset, Notional Amount | 14,740 | $ 16,104 |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Amount expected to be reclassified into earnings within the next 12 months | 35 | |
Derivative Asset, Notional Amount | 892 | |
Gross Notional Value, Translated Earnings Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 7,500 | 12,200 |
Gross Notional Value, Forward [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,400 | 9,700 |
Gross Notional Value Zero-Cost Collars Options [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,000 | 2,500 |
Gross Notional Value, Foreign Exchange Forward [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 251 | |
Gross Notional Value, Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,100 | |
New Investment Hedhes [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,100 | 1,100 |
Average Rate Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 4,500 | $ 7,700 |
Hedging Activities (Summary of
Hedging Activities (Summary of Notional Amounts and Respective Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Notional amount | $ 14,740 | $ 16,104 |
Asset derivatives, fair value | 271 | 249 |
Liability derivatives, fair value | (344) | (265) |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount | 892 | |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount | 251 | |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | 1,143 | 2,123 |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 37 | 38 |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 21 | 37 |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | (3) | (7) |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | (1) | (4) |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | 6,144 | 1,815 |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 45 | 5 |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 41 | 21 |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | (76) | (19) |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | (59) | |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amount | 7,453 | 12,166 |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 66 | 114 |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 61 | 34 |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | (110) | (74) |
Translated Earnings Contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | $ (95) | $ (161) |
Hedging Activities (Effect on C
Hedging Activities (Effect on Consolidated Financial Statements) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Gain (loss) recognized in other comprehensive income (OCI) | $ (19) | $ 72 | $ 11 |
Gain (loss) reclassified from accumulated OCI into income | (7) | 11 | 12 |
Sales [Member] | |||
Derivative [Line Items] | |||
Gain (loss) reclassified from accumulated OCI into income | (6) | ||
Interest Rate Hedge [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in other comprehensive income (OCI) | 16 | ||
Interest Rate Hedge [Member] | Cost of Sales [Member] | |||
Derivative [Line Items] | |||
Gain (loss) reclassified from accumulated OCI into income | 13 | 11 | 13 |
Foreign Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in other comprehensive income (OCI) | (19) | $ 72 | (5) |
Foreign Exchange Contracts [Member] | Other Expense [Member] | |||
Derivative [Line Items] | |||
Gain (loss) reclassified from accumulated OCI into income | $ (14) | $ (1) |
Hedging Activities (Effect on_2
Hedging Activities (Effect on Consolidated Financial Statements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in income | $ (131) | $ 269 | $ (71) |
Foreign Exchange And Other Contracts - Balance Sheet, Loans And Other [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in income | 14 | ||
Foreign Exchange And Other Contracts - Balance Sheet, Loans And Other [Member] | Other Income (Expense), Net [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in income | (93) | 21 | 22 |
Foreign Currency Hedges Related To Translated Earnings [Member] | Translated Earnings Contract (Loss) Gain, Net [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recognized in income | $ (38) | $ 248 | $ (93) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset impairment | $ 217 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains | 21 | $ 21 |
Decrease in liability | 4 | 20 |
Asset impairment | 217 | 369 |
HSG [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset impairment | $ 369 | |
