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4. Significant Customer<br />
<strong>Corning</strong>’s sales to AU Optronics Corporation (AUO), a customer of the Display Technologies segment, for <strong>2007</strong> and 2006<br />
represented 12% and 13%, respectively, of the Company’s consolidated net sales.<br />
5. Inventories<br />
Inventories comprise the following (in millions):<br />
December 31,<br />
<strong>2007</strong> 2006<br />
Finished goods $ 232 $ 214<br />
Work in process 141 159<br />
Raw materials and accessories 111 124<br />
Supplies and packing materials 147 142<br />
Total inventories $ 631 $ 639<br />
6. Income Taxes<br />
Income (loss) from continuing operations before income taxes follows (in millions):<br />
Years ended December 31,<br />
<strong>2007</strong> 2006 2005<br />
U.S. companies $ 235 $ 175 $ (213)<br />
Non-U.S. companies 1,056 786 772<br />
Income from continuing operations before income taxes $ 1,291 $ 961 $ 559<br />
The current and deferred amounts of the provision (benefit) for income taxes follow (in millions):<br />
Years ended December 31,<br />
<strong>2007</strong> 2006 2005<br />
Current:<br />
Federal $ (14)<br />
State and municipal $ 2 $ (8)<br />
Foreign<br />
Deferred:<br />
176 164 167<br />
Federal 443<br />
State and municipal (3)<br />
Foreign (95) (101) (18)<br />
Provision for income taxes $ 80 $ 55 $ 578<br />
Amounts are reflected in the preceding tables based on the location of the taxing authorities.<br />
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