Consolidated Statements of Income - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Net sales | $ 12,588 | $ 14,189 | $ 14,082 | ||||
| Cost of sales | 8,657 | 9,683 | 9,019 | ||||
| Gross margin | 3,931 | 4,506 | 5,063 | | |||
| Operating expenses: | | ||||||
| Selling, general and administrative expenses | 1,843 | 1,898 | 1,827 | | |||
| Research, development and engineering expenses | 1,076 | 1,047 | 995 | | |||
| Amortization of purchased intangibles | 122 | 123 | 129 | | | ||
| Total Operating Expenses | 3041.0 | 3068.0 | 2951.0 | 0 | 0 | |
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| Operating income | 890 | 1,438 | 2,112 | | |||
| Interest income | 38 | 15 | 11 | | |||
| Interest expense | (329) | (292) | (300) | | |||
| Translated earnings contract gain, net (Note 13) | 161 | 351 | 354 | | |||
| Total Other Income Expenses | -74.0 | 359.0 | 314.0 | 0 | 0 | |
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| Other income, net | 56 | 285 | 249 | | | ||
| Income before income taxes | 816 | 1,797 | 2,426 | | |||
| Provision for income taxes (Note 6) | (168) | (411) | (491) | | |||
| Net income | 648 | 1,386 | 1,935 | | |||
| Net income attributable to non-controlling interest | (67) | (70) | (29) | ||||
| Net income attributable to Corning Incorporated | $ 581 | $ 1,316 | $ 1,906 | ||||
| Earnings per common share available to common shareholders: | |||||||
| Basic (Note 15) (in dollars per share) | $ 0.69 | $ 1.56 | $ 1.3 | ||||
| Diluted (Note 15) (in dollars per share) | $ 0.68 | $ 1.54 | $ 1.28 | ||||
| Net income attributable to Corning Incorporated | $ 581 | $ 1,316 | $ 1,906 | ||||
| Series A convertible preferred stock dividend | (24) | ||||||
| Excess consideration paid for redemption of preferred stock (1) | [1],[2] | (803) | |||||
| Net income available to common shareholders | $ 581 | $ 1,316 | $ 1,079 | ||||
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- Definition The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Also included are the engineering expenses that are incurred while working on new product design, capacity, optimization programs, etc for products that are not currently being produced. No definition available.
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- Definition The amount of translated earnings contract gain (loss), net. No definition available.
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
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- Definition The excess of (1) fair value of the consideration transferred to the holders of the preferred stock over (2) the carrying amount of the preferred stock in the registrant's balance sheet, during the accounting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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