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Corning Inc/NY – ‘10-K’ for 12/31/10 – ‘XML.R25’

On:  Thursday, 2/10/11, at 4:06pm ET   ·   For:  12/31/10   ·   Accession #:  1193125-11-30621   ·   File #:  1-03247

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/10/11  Corning Inc/NY                    10-K       12/31/10  134:26M                                    Donnelley … Solutions/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.63M 
 2: EX-10.66    Amendment No. 2 to Corning Incorporated             HTML     39K 
                Supplemental Pension Plan                                        
 3: EX-10.67    Form of Corning Incorporated Incentive Stock Right  HTML     68K 
                Agreement                                                        
 4: EX-10.68    Form of Corning Incorporated Cash Performance Unit  HTML     67K 
                Agreement                                                        
 6: EX-21       Subsidiaries of the Registrant at December 31,      HTML     44K 
                2010                                                             
 7: EX-23.1     Consent of Pricewaterhousecoopers LLP               HTML     36K 
 8: EX-23.2     Consent of Pricewaterhousecoopers LLP               HTML     36K 
 9: EX-23.3     Consent of Samil Pricewaterhousecoopers             HTML     36K 
10: EX-24       Powers of Attorney                                  HTML     78K 
 5: EX-12       Computation of Ratio of Earnings to Fixed Charges   HTML     57K 
11: EX-31.1     Certification Pursuant to Rule 13A-15(E) and        HTML     42K 
                15D-15(E)                                                        
12: EX-31.2     Certification Pursuant to Rule 13A-15(E) and        HTML     42K 
                15D-15(E)                                                        
13: EX-32       Certification Pursuant to 18 U.S.C. Section 1350    HTML     37K 
101: XML         IDEA XML File -- Definitions and References          XML    454K  
121: XML         IDEA XML File -- Filing Summary                      XML    460K  
114: XML.R1      Document and Entity Information                      XML    227K  
115: XML.R2      Consolidated Statements of Income                    XML    323K  
64: XML.R3      Consolidated Balance Sheets                          XML    394K 
73: XML.R4      Consolidated Balance Sheets (Parenthetical)          XML    120K 
99: XML.R5      Consolidated Statements of Cash Flows                XML    614K 
94: XML.R6      Consolidated Statements of Changes in                XML    829K 
                Shareholders' Equity                                             
128: XML.R7      Summary of Significant Accounting Policies           XML    187K  
35: XML.R8      Restructuring, Impairment and Other (Credits) and    XML    107K 
                Charges                                                          
93: XML.R9      Available-for-Sale Investments                       XML    114K 
29: XML.R10     Significant Customers                                XML     62K 
28: XML.R11     Inventories                                          XML     76K 
63: XML.R12     Income Taxes                                         XML    189K 
108: XML.R13     Investments                                          XML    167K  
65: XML.R14     Acquisition                                          XML     73K 
69: XML.R15     Property, Net of Accumulated Depreciation            XML     84K 
87: XML.R16     Goodwill and Other Intangible Assets                 XML    155K 
133: XML.R17     Other Liabilities                                    XML     99K  
53: XML.R18     Debt                                                 XML    141K 
20: XML.R19     Employee Retirement Plans                            XML    229K 
72: XML.R20     Commitments, Contingencies, and Guarantees           XML    107K 
105: XML.R21     Hedging Activities                                   XML    112K  
42: XML.R22     Fair Value Measurements                              XML     81K 
100: XML.R23     Shareholders' Equity                                 XML    109K  
70: XML.R24     Earnings Per Common Share                            XML    133K 
127: XML.R25     Share-based Compensation                             XML    102K  
110: XML.R26     Operating Segments                                   XML    341K  
77: XML.R27     Valuation Accounts and Reserves                      XML     80K 
88: XML.R28     Quarterly Operating Results                          XML    218K 
27: XML.R29     Summary of Significant Accounting Policies           XML    355K 
                (Policy)                                                         
32: XML.R30     Summary of Significant Accounting Policies           XML    139K 
                (Tables)                                                         
45: XML.R31     Restructuring, Impairment and Other (Credits) and    XML    155K 
                Charges (Tables)                                                 
58: XML.R32     Available-for-Sale Investments (Tables)              XML    162K 
86: XML.R33     Inventories (Tables)                                 XML     75K 