HSG [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset impairment | $ 916 |
Fair Value Measurements (Major
Fair Value Measurements (Major Categories of Financial Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other current assets | $ 152 | $ 157 |
Investments | 137 | |
Other assets | 139 | 92 |
Other accrued liabilities | 189 | 100 |
Other liabilities | 155 | 165 |
Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 137 | |
Pre-tax gain | 107 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other current assets | 148 | 157 |
Other assets | 123 | 71 |
Other accrued liabilities | 189 | 100 |
Other liabilities | 155 | 165 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other current assets | 4 | |
Other assets | 16 | 21 |
Contingent consideration | $ 20 | $ 21 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 03, 2021 | Feb. 02, 2021 | Jan. 16, 2021 | Feb. 05, 2020 | Feb. 04, 2020 | Feb. 06, 2019 | Feb. 05, 2019 | Jan. 15, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 17, 2019 | Apr. 26, 2018 |
Equity [Line Items] | |||||||||||||
Dividends declared per common share | $ 0.88 | $ 0.80 | $ 0.72 | ||||||||||
Par value | $ 100 | ||||||||||||
Preferred Stock, Dividend Rate, Percentage | 4.25% | ||||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 1,000,000 | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 50,000 | ||||||||||||
Preferred shares issued | $ 1,900 | ||||||||||||
Preferred price per share | $ 1,000,000 | ||||||||||||
Aggregate issue price | $ 1,900 | ||||||||||||
Treasury Stock, Value, Acquired | $ 105 | $ 925 | $ 2,230 | ||||||||||
Payments for Repurchase of Common Stock | $ 105 | $ 940 | $ 2,227 | ||||||||||
Subsequent Event [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Convertible Preferred Stock, Threshold Trading Days | 25 days | ||||||||||||
Convertible Preferred Stock, Threshold Consecutive Trading Days | 40 days | ||||||||||||
Minimum Closing Price of Common Stock for the Company to Exercise Option to Convert Preferred Stock | $ 35 | ||||||||||||
The 2018 Repurchase Program [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | ||||||||||||
Treasury Stock, Shares, Acquired | 4,100,000 | 31,000,000 | |||||||||||
Treasury Stock, Value, Acquired | $ 105 | $ 925 | |||||||||||
The 2016 and 2018 Repurchase Program [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Treasury Stock, Shares, Acquired | 74,800,000 | ||||||||||||
Treasury Stock, Value, Acquired | $ 2,200 | ||||||||||||
2019 Repurchase Program [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Stock Repurchase Program, Authorized Amount | $ 5,000 | ||||||||||||
Common Stock [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Percentage increase of dvidend declared | 10.00% | 11.00% | |||||||||||
Dividends declared per common share | $ 0.22 | $ 0.20 | $ 0.20 | $ 0.18 | |||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Percentage increase of dvidend declared | 9.00% | ||||||||||||
Dividends declared per common share | $ 0.24 | $ 0.22 | |||||||||||
Samsung Display [Member] | |||||||||||||
Equity [Line Items] | |||||||||||||
Aggregate issue price | $ 400 |
Shareholders' Equity (Changes i
Shareholders' Equity (Changes in Capital Stock) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Equity [Line Items] | ||||
Balance, common stock shares (in shares) | 1,718 | |||
Balance, treasury stock shares (in shares) | (956) | |||
Balance, common stock shares (in shares) | 1,726 | 1,718 | ||
Balance, treasury stock shares (in shares) | (961) | (956) | ||
Balance, common stock par value | $ 859 | |||
Balance, treasury stock cost | (19,812) | |||
Shares issued to benefit plans and for option exercises | 323 | $ 113 | $ 126 | |
Purchase of common stock for treasury | (105) | (925) | (2,230) | |
Other, net | (45) | (172) | [1] | $ (13) |
Balance, common stock par value | 863 | 859 | ||
Balance, treasury stock cost | $ (19,928) | $ (19,812) | ||
Common Stock [Member] | ||||
Equity [Line Items] | ||||
Balance, common stock shares (in shares) | 1,718 | 1,713 | 1,708 | |
Shares issued to benefit plans and for option exercises, common stock shares (in shares) | 8 | 5 | 5 | |
Balance, common stock shares (in shares) | 1,726 | 1,718 | 1,713 | |
Balance, common stock par value | $ 859 | $ 857 | $ 854 | |
Shares issued to benefit plans and for option exercises | 4 | 2 | 3 | |
Balance, common stock par value | $ 863 | $ 859 | $ 857 | |
