v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Shareholders’ Equity Shareholders’ Equity
Common Stock Dividends
On February 12, 2025 and May 1, 2025, Corning’s Board of Directors declared a quarterly dividend of $0.28 per share of common stock, which was paid on March 28, 2025 and June 27, 2025, respectively.
On June 25, 2025, Corning’s Board of Directors declared a quarterly dividend of $0.28 per share of common stock. The dividend will be payable on September 29, 2025.
Fixed Rate Cumulative Convertible Preferred Stock, Series A
The Company had 2,300 outstanding shares of Fixed Rate Cumulative Convertible Preferred Stock, Series A (the “Preferred Stock”) as of December 31, 2020. On January 16, 2021, the Preferred Stock became convertible into 115 million common shares. On April 5, 2021, Corning and Samsung Display Co., Ltd. (“SDC”) executed the Share Repurchase Agreement (“SRA”) and the Preferred Stock was fully converted as of April 8, 2021. Immediately following the conversion, Corning repurchased and retired 35 million of the common shares held by SDC for an aggregate purchase price of approximately $1.5 billion.
Pursuant to the SRA, with respect to the remaining 80 million common shares outstanding held by SDC, 58 million common shares are subject to a seven-year lock-up period expiring in 2027. The remaining 22 million common shares can be offered to be sold to Corning in specified tranches from time to time in calendar years 2024 through 2027. Corning may, at its sole discretion, elect to repurchase such common shares. If Corning elects not to repurchase the common shares and SDC sells the common shares on the open market, Corning is required to pay SDC a make-whole payment, subject to a 5% cap of the repurchase proceeds that otherwise would have been paid by Corning. As of June 30, 2025 and December 31, 2024, the fair value of the liability associated with this option, measured using Level 2 significant other observable inputs, was not material.
Share Repurchase Program
In 2019, the Board authorized the repurchase of up to $5.0 billion of additional common stock (“2019 Authorization”), which does not have an expiration date and may be amended or terminated by the Board of Directors at any time without prior notice. As of June 30, 2025, approximately $3.0 billion remains available under the Company’s 2019 Authorization.
During the three and six months ended June 30, 2025, the Company repurchased 0.7 million shares and 2.8 million shares, respectively, for approximately $33 million and $133 million, respectively. During the three and six months ended June 30, 2024, the company repurchased 3 million common shares for $105.4 million pursuant to the terms of the SRA, as discussed above.
Accumulated Other Comprehensive Loss
For the three and six months ended June 30, 2025 and 2024, the change in accumulated other comprehensive loss was primarily related to the foreign currency translation adjustments.
The following table presents the changes in the foreign currency translation adjustment component of accumulated other comprehensive loss, including the proportionate share of equity method affiliates’ accumulated other comprehensive loss (in millions):
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
Beginning balance$(2,369)$(2,272)$(2,530)$(1,942)
Gain (loss) on foreign currency translation (1)
372 (212)526 (543)
Equity method affiliates (1)
19 (10)26 (9)
Net current-period other comprehensive income (loss), net of tax391 (222)552 (552)
Ending balance$(1,978)$(2,494)$(1,978)$(2,494)
(1)Amounts are after tax. Tax effects are not significant.