109: XML.R34     Income Taxes (Tables)                                XML    213K  
24: XML.R35     Investments (Tables)                                 XML    149K 
36: XML.R36     Acquisition (Tables)                                 XML     70K 
117: XML.R37     Property, Net of Accumulated Depreciation (Tables)   XML     81K  
126: XML.R38     Goodwill and Other Intangible Assets (Tables)        XML    157K  
79: XML.R39     Other Liabilities (Tables)                           XML     91K 
130: XML.R40     Debt (Tables)                                        XML    136K  
37: XML.R41     Employee Retirement Plans (Tables)                   XML    278K 
132: XML.R42     Commitments, Contengencies, and Guarantees           XML    172K  
                (Tables)                                                         
47: XML.R43     Hedging Activities (Tables)                          XML    112K 
21: XML.R44     Fair Value Measurements (Tables)                     XML    132K 
46: XML.R45     Shareholders' Equity (Tables)                        XML    114K 
104: XML.R46     Earnings Per Common Share (Tables)                   XML    138K  
125: XML.R47     Share-based Compensation (Tables)                    XML    104K  
67: XML.R48     Operating Segments (Tables)                          XML    344K 
49: XML.R49     Valuation Accounts and Reserves (Tables)             XML     79K 
85: XML.R50     Quarterly Operating Results (Tables)                 XML    218K 
26: XML.R51     Summary of Significant Accounting Policies           XML    179K 
                (Narrative) (Details)                                            
91: XML.R52     Summary of Significant Accounting Policies (Other    XML    253K 
                Income, Net) (Details)                                           
51: XML.R53     Summary of Significant Accounting Policies           XML    135K 
                (Supplemental Disclosure of Cash Flow Information)               
                (Details)                                                        
34: XML.R54     Summary of Significant Accounting Policies           XML    211K 
                (Equipment) (Details)                                            
124: XML.R55     Restructuring, Impairment and Other (Credits) and    XML    874K  
                Charges (Details)                                                
119: XML.R56     Available-for-Sale Investments (Details)             XML    608K  
62: XML.R57     Available-for-Sale Investments (Details)             XML     98K 
                (Parenthetical)                                                  
41: XML.R58     Significant Customers (Details)                      XML    154K 
112: XML.R59     Inventories (Details)                                XML    110K  
31: XML.R60     Income Taxes (Narrative)                             XML    311K 
95: XML.R61     Income Taxes (Income Before Income Taxes)            XML    110K 
92: XML.R62     Income Taxes (Current and Deferred)                  XML    160K 
118: XML.R63     Income Taxes (Reconciliation of U.S.)                XML    232K  
113: XML.R64     Income Taxes (Deferred Tax Assets and Liabilities)   XML    223K  
129: XML.R65     Income Taxes (Net Deferred Tax Assets Included in    XML    110K  
                Accounts)                                                        
39: XML.R66     Income Taxes (Details on Deferred Tax Assets for     XML    223K 
                Loss and Tax Credit Carryforwards)                               
61: XML.R67     Income Taxes (Parenthetical)                         XML    218K 
83: XML.R68     Investments (Details)                                XML    239K 
71: XML.R69     Investments (Related Party) (Details)                XML    409K 
84: XML.R70     Investments (Samsung Corning Precision) (Details)    XML    774K 
131: XML.R71     Investments (Dow Corning) (Details)                  XML   1.06M  
40: XML.R72     Investments (Pittsburgh Corning Corporation)         XML    963K 
                (Details)                                                        
48: XML.R73     Acquisition (Details)                                XML    221K 
44: XML.R74     Property, Net of Accumulated Depreciation            XML    191K 
                (Details)                                                        
80: XML.R75     Goodwill and Other Intangible Assets (Details)       XML    597K 
90: XML.R76     Other Liabilities (Other Accrued Liabilities)        XML    149K 
76: XML.R77     Other Liabilities (Narrative)                        XML    313K 
68: XML.R78     Debt (Narrative)                                     XML    911K 
38: XML.R79     Debt (Schedule of Long-Term Debt)                    XML    552K 
22: XML.R80     Debt (Debt Maturities by Years)                      XML     96K 
81: XML.R81     Employee Retirement Plans (Narrative) (Details)      XML    625K 
60: XML.R82     Employee Retirement Plans (Change in benefit         XML    762K 
                obligation and funded status of employee                         
                retirement plans) (Details)                                      
74: XML.R83     Employee Retirement Plans (Projected benefit         XML     84K 
                obligation and the accumulated benefit obligation                
                for pension plans) (Details)                                     
103: XML.R84     Employee Retirement Plans (Net periodic benefit      XML    398K  
                expense for employee retirement plans) (Details)                 
98: XML.R85     Employee Retirement Plans (Weighted-average          XML    180K 
                assumptions used to determine benefit obligations)               
                (Details)                                                        
55: XML.R86     Employee Retirement Plans (Weighted-average          XML    300K 
                assumptions used to determine net periodic benefit               
                cost) (Details)                                                  
107: XML.R87     Employee Retirement Plans (Assumed rate of return    XML     93K  
                determined on current interest rate environment                  
                and historical market premiums relative to fixed                 
                income rates of equities and other asset classes)                
                (Details)                                                        
96: XML.R88     Employee Retirement Plans (Effect on percentage      XML     82K 
                reported for the health care plans) (Details)                    
43: XML.R89     Employee Retirement Plans (Schedule of defined       XML    739K 
                benefit plan of assets) (Details)                                
66: XML.R90     Employee Retirement Plans (Summary of changes in     XML    349K 
                the fair value of the defined benefit plans)                     
                (Details)                                                        
97: XML.R91     Employee Retirement Plans (Estimated future          XML    216K 
                benefit payments, which reflect expected future                  
                service) (Details)                                               
52: XML.R92     Commitments and Contingencies, and Guarantees        XML    148K 
                (Narrative)                                                      
111: XML.R93     Commitments, Contingencies, and Guarantees           XML    901K  
                (Amounts of Obligations)                                         
57: XML.R94     Commitments, Contingencies, and Guarantees           XML     95K 
                (Minimum Rental Commitments Under Leases)                        
102: XML.R95     Commitments, Contingencies, and Guarantees           XML    111K  
                (Changes in the Product Warranty Liability)                      
82: XML.R96     Hedging Activities (Details)                         XML    106K 
23: XML.R97     Hedging Activities (Notional amounts) (Details)      XML    244K 
56: XML.R98     Hedging Activities (Financial Instruments)           XML    483K 
                (Details)                                                        
106: XML.R99     Hedging Activities (Parenthetical)                   XML    101K  
33: XML.R100    Fair Value Measurements (Details)                    XML    211K 
78: XML.R101    Shareholders' Equity (Changes in Capital Stock)      XML    395K 
89: XML.R102    Shareholders' Equity (Components of Other            XML    574K 
                Comprehensive Income (Loss)                                      
116: XML.R103    Earnings Per Common Share (Details)                  XML    241K  
134: XML.R104    Share-based Compensation (Details)                   XML   1.00M  
50: XML.R105    Operating Segments (Schedule of Segment Reporting    XML   1.18M 
                Information by Segment) (Details)                                
25: XML.R106    Operating Segments (Consolidated Net Income)         XML    521K 
                (Details)                                                        
54: XML.R107    Operating Segments (Consolidated Net Assets)         XML    158K 
59: XML.R108    Operating Segments (Geographic Areas)                XML   1.16M 
30: XML.R109    Operating Segments (Details) (Parenthetical)         XML   1.58M 
123: XML.R110    Valuation Accounts and Reserves (Details)            XML    312K  
120: XML.R111    Quarterly Operating Results (Details)                XML    702K  
122: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   3.58M  
14: EX-101.INS  XBRL Instance -- glw-20101231                        XML   5.49M 
16: EX-101.CAL  XBRL Calculations -- glw-20101231_cal                XML    220K 
17: EX-101.DEF  XBRL Definitions -- glw-20101231_def                 XML   1.19M 
18: EX-101.LAB  XBRL Labels -- glw-20101231_lab                      XML   2.23M 
19: EX-101.PRE  XBRL Presentations -- glw-20101231_pre               XML   1.81M 
15: EX-101.SCH  XBRL Schema -- glw-20101231                          XSD    376K 
75: ZIP         XBRL Zipped Folder -- 0001193125-11-030621-xbrl      Zip    383K

‘XML.R25’   —   Share-based Compensation

This Financial Report is an XBRL XML File.