Treasury Stock [Member] | ||||
Equity [Line Items] | ||||
Balance, treasury stock shares (in shares) | (956) | (925) | (850) | |
Shares purchased for treasury, treasury stock shares (in shares) | (4) | (31) | (75) | |
Other, net, treasury stock shares (in shares) | (1) | |||
Balance, treasury stock shares (in shares) | (961) | (956) | (925) | |
Balance, treasury stock cost | $ (19,812) | $ (18,870) | $ (16,633) | |
Purchase of common stock for treasury | (105) | (925) | (2,230) | |
Other, net | (11) | (17) | [1] | (7) |
Balance, treasury stock cost | $ (19,928) | $ (19,812) | $ (18,870) | |
[1] | Adjustments to retained earnings include the effect of the accounting changes recorded for the adoption of the new standard for reclassification of stranded tax effects in accumulated other comprehensive income in the amount of $ 53 million and the impact of an equity affiliate’s adoption of the new revenue standard in January 2019. A net reduction of $ 186 million net of tax was recorded to beginning retained earnings for performance obligations of which a significant amount settled by the end of 2019. |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 12,997 | $ 13,886 | $ 15,770 |
Net current-period other comprehensive income (loss) | 431 | (161) | (168) |
Balance | 13,448 | 12,997 | 13,886 |
Other Comprehensive Income, Tax | 8 | 64 | |
Other Comprehensive Income (Loss), Equity Method Investments, Tax | 22 | ||
Foreign Currency Transaction Gain (Loss), Tax | 55 | ||
Retirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income, Tax | 28 | ||
Hedge Funds [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income, Tax | 5 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (857) | (714) | (529) |
Other comprehensive income (loss) | 511 | (129) | (180) |
Equity method affiliates | 17 | (14) | (5) |
Net current-period other comprehensive income (loss) | 528 | (143) | (185) |
Balance | (329) | (857) | (714) |
Other Comprehensive Income, Tax | 7 | 34 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (362) | (298) | (317) |
Other comprehensive income (loss) | (106) | (79) | (84) |
Amounts reclassified from accumulated other comprehensive income (loss) | 18 | 15 | 103 |
Net current-period other comprehensive income (loss) | (88) | (64) | 19 |
Balance | (450) | (362) | (298) |
Other Comprehensive Income, Tax | (19) | 33 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (3) | (4) | (3) |
Other comprehensive income (loss) | 1 | (1) | |
Net current-period other comprehensive income (loss) | 1 | (1) | |
Balance | (3) | (3) | (4) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 51 | 6 | 7 |
Other comprehensive income (loss) | (14) | 54 | 9 |
Amounts reclassified from accumulated other comprehensive income (loss) | 5 | (9) | (10) |
Net current-period other comprehensive income (loss) | (9) | 45 | (1) |
Balance | 42 | 51 | 6 |
Other Comprehensive Income, Tax | 18 | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (1,171) | (1,010) | (842) |
Other comprehensive income (loss) | 391 | (153) | (256) |
Amounts reclassified from accumulated other comprehensive income (loss) | 23 | 6 | 93 |
Equity method affiliates | 17 | (14) | (5) |
Net current-period other comprehensive income (loss) | 431 | (161) | (168) |
Balance | $ (740) | $ (1,171) | $ (1,010) |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassifications Out of Accumulated Other Comprehensive Income by Component) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Sales | $ 11,303 | $ 11,503 | $ 11,290 | |
Cost of sales | 7,772 | 7,468 | 6,829 | |
Other income (expense), net | (60) | (155) | (216) | |
Tax benefit (expense) | 111 | 256 | 437 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | (23) | (6) | (93) | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (23) | (89) | (138) | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | (6) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | (18) | (15) | (103) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax benefit (expense) | $ 52 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (23) | (88) | (144) | |
Reclassification from AOCI, Current Period, Tax | 5 | 73 | 41 | |
Total reclassifications for the period | (18) | (15) | (103) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | (5) | 9 | 10 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Sales | (6) | |||
