CORNING INC NY

Corning periodically assesses the operating efficiency and cost structure of the Company’s asset base and global workforce and takes appropriate actions to align corporate resources with the business environment.

The following table presents the restructuring, impairment and other charges and credits (in millions):

During the year ended* December 31, 2023,Corning recorded $471 million in severance, asset write-offs and other related charges. Capacity optimization charges include asset write-offs associated with the exit of certain facilities, product lines and other exit activities primarily within Optical Communications, Specialty Materials and Life Sciences. Severance charges were recorded across all segments and as of December 31, 2023,the severance accrual of $118 million was reflected within other accrued liabilities on the consolidated balance sheet and is expected to be substantially completed within the nexttwelve* months.

During the year ended* December 31, 2022,Corning recorded $414 million in severance, accelerated depreciation, asset write-offs and other related charges. Capacity optimization charges include accelerated depreciation and asset write-offs associated with the exit of certain facilities, product lines and other exit activities primarily within Display Technologies, Specialty Materials and an emerging growth business. Severance charges were recorded across all segments and as of December 31, 2022,*the severance accrual was $66 million and reflected within other accrued liabilities on the consolidated balance sheet.

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2. Restructuring, Impairment and Other Charges and Credits (Continued)

The following tables present the impact and respective location of total restructuring, impairment and other charges and credits in the consolidated statements of income (in millions):

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