Debt |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $6.3 billion and $6.4 billion compared to the carrying value of $6.7 billion and $6.9 billion as of June 30, 2025 and December 31, 2024, respectively. The Company measures the fair value of its long-term debt using Level 2 inputs based primarily on current market yields for its existing debt traded in the secondary market. During the three and six months ended June 30, 2025, the Company repaid ¥10.0 billion (equivalent to $69.6 million) aggregate principal amount of its 0.722% debentures due 2025. Corning is the obligor to Chinese yuan-denominated variable rate loan facilities, whose proceeds are used for capital investment and general corporate purposes. During the six months ended June 30, 2025, the Company repaid $209 million of its existing loan amounts outstanding. In addition, the Company entered into new Chinese yuan-denominated variable rate loan facilities and incurred $285 million in borrowings under these facilities during the six months ended June 30, 2025. As of June 30, 2025 and December 31, 2024, amounts outstanding under these facilities totaled $394 million and $314 million, respectively, and these facilities had variable interest rates ranging from 2.2% to 3.4% and 2.8% to 3.9%, respectively, and maturities ranging from 2025 to 2032. As of June 30, 2025, Corning had ¥0.2 billion Chinese yuan of unused capacity, equivalent to approximately $22 million. On July 28, 2025, the Company entered into a new credit agreement (the “New Credit Agreement”), which replaces the Company’s existing $1.5 billion credit agreement dated June 6, 2022 (the “Existing Credit Agreement”). The New Credit Agreement provides a committed $1.5 billion unsecured multi-currency line of credit and expires July 28, 2030. As of June 30, 2025, there were no outstanding amounts under the Existing Credit Agreement or the New Credit Agreement. During the first quarter of 2025, the Company de-designated €100 million ($117 million equivalent as of June 30, 2025) notional of the €300 million ($351 million equivalent as of June 30, 2025) 3.875% Notes due 2026 as a net investment hedge. Refer to Note 13 (Financial Instruments) for additional information. From time to time, the Company enters into various cross currency swap contracts to economically lock in unrealized foreign exchange gains relating to a portion of the Company’s Japanese yen-denominated debt. Refer to Note 13 (Financial Instruments) for additional information.
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