Cost of sales | 13 | 11 | 13 | |
Other income (expense), net | (14) | (1) | ||
Total before tax | (7) | 11 | 12 | |
Tax benefit (expense) | 2 | (2) | (2) | |
Net of tax | (5) | 9 | 10 | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | $ (23) | $ (6) | $ (93) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net income attributable to Corning Incorporated | $ 512 | $ 960 | $ 1,066 |
Less: Series A convertible preferred stock dividend | 98 | 98 | 98 |
Net income available to common stockholders – basic | 414 | 862 | 968 |
Plus: Series A convertible preferred stock dividend | 98 | 98 | |
Net income available to common stockholders – diluted | $ 414 | $ 960 | $ 1,066 |
Weighted-average common shares outstanding - basic (in shares) | 761 | 776 | 816 |
Effect of dilutive securities: | |||
Effect of dilutive securities (in shares) | 11 | 8 | 10 |
Weighted-average common shares outstanding - diluted (in shares) | 772 | 899 | 941 |
Basic earnings per common share (in dollars per share) | $ 0.54 | $ 1.11 | $ 1.19 |
Diluted earnings per common share (in dollars per share) | $ 0.54 | $ 1.07 | $ 1.13 |
Antidilutive potential shares excluded from diluted earnings per common share: | |||
Total | 117 | 2 | 2 |
Stock Compensation Plan [Member] | |||
Antidilutive potential shares excluded from diluted earnings per common share: | |||
Total | 2 | 2 | 2 |
Series A Convertible Preferred Stock [Member] | |||
Effect of dilutive securities: | |||
Effect of dilutive securities (in shares) | 115 | 115 | |
Antidilutive potential shares excluded from diluted earnings per common share: | |||
Total | 115 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 36,000 | |||
Stock Compensation Plans Number of Years Taken to Calculate Forfeiture Rate | 15 years | |||
Allocated Share-based Compensation Expense | $ 207 | $ 56 | $ 51 | |
Change in compensation expense | 151 | |||
Proceeds and Excess Tax Benefit from Share-based Compensation | 12 | 9 | 8 | |
Proceeds from Stock Options Exercised | $ 124 | $ 58 | 81 | |
Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Long-Term Incentive Plan | 75.00% | 40.00% | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 23 | $ 13 | $ 12 | |
Share-based compensation award expiration period | 10 years | |||
In Money Options | 9,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.67 | $ 8.78 | $ 7.17 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 31 | $ 10 | $ 12 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 21 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | |||
Proceeds from Stock Options Exercised | $ 124 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 99 | 47 | 66 | |
Years of Historical Volatility Included in Most Recent Volatility | 15 years | |||
Granted, number of shares (in shares) | 10,653 | |||
Restricted Stock and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 95 | 43 | 39 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 149 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 38 | $ 33 | $ 31 | |
Performance-Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 81 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 32 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Performance-Based Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Minimum [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Options Exercisable Period from Date of Grant | 1 year | |||
Minimum [Member] | Restricted Stock and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Options Exercisable Period from Date of Grant | 1 year | |||
Share-based compensation award expiration period | 1 year | |||
Maximum [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Options Exercisable Period from Date of Grant | 5 years | |||
Maximum [Member] | Restricted Stock and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Options Exercisable Period from Date of Grant | 10 years | |||
Share-based compensation award expiration period | 10 years |
Share-based Compensation (Summa
Share-based Compensation (Summary of Information Concerning Stock Options Outstanding Including the Related Transactions under the Stock Option Plans) (Details) - Employee Stock Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance, number of shares (in shares) | shares | 13,172 |
Granted, number of shares (in shares) | shares | 10,653 |
Exercised, number of shares (in shares) | shares | (6,502) |
