Corning 2007 Annual Report

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Corning Incorporated and Subsidiary Companies Valuation Accounts and Reserves (in millions) Year ended December 31, 2007 Balance at Beginning of Period Additions Net Deductions And Other Balance at End of Period Doubtful accounts and allowances $ 21 $ 1 $ 20 Deferred tax assets valuation allowance $ 3,542 $ 361 $ 3,181 Accumulated amortization of purchased intangible assets $ 229 $ 16 $ 35 $ 210 Reserves for accrued costs of business restructuring $ 76 $ 42 $ 34 Year ended December 31, 2006 Balance at Beginning of Period Additions Net Deductions And Other Balance at End of Period Doubtful accounts and allowances $ 24 $ 3 $ 21 Deferred tax assets valuation allowance $ 3,672 $ 130 $ 3,542 Accumulated amortization of purchased intangible assets $ 200 $ 29 $ 229 Reserves for accrued costs of business restructuring $ 85 $ 6 $ 15 $ 76 Year ended December 31, 2005 Balance at Beginning of Period Additions Net Deductions And Other Balance at End of Period Doubtful accounts and allowances $ 30 $ 3 $ 9 $ 24 Deferred tax assets valuation allowance $ 1,747 $ 2,030 $ 105 $ 3,672 Accumulated amortization of purchased intangible assets $ 196 $ 13 $ 9 $ 200 Reserves for accrued costs of business restructuring $ 95 $ 30 $ 40 $ 85 90
QUARTERLY OPERATING RESULTS (unaudited) (In millions, except per share amounts) 2007 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 1,307 $ 1,418 $ 1,553 $ 1,582 $ 5,860 Gross margin $ 591 $ 659 $ 742 $ 757 $ 2,749 Restructuring, impairment and other charges $ (2) $ (2) $ (4) Asbestos settlement charges (credits) Income from continuing operations before income taxes, $ 110 $ 76 $ (16) $ 15 $ 185 minority interests and equity earnings $ 167 $ 289 $ 445 $ 390 $ 1,291 (Provision) benefit for income taxes (56) (19) (66) 61 (80) Minority interests Equity in earnings of affiliated companies, net of (1) (1) (1) (3) impairments 216 220 239 267 942 Net income $ 327 $ 489 $ 617 $ 717 $ 2,150 Basic earnings per common share $ 0.21 $ 0.31 $ 0.39 $ 0.46 $ 1.37 Diluted earnings per common share $ 0.20 $ 0.30 $ 0.38 $ 0.45 $ 1.34 2006 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 1,262 $ 1,261 $ 1,282 $ 1,369 $ 5,174 Gross margin $ 573 $ 541 $ 566 $ 603 $ 2,283 Restructuring, impairment and other charges $ 6 $ 5 $ 2 $ 41 $ 54 Asbestos settlement charges (credits) Income from continuing operations before income taxes, $ 185 $ (61) $ 13 $ (139) $ (2) minority interests and equity earnings $ 56 $ 283 $ 245 $ 377 $ 961 Benefit (provision) for income taxes 2 (24) (33) (55) Minority interests Equity in earnings of affiliated companies, net of (1) (1) (6) (3) (11) impairments 200 256 232 272 960 Net income $ 257 $ 514 $ 438 $ 646 $ 1,855 Basic earnings per common share $ 0.17 $ 0.33 $ 0.28 $ 0.42 $ 1.20 Diluted earnings per common share $ 0.16 $ 0.32 $ 0.27 $ 0.41 $ 1.16 91 Total Year Total Year
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Corning 2007 Annual Report Environm
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To our shareholders: Corning Incorp
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Live the Values We also sustained o
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Corning Incorporated 2007 Annual Re
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Telecommunications Segment The Tele
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Competition Corning competes across
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Many of these patents are used in C
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Document Availability A copy of Cor
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We face risks related to our intern
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We are subject to strict environmen
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Pittsburgh Corning Corporation. Cor
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Market for Registrant’s Common Eq
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Selected Financial Data (Unaudited)
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We also remain committed to investi
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Effective January 1, 2006, the Comp
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The liability expected to be settle
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In 2004, significant events occurre
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When compared to 2006, income befor
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Telecommunications segment net sale
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Life Sciences The following table p
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In 2007 and 2006, we issued $231 mi
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Contractual Obligations The amounts
Page 45 and 46: Probability of litigation outcomes
Page 47 and 48: Quantitative and Qualitative Disclo
Page 49 and 50: Report of Independent Registered Pu
Page 51 and 52: Consolidated Balance Sheets Corning
Page 53 and 54: Consolidated Statements of Changes
Page 55 and 56: 1. Summary of Significant Accountin
Page 61 and 62: 2. Restructuring, Impairment and Ot
Page 63 and 64: 4. Significant Customer Corning’s
Page 65 and 66: 6. Income Taxes (continued) The tax
Page 67 and 68: 6. Income Taxes (continued) We do n
Page 69 and 70: 7. Investments (continued) A discus
Page 71 and 72: 7. Investments (continued) Prior to
Page 73 and 74: 7. Investments (continued) On Decem
Page 75 and 76: 10. Other Liabilities (continued) C
Page 77 and 78: 12. Employee Retirement Plans Defin
Page 79 and 80: 12. Employee Retirement Plans (cont
Page 81 and 82: 12. Employee Retirement Plans (cont
Page 83 and 84: 13. Commitments, Contingencies, and
Page 85 and 86: 15. Shareholders’ Equity The foll
Page 87 and 88: 16. Earnings Per Common Share Basic
Page 89 and 90: 17. Share-based Compensation (conti
Page 91 and 92: 17. Share-based Compensation (conti
Page 93 and 94: 18. Operating Segments (continued)
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Page 99 and 100: Board of Directors John Seely Brown
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