                                                                                                                                                                                
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<InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
<Version> 2.2.0.25 </Version>
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<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;"> <div align="left"> <table border="0" cellspacing="0"> <tr valign="bottom"><td align="left"><b><font class="_mt" size="2">19. Share-based Compensation</font></b></td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr><td colspan="4"> </td></tr> <tr valign="bottom"><td align="left"><b><font class="_mt" size="2">Stock Compensation Plans</font></b></td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td></tr></table></div> <p style="margin: 0px;"> </p> <p style="text-align: left;"><font class="_mt" size="2">Corning's share-based compensation programs include the following: employee stock options, time-based restricted stock and restricted stock units, performance-based restricted stock and restricted stock units, and the Worldwide Employee Share Purchase Plan (WESPP). The WESPP terminated in 2010. At December 31, 2010, our stock compensation programs were in accordance with the 2005 Employee Equity Participation Program, as amended, the 2003 Equity Plan for Non-Employee Directors, as amended, and the 2010 Equity Plan for Non-Employee Directors. Any ungranted shares from prior years will be available for grant in the current year. Any remaining shares available for grant, but not yet granted, may be carried over and used in the following year. At December 31, 2010, there were approximately 55 million shares available for grant.</font></p> <p style="text-align: left;"><font class="_mt" size="2">The Company measures and recognizes compensation cost for all share-based payment awards made to employees and directors, including grants of employee stock options and employee stock purchases related to the Worldwide Employee Share Purchase Plan (WESPP), based on estimated fair values. Fair values for stock options granted prior to January 1, 2010 were estimated using a lattice-based binomial valuation model. In 2010, Corning began estimating fair values for stock options granted using a multiple-point Black-Scholes model. Both models incorporate the required assumptions and meet the fair value measurement objective.</font></p></div> <div><a name="page_109"> </a><br /><a name="_bclPageBorder109"> </a> <div style="padding-left: 0%; width: 100%; padding-right: 0%;"> <p style="text-align: left;"><font class="_mt" size="2">The fair value of awards granted subsequent to January 1, 2006 that are expected to ultimately vest is recognized as expense over the requisite service periods. The number of options expected to vest equals the total options granted less an estimation of the number of forfeitures expected to occur prior to vesting. The forfeiture rate is calculated based on <font class="_mt">15</font> years of historical data and is adjusted if actual forfeitures differ significantly from the original estimates. The effect of any change in estimated forfeitures would be recognized through a cumulative adjustment that would be included in compensation cost in the period of the change in estimate.</font></p> <p style="text-align: left;"><font class="_mt" size="2">Total share-based compensation cost of $<font class="_mt">92</font> million, $<font class="_mt">127</font> million, and $<font class="_mt">118</font> million was disclosed in operating activities on the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2010, 2009 and 2008, respectively.</font></p> <p style="text-align: left;"><b><font class="_mt" size="2">Stock Options</font></b></p> <p style="text-align: left;"><font class="_mt" size="2">Our stock option plans provide non-qualified and incentive stock options to purchase authorized but unissued, or treasury shares, at the market price on the grant date and generally become exercisable in installments from one to five years from the grant date. The maximum term of non-qualified and incentive stock options is <font class="_mt">10</font> years from the grant date.</font></p> <p style="text-align: left;"><font class="_mt" size="2">The following table summarizes information concerning options outstanding including the related transactions under the options plans for the year ended December 31, 2010:</font></p> <div align="left"> <table border="0" cellspacing="0"> <tr><td width="36%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="15%"> </td> <td width="14%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="center"><font class="_mt" size="2">Weighted-</font></td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="center"><font class="_mt" size="2">average</font></td> <td align="center"><font class="_mt" size="2">Aggregate</font></td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center"><font class="_mt" size="2">Number of</font></td> <td align="left"> </td> <td align="right"> </td> <td align="center"><font class="_mt" size="2">Weighted-</font></td> <td align="center"><font class="_mt" size="2">remaining</font></td> <td align="center"><font class="_mt" size="2">intrinsic</font></td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center"><font class="_mt" size="2">shares</font></td> <td align="left"> </td> <td align="right"> </td> <td align="center"><font class="_mt" size="2">average</font></td> <td align="center"><font class="_mt" size="2">contractual</font></td> <td align="center"><font class="_mt" size="2">value</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">(in thousands)</font></td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">exercise price</font></td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">term in