Forfeited and expired, number of shares (in shares) | shares | (228) |
Balance, number of shares (in shares) | shares | 17,095 |
Options Expected to Vest, number of shares (in shares) | shares | 16,903 |
Options Exercisable, number of shares (in shares) | shares | 8,646 |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 21.94 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | 19.65 |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | 19.16 |
Forfeited and expired, weighted-average exercise price (in dollars per share) | $ / shares | 19.96 |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | 21.60 |
Options Expected to Vest, weighted-average exercise price (in dollars per share) | $ / shares | 21.61 |
Options Exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 19.57 |
Options Outstanding, weighted-average remaining contractual term in years (Year) | 7 years 2 months 4 days |
Options Expected to Vest, weighted-average remaining contractual term in years (Year) | 7 years 1 month 24 days |
Options Exercisable, weighted-average remaining contractual term in years (Year) | 5 years 7 months 28 days |
Options Outstanding, aggregate intrinsic value | $ | $ 246,236 |
Options Expected to Vest, aggregate intrinsic value | $ | 243,277 |
Options Exercisable, aggregate intrinsic value | $ | $ 142,076 |
Share-based Compensation (Input
Share-based Compensation (Inputs Used for Valuation of Option Grants under Stock Option Plans) (Details) - Employee Stock Option [Member] - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 32.90% | ||
Weighted-average volatility | 32.90% | ||
Expected dividends | 4.48% | ||
Risk-free rate | 0.50% | ||
Average risk-free rate | 0.50% | ||
Expected term (in years) | 7 years 4 months 24 days | 7 years 4 months 24 days | 7 years 4 months 24 days |
Pre-vesting executive departure rate | 0.60% | 0.60% | 0.60% |
Pre-vesting non-executive departure rate | 2.50% | ||
Granted, number of shares (in shares) | 10,653 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 29.50% | 30.60% | |
Weighted-average volatility | 29.50% | 30.60% | |
Expected dividends | 2.36% | 2.22% | |
Risk-free rate | 1.50% | 2.70% | |
Average risk-free rate | 1.50% | 2.70% | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 29.90% | 31.40% | |
Weighted-average volatility | 29.90% | 31.40% | |
Expected dividends | 2.95% | 2.66% | |
Risk-free rate | 2.40% | 3.10% | |
Average risk-free rate | 2.40% | 3.10% |
Share-based Compensation (Sum_2
Share-based Compensation (Summary of the Status of Non-vested Time-based Restricted Stock and Restricted Stock Units) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Time-Based Restricted Stock and Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance, Number of shares (in shares) | shares | 5,189 |
Granted, Number of shares (in shares) | shares | 9,400 |
Vested, Number of shares (in shares) | shares | (1,408) |
Forfeited, Number of shares (in shares) | shares | (238) |
Balance, Number of shares (in shares) | shares | 12,943 |
Balance, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 27.58 |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | 20.90 |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | 26.97 |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | 23.72 |
Balance, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 22.87 |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance, Number of shares (in shares) | shares | |
Granted, Number of shares (in shares) | shares | 2,784 |
Vested, Number of shares (in shares) | shares | |
Forfeited, Number of shares (in shares) | shares | (41) |
Balance, Number of shares (in shares) | shares | 2,743 |
Balance, weighted average grant-date fair value (in dollars per share) | $ / shares | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | 20.13 |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | 19.11 |
Balance, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 20.14 |
Reportable Segments (Narrative)
Reportable Segments (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Reportable Segments [Abstract] | |||
Number of Material Formulations | item | 150 | ||
Loss on assets | $ | $ 138 | $ 123 | $ 43 |
Reportable Segments (Reportable
Reportable Segments (Reportable Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Segment net sales | $ 11,452 | $ 11,656 | $ 11,398 |
Depreciation | 1,399 | 1,390 | 1,199 |
