Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the notional amounts and respective fair values of Corning’s derivative financial instruments on a gross basis (in millions):


	June 30, 2026						December 31, 2025
	Notional amount		Fair value asset (1)		Fair value liability (1)		Notional amount		Fair value asset (1)		Fair value liability (1)
Derivatives designated as hedging instruments (2):
Foreign exchange and precious metals lease contracts (3)	$	884	$	94			$	1,116	$	95	$	(19)

Derivatives not designated as hedging instruments:
Foreign exchange contracts	3,315		13		$	(37)	4,333		29		(29)
Translated earnings contracts (4)	14,261		963		(523)		10,816		681		(224)
Cross currency swap contracts	1,092				(241)		798				(194)
Total derivatives	$	19,552	$	1,070	$	(801)	$	17,063	$	805	$	(466)

Current			$	696	$	(295)			$	533	$	(159)
Non-current			374		(506)				272		(307)
Total derivatives			$	1,070	$	(801)			$	805	$	(466)

(1)All of the Company’s derivative contracts are measured at fair value using Level 2 within the fair value hierarchy, primarily based on quoted prices in active markets for similar instruments. Derivative assets are presented in other current assets or other assets on the consolidated balance sheets. Derivative liabilities are presented in other accrued liabilities or other liabilities on the consolidated balance sheets.

(2)The amounts as of June 30, 2026 and December 31, 2025 do not include total notional amounts of €550 million ($628 million equivalent) and €750 million ($881 million equivalent), respectively, of euro-denominated debt, which is a non-derivative financial instrument designated as a net investment hedge.

(3)As of June 30, 2026, derivatives designated as hedging instruments include foreign exchange cash flow hedges and net investment hedges with gross notional amounts of $884 million. As of December 31, 2025, derivatives designated as hedging instruments include foreign exchange cash flow hedges and net investment hedges with gross notional amounts of $1,116 million and fair value hedges of leased precious metals with a gross notional amount of 4,090 troy ounces. Fair value liabilities include designated derivatives pertaining to precious metals lease contracts in the amount of $16 million as of December 31, 2025.

(4)The Company has deferred payments associated with its purchased option contracts that are classified as non-derivative liabilities and will be settled by the end of the option contract term. As of June 30, 2026 and December 31, 2025, the Company has $190 million and $229 million, respectively, recorded in other accrued liabilities and $39 million recorded in other liabilities as of June 30, 2026 on the consolidated balance sheets.

Schedule of Derivatives Not Designated as Hedging Instruments

The following table summarizes the total gross notional amount for translated earnings contracts (in millions):


	June 30, 2026		December 31, 2025
Forward contracts:
Japanese yen-denominated	$	1,764	$	1,712
Mexican peso-denominated	2,215		1,264
Chinese yuan-denominated	1,473		1,179
South Korean won-denominated	2,556		2,413
Euro-denominated	1,412		1,595
New Taiwan dollar-denominated	876		483
Option contracts:
Japanese yen-denominated	3,965		2,170

Total gross notional amount for translated earnings contracts	$	14,261	$	10,816

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)


	Three months ended June 30,
	Gain (loss) recognized in other comprehensive (loss) income (OCI) (1)				Location of gain (loss) reclassified from accumulated OCI into income effective (ineffective)	Gain (loss) reclassified from accumulated OCI into income
	2026		2025			2026		2025
Hedging relationships for cash flow, net investment and fair value hedges:
Foreign exchange and precious metals lease contracts	$	44	$	(27)	Cost of sales	$	26	$	(3)
					Other expense, net	2		2
Total designated	$	44	$	(27)		$	28	$	(1)

(1)Amount includes a loss of $3 million and $68 million during the three months ended June 30, 2026 and 2025, respectively, relating to non-derivative financial instruments designated as net investment hedges.


	Six months ended June 30,
	Gain (loss) recognized in other comprehensive (loss) income (OCI) (1)				Location of gain (loss) reclassified from accumulated OCI into income effective (ineffective)	Gain (loss) reclassified from accumulated OCI into income
	2026		2025			2026		2025
Hedging relationships for cash flow, net investment and fair value hedges:
Foreign exchange and precious metals lease contracts	$	74	$	(27)	Cost of sales	$	39	$	(10)
					Other expense, net	4		3
Total designated	$	74	$	(27)		$	43	$	(7)

(1)Amount includes a gain of $19 million and a loss of $101 million during the six months ended June 30, 2026 and 2025, respectively, relating to non-derivative financial instruments designated as net investment hedges.


	Gain (loss) recognized in income								Location of gain (loss) recognized in income
	Three months ended June 30,				Six months ended June 30,
Undesignated derivatives	2026		2025		2026		2025
Foreign exchange contracts	$	(1)	$	82	$	(36)	$	120	Other expense, net
Translated earnings contracts (1)	90		131		74		30		Translated earnings contract gain, net
Cross currency swap contracts	(12)		9		(23)		9		Other expense, net
Total undesignated	$	77	$	222	$	15	$	159

(1)For the three and six months ended June 30, 2026, amount includes non-cash pre-tax realized losses of $75 million and $165 million, respectively, and for the three and six months ended June 30, 2025, amount includes non-cash pre-tax realized losses of $68 million and $108 million, respectively, related to the premiums of expired option contracts.