Debt |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| 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 $7.4 billion and $7.3 billion compared to recorded book values of $7.8 billion and $7.6 billion as of June 30, 2026 and December 31, 2025, 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. The Company maintains a revolving credit facility (the “Revolving Credit Facility”), which provides a committed $1.5 billion unsecured multi-currency line of credit and expires in 2030. As of June 30, 2026, there were no outstanding amounts under the Revolving Credit Facility. Certain of Corning’s subsidiaries are the obligors to Chinese yuan-denominated unsecured variable rate loan facilities, whose proceeds are used for capital investment and related corporate purposes. During the three and six months ended June 30, 2026, the Company entered into new Chinese yuan-denominated variable rate loan facilities and incurred $22 million and $448 million, respectively, in short-term borrowings under these facilities. During the three months ended June 30, 2026, the Company repaid $313 million of principal balance under these facilities. As of June 30, 2026, the amount outstanding under these facilities totaled $536 million, of which $491 million is due within one year. These facilities had variable interest rates ranging from 2.2% to 2.9%, respectively, and maturities ranging from 2027 to 2032. As of June 30, 2026, Corning had ¥0.5 billion Chinese yuan of unused capacity, equivalent to approximately $74 million. The amount outstanding under these facilities as of December 31, 2025 totaled $384 million. In May 2026, the Company repaid €300 million (equivalent to $351 million) aggregate principal amount of its 3.875% Notes due 2026. In June 2025, the Company repaid ¥10.0 billion (equivalent to $69.6 million) aggregate principal amount of its 0.722% debentures due 2025. On July 15, 2026, the Company issued a notice of redemption for all of its outstanding $250 million aggregate principal amount of 7.25% Notes due 2036. The redemption is expected to occur on August 15, 2026 at 100% of principal plus accrued interest.
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