Research, development and engineering expenses | 1,154 | 1,031 | 993 |
Income tax (provision) benefit | (111) | (256) | (437) |
Net income (loss) attributable to Corning Incorporated | $ 512 | $ 960 | $ 1,066 |
Statutory U.S. income tax rate | 21.00% | 21.00% | 21.00% |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment net sales | $ 11,452 | $ 11,656 | $ 11,398 |
Depreciation | 1,215 | 1,192 | 1,146 |
Research, development and engineering expenses | 754 | 867 | 850 |
Income tax (provision) benefit | (435) | (451) | (477) |
Net income (loss) attributable to Corning Incorporated | 1,628 | 1,701 | 1,784 |
Investment in affiliated companies, at equity | 258 | 291 | 312 |
Segment assets | 19,022 | 18,026 | 17,248 |
Capital expenditures | (928) | (1,899) | (2,071) |
Display Technologies [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment net sales | 3,172 | 3,254 | 3,276 |
Depreciation | 548 | 583 | 585 |
Research, development and engineering expenses | 99 | 119 | 106 |
Income tax (provision) benefit | (190) | (206) | (221) |
Net income (loss) attributable to Corning Incorporated | 717 | 786 | 835 |
Investment in affiliated companies, at equity | 107 | 145 | 131 |
Segment assets | 8,777 | 9,022 | 8,794 |
Capital expenditures | (311) | (872) | (755) |
Optical Communications [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment net sales | 3,563 | 4,064 | 4,192 |
Depreciation | 242 | 237 | 218 |
Research, development and engineering expenses | 204 | 218 | 212 |
Income tax (provision) benefit | (101) | (134) | (163) |
Net income (loss) attributable to Corning Incorporated | 366 | 489 | 592 |
Investment in affiliated companies, at equity | 3 | 3 | 3 |
Segment assets | 2,868 | 3,004 | 3,042 |
Capital expenditures | (127) | (329) | (417) |
Specialty Materials [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment net sales | 1,884 | 1,594 | 1,479 |
Depreciation | 162 | 145 | 136 |
Research, development and engineering expenses | 155 | 154 | 163 |
Income tax (provision) benefit | (113) | (81) | (83) |
Net income (loss) attributable to Corning Incorporated | 423 | 302 | 313 |
Investment in affiliated companies, at equity | 4 | 3 | 6 |
Segment assets | 2,551 | 2,433 | 2,176 |
Capital expenditures | (125) | (176) | (242) |
Environmental Technologies [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment net sales | 1,370 | 1,499 | 1,289 |
Depreciation | 132 | 128 | 119 |
Research, development and engineering expenses | 100 | 118 | 118 |
Income tax (provision) benefit | (52) | (70) | (55) |
Net income (loss) attributable to Corning Incorporated | 197 | 263 | 208 |
Segment assets | 1,986 | 1,912 | 1,633 |
Capital expenditures | (159) | (287) | (273) |
Life Sciences [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment net sales | 998 | 1,015 | 946 |
Depreciation | 50 | 49 | 50 |
Research, development and engineering expenses | 26 | 21 | 20 |
Income tax (provision) benefit | (37) | (40) | (31) |
Net income (loss) attributable to Corning Incorporated | 139 | 150 | 117 |
Investment in affiliated companies, at equity | 2 | 3 | 1 |
Segment assets | 683 | 627 | 585 |
Capital expenditures | (83) | (80) | (55) |
All Other [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment net sales | 465 | 230 | 216 |
Depreciation | 81 | 50 | 38 |
Research, development and engineering expenses | 170 | 237 | 231 |
Income tax (provision) benefit | 58 | 80 | 76 |
Net income (loss) attributable to Corning Incorporated | (214) | (289) | (281) |
Investment in affiliated companies, at equity | 142 | 137 | 171 |
Segment assets | 2,157 | 1,028 | 1,018 |
Capital expenditures | $ (123) | $ (155) | $ (329) |
Reportable Segments (Reconcilia
Reportable Segments (Reconciliation of Reportable Segment and All Other Net Sales to Consolidated Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reportable Segments [Abstract] | ||||
Net sales of reportable segments and All Other | $ 11,452 | $ 11,656 | $ 11,398 | |
Impact of foreign currency movements | (44) | (153) | (108) | |
Cumulative adjustment related to customer contract | $ (105) | (105) | ||
Net sales | $ 11,303 | $ 11,503 | $ 11,290 |
Reportable Segments (Reconcil_2
Reportable Segments (Reconciliation of Reportable Segment Net Income to Consolidated Net Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Research, development, and engineering expenses | $ (1,154) | $ (1,031) | $ (993) | |
Transaction-related gain, net | 498 | |||
