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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Corning Inc | NYSE:GLW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.06% | 33.42 | 33.66 | 33.37 | 33.54 | 3,997,451 | 22:49:16 |
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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A.
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Full title of the plan and the address of the plan, if different from that of the issuer named below:
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B.
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Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
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(a)
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Index to financial statements filed as part of this report:
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||
The Statements of Net Assets Available for Benefits as of December 31, 2015 and 2014, the Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2015 and supplementary information, together with the report thereon of the Independent Registered Public Accounting Firm dated June 27, 2016. The required financial statement schedules, if any, are included in the supplementary information referred to above and should be read in conjunction with the above financial statements.
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|||
(b)
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Exhibit:
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Exhibit 23 – The consent of Insero & Co. CPAs, LLP
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THE CORNING INCORPORATED
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INVESTMENT PLAN
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||
Date: June 27, 2016
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By /s/
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SHARON L. MILLER
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Sharon L. Miller
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Chair
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Corning Incorporated Benefits Committee
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Corning Incorporated Investment Plan
Index
December 31, 2015 and 2014
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Page (s)
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||
Report of Independent Registered Public Accounting Firm
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6
|
|
Financial Statements
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||
Statements of Net Assets Available for Benefits
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7
|
|
Statement of Changes in Net Assets Available for Benefits
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8
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Notes to Financial Statements
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9-18
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|
Supplemental Schedule*
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||
Schedule of Assets (Held at End of Year)
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19
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*
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Other schedules required by Section 2520.103-10 of the United States Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
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Corning Incorporated Investment Plan
Statements of Net Assets Available for Benefits
December 31, 2015 and 2014
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(in thousands of dollars)
|
2015
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2014
|
|||
Assets
|
|||||
Interest in Corning Incorporated
|
|||||
Master Investment Trust at fair value
|
$
|
2,318,189
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$
|
2,378,372
|
|
Receivables:
|
|||||
Notes receivable from participants
|
18,164
|
17,872
|
|||
Employer contributions receivable
|
1,147
|
||||
Participant contributions receivable
|
2,684
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||||
Total receivables
|
21,995
|
17,872
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|||
Net assets available for benefits
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$
|
2,340,184
|
$
|
2,396,244
|
Corning Incorporated Investment Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2015
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(in thousands of dollars)
|
||
Additions to net assets attributed to:
|
||
Investment income
|
||
Interest income from notes receivable from participants
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$
|
746
|
Contributions
|
||
Employer, net of forfeitures applied
|
35,240
|
|
Participant
|
95,721
|
|
130,961
|
||
Total additions
|
131,707
|
|
Deductions from net assets attributed to:
|
||
Plan’s interest in the Corning Incorporated Master Investment Trust, Investment Loss
|
62,212
|
|
Benefits paid directly to participants
|
122,954
|
|
Administrative expenses
|
2,601
|
|
Total deductions
|
187,767
|
|
Net decrease
|
(56,060)
|
|
Net assets available for benefits
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||
Beginning of year
|
2,396,244
|
|
End of year
|
$
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2,340,184
|
1.
|
Description of Plan
|
Corning Incorporated Investment Plan
Notes to Financial Statements
December 31, 2015 and 2014
|
1)
|
Employees hired on or after July 1, 2000 (and employees hired before July 1, 2000 who so elected) receive matching contributions that equal 100% of the first 2% of eligible pay contributed and 50% of the next 4% of eligible pay contributed, up to 6% of eligible pay.
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2)
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Certain employees hired before July 1, 2000 receive Company matching contributions as a percentage of a participant’s first 5% of eligible pay contributed according to years of service as of December 31 of the prior year as follows:
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Less than 19 years of service
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50%
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|
19 but less than 24 years of service
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75%
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|
24 or more years of service
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100%
|
Corning Incorporated Investment Plan
Notes to Financial Statements
December 31, 2015 and 2014
|
Corning Incorporated Investment Plan
Notes to Financial Statements
December 31, 2015 and 2014
|
2.
|
Summary of Significant Accounting Policies
|
Corning Incorporated Investment Plan
Notes to Financial Statements
December 31, 2015 and 2014
|
Corning Incorporated Investment Plan
Notes to Financial Statements
December 31, 2015 and 2014
|
3.
