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Debt | 12 Months Ended
--- | ---
Dec. 31, 2018
Debt [Abstract] |
Debt | 10.Deb t ﻿ (In millions) ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | December 31,
﻿ | 2018 |  | 2017
﻿ |  |  |  |  |
﻿Current portion of long-term debt | $ | 4 |  | $ | 379
﻿ |  |  |  |  |
﻿Long-term debt |  |  |  |  |
﻿Debentures, 1.5%, due 2018 |  |  |  | $ | 375
﻿Debentures, 6.625%, due 2019 |  |  |  |  | 245
﻿Debentures, 4.25%, due 2020 | $ | 291 |  |  | 288
﻿Debentures, 8.875%, due 2021 |  | 65 |  |  | 66
﻿Debentures, 2.90%, due 2022 |  | 373 |  |  | 373
﻿Debentures, 3.70%, due 2023 |  | 249 |  |  | 249
﻿Medium-term notes, average rate 7.66%, due through 2023 |  | 45 |  |  | 45
﻿Debentures, 7.00%, due 2024 |  | 100 |  |  | 99
﻿Yen-denominated Debentures, .698%, due 2024 |  | 191 |  |  | 185
﻿Yen-denominated Debentures, .722%, due 2025 |  | 90 |  |  |
﻿Yen-denominated Debentures, .992%, due 2027 |  | 426 |  |  | 414
﻿Yen-denominated Debentures, 1.043%, due 2028 |  | 276 |  |  |
﻿Debentures, 6.85%, due 2029 |  | 164 |  |  | 166
﻿Yen-Denominated Debentures, 1.219%, due 2030 |  | 226 |  |  |
﻿Debentures, callable, 7.25%, due 2036 |  | 248 |  |  | 248
﻿Debentures, 4.70%, due 2037 |  | 295 |  |  | 248
﻿Yen-denominated Debentures, 1.583%, due 2037 |  | 91 |  |  | 85
﻿Debentures, 5.75%, due 2040 |  | 395 |  |  | 397
﻿Debentures, 4.75%, due 2042 |  | 496 |  |  | 496
﻿Debentures, 5.35%, due 2048 |  | 543 |  |  |
﻿Debentures, 4.375%, due 2057 |  | 742 |  |  | 743
﻿Debentures, 5.85%, due 2068 |  | 296 |  |  |
﻿Other, average rate 5.08%, due through 2043 |  | 396 |  |  | 406
﻿Total long-term debt |  | 5,998 |  |  | 5,128
﻿Less current portion of long-term debt |  | 4 |  |  | 379
﻿Long-term debt | $ | 5,994 |  | $ | 4,749
﻿ Corning did no t have outstanding commercial paper at December 31, 2018 and 2017. ﻿ In the third quarter of 2018, Corning amended and restated its revolving credit agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides a committed $1.5 billion unsecured multi-currency line of credit and expires August 15, 2023. At December 31, 2018, there were no outstanding amounts under the Revolving Credit Agreement. ﻿ Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $6.0 billion at December 31, 2018 and $5.1 billion at December 31, 2017. 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, 2018 (in millions)*: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter
﻿ | $ | 4 |  | $ | 305 |  | $ | 68 |  | $ | 381 |  | $ | 420 |  | $ | 4,856
﻿ *Excludes interest rate swap gains and bond discounts. 10.Debt (continued) ﻿ Debt Issuances and Retirements ﻿ 2018 In the second quarter of 2018, Corning issued three Japanese yen-denominated debt securities (the “Notes”), as follows: ﻿
| · |  | ¥10 billion 0.722% senior unsecured notes with a maturity of 7 years;
| · |  | ¥30.5 billion 1.043% senior unsecured notes with a maturity of 10 years; and
| · |  | ¥25 billion 1.219% senior unsecured notes with a maturity of 12 years.
﻿ The proceeds from the Notes were received in Japanese yen and converted to U.S. dollars on the date of issuance. The net proceeds received in U.S. dollars, after deducting offering expenses, were $596 million. Payments of principle and interest on the Notes will be in Japanese yen, or should yen be unavailable due to circumstances beyond Corning’s control, a U.S. dollar equivalent. The net proceeds of $596 million will be used for general corporate purposes. ﻿ In the fourth quarter of 2018, Corning issued three unsecured long-term notes as follows: ﻿
| · |  | $50 million 4.70% senior unsecured notes with a maturity of 19 years;
| · |  | $550 million 5.35% senior unsecured notes with a maturity of 30 years; and
| · |  | $300 million 5.85% senior unsecured notes with a maturity of 50 years.
﻿ The net proceeds of $889 million will be used for general corporate purposes. We can redeem these notes at any time, subject to certain terms and conditions. ﻿ In the fourth quarter of 2018, Corning redeemed $250 million of 6.625% Notes due 2019, paying a nominal call premium. The bond redemption incurred an insignificant loss during the fourth quarter of 2018. ﻿ 2017 In the third quarter of 2017, Corning issued three Japanese yen-denominated debt securities (the “Notes”), as follows: ﻿
| · |  | ¥21 billion 0.698% senior unsecured notes with a maturity of 7 years;
| · |  | ¥47 billion 0.992% senior unsecured notes with a maturity of 10 years; and
| · |  | ¥10 billion 1.583% senior unsecured notes with a maturity of 20 years.
﻿ The proceeds from these Notes were received in Japanese yen and converted to U.S. dollars on the date of issuance. The net proceeds received in U.S. dollars, after deducting offering expenses, was approximately $700 million. Payments of principal and interest on the Notes will be in Japanese yen, or should yen be unavailable due to circumstances beyond Corning’s control, a U.S. dollar equivalent. The net proceeds of $700 million were made available for general corporate purposes. ﻿ In the fourth quarter of 2017, Corning issued $750 million of 4.375% senior unsecured notes that mature on November 15, 2057. The net proceeds of $743 million will be used for general corporate purposes. We can redeem these notes at any time, subject to certain terms and conditions. On a quarterly basis, Corning will recognize the transaction gains and losses resulting from changes in the JPY/USD exchange rate in the Other expense, net line of the Consolidated Statements of Income (Loss). Cash proceeds from the offerings and payments for debt issuance costs are disclosed as financing activities, and cash payments to bondholders for interest will be disclosed as operating activities, in the Consolidated Statements of Cash Flows.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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