Equity in (losses) earnings of affiliated companies | (25) | 17 | 390 | |
Amortization of intangibles | (121) | (113) | (94) | |
Interest expense, net | (276) | (221) | (191) | |
Income tax (provision) benefit | (111) | (256) | (437) | |
Cumulative adjustment related to customer contract | $ (105) | (105) | ||
Accelerated depreciation | (1,399) | (1,390) | (1,199) | |
Severance charges | (148) | (63) | (16) | |
Asset impairment | (217) | |||
Capacity realignment and other charges and credits | (462) | (376) | (114) | |
Bond redemption loss | (22) | |||
Gain on investment | 107 | |||
Net income attributable to Corning Incorporated | 512 | 960 | 1,066 | |
Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Research, development, and engineering expenses | (754) | (867) | (850) | |
Income tax (provision) benefit | (435) | (451) | (477) | |
Cumulative adjustment related to customer contract | (105) | |||
Accelerated depreciation | (1,215) | (1,192) | (1,146) | |
Net income attributable to Corning Incorporated | 1,628 | 1,701 | 1,784 | |
Operating Segments [Member] | Reportable Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net income attributable to Corning Incorporated | 1,842 | 1,990 | 2,065 | |
Operating Segments [Member] | Non Reportable Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net income attributable to Corning Incorporated | (214) | (289) | (281) | |
Segment Reconciling Items [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Impact of foreign currency movements not included in segment net income (loss) | (22) | (115) | (157) | |
(Loss) gain on foreign currency hedges related to translated earnings | (46) | 245 | (78) | |
Translation (loss) gain on Japanese yen-denominated debt | (86) | (3) | (18) | |
Litigation, regulatory and other legal matters | (144) | 17 | (124) | |
Research, development, and engineering expenses | (153) | (134) | (137) | |
Equity in (losses) earnings of affiliated companies | (24) | 15 | 390 | |
Amortization of intangibles | (121) | (113) | (93) | |
Interest expense, net | (261) | (200) | (149) | |
Pension mark to market | (31) | (95) | (145) | |
Income tax (provision) benefit | 324 | 195 | 42 | |
Other corporate items | (203) | (114) | (119) | |
Net income attributable to Corning Incorporated | $ 512 | $ 960 | $ 1,066 |
Reportable Segments (Reconcil_3
Reportable Segments (Reconciliation of Reportable Segment Assets to Consolidated Total Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Current assets | $ 8,004 | $ 7,463 | |
Property, plant and equipment, net | 15,742 | 15,337 | |
Other non-current assets | 2,140 | 1,821 | |
Total assets | 30,775 | 28,898 | $ 27,505 |
Investment in Hemlock Semiconductor Group | 270 | ||
Operating Segments [Member] | Reportable Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 16,865 | 16,998 | 16,230 |
Operating Segments [Member] | Non Reportable Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 2,157 | 1,028 | 1,018 |
Segment Reconciling Items [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Current assets | 3,434 | 3,301 | 3,065 |
Other investments | 177 | 43 | 64 |
Property, plant and equipment, net | 1,548 | 1,764 | 1,928 |
Other non-current assets | $ 6,594 | $ 5,764 | $ 5,200 |
Reportable Segments (Selected F
Reportable Segments (Selected Financial Information On Product Lines and Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | $ 11,452 | $ 11,656 | $ 11,398 | |
Impact of foreign currency movements | (44) | (153) | (108) | |
Cumulative adjustment related to customer contract | $ (105) | (105) | ||
Net sales | 11,303 | 11,503 | 11,290 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 11,452 | 11,656 | 11,398 | |
Impact of foreign currency movements | (44) | (153) | (108) | |
Cumulative adjustment related to customer contract | (105) | |||
Net sales | 11,303 | 11,503 | 11,290 | |
Operating Segments [Member] | Display Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 3,172 | 3,254 | 3,276 | |
Operating Segments [Member] | Optical Communications [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 3,563 | 4,064 | 4,192 | |
Operating Segments [Member] | Optical Communications [Member] | Carrier Network [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 2,612 | 2,885 | 3,084 | |
Operating Segments [Member] | Optical Communications [Member] | Enterprise Network [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 951 | 1,179 | 1,108 | |