years</font></td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">(in thousands)</font></td></tr> <tr valign="bottom"><td align="left"><font class="_mt" size="2">Options outstanding as of December 31, 2009</font></td> <td align="right"><font class="_mt" size="2">92,504</font></td> <td align="left"> </td> <td align="right"><font class="_mt" size="2">$</font></td> <td align="right"><font class="_mt" size="2">25.83</font></td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font class="_mt" size="2">Granted</font></td> <td align="right"><font class="_mt" size="2">5,635</font></td> <td align="left"> </td> <td align="right"> </td> <td align="right"><font class="_mt" size="2">18.52</font></td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 2px;" align="left"><font class="_mt" size="2">Exercised</font></td> <td align="right"><font class="_mt" size="2">(6,310</font></td> <td align="left"><font class="_mt" size="2">)</font></td> <td align="right"> </td> <td align="right"><font class="_mt" size="2">9.24</font></td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 2px;" align="left"><font class="_mt" size="2">Forfeited and expired</font></td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">(19,368</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">)</font></td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">65.07</font></td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left"><font class="_mt" size="2">Options outstanding as of December 31, 2010</font></td> <td align="right"><font class="_mt" size="2">72,461</font></td> <td align="left"> </td> <td align="right"> </td> <td align="center"><font class="_mt" size="2">16.22</font></td> <td align="center"><font class="_mt" size="2">4.88</font></td> <td align="center"><font class="_mt" size="2">407,255</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">Options exercisable as of December 31, 2010</font></td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">57,319</font></td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">16.41</font></td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">4.03</font></td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">333,144</font></td></tr></table></div> <p style="margin: 0px;"> </p> <p style="text-align: left;"><font class="_mt" size="2">The aggregate intrinsic value (market value of stock less option exercise price) in the preceding table represents the total pretax intrinsic value, based on the Company's closing stock price on December 31, 2010, which would have been received by the option holders had all option holders exercised their options as of that date. The total number of in-the-money options exercisable on December 31, 2010, was approximately <font class="_mt">35</font> million.</font></p> <p style="text-align: left;"><font class="_mt" size="2">The weighted-average grant-date fair value for options granted for the years ended December 31, 2010, 2009 and 2008 was $<font class="_mt">8.56</font>, $<font class="_mt">4.47</font>, and $<font class="_mt">7.39</font>, respectively. The total fair value of options that vested during the years ended December 31, 2010, 2009 and 2008 was approximately $<font class="_mt">63</font> million, $<font class="_mt">57</font> million, and $<font class="_mt">68</font> million, respectively. Compensation cost related to stock options for the years ended December 31, 2010, 2009 and 2008, was approximately $<font class="_mt">53</font> million, $<font class="_mt">65</font> million, and $<font class="_mt">67</font> million, respectively.</font></p> <p style="text-align: left;"><font class="_mt" size="2">As of December 31, 2010, there was approximately $<font class="_mt">24</font> million of unrecognized compensation cost related to stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of <font class="_mt">2</font> years.</font></p> <p style="text-align: left;"><font class="_mt" size="2">Proceeds received from the exercise of stock options were $<font class="_mt">55</font> million for the year ended December 31, 2010, which were included in financing activities on the Company's Consolidated Statements of Cash Flows. The total intrinsic value of options exercised for the years ended December 31, 2010, 2009 and 2008 was approximately $<font class="_mt">57</font> million, $<font class="_mt">24</font> million, and $<font class="_mt">126</font> million, respectively, which is currently deductible for tax purposes. Refer to Note 6 (Income Taxes) to the Consolidated Financial Statements.</font></p></div></div> <div><a name="page_110"> </a><br /><a name="_bclPageBorder110"> </a> <div style="padding-left: 0%; width: 100%; padding-right: 0%;"> <p style="text-align: left;"><font class="_mt" size="2">An award is considered vested when the employee's retention of the award is no longer contingent on providing subsequent service (the "non-substantive vesting period approach"). Prior to December 1, 2008, the terms and conditions of Corning's stock option agreement specified that employees continue to vest in option awards after retirement without providing any additional services. For awards granted from January 1, 2006 to December 1, 2008, compensation cost was recognized immediately for awards granted to retirement eligible employees or over the period from the grant date to the date retirement eligibility is achieved, if that is expected to occur during the stated or nominal vesting period. Corning amended the terms and conditions of its stock option agreement on December 1, 2008 for awards to retirement eligible employees. Awards are earned ratably each month that the employee provides service over the twelve months following the grant date, and the related compensation expense is recognized over this twelve month service period or over the period from the grant date to the date of retirement eligibility for employees that become age <font class="_mt">55</font> during the vesting period.