v3.26.1
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Derivative Instruments
The table below presents the hedge rates used in calculating the adjustment for hedged exposures for the three months ended June 30, 2026 as well as the percentage of exposure hedged for the same period. Percentages are calculated relative to after-tax earnings exposure.
CurrencyJapanese yenMexican pesoChinese yuanSouth Korean wonEuroNew Taiwan dollar
Hedge Rate
¥120MX$20¥6.8₩1,269€0.88NT$31
% of Exposure Hedged98%94%93%100%89%95%
Schedule of Differences between Reported Amount and Reporting Currency Denominated Amount
The table below presents the rates that were used in calculating the constant-currency adjustment and were applied to all foreign exchange exposures during the three months ended March 31, 2026 and the three and six months ended June 30, 2025, even though we may have been less than 100% hedged:
CurrencyJapanese yenMexican pesoChinese yuanSouth Korean wonEuroNew Taiwan dollar
Core Rate¥120MX$21¥6.9₩1,250€0.88NT$31
Segment Reporting
Segment information (in millions):
Optical CommunicationsGlass InnovationsAutomotiveSolarTotal Reportable SegmentsLife Sciences and Emerging Growth BusinessesTotal
Three months ended June 30, 2026
Segment net sales$2,072 $1,463 $471 $438 $4,444 $294 $4,738 
Less:
Research, development and
   engineering expenses (1)
92 92 36 3 223 27 250 
Depreciation (2)
77 150 39 77 343 23 366 
Other segment items (3)
1,338 774 292 363 2,767 271 3,038 
Income tax provision (benefit) (4)
127 93 22 2 244 (6)238 
Segment net income (loss)$438 $354 $82 $(7)$867 $(21)$846 
Capital expenditures$180 $123 $16 $92 $411 $9 $420 
Three months ended June 30, 2025
Segment net sales$1,566 $1,443 $460 $231 $3,700 $345 $4,045 
Less:
Research, development and
   engineering expenses (1)
76 92 35 4 207 26 233 
Depreciation (2)
69 147 41 26 283 27 310 
Other segment items (3)
1,102 795 284 196 2,377 285 2,662 
Income tax provision (4)
72 85 21 3 181 1 182 
Segment net income $247 $324 $79 $2 $652 $6 $658 
Capital expenditures$87 $110 $30 $84 $311 $12 $323 
Six months ended June 30, 2026
Segment net sales$3,918 $2,883 $908 $808 $8,517 $566 $9,083 
Less:
Research, development and
   engineering expenses (1)
177 176 72 5 430 55 485 
Depreciation (2)
149 300 79 121 649 49 698 
Other segment items (3)
2,530 1,551 565 674 5,320 520 5,840 
Income tax provision (benefit) (4)
237 178 40 8 463 (13)450 
Segment net income (loss)$825 $678 $152 $— $1,655 $(45)$1,610 
Capital expenditures$328 $273 $31 $118 $750 $14 $764 
Six months ended June 30, 2025
Segment net sales$2,921 $2,849 $900 $437 $7,107 $617 $7,724 
Less:
Research, development and
   engineering expenses (1)
153 184 70 6 413 56 469 
Depreciation (2)
134 284 82 43 543 56 599 
Other segment items (3)
2,056 1,571 562 345 4,534 537 5,071 
Income tax provision (benefit) (4)
130 169 39 14 352 (8)344 
Segment net income (loss)$448 $641 $147 $29 $1,265 $(24)$1,241 
Capital expenditures$184 $187 $42 $129 $542 $— $20 $562 
(1)Research, development and engineering expenses include direct project spending that is identifiable to a segment.
(2)Depreciation expense includes an allocation of depreciation of corporate property not specifically identifiable to a segment.
(3)Other segment items primarily include the cost of materials, salaries, wages and benefits, including variable compensation, and selling, general and administrative expenses.
(4)Income tax provision (benefit) reflects a tax rate of 21%.
Segment information, continued (in millions):
Optical CommunicationsGlass InnovationsAutomotiveSolarTotal Reportable SegmentsLife Sciences and Emerging Growth BusinessesTotal
June 30, 2026
Investment in affiliated companies$5 $112 $— $— $117 $156 $273 
Segment assets (1)
$4,737 $9,240 $2,335 $3,029 $19,341 $1,424 $20,765 
December 31, 2025
Investment in affiliated companies$5 $114 $— $— $119 $183 $302 
Segment assets (1)
$4,029 $9,236 $2,395 $2,734 $18,394 $1,470 $19,864 
(1)Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation and associated equity companies.
Schedule of Reconciliation of Revenue from Segments to Consolidated
The following table presents a reconciliation of net sales of reportable segments to consolidated net sales (in millions):
Three months ended
June 30,		Six months ended
June 30,
2026202520262025
Net sales of reportable segments$4,444 $3,700 $8,517 $7,107 
Net sales of Life Sciences and Emerging Growth Businesses294 345 566 617 
Adjustment for hedged exposures (1)
(233) (233) 
Impact of constant-currency reporting (2)
(183)(201)(410)
Consolidated net sales$4,505 $3,862 $8,649 $7,314 
(1)Effective April 1, 2026, adjustment was calculated by applying our hedge rates to the portion of foreign currency exposures that is hedged by the Company’s hedging instruments during the period, as described above. Amount primarily relates to the Japanese yen exposure within the Glass Innovations segment.
(2)Adjustment for periods prior to April 1, 2026 was calculated using long-term management-determined core rates and applied to all foreign currency exposures for which we were significantly hedged, as described above. Amount primarily relates to the Japanese yen exposure within the Glass Innovations segment.
Schedule of Reconciliation of Net Income (Loss) from Segments to Consolidated
The following table presents a reconciliation of net income of reportable segments to consolidated net income (in millions):
Three months ended
June 30,		Six months ended
June 30,
2026202520262025
Net income of reportable segments$867 $652 $1,655 $1,265 
Net (loss) income of Life Sciences and Emerging Growth
   Businesses		(21)6 (45)(24)
Unallocated amounts:  
Adjustment for hedged exposures (1)
(208) (208) 
Impact of constant-currency reporting (2)
(159)(180)(339)
Translated earnings contract gain, net90 131 74 30 
Translation (loss) gain on foreign denominated debt, net(1)(27)5 (70)
Research, development, and engineering expense(49)(43)(92)(77)
Amortization of intangibles(23)(28)(46)(56)
Interest expense, net(62)(72)(123)(135)
Income tax benefit198 98 289 205 
Restructuring, impairment and other charges and credits (71)(1)(115)6 
Other corporate items(111)(57)(197)(120)
Consolidated net income$609 $500 $1,017 $685 
(1)Effective April 1, 2026, adjustment was calculated by applying our hedge rates to the portion of foreign currency exposures that is hedged by the Company’s hedging instruments during the period, as described above. Amount primarily relates to the Japanese yen exposure within the Glass Innovations segment.
(2)Adjustment for periods prior to April 1, 2026 was calculated using long-term management-determined core rates and applied to all foreign currency exposures for which we were significantly hedged, as described above. Amount primarily relates to the Japanese yen exposure within the Glass Innovations segment.