Operating Segments [Member] | Environmental Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 1,370 | 1,499 | 1,289 | |
Operating Segments [Member] | Environmental Technologies [Member] | Automotive and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 883 | 907 | 719 | |
Operating Segments [Member] | Environmental Technologies [Member] | Diesel [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 487 | 592 | 570 | |
Operating Segments [Member] | Specialty Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 1,884 | 1,594 | 1,479 | |
Operating Segments [Member] | Specialty Materials [Member] | Corning Gorilla Glass [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 1,420 | 1,180 | 1,069 | |
Operating Segments [Member] | Specialty Materials [Member] | Advanced Optics And Other Specialty Glass [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 464 | 414 | 410 | |
Operating Segments [Member] | Life Sciences [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 998 | 1,015 | 946 | |
Operating Segments [Member] | Life Sciences [Member] | Labware [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 552 | 550 | 536 | |
Operating Segments [Member] | Life Sciences [Member] | Cell Culture Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 446 | 465 | 410 | |
Operating Segments [Member] | All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 465 | 230 | 216 | |
Operating Segments [Member] | All Other [Member] | All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | 271 | $ 230 | $ 216 | |
Operating Segments [Member] | All Other [Member] | Polycrystalline Silicon [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales of reportable segments and All Other | $ 194 |
Reportable Segments (Informatio
Reportable Segments (Information Concerning Principal Geographic Areas) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 11,452 | $ 11,656 | $ 11,398 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,412 | 3,760 | 3,569 |
Long- lived assets | 8,718 | 7,654 | 7,538 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 274 | 277 | 296 |
Long- lived assets | 121 | 126 | 127 |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 75 | 55 | 53 |
Long- lived assets | 239 | 267 | 200 |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,761 | 4,092 | 3,918 |
Long- lived assets | 9,078 | 8,047 | 7,865 |
Japan [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 505 | 441 | 415 |
Long- lived assets | 583 | 893 | 1,148 |
Taiwan [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 887 | 880 | 921 |
Long- lived assets | 2,247 | 2,280 | 2,326 |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,734 | 3,096 | 2,716 |
Long- lived assets | 4,469 | 3,816 | 2,644 |
Korea [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 748 | 1,051 | 1,259 |
Long- lived assets | 3,597 | 3,625 | 3,736 |
Other Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 340 | 401 | 436 |
Long- lived assets | 83 | 86 | 85 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 6,214 | 5,869 | 5,747 |
Long- lived assets | 10,979 | 10,700 | 9,939 |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 378 | 435 | 451 |
Long- lived assets | 579 | 546 | 508 |
Other Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 838 | 886 | 905 |
Long- lived assets | 931 | 914 | 1,147 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,216 | 1,321 | 1,356 |
Long- lived assets | 1,510 | 1,460 | 1,655 |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 261 | 374 | 377 |
Long- lived assets | 83 | 71 | 61 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 11,452 | 11,656 | 11,398 |
Long- lived assets | $ 21,650 | $ 20,278 | $ 19,520 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Doubtful Accounts [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 41 | $ 35 | $ 32 |
Additions | 5 | 6 | 3 |
Balance at end of period | 46 | 41 | 35 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 215 | 317 | 456 |
Additions | 27 | 10 | 17 |
Net deductions and other | 75 | 112 | 156 |
Balance at end of period | $ 167 | $ 215 | $ 317 |
Uncategorized Items - glw-20201
Label | Element | Value |
Proceeds from issuance of long-term debt, net | us-gaap_ProceedsFromIssuanceOfUnsecuredDebt | $ 1,500,000,000 |
Proceeds from issuance of long-term debt, net | us-gaap_ProceedsFromIssuanceOfUnsecuredDebt | $ 349,000,000 |