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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Leases Recently commenced leases and government incentives On March 12, 2024, Corning entered into a lease (“Facility Lease”) for a solar manufacturing facility in Hemlock, Michigan. Upon commencement of the Facility Lease during the third quarter of 2025, the Company recognized a $762 million right-of-use asset and lease liability. Additionally, the Company recognized $181 million in tax incentives under Section 48D of the Internal Revenue Code as part of the CHIPS and Science Act (“48D credits”). These 48D credits, which reduced the right-of-use asset and will be amortized against depreciation expense over the useful life of the asset, were recorded within other assets on the consolidated balance sheets. The Facility Lease was classified as a finance lease, with a lease term of approximately five years. The right-of-use asset is included within property, plant and equipment, net of accumulated depreciation on the consolidated balance sheets, and lease liability of $49 million is classified within current portion of long-term debt and short-term borrowings, and $713 million is classified within long-term debt on the consolidated balance sheets. This transaction was a non-cash investing and financing activity and is excluded from the statement of cash flows. Lease payments are anticipated to begin no later than the second quarter of 2026 and the undiscounted lease payments, inclusive of a residual value guarantee, are approximately $1.0 billion, of which $74 million, $88 million, $88 million and $88 million is to be paid in 2026, 2027, 2028 and 2029, respectively, and $676 million is to be paid thereafter. Leases not yet commenced During the first quarter of 2025, Corning entered into a lease primarily for production related equipment, that has not yet commenced, of approximately $261 million on an undiscounted basis. The lease is expected to commence late in 2026 with a lease term of 16 years. This lease is expected to be classified as a finance lease and the amount of right-of-use asset and lease liability will be determined and recorded upon lease commencement. During the second quarter of 2024, Corning entered into an equipment lease (“Equipment Lease”), with an initial estimated purchase and installation cost of $365 million, for the equipment to be installed and operated within the solar manufacturing facility in Hemlock, Michigan. The Company is the procurement and installation agent on behalf of the lessor. On May 9, 2025, the Equipment Lease was amended to increase the aggregate commitment amount (“Amended Equipment Lease”). As of September 30, 2025 the estimated purchase and installation cost subject to this Amended Equipment Lease is $586 million. The Amended Equipment Lease is expected to commence in the fourth quarter of 2025 and has a lease term of five years with obligations to purchase the equipment at lease maturity. The Equipment Lease is expected to be classified as a finance lease and the amount of right-of-use asset and lease liability will be determined and recorded upon lease commencement, with the right-of-use asset reduced by the recognition of any 48D credits. Based on the current estimate of the purchase and installation cost, the estimated undiscounted lease payments are approximately $717 million, of which $75 million, $151 million, $151 million and $151 million is to be paid in 2026, 2027, 2028 and 2029, respectively, and $189 million is to be paid thereafter.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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