</font></p> <p style="text-align: left;"><font class="_mt" size="2">Corning used a binomial lattice model to estimate the fair values of stock option grants through December 31, 2009. Effective January 1, 2010, Corning began using a multiple point Black-Scholes model to estimate the fair value of stock option grants. The financial impact of the change in valuation models is insignificant.</font></p> <p style="text-align: left;"><font class="_mt" size="2">For stock options granted in 2010, Corning utilized a blended approach for calculating the volatility assumption used in the multiple-point Black-Scholes model defined as the weighted average of the short-term implied volatility, the most recent volatility for the period equal to the expected term, and the most recent 15-year historical volatility. The expected term assumption is the period of time the options are expected to be outstanding, and is calculated using a combination of historical exercise experience adjusted to reflect the current vesting period of options being valued, and partial life cycles of outstanding options. The risk-free rates used in the multiple-point Black-Scholes model are the implied rates for a zero-coupon U.S. Treasury bond with a term equal to the option's expected term. The ranges given below result from separate groups of employees exhibiting different exercise behavior.</font></p> <p style="text-align: left;"><font class="_mt" size="2">For stock options granted in 2009 and 2008, expected volatility was based on the blended short-term volatility (the arithmetic average of the implied volatility and the short-term historical volatility), and the most recent 15-year historical volatility of Corning's stock. The expected time to exercise of options granted in 2009 and 2008 was derived using a regression model and represents the period of time that options granted are expected to be outstanding. The risk-free rates used in the lattice-based binomial model were derived from the U.S. Treasury yield curve in effect from the grant date to the option's expiration date.</font></p> <div align="left"> <table border="0" cellspacing="0"> <tr><td width="40%"> </td> <td width="27%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" colspan="2" align="left"><font class="_mt" size="2">The following inputs were used for the valuation of option grants under our Stock Option Plans:</font></td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">2010</font></b></td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">2009</font></td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">2008</font></td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left"><font class="_mt" size="2">Expected volatility</font></td> <td align="right"><b><font class="_mt" size="2"><font class="_mt"><b><font class="_mt" size="2">48</font></b></font>-<font class="_mt">49</font></font></b></td> <td align="left"><b><font class="_mt" size="2">%</font></b></td> <td align="right"><font class="_mt" size="2"><font class="_mt"><font class="_mt" size="2">40</font></font>-<font class="_mt">60</font></font></td> <td align="left"><font class="_mt" size="2">%</font></td> <td align="right"><font class="_mt" size="2">31-88</font></td> <td align="left"><font class="_mt" size="2">%</font></td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left"><font class="_mt" size="2">Weighted-average volatility</font></td> <td align="right"><b><font class="_mt" size="2">48-49</font></b></td> <td align="left"><b><font class="_mt" size="2">%</font></b></td> <td align="right"><font class="_mt" size="2">54-55</font></td> <td align="left"><font class="_mt" size="2">%</font></td> <td align="right"><font class="_mt" size="2">49-58</font></td> <td align="left"><font class="_mt" size="2">%</font></td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left"><font class="_mt" size="2">Dividend yield</font></td> <td align="right"><b><font class="_mt" size="2">1.13-1.40%</font></b></td> <td align="left"> </td> <td align="right"><font class="_mt" size="2">1.40-1.59%</font></td> <td align="left"> </td> <td align="right"><font class="_mt" size="2">0.82-1.31%</font></td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left"><font class="_mt" size="2">Risk-free rate</font></td> <td align="right"><b><font class="_mt" size="2">1.5-3.2</font></b></td> <td align="left"><b><font class="_mt" size="2">%</font></b></td> <td align="right"><font class="_mt" size="2">0.1-5.6</font></td> <td align="left"><font class="_mt" size="2">%</font></td> <td align="right"><font class="_mt" size="2">0.02-6.0</font></td> <td align="left"><font class="_mt" size="2">%</font></td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left"><font class="_mt" size="2">Average risk-free rate</font></td> <td align="right"><b><font class="_mt" size="2">2-3.2</font></b></td> <td align="left"><b><font class="_mt" size="2">%</font></b></td> <td align="right"><font class="_mt" size="2">2.7-3.8</font></td> <td align="left"><font class="_mt" size="2">%</font></td> <td align="right"><font class="_mt" size="2">2.8-4.1</font></td> <td align="left"><font class="_mt" size="2">%</font></td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left"><font class="_mt" size="2">Expected term (in years)</font></td> <td align="right"><b><font class="_mt" size="2">5.1-6.5</font></b></td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 1px;" align="left"><font class="_mt" size="2">Expected time to exercise (in years)</font></td> <td align="left"> </td> <td align="left"> </td> <td align="right"><font class="_mt" size="2">1.6-5.8</font></td> <td align="left"> </td> <td align="right"><font class="_mt" size="2">1.9-6.7</font></td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 1px;" align="left"><font class="_mt" size="2">Pre-vesting departure