Ownership
interest (1)
|
December 31,
|
||||||||
2013
|
2012
|
||||||||
Affiliated companies accounted for by the equity method
|
|||||||||
Samsung Corning Precision Materials
|
57%
|
$
|
3,709
|
$
|
3,346
|
||||
Dow Corning
|
50%
|
1,420
|
1,191
|
||||||
All other
|
20%
|
to
|
50%
|
390
|
375
|
||||
5,519
|
4,912
|
||||||||
Other investments
|
18
|
3
|
|||||||
Total
|
$
|
5,537
|
$
|
4,915
|
(1)
|
Amounts reflect Corning’s direct ownership interests in the respective affiliated companies. Corning does not control any of such entities.
|
Years ended December 31,
|
||||||||
2013
|
2012
|
2011
|
||||||
Statement of operations (2):
|
||||||||
Net sales
|
$
|
8,526
|
$
|
9,957
|
$
|
11,381
|
||
Gross profit
|
$
|
2,655
|
$
|
3,628
|
$
|
5,161
|
||
Net income
|
$
|
1,135
|
$
|
1,541
|
$
|
2,925
|
||
Corning’s equity in earnings of affiliated companies
|
$
|
547
|
$
|
810
|
$
|
1,471
|
||
Related party transactions:
|
||||||||
Corning sales to affiliated companies
|
$
|
13
|
$
|
50
|
$
|
30
|
||
Corning purchases from affiliated companies
|
$
|
189
|
$
|
167
|
$
|
138
|
||
Corning transfers of assets, at cost, to affiliated companies (1)
|
$
|
37
|
$
|
55
|
$
|
113
|
||
Dividends received from affiliated companies
|
$
|
629
|
$
|
1,089
|
$
|
820
|
||
Royalty income from affiliated companies
|
$
|
57
|
$
|
84
|
$
|
221
|
||
Corning services to affiliates
|
$
|
2
|
$
|
24
|
$
|
50
|
December 31,
|
||||||||
2013
|
2012
|
|||||||
Balance sheet (2):
|
||||||||
Current assets
|
$
|
8,416
|
$
|
8,458
|
||||
Noncurrent assets
|
$
|
12,220
|
$
|
13,457
|
||||
Short-term borrowings, including current portion of long-term debt
|
$
|
79
|
$
|
209
|
||||
Other current liabilities
|
$
|
1,886
|
$
|
1,985
|
||||
Long-term debt
|
$
|
937
|
$
|
847
|
||||
Other long-term liabilities
|
$
|
6,502
|
$
|
7,681
|
||||
Non-controlling interest
|
$
|
619
|
$
|
708
|
||||
Related party transactions:
|
||||||||
Balances due from affiliated companies
|
$
|
45
|
$
|
61
|
||||
Balances due to affiliated companies
|
$
|
5
|
$
|
37
|
||||
(1)
|
Corning purchases machinery and equipment on behalf of Samsung Corning Precision Materials to support its capital expansion initiatives. The machinery and equipment are transferred to Samsung Corning Precision Materials at our cost basis, resulting in no revenue or gain being recognized on the transaction.
|
(2)
|
As a result of the series of strategic and financial agreements with Samsung Display entered into on October 22, 2013, certain non-operating assets of Samsung Corning Precision Materials were held for sale as of December 31, 2013 and are reported as discontinued operations in Samsung Corning Precision Materials financial statements, which are attached in Item 15, Exhibits and Financial Statement Schedules. Previous period amounts have been conformed for comparative purposes.
|
Years ended December 31,
|
||||||||
2013
|
2012
|
2011
|
||||||
Statement of operations (2):
|
||||||||
Net sales
|
$
|
2,149
|
$
|
2,965
|
$
|
3,939
|
||
Gross profit
|
$
|
1,196
|
$
|
2,000
|
$
|
2,887
|
||
Net income attributable to Samsung Corning Precision Materials
|
$
|
649
|
$
|
1,390
|
$
|
2,061
|
||
Corning’s equity in earnings of Samsung Corning Precision Materials
|
$
|
320
|
$
|
699
|
$
|
1,031
|
||
Related party transactions:
|
||||||||
Corning sales to Samsung Corning Precision Materials
|
$
|
7
|
$
|
22
|
||||
Corning purchases from Samsung Corning Precision Materials
|
$
|
160
|
$
|
126
|
$
|
107
|
||
Corning transfer of machinery and equipment to Samsung Corning Precision Materials at cost (1)
|
$
|
37
|
$
|
55
|
$
|
113
|
||
Dividends received from Samsung Corning Precision Materials
|
$
|
518
|
$
|
979
|
$
|
492
|
||
Royalty income from Samsung Corning Precision Materials
|
$
|
56
|
$
|
83
|
$
|
219
|
||
December 31,
|
||||||||
2013
|
2012
|
|||||||
Balance sheet (2):
|
||||||||
Current assets
|
$
|
3,565
|
$
|
3,491
|
||||
Noncurrent assets
|
$
|
3,522
|
$
|
3,895
|
||||
Other current liabilities
|
$
|
337
|
$
|
405
|
||||
Other long-term liabilities
|
$
|
211
|
$
|
253
|
||||
Non-controlling interest
|
$
|
10
|
$
|
12
|
||||
(1)
|
Corning purchases machinery and equipment on behalf of Samsung Corning Precision Materials to support its capital expansion initiatives. The machinery and equipment are transferred to Samsung Corning Precision Materials at our cost basis, resulting in no revenue or gain being recognized on the transaction.
|
(2)
|
As a result of the series of strategic and financial agreements with Samsung Display entered into on October 22, 2013, certain non-operating assets of Samsung Corning Precision Materials were held for sale as of December 31, 2013 and are reported as discontinued operations in Samsung Corning Precision Materials financial statements, which are attached in Item 15, Exhibits and Financial Statement Schedules. Previous period amounts have been conformed for comparative purposes.
|
Years ended December 31,
|
||||||||
2013
|
2012
|
2011
|
||||||
Statement of operations:
|
||||||||
Net sales
|
$
|
5,711
|
$
|
6,119
|
$
|
6,427
|
||
Gross profit (1)
|
$
|
1,280
|
$
|
1,413
|
$
|
1,989
|
||
Net income attributable to Dow Corning
|
$
|
376
|
$
|
181
|
$
|
806
|
||
Corning’s equity in earnings of Dow Corning
|
$
|
196
|
$
|
90
|
$
|
404
|
||
Related party transactions:
|
||||||||
Corning purchases from Dow Corning
|
$
|
22
|
$
|
23
|
$
|
22
|
||
Dividends received from Dow Corning
|
$
|
100
|
$
|
100
|
$
|
310
|
December 31,
|
||||||||
2013
|
2012
|
|||||||
Balance sheet:
|
||||||||
Current assets
|
$
|
3,996
|
$
|
4,117
|
||||
Noncurrent assets
|
$
|
8,306
|
$
|
9,184
|
||||
Short-term borrowings, including current portion of long-term debt
|
$
|
79
|
$
|
209
|
||||
Other current liabilities
|
$
|
1,267
|
$
|
1,304
|
||||
Long-term debt
|
$
|
937
|
$
|
844
|
||||
Other long-term liabilities
|
$
|
6,240
|
$
|
7,371
|
||||
Non-controlling interest
|
$
|
606
|
$
|
687
|
||||
(1)
|
Gross profit for the year ended December 31, 2013 includes R&D cost of $248 million (2012: $281 million and 2011: $259 million) and selling expenses of $13 million (2012: $15 million and $2011: $25 million).
|