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Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Financial Instruments | Financial Instruments The following table summarizes the notional amounts and respective fair values of Corning’s derivative financial instruments on a gross basis (in millions):
| September 30, 2025 |  | December 31, 2024
| 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) | $ | 1,452 |  |  | $ | 74 |  |  | $ | (12) |  |  | $ | 928 |  |  | $ | 106 |  |  | $ | (69) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | 2,939 |  |  | 13 |  |  | (20) |  |  | 2,339 |  |  | 14 |  |  | (77) |
Translated earnings contracts (4) | 10,902 |  |  | 652 |  |  | (246) |  |  | 9,817 |  |  | 859 |  |  | (327) |
Cross currency swap contracts | 571 |  |  |  |  | (167) |  |  | 439 |  |  |  |  | (148) |
Total derivatives | $ | 15,864 |  |  | $ | 739 |  |  | $ | (445) |  |  | $ | 13,523 |  |  | $ | 979 |  |  | $ | (621) |
Current |  |  | $ | 447 |  |  | $ | (163) |  |  |  |  | $ | 619 |  |  | $ | (348) |
Non-current |  |  | 292 |  |  | (282) |  |  |  |  | 360 |  |  | (273) |
Total derivatives |  |  | $ | 739 |  |  | $ | (445) |  |  |  |  |  | $ | 979 |  |  | $ | (621) |
(1)All of the Company’s derivative contracts are measured at fair value and are classified as Level 2 within the fair value hierarchy. Derivative assets are presented in other current assets or other assets in the consolidated balance sheets. Derivative liabilities are presented in other accrued liabilities or other liabilities in the consolidated balance sheets. (2)The amounts above do not include €750 million ($874 million equivalent) and €850 million ($879 million equivalent) of euro-denominated debt as of September 30, 2025 and December 31, 2024, respectively, which is a non-derivative financial instrument designated as a net investment hedge. (3)As of September 30, 2025 and December 31, 2024, derivatives designated as hedging instruments include foreign exchange cash flow hedges and net investment hedges with gross notional amounts of $1,452 million and $928 million, respectively, and fair value hedges of leased precious metals with gross notional amounts of 7,989 troy ounces and 12,694 troy ounces, respectively. Fair value assets include designated derivatives pertaining to precious metals lease contracts in the amounts of $7 million and $104 million as of September 30, 2025 and December 31, 2024, respectively. Fair value liabilities include designated derivatives pertaining to precious metals lease contracts in the amounts of $12 million as of September 30, 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 September 30, 2025 and December 31, 2024, the Company has $162 million and $141 million recorded in other accrued liabilities and $46 million and $172 million recorded in other liabilities, respectively, in the consolidated balance sheets. The following table summarizes the total gross notional coverage for translated earnings contracts (in millions):
| September 30, 2025 |  | December 31, 2024
Forward contracts: |  |  |
Japanese yen-denominated | $ | 1,207 |  |  | $ | 259 |
South Korean won-denominated | 2,122 |  |  | 1,151 |
Chinese yuan-denominated | 1,094 |  |  | 864 |
New Taiwan dollar-denominated | 509 |  |  | 503 |
Mexican peso-denominated | 1,477 |  |  | 320 |
Euro-denominated | 1,636 |  |  | 1,538 |
Option contracts: |  |  |
Japanese yen-denominated | 2,810 |  |  | 4,997 |
Euro-denominated | 47 |  |  | 185 |
Total gross notional amount for translated earnings contracts | $ | 10,902 |  |  | $ | 9,817 |
The following tables summarize the effect in the consolidated statements of income (loss) relating to Corning’s derivative and non-derivative financial instruments (in millions). The accumulated gain or loss included in accumulated other comprehensive loss on the consolidated balance sheets as of September 30, 2025 and December 31, 2024 is a gain of $1 million and loss of $11 million, respectively.
| Three months ended September 30,
| Gain (loss) recognized in other comprehensive income (loss) (OCI) (1) |  | Location of gain reclassified from accumulated OCI into income effective (ineffective) |  | Gain reclassified from accumulated OCI into income
| 2025 |  | 2024 |  |  | 2025 |  | 2024
Hedging relationships for cash flow, net investment and fair value hedges: |  |  |  |  |  |  |  |  |
Foreign exchange and precious metals lease contracts | $ | 39 |  |  | $ | (68) |  |  | Cost of sales |  | $ | 1 |  |  | $ | 15 |
|  |  |  |  | Other expense, net |  | 6 |  |  |  |
Total designated | $ | 39 |  |  | $ | (68) |  |  |  |  | $ | 7 |  |  | $ | 15 |
(1)Amount includes a loss of $1 million and a loss of $39 million during the three months ended September 30, 2025 and 2024, respectively, relating to non-derivative financial instruments designated as a net investment hedge.