rate</font></td> <td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">1.4-3.6</font></b></td> <td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">%</font></b></td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">1.3-2.8</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">%</font></td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">1.4-2.7</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">%</font></td></tr></table></div> <p style="margin: 0px;"> </p> <p style="text-align: left;"><b><i><font class="_mt" size="2">Incentive Stock Plans</font></i></b></p> <p style="text-align: left;"><font class="_mt" size="2">The Corning Incentive Stock Plan permits stock and stock unit grants, either determined by specific performance goals or issued directly, in most instances, subject to the possibility of forfeiture and without cash consideration. Restricted stock and stock units under the Incentive Stock Plan are granted at-the-money, contingently vest over a period of generally <font class="_mt">1</font> to <font class="_mt">10</font> years, and generally have contractual lives of <font class="_mt">1</font> to <font class="_mt">10</font> years.</font></p> <p style="text-align: left;"><font class="_mt" size="2">The fair value of each restricted stock grant or restricted stock unit awarded under the Incentive Stock Plans was estimated on the date of grant for performance based grants assuming that performance goals will be achieved. The expected term for grants under the Incentive Stock Plans is generally <font class="_mt">1</font> to <font class="_mt">10</font> years.</font></p> <p style="text-align: left;"><u><font class="_mt" size="2">Time-Based Restricted Stock and Restricted Stock Units:</font></u></p> <p style="text-align: left;"><font class="_mt" size="2">Time-based restricted stock and restricted stock units are issued by the Company on a discretionary basis, and are payable in shares of the Company's common stock upon vesting. The fair value is based on the market price of the Company's stock on the grant date. Compensation cost is recognized over the requisite vesting period and adjusted for actual forfeitures before vesting.</font></p></div></div> <div><a name="page_111"> </a><br /><a name="_bclPageBorder111"> </a> <div style="padding-left: 0%; width: 100%; padding-right: 0%;"> <p style="text-align: left;"><font class="_mt" size="2">The following table represents a summary of the status of the Company's nonvested time-based restricted stock and restricted stock units as of December 31, 2009, and changes during the year ended December 31, 2010:</font></p> <div align="left"> <table border="0" cellspacing="0"> <tr><td width="59%"> </td> <td width="24%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="10%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="center"><font class="_mt" size="2">Weighted-</font></td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="right"><font class="_mt" size="2">average</font></td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"><font class="_mt" size="2">Shares</font></td> <td align="left"> </td> <td align="right"> </td> <td align="center"><font class="_mt" size="2">grant-date</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">(000</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">'s)</font></td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">fair value</font></td></tr> <tr valign="bottom"><td align="left"><font class="_mt" size="2">Nonvested shares at December 31, 2009</font></td> <td align="right"><font class="_mt" size="2">3,880</font></td> <td align="left"> </td> <td align="right"><font class="_mt" size="2">$</font></td> <td align="center"><font class="_mt" size="2">18.59</font></td></tr> <tr valign="bottom"><td align="left"><font class="_mt" size="2">Granted</font></td> <td align="right"><font class="_mt" size="2">388</font></td> <td align="left"> </td> <td align="right"> </td> <td align="center"><font class="_mt" size="2">18.59</font></td></tr> <tr valign="bottom"><td align="left"><font class="_mt" size="2">Vested</font></td> <td align="right"><font class="_mt" size="2">(560</font></td> <td align="left"><font class="_mt" size="2">)</font></td> <td align="right"> </td> <td align="center"><font class="_mt" size="2">20.59</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">Forfeited</font></td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">(10</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">)</font></td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">17.82</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">Nonvested shares and share units at December 31, 2010</font></b></td> <td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">3,698</font></b></td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center"><b><font class="_mt" size="2">18.33</font></b></td></tr></table></div> <p style="margin: 0px;"> </p> <p style="text-align: left;"><font class="_mt" size="2">As of December 31, 2010, there was approximately $<font class="_mt">26</font> million of unrecognized compensation cost related to nonvested time-based restricted stock and restricted stock units compensation arrangements granted under the Plan. The cost is expected to be recognized over a weighted-average period of <font class="_mt">2.4</font> years. The total fair value of time-based restricted stock that vested during the years ended December 31, 2010, 2009 and 2008 was approximately $<font class="_mt">11</font> million, $<font class="_mt">5</font> million, and $<font class="_mt">5</font> million, respectively. Compensation cost related to time-based restricted stock and restricted stock units was approximately $<font class="_mt">23</font> million, $<font class="_mt">14</font> million, and $<font class="_mt">11</font> million for the years ended December 31, 2010, 2009 and 2008, respectively.