How much has the effective tax rate of Corning changed between FY2021 and FY2022?
RESULTS OF OPERATIONS
 
The following table presents selected highlights from our operations (in millions):
 
 
 
Year ended December 31,
 
% change
 
 
 
2022
 
2021
 
22 vs. 21
 
 
 
 
 
 
Net sales
 $
14,189 $
14,082 
1%
 
 
 
 
 
Gross margin
 $
4,506 $
5,063 
(11%)
(gross margin %)
 
32% 
36% 
 
 
 
 
 
 
Selling, general and administrative expenses
 $
1,898 $
1,827 
4%
(as a % of net sales)
 
13% 
13% 
 
 
 
 
 
 
Research, development and engineering expenses
 $
1,047 $
995 
5%
(as a % of net sales)
 
7% 
7% 
 
 
 
 
 
 
Translated earnings contract gain, net
 $
351 $
354 
(1%)
(as a % of net sales)
 
2% 
3% 
 
 
 
 
 
 
Income before income taxes
 $
1,797 $
2,426 
(26%)
(as a % of net sales)
 
13% 
17% 
 
 
 
 
 
 
Provision for income taxes
 $
(411) $
(491) 
16%
Effective tax rate
 
23% 
20% 
 
 
 
 
 
 
Net income attributable to Corning Incorporated
 $
1,316 $
1,906 
(31%)
(as a % of net sales)
 
9% 
14% 
 
 
 
 
 
 
Comprehensive income attributable to Corning Incorporated
 $
661 $
1,471 
(55%)
The effective tax rate of Corning has changed from 20% in FY2021 to 23% in FY 2022.