| Nine months ended September 30,
| Gain (loss) recognized in other comprehensive income (loss) (OCI) (1) |  | Location of (loss) gain reclassified from accumulated OCI into income effective (ineffective) |  | (Loss) gain reclassified from accumulated OCI into income
| 2025 |  | 2024 |  |  | 2025 |  | 2024
Hedging relationships for cash flow, net investment and fair value hedges: |  |  |  |  |  |  |  |  |
Foreign exchange and precious metals lease contracts | $ | 12 |  |  | $ | (59) |  |  | Cost of sales |  | $ | (9) |  |  | $ | 36 |
|  |  |  |  | Other expense, net |  | 9 |  |  | (1)
Total designated | $ | 12 |  |  | $ | (59) |  |  |  |  | $ | — |  |  | $ | 35 |
(1)Amount includes a loss of $102 million and a loss of $9 million during the nine months ended September 30, 2025 and 2024, respectively, relating to non-derivative financial instruments designated as a net investment hedge.
| (Loss) gain recognized in income (loss) |  | Location of gain (loss) recognized in income (loss)
| Three months ended September 30, |  | Nine months ended September 30, |
Undesignated derivatives | 2025 |  | 2024 |  | 2025 |  | 2024 |
Foreign exchange contracts | $ | (27) |  |  | $ | 42 |  |  | $ | 93 |  |  | $ | 7 |  |  | Other expense, net
Translated earnings contracts (1) | 33 |  |  | (157) |  |  | 63 |  |  | (91) |  |  | Translated earnings contract gain (loss), net
Cross currency swap contracts | (19) |  |  | 10 |  |  | (10) |  |  | 3 |  |  | Other expense, net
Total undesignated | $ | (13) |  |  | $ | (105) |  |  | $ | 146 |  |  | $ | (81) |  |  |
(1)For the three and nine months ended September 30, 2025, amount includes non-cash pre-tax realized losses of $94 million and $202 million, respectively, and for the three and nine months ended September 30, 2024, amount includes non-cash pre-tax realized losses of $24 million and $81 million, respectively, related to the premiums of expired option contracts. Cross Currency Swap Contracts Since inception of the Company’s Japanese yen-denominated debt, the Japanese yen has weakened and the U.S. dollar value of these liabilities has decreased, generating unrealized foreign exchange gains that have been recognized over time in the consolidated statements of income (loss). During 2025 and 2024, the Company entered into various cross currency swap contracts relating to a portion of the Company’s Japanese yen-denominated debt in order to economically lock in unrealized foreign exchange gains. At inception of these instruments, Corning received a net amount from the counterparties, representing an exchange of the notional amounts at a fixed foreign exchange rate of Japanese yen to U.S. dollar and initially recorded this amount as a derivative liability. During the nine months ended September 30, 2025 and 2024, Corning received net payments of $24 million and $68 million, respectively. As of September 30, 2025 and December 31, 2024, the fair value of the derivative liability associated with these contracts is $167 million and $148 million, respectively. Net Investment Hedges From time to time, Corning utilizes derivative and non-derivative net investment hedges to offset risk against investments in foreign subsidiaries with non-USD functional currencies. Accordingly, the following activity occurred during 2025: During the first quarter of 2025, the Company de-designated €100 million ($117 million equivalent as of September 30, 2025) notional of the €300 million ($352 million equivalent as of September 30, 2025) 3.875% Notes due 2026 (“2026 Notes”), which is a non-derivative financial instrument that was previously designated as a net investment hedge against its investments in certain European subsidiaries with euro functional currencies. The Company continues to have €550 million ($644 million equivalent as of September 30, 2025) 4.125% Notes due 2031 (“2031 Notes”) also designated as net investment hedges. As of September 30, 2025 and December 31, 2024, the Company had a total notional amount of €750 million ($879 million equivalent) and €850 million ($884 million equivalent), respectively, designated as net investment hedges. Beginning in the first quarter of 2025, the Company entered into various foreign exchange forward contracts and designated these forward contracts as net investment hedges against its investments in certain European subsidiaries with euro functional currencies and its Taiwanese subsidiary with Japanese yen functional currency. As of September 30, 2025, the Company had €200 million ($234 million equivalent as of September 30, 2025) and ¥40.2 billion ($270 million equivalent as of September 30, 2025) existing net investment hedges. As of September 30, 2025, these net investment hedges are deemed to be effective. Leased Precious Metals Contracts The carrying amount of the leased precious metals pool, which is included within property, plant and equipment, net of accumulated depreciation in the consolidated balance sheets, is $58 million as of September 30, 2025 and December 31, 2024. The carrying amount of the leased precious metals pool includes a cumulative fair value gain of $3 million and a loss of $108 million as of September 30, 2025 and December 31, 2024, respectively. These gains and losses are offset by changes in the fair value of hedges.

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