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Consolidated Statements of Changes in Shareholders’ Equity <strong>Corning</strong> Incorporated and Subsidiary Companies<br />
(In millions)<br />
Series C<br />
Preferred<br />
stock<br />
Common<br />
stock<br />
Additional<br />
paid-in<br />
capital<br />
Unearned<br />
compensation<br />
Accumulated<br />
deficit<br />
Treasury<br />
stock<br />
Accumulated<br />
other<br />
comprehensive<br />
income<br />
(loss)<br />
Total<br />
shareholders’<br />
equity<br />
Balance, December 31, 2004 $ 64 $ 712 $ 10,409 $ (46) $ (7,432) $ (162) $ 156 $ 3,701<br />
Net income<br />
Foreign currency translation<br />
585 585<br />
adjustment<br />
Reversal of foreign currency<br />
(171) (171)<br />
translation adjustment<br />
Minimum pension liability<br />
(84) (84)<br />
adjustment<br />
Net unrealized loss on<br />
246 246<br />
investments<br />
Unrealized derivative<br />
(13) (13)<br />
gain on cash flow hedges<br />
Reclassification adjustments<br />
23 23<br />
on cash flow hedges 21 21<br />
Total comprehensive income 607<br />
Series C preferred stock conversions (64) 16 48<br />
Shares issued in equity offerings<br />
Shares issued to benefit plans<br />
10 313 323<br />
and for option exercises 20 493 (37) 1 477<br />
Shares issued in debt retirements 18 370 388<br />
Other, net (2) (7) (9)<br />
Balance, December 31, 2005 $ 0 $ 776 $ 11,631 $ (83) $ (6,847) $ (168) $ 178 $ 5,487<br />
Net income<br />
Foreign currency translation<br />
1,855 1,855<br />
adjustment<br />
Minimum pension liability<br />
203 203<br />
adjustment<br />
Net unrealized gain on<br />
37 37<br />
investments<br />
Unrealized derivative gain<br />
2 2<br />
on cash flow hedges<br />
Reclassification adjustments<br />
12 12<br />
on cash flow hedges (25) (25)<br />
Total comprehensive income 2,084<br />
Adjustment to adopt SFAS 158<br />
Shares issued to benefit plans<br />
(763) (763)<br />
and for option exercises 15 376 (11) 380<br />
Other, net 1 83 (22) (4) 58<br />
Balance, December 31, 2006 $ 0 $ 791 $ 12,008 $ 0 $ (4,992) $ (201) $ (360) $ 7,246<br />
Net income<br />
Foreign currency translation<br />
2,150 2,150<br />
adjustment 165 165<br />
Net unrealized loss on investments<br />
Unrealized derivative loss on<br />
(11) (11)<br />
cash flow hedges<br />
Reclassification adjustments on<br />
(49) (49)<br />
cash flow hedges<br />
Unamortized pension gains<br />
12 12<br />
and prior service costs 153 153<br />
Total comprehensive income 2,420<br />
Purchase of common stock for<br />
treasury<br />
Shares issued to benefit plans<br />
(250) (250)<br />
and for option exercises 8 273 (12) 269<br />
Dividends on shares (158) (158)<br />
Other, net (2) (29) (31)<br />
Balance, December 31, <strong>2007</strong> $ 0 $ 799 $ 12,281 $ 0 $ (3,002) $ (492) $ (90) $ 9,496<br />
The accompanying notes are an integral part of these consolidated financial statements.<br />
47
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