|
Investments (in thousands)
|
2015
|
2014
|
|||||
Mutual Funds
|
$
|
1,682,206
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$
|
1,692,931
|
||
Collective Trust Funds
|
108,980
|
103,100
|
||||
Short-Term Investment Funds
|
364,884
|
354,618
|
||||
Corning Common Stock
|
283,681
|
382,176
|
||||
Equities
|
194,430
|
168,584
|
||||
Non-Interest Bearing Cash
|
377
|
|||||
Receivable for Securities Sold
|
552
|
1,613
|
||||
Payable for Securities Purchased
|
(85)
|
(434)
|
||||
Accrued Investment Manager Fees
|
(342)
|
(269)
|
||||
$
|
2,634,306
|
$
|
2,702,696
|
Mutual Funds
|
$
|
(40,167)
|
|
Corning Common Stock
|
(73,994)
|
||
Equities
|
16,505
|
||
Collective Trust Funds
|
(2,394)
|
||
$
|
(100,050)
|
4.
|
Fair Value Measurements
|
Corning Incorporated Investment Plan
Notes to Financial Statements
December 31, 2015 and 2014
|
Level 1
|
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
|
|||
Level 2
|
Inputs to the valuation methodology include:
|
|||
·
|
Quoted prices for similar assets or liabilities in active markets;
|
|||
·
|
Quoted prices for identical or similar assets or liabilities in inactive markets;
|
|||
·
|
Inputs other than quoted prices that are observable for the asset or liability;
|
|||
·
|
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
|||
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
|
||||
Level 3
|
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
Corning Incorporated Investment Plan
Notes to Financial Statements
December 31, 2015 and 2014
|
Assets at Fair Value as of December 31, 2015
|
||||||||||||
Assets within the Master Trust:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Mutual Funds
|
$
|
1,682,206
|
$
|
1,682,206
|
||||||||
Collective Trust Funds
|
$
|
108,980
|
108,980
|
|||||||||
Short-Term Investment Funds
|
364,884
|
364,884
|
||||||||||
Corning Common Stock
|
283,681
|
283,681
|
||||||||||
Equities
|
194,430
|
194,430
|
||||||||||
Total Assets at Fair Value
|
$
|
2,525,201
|
$
|
108,980
|
$
|
0
|
$
|
2,634,181
|
Assets at Fair Value as of December 31, 2014
|
||||||||||||
Assets within the Master Trust:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Mutual Funds
|
$
|
1,692,931
|
$
|
1,692,931
|
||||||||
Collective Trust Funds
|
$
|
103,100
|
103,100
|
|||||||||
Short-Term Investment Funds
|
354,618
|
354,618
|
||||||||||
Corning Common Stock
|
382,176
|
382,176
|
||||||||||
Equities
|
168,584
|
168,584
|
||||||||||
Total Assets at Fair Value
|
$
|
2,598,309
|
$
|
103,100
|
$
|
0
|
$
|
2,701,409
|
5.
|
Plan Termination
|
6.
|
Tax Status
|
Corning Incorporated Investment Plan
Notes to Financial Statements
December 31, 2015 and 2014
|
7.
|
Related Parties (in thousands)
|
Corning Incorporated Investment Plan
Notes to Financial Statements
December 31, 2015 and 2014
|
8.
|
Reconciliation of Financial Statements to Form 5500 (in thousands)
|
2015
|
2014
|
||||||
Net assets available for benefits per the financial statements
|
$
|
2,340,184
|
$
|
2,396,244
|
|||
Amounts allocated to withdrawing participants
|
(656)
|
(297)
|
|||||
Net assets available for benefits per the Form 5500
|
$
|
2,339,528
|
$
|
2,395,947
|
|||
Benefits paid directly to participants per the financial statements
|
$
|
122,954
|
|||||
Add: Amounts allocated to withdrawing participants at December 31, 2015
|
656
|
||||||
Less: Amounts allocated to withdrawing participants at December 31, 2014
|
(297)
|
||||||
Benefits paid to participants per the Form 5500
|
$
|
123,313
|
|||||
Net decrease in net assets available for benefits per the financial statements
|
$
|
(56,060)
|
|||||
Change in amounts allocated to withdrawing participants
|
(359)
|
||||||
Net loss per the Form 5500
|
$
|
(56,419)
|
Corning Incorporated Investment Plan
Schedule of Assets (Held at End of Year)
December 31, 2015
|
Identity of Issuer,
Borrower, Lessor or
Similar Party
|
Description of Investment Including
Maturity Date, Rate of Interest,
Collateral,
Par, or Maturity Value
|
Current
Value
|
|||
*
|
Participant loans
|
Maturity dates ranging from 2016 through
2040 and interest rates ranging from
4.25% - 9.25%
|
$18,164
|
1 Year Corning Chart |
1 Month Corning Chart |
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