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Note 7 - Debt | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Debt Disclosure [Text Block] | 7. Debt Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $7.1 billion and $6.1 billion as of June 30, 2023 and December 31, 2022, respectively, compared to the carrying value of $7.4 billion and $6.7 billion as of June 30, 2023 and December 31, 2022, respectively. 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. On May 15, 2023, the Company issued €300 million 3.875% Notes due 2026 (“2026 Notes”) and €550 million 4.125% Notes due 2031 (“2031 Notes”). The proceeds from the 2026 Notes and 2031 Notes were received in euros and converted to U.S. dollars on the date of issuance. The net proceeds received were approximately $918 million and will be used for general corporate purposes. As of June 30, 2023, the U.S. dollar equivalent carrying value of the euro-denominated long-term debt was $920 million. The full amounts of the 2026 Notes and 2031 Notes have been designated as net investment hedges against our investments in certain European subsidiaries with euro functional currencies. Refer to Note 10 (Hedging Activities) for additional information. Corning had no outstanding commercial paper as of June 30, 2023 or December 31, 2022.

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