Shareholders' Equity |
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| Shareholders’ Equity | Shareholders’ Equity Common Stock Dividends On February 11, 2026 and April 30, 2026, Corning’s Board of Directors declared dividends of $0.28 per share of common stock, which were paid on March 30, 2026 and June 29, 2026, respectively. On June 24, 2026, Corning’s Board of Directors declared a quarterly dividend of $0.28 per share of common stock, which will be payable on September 29, 2026. 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, 2026, approximately $3.0 billion remains available under the Company’s 2019 Authorization. During the three and six months ended June 30, 2026, no shares were repurchased. 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. Issuance of Warrants On May 6, 2026, in connection with the long-term partnership with a customer to strengthen U.S. manufacturing for AI infrastructure, the Company entered into a securities purchase agreement (the “Purchase Agreement”) under which the Company issued and sold (i) a warrant (the “Traditional Warrant”) to purchase up to 15 million shares of common stock of the Company at an exercise price of $180.00 per share, and (ii) a pre-funded warrant (the “Pre-Funded Warrant” and, together with the Traditional Warrant, the “Warrants”) to purchase up to 3 million shares of common stock at an exercise price of $0.0001 per share. The Warrants are equity-classified awards and are exercisable at any time on or after the issuance date. The Traditional Warrant will expire on the earliest to occur of (a) the third anniversary of the issuance date, (b) the termination of the definitive agreement governing the long-term partnership, subject to certain exceptions, and (c) the consummation of a fundamental transaction by the Company. The Pre-Funded Warrant will expire on the earlier to occur of (x) the third anniversary of the issuance date and (y) the consummation of a fundamental transaction by the Company. The Traditional Warrant was issued without separate consideration and does not convey rights to a distinct good or service. Accordingly, it was accounted for as consideration payable to a customer and, as an equity-classified award, was measured at its grant-date fair value of $296 million and recorded within additional paid-in capital on the consolidated balance sheets. Refer to Note 2 (Revenue) for additional information. Because the Traditional Warrant is equity-classified, it is not subsequently remeasured to fair value after issuance. The grant-date fair value of the Traditional Warrant of $296 million was estimated using a binomial lattice valuation model and Level 3 inputs that incorporated path-dependent features, including potential early exercise and contractual restrictions such as lock-up provisions. Significant assumptions included expected volatility, expected term, risk-free rate and dividend yield. Expected volatility was based on the Company’s historical stock price volatility and, due to its subjective nature, is inherently uncertain. Changes in these assumptions, particularly expected volatility, could have materially affected the estimated grant-date fair value of the Traditional Warrant. The Pre-Funded Warrant was issued for cash consideration of $500 million, which approximated its fair value at issuance, and recorded within additional paid-in capital on the consolidated balance sheets. In addition, as a result of the nominal exercise price, the underlying common shares are considered outstanding for purposes of calculating earnings per common share. Accumulated Other Comprehensive Loss For the three and six months ended June 30, 2026 and 2025, the change in accumulated other comprehensive loss was primarily related to foreign currency translation adjustments. The following table presents the changes in foreign currency translation adjustments component of accumulated other comprehensive loss, including the proportionate share of equity method affiliates’ accumulated other comprehensive loss (in millions):
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