</font></p> <p style="text-align: left;"><u><font class="_mt" size="2">Performance-Based Restricted Stock and Restricted Stock Units:</font></u></p> <p style="text-align: left;"><font class="_mt" size="2">Performance-based restricted stock and restricted stock units are earned upon the achievement of certain targets, and are payable in shares of the Company's common stock upon vesting typically over a three-year period. The fair value is based on the market price of the Company's stock on the grant date and assumes that the target payout level will be achieved. Compensation cost is recognized over the requisite vesting period and adjusted for actual forfeitures before vesting. During the performance period, compensation cost may be adjusted based on changes in the expected outcome of the performance-related target.</font></p> <p style="text-align: left;"><font class="_mt" size="2">The following table represents a summary of the status of the Company's nonvested performance-based restricted stock and restricted stock units as of December 31, 2009, and changes during the year ended December 31, 2010:</font></p> <div align="left"> <table border="0" cellspacing="0"> <tr><td width="66%"> </td> <td width="17%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="center"><font class="_mt" size="2">Weighted-</font></td></tr> <tr valign="bottom"><td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="right"><font class="_mt" size="2">average</font></td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"><font class="_mt" size="2">Shares</font></td> <td align="left"> </td> <td align="right"> </td> <td align="center"><font class="_mt" size="2">grant-date</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">(000</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">'s)</font></td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center"><font class="_mt" size="2">fair value</font></td></tr> <tr valign="bottom"><td align="left"><font class="_mt" size="2">Nonvested restricted stock at December 31, 2009</font></td> <td align="right"><font class="_mt" size="2">6,377</font></td> <td align="left"> </td> <td align="right"><font class="_mt" size="2">$</font></td> <td align="right"><font class="_mt" size="2">13.47</font></td></tr> <tr valign="bottom"><td align="left"><font class="_mt" size="2">Granted</font></td> <td align="right"><font class="_mt" size="2">1,844</font></td> <td align="left"> </td> <td align="right"> </td> <td align="right"><font class="_mt" size="2">8.67</font></td></tr> <tr valign="bottom"><td align="left"><font class="_mt" size="2">Vested</font></td> <td align="right"><font class="_mt" size="2">(2,062</font></td> <td align="left"><font class="_mt" size="2">)</font></td> <td align="right"> </td> <td align="right"><font class="_mt" size="2">21.83</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">Forfeited</font></td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">(87</font></td> <td style="border-bottom: #000000 1px solid;" align="left"><font class="_mt" size="2">)</font></td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right"><font class="_mt" size="2">8.67</font></td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font class="_mt" size="2">Nonvested restricted stock and restricted stock units at December 31, 2010</font></b></td> <td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">6,072</font></b></td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="right"><b><font class="_mt" size="2">9.24</font></b></td></tr></table></div> <p style="margin: 0px;"> </p> <p style="text-align: left;"><font class="_mt" size="2">As of December 31, 2010, there was approximately $<font class="_mt">11</font> million of unrecognized compensation cost related to nonvested performance-based restricted stock and restricted stock unit compensation arrangements granted under the Plan. The cost is expected to be recognized over a weighted-average period of <font class="_mt">1</font> year. The total fair value of performance-based restricted stock that vested during the years ended December 31, 2010, 2009 and 2008, was approximately $<font class="_mt">44</font> million, $<font class="_mt">50</font> million, and $<font class="_mt">49</font> million, respectively. Compensation cost related to performance-based restricted stock and restricted stock units was approximately $<font class="_mt">14</font> million, $<font class="_mt">44</font> million, and $<font class="_mt">35</font> million for the years ended December 31, 2010, 2009 and 2008, respectively.</font></p> <p style="text-align: left;"><b><font class="_mt" size="2">Worldwide Employee Share Purchase Plan</font></b></p> <p style="text-align: left;"><font class="_mt" size="2">In addition to the Stock Option Plan and Incentive Stock Plans, Corning offered a Worldwide Employee Share Purchase Plan (WESPP). Under the WESPP, substantially all employees could elect to have up to <font class="_mt">10</font>% of their annual wages withheld to purchase our common stock. The purchase price of the stock was <font class="_mt">85</font>% of the end-of-quarter closing market price. Compensation cost related to the WESPP for all periods presented is immaterial.</font></p> <p style="text-align: left;"><font class="_mt" size="2">On February 3, 2010, Corning's Board of Directors approved the recommendation to terminate on-going WESPP contributions effective March 31, 2010 and the WESPP terminated in May 2010.</font></p> <p style="text-align: left;"> </p></div></div> </div>
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3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/13/23  Corning Inc./NY                   10-K       12/31/22  136:20M                                    RDG Filings/FA
 2/14/22  Corning Inc./NY                   10-K       12/31/21  139:22M                                    RDG Filings/FA
 2/12/21  Corning Inc./NY                   10-K       12/31/20  145:52M                                    Certent, Inc./FA
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