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<strong>Corning</strong> Incorporated<br />
<strong>2007</strong> <strong>Annual</strong> <strong>Report</strong><br />
Index<br />
Business Description .................................................................... 2<br />
Executive Officers ...................................................................... 7<br />
Risk Factors ........................................................................... 9<br />
Legal Proceedings ....................................................................... 14<br />
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases<br />
of Equity Securities .................................................................... 17<br />
Selected Financial Data .................................................................. 19<br />
Management’s Discussion and Analysis of Financial Condition and Results of Operations ............. 20<br />
Quantitative and Qualitative Disclosures About Market Risks .................................... 41<br />
Management’s <strong>Annual</strong> <strong>Report</strong> on Internal Control over Financial <strong>Report</strong>ing ......................... 42<br />
<strong>Report</strong> of Independent Registered Public Accounting Firm ...................................... 43<br />
Consolidated Statements of Operations ...................................................... 44<br />
Consolidated Balance Sheets .............................................................. 45<br />
Consolidated Statements of Cash Flows ..................................................... 46<br />
Consolidated Statements of Changes in Shareholders’ Equity .................................... 47<br />
Notes to Consolidated Financial Statements<br />
1. Summary of Significant Accounting Policies ......................................... 48<br />
2. Restructuring, Impairment and Other Charges and (Credits) ............................. 54<br />
3. Short-Term Investments ......................................................... 56<br />
4. Significant Customer ............................................................ 57<br />
5. Inventories .................................................................... 57<br />
6. Income Taxes .................................................................. 57<br />
7. Investments ................................................................... 61<br />
8. Property, Net of Accumulated Depreciation .......................................... 67<br />
9. Goodwill and Other Intangible Assets ............................................... 68<br />
10. Other Liabilities ................................................................ 68<br />
11. Debt ......................................................................... 69<br />
12. Employee Retirement Plans ....................................................... 71<br />
13. Commitments, Contingencies, and Guarantees ........................................ 76<br />
14. Hedging Activities .............................................................. 77<br />
15. Shareholders’ Equity ............................................................ 79<br />
16. Earnings Per Common Share ...................................................... 81<br />
17. Share-based Compensation ....................................................... 82<br />
18. Operating Segments ............................................................. 86<br />
Valuation Accounts and Reserves .......................................................... 90<br />
Quarterly Operating Results ............................................................... 91<br />
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