XML 40 R20.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Note 12 - Debt | 12 Months Ended
--- | ---
Dec. 31, 2015
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] |
12. | Debt
(In millions)
| December 31,
| 2015 |  | 2014
Current portion of long-term debt and short-term borrowings |  |  |  |  |
Current portion of long-term debt | $ | 91 |  | $ | 36
Commercial paper |  | 481 |  |  |
Total current portion of long-term debt and short-term borrowings | $ | 572 |  | $ | 36
Long-term debt |  |  |  |  |
Debentures, 8.875%, due 2016 | $ | 64 |  | $ | 66
Debentures, 1.45%, due 2017 |  | 250 |  |  | 250
Debentures, 1.5%, due 2018 |  | 375 |  |  |
Debentures, 6.625%, due 2019 |  | 246 |  |  | 243
Debentures, 4.25%, due 2020 |  | 291 |  |  | 287
Debentures, 8.875%, due 2021 |  | 68 |  |  | 69
Debentures, 2.9%, due 2022 |  | 374 |  |  |
Debentures, 3.70%, due 2023 |  | 249 |  |  | 249
Medium-term notes, average rate 7.66%, due through 2023 |  | 45 |  |  | 45
Debentures, 7.00%, due 2024 |  | 99 |  |  | 99
Debentures, 6.85%, due 2029 |  | 169 |  |  | 170
Debentures, callable, 7.25%, due 2036 |  | 249 |  |  | 249
Debentures, 4.70%, due 2037 |  | 250 |  |  | 250
Debentures, 5.75%, due 2040 |  | 398 |  |  | 398
Debentures, 4.75%, due 2042 |  | 499 |  |  | 499
Other, average rate 5.02%, due through 2042 |  | 375 |  |  | 389
Total long-term debt |  | 4,001 |  |  | 3,263
Less current portion of long-term debt |  | 91 |  |  | 36
Long-term debt | $ | 3,910 |  | $ | 3,227
At December 31, 2015 and 2014, the weighted-average interest rate on current portion of long-term debt was 7.0% and 2.5%, respectively. At December 31, 2015, the weighted-average interest rate on commercial paper was 0.6%. Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $4.1 billion at December 31, 2015 and $3.6 billion at December 31, 2014. 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 following table shows debt maturities by year at December 31, 2015 (in millions)*:
| 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | Thereafter
| $572 |  | $257 |  | $378 |  | $253 |  | $304 |  | $2,713
* | Excludes interest rate swap gains and bond discounts.
Debt Issuances and Retirements 2015
· | In the second quarter of 2015, we issued $375 million of 1.50% senior unsecured notes that mature on May 8, 2018 and $375 million of 2.90% senior unsecured notes that mature on May 15, 2022. The net proceeds of $745 million will be used for general corporate purposes. We can redeem these notes at any time, subject to certain customary terms and conditions.
2014
· | In the third quarter of 2014, we amended and restated our existing revolving credit facility. The amended facility provides a $2 billion unsecured multi-currency line of credit and expires on September 30, 2019. At December 31, 2015, there were no outstanding amounts on this credit facility. The facility includes affirmative and negative covenants that Corning must comply with, including a leverage (debt to capital ratio) financial covenant. As of December 31, 2015, we were in compliance with all of the covenants.
2013
· | In the first quarter of 2013, we amended and restated our then-existing revolving credit facility. The 2013 amended facility provided a $1 billion unsecured multi-currency line of credit that would have expired in March 2018. This facility was amended and restated by the $2 billion facility entered into in the third quarter of 2014.
· | In the first quarter of 2013, Corning repaid the aggregate principal amount and accrued interest outstanding on the credit facility entered into in the second quarter of 2011 that allowed Corning to borrow up to Chinese renminbi (RMB) 4 billion. The total amount repaid was approximately $500 million. Upon repayment, this facility was terminated.
· | In the second quarter of 2013, the Company established a commercial paper program on a private placement basis, pursuant to which we may issue short-term, unsecured commercial paper notes up to a maximum aggregate principal amount outstanding at any time of $1 billion. Under this program, the Company may issue the notes from time to time and will use the proceeds for general corporate purposes. The maturities of the notes will vary, but may not exceed 390 days from the date of issue. The interest rates will vary based on market conditions and the ratings assigned to the notes by credit rating agencies at the time of issuance. The Company’s revolving credit facility is available to support obligations under the commercial paper program, if needed.
· | In the fourth quarter of 2013, we issued $250 million of 3.70% senior unsecured notes that mature on November 15, 2023. The net proceeds of approximately $248 million were used for general corporate purposes.
· | In the fourth quarter of 2013, we recorded a financing obligation in the approximate amount of $230 million for a new LCD glass substrate facility in China.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration