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Reportable Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Reportable Segments | Reportable Segments As of January 1, 2025, the Company began managing its Automotive Glass Solutions business together with its Environmental Technologies business, forming the Automotive segment. In addition, the Display Technologies segment has been renamed to Display. The segment information presented below has been recast for the comparative period presented for the Automotive segment. As a result of the above changes, the Company has five reportable segments for financial reporting purposes, as follows: •Optical Communications – manufactures carrier network and enterprise network components for the telecommunications industry; the carrier network group consists primarily of products and solutions for optical-based communications infrastructure for services such as video, data and voice communications; the enterprise network group consists primarily of optical-based communication networks, including hyperscale data centers, sold to businesses, governments and individuals for their own use. •Display – manufactures high quality glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used primarily in televisions, notebook computers, desktop monitors, tablets and handheld devices. •Specialty Materials – manufactures products that provide material formulations for glass, glass ceramics and crystals, as well as precision metrology instruments and software to meet demand for unique customer needs across a wide variety of commercial and industrial markets, including materials optimized for mobile consumer electronics, semiconductor equipment optics and consumables, aerospace and defense optics, radiation shielding products, sunglasses and telecommunications components. •Automotive – manufactures ceramic substrates and filter products for emissions control systems in mobile applications; as well as glass products for the interior and exterior of vehicles. •Life Sciences – develops, manufactures, and supplies laboratory products, including labware, equipment, media, serum and reagents, enabling workflow solutions for drug discovery and bioproduction. All other businesses that do not meet the quantitative threshold for separate reporting have been grouped as Hemlock and Emerging Growth Businesses. Net sales for this group are mainly attributable to HSG, an operating segment that produces solar and semiconductor products. The emerging growth businesses primarily consist of Pharmaceutical Technologies and the Emerging Innovations Group. The chief operating decision maker (“CODM”) of the Company is the Company’s chief executive officer. The CODM assesses performance and decides how to allocate resources, including employees, financial or capital resources, based on segment net income, which includes certain overhead allocations directly attributable to each of the segments. The CODM considers actual-to-actual variances on a quarterly basis when making decisions about allocating capital and other resources to the segments and to assesses the performance for each segment. Financial results for the reportable segments and Hemlock and Emerging Growth Businesses are prepared on a basis consistent with the internal disaggregation of financial information to assist the CODM in making internal operating decisions. As a significant portion of segment revenues and expenses are denominated in currencies other than the U.S. dollar, management believes it is important to understand the impact on segment net sales and segment net income of translating these currencies into U.S. dollars. Therefore, the Company utilizes constant-currency reporting for the Optical Communications, Display, Specialty Materials, Automotive and Life Sciences segments to exclude the impact on segment sales and segment net income from the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro, as applicable to the segment. The Company believes that the use of constant-currency reporting allows management to understand our results without the volatility of currency fluctuation, analyze underlying trends in the businesses and establish operational goals and forecasts. The most significant constant-currency adjustment relates to the Japanese yen exposure within the Display segment. The constant-currency rates established for core performance measures are long-term management-determined rates, which are closely aligned with the Company’s hedging instrument rates. These hedging instruments may include, but are not limited to, foreign exchange forward or option contracts and foreign-denominated debt. Effective January 1, 2025, management updated the constant-currency rates and the updated rates were applied prospectively beginning with reporting periods in 2025. Comparative results were not recast and are reported based on the 2024 rates. Constant-currency rates used are as follows and are applied to the respective periods presented and to all foreign exchange exposures during the period, even though the Company may be less than 100% hedged:
Currency | Japanese yen | South Korean won | Chinese yuan | New Taiwan dollar | Mexican peso | Euro
2024 Rate | ¥107 | ₩1,175 | ¥6.7 | NT$31 | MX$20 | €0.81
2025 Rate | ¥120 | ₩1,250 | ¥6.9 | NT$31 | MX$21 | €0.88
In addition, certain income and expenses are excluded from segment net income (loss) and included in the unallocated amounts in the reconciliation of reportable segment net income (loss) to net income (loss). These items are not used by the CODM in allocating resources or evaluating the results of the segments and include the following: the impact of translating foreign denominated debt, the impact of the translated earnings contracts, acquisition-related costs, certain discrete tax items and other tax-related adjustments, restructuring, impairment and other charges and credits, certain litigation, regulatory and other legal matters, pension mark-to-market adjustments and other items which do not reflect the ongoing operating results of the segment. Although these amounts are excluded from segment results, they are included in reported consolidated results. Corning’s administrative and staff functions are performed on a centralized basis and such costs and expenses are allocated among the segments differently than they would be for stand-alone financial reporting purposes. These include certain costs and expenses of shared services, such as information technology, human resources, legal, finance and supply chain management. Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income (loss) to net income (loss). Segment net income (loss) may not be consistent with measures used by other companies. The following provides selected segment information as described above: Segment information (in millions):
| Optical Communications |  | Display |  | Specialty Materials |  | Automotive |  | Life Sciences |  | Hemlock and Emerging Growth Businesses |  | Total
Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net sales | $ | 1,652 |  |  | $ | 939 |  |  | $ | 621 |  |  | $ | 454 |  |  | $ | 242 |  |  | $ | 364 |  |  | $ | 4,272 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Research, development and engineering expenses (1) | 75 |  |  | 23 |  |  | 71 |  |  | 38 |  |  | 6 |  |  | 20 |  |  | 233 |
Depreciation (2) | 66 |  |  | 105 |  |  | 37 |  |  | 40 |  |  | 15 |  |  | 41 |  |  | 304 |
Other segment items (3) | 1,131 |  |  | 495 |  |  | 371 |  |  | 290 |  |  | 200 |  |  | 300 |  |  | 2,787 |
Income tax provision (4) | 85 |  |  | 66 |  |  | 29 |  |  | 18 |  |  | 5 |  |  | 4 |  |  | 207 |
Segment net income (loss) | $ | 295 |  |  | $ | 250 |  |  | $ | 113 |  |  | $ | 68 |  |  | $ | 16 |  |  | $ | (1) |  |  | $ | 741 |
Capital expenditures | $ | 129 |  |  | $ | 95 |  |  | $ | 55 |  |  | $ | 29 |  |  | $ | 5 |  |  | $ | 49 |  |  | $ | 362 |
Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net sales | $ | 1,246 |  |  | $ | 1,015 |  |  | $ | 548 |  |  | $ | 430 |  |  | $ | 244 |  |  | $ | 250 |  |  | $ | 3,733 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Research, development and engineering expenses (1) | 71 |  |  | 29 |  |  | 69 |  |  | 43 |  |  | 5 |  |  | 31 |  |  | 248 |
Depreciation (2) | 69 |  |  | 110 |  |  | 39 |  |  | 44 |  |  | 17 |  |  | 29 |  |  | 308 |
Other segment items (3) | 882 |  |  | 516 |  |  | 348 |  |  | 278 |  |  | 203 |  |  | 173 |  |  | 2,400 |
Income tax provision (4) | 49 |  |  | 75 |  |  | 20 |  |  | 14 |  |  | 4 |  |  | 5 |  |  | 167 |
Segment net income | $ | 175 |  |  | $ | 285 |  |  | $ | 72 |  |  | $ | 51 |  |  | $ | 15 |  |  | $ | 12 |  |  | $ | 610 |
Capital expenditures | $ | 49 |  |  | $ | 45 |  |  | $ | 13 |  |  | $ | 20 |  |  | $ | 2 |  |  | $ | 55 |  |  | $ | 184 |
Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net sales | $ | 4,573 |  |  | $ | 2,742 |  |  | $ | 1,667 |  |  | $ | 1,354 |  |  | $ | 726 |  |  | $ | 934 |  |  | $ | 11,996 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Research, development and engineering expenses (1) | 228 |  |  | 72 |  |  | 206 |  |  | 108 |  |  | 19 |  |  | 69 |  |  | 702 |
Depreciation (2) | 200 |  |  | 315 |  |  | 111 |  |  | 122 |  |  | 46 |  |  | 109 |  |  | 903 |
Other segment items (3) | 3,187 |  |  | 1,426 |  |  | 1,011 |  |  | 852 |  |  | 601 |  |  | 781 |  |  | 7,858 |
Income tax provision (4) | 215 |  |  | 193 |  |  | 71 |  |  | 57 |  |  | 13 |  |  | 2 |  |  | 551 |
Segment net income (loss) | $ | 743 |  |  | $ | 736 |  |  | $ | 268 |  |  | $ | 215 |  |  | $ | 47 |  |  | $ | (27) |  |  | $ | 1,982 |
Capital expenditures | $ | 313 |  |  | $ | 206 |  |  | $ | 131 |  |  | $ | 71 |  |  | $ | 11 |  |  | $ | 192 |  |  | $ | 924 |
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net sales | $ | 3,289 |  |  | $ | 2,901 |  |  | $ | 1,503 |  |  | $ | 1,400 |  |  | $ | 729 |  |  | $ | 773 |  |  | $ | 10,595 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Research, development and engineering expenses (1) | 202 |  |  | 83 |  |  | 186 |  |  | 122 |  |  | 17 |  |  | 76 |  |  | 686 |
Depreciation (2) | 201 |  |  | 336 |  |  | 115 |  |  | 131 |  |  | 51 |  |  | 84 |  |  | 918 |
Other segment items (3) | 2,350 |  |  | 1,542 |  |  | 975 |  |  | 893 |  |  | 604 |  |  | 565 |  |  | 6,929 |
Income tax provision (4) | 118 |  |  | 196 |  |  | 48 |  |  | 54 |  |  | 12 |  |  | 16 |  |  | 444 |
Segment net income | $ | 418 |  |  | $ | 744 |  |  | $ | 179 |  |  | $ | 200 |  |  | $ | 45 |  |  | $ | 32 |  |  | $ | 1,618 |
Capital expenditures | $ | 133 |  |  | $ | 179 |  |  | $ | 73 |  |  | $ | 41 |  |  | $ | 10 |  |  | $ | 147 |  |  | $ | 583 |
(1)Research, development and engineering expenses include direct project spending that is identifiable to a segment. (2)Depreciation expense for Corning’s reportable segments includes an allocation of depreciation of corporate property not specifically identifiable to a segment. (3)Other segment items for each reportable segment primarily include the cost of materials, salaries, wages and benefits, including variable compensation, and selling, general and administrative expenses. (4)Income tax provision reflects a tax rate of 21%. Segment information, continued (in millions):
| Optical Communications |  | Display |  | Specialty Materials |  | Automotive |  | Life Sciences |  | Hemlock and Emerging Growth Businesses |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in affiliated companies, at equity | $ | 4 |  |  | $ | 100 |  |  | $ | 17 |  |  |  |  |  |  |  |  | $ | 179 |  |  | $ | 300 |
Segment assets (1) | $ | 3,958 |  |  | $ | 6,750 |  |  | $ | 2,643 |  |  | $ | 2,443 |  |  | $ | 799 |  |  | $ | 2,927 |  |  | $ | 19,520 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in affiliated companies, at equity | $ | 4 |  |  | $ | 90 |  |  | $ | 15 |  |  |  |  |  |  |  |  | $ | 181 |  |  | $ | 290 |
Segment assets (1) | $ | 3,506 |  |  | $ | 6,596 |  |  | $ | 2,489 |  |  | $ | 2,366 |  |  | $ | 800 |  |  | $ | 1,869 |  |  | $ | 17,626 |
(1)Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation and associated equity companies. The following table presents a reconciliation of net sales of reportable segments to consolidated net sales (in millions):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net sales of reportable segments | $ | 3,908 |  |  | $ | 3,483 |  |  | $ | 11,062 |  |  | $ | 9,822 |
Net sales of Hemlock and Emerging Growth Businesses | 364 |  |  | 250 |  |  | 934 |  |  | 773 |
Impact of constant-currency reporting (1) | (172) |  |  | (342) |  |  | (582) |  |  | (978) |
Consolidated net sales | $ | 4,100 |  |  | $ | 3,391 |  |  | $ | 11,414 |  |  | $ | 9,617 |
(1)Amount primarily represents the impact of foreign currency adjustments in the Display segment. The following table presents a reconciliation of net income of reportable segments to consolidated net income (loss) (in millions):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income of reportable segments | $ | 742 |  |  | $ | 598 |  |  | $ | 2,009 |  |  | $ | 1,586 |
Net (loss) income of Hemlock and Emerging Growth Businesses | (1) |  |  | 12 |  |  | (27) |  |  | 32 |
Unallocated amounts: |  |  |  |  |  |  |
Impact of constant-currency reporting | (157) |  |  | (258) |  |  | (496) |  |  | (751) |
Translated earnings contract gain (loss), net | 33 |  |  | (157) |  |  | 63 |  |  | (91) |
Translation gain (loss) on foreign denominated debt, net | 4 |  |  | (107) |  |  | (66) |  |  | 28 |
Litigation, regulatory and other legal matters | (50) |  |  | (16) |  |  | (57) |  |  | (11) |
Research, development, and engineering expenses (1) | (47) |  |  | (39) |  |  | (124) |  |  | (121) |
Amortization of intangibles | (27) |  |  | (31) |  |  | (83) |  |  | (91) |
Interest expense, net | (62) |  |  | (63) |  |  | (197) |  |  | (189) |
Income tax benefit | 127 |  |  | 164 |  |  | 332 |  |  | 320 |
Severance charges |  |  |  | (43) |  |  | (2) |  |  | (46) |
Capacity optimization and other charges and credits (2) | (16) |  |  | (91) |  |  | (8) |  |  | (217) |
Other corporate items | (76) |  |  | (64) |  |  | (189) |  |  | (197) |
Net income (loss) | $ | 470 |  |  | $ | (95) |  |  | $ | 1,155 |  |  | $ | 252 |
(1)Amount does not include research, development and engineering expense related to severance changes. (2)Amount includes charges associated with impairment losses, asset write-offs, accelerated depreciation, disposal costs and inventory write-downs. Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) for additional information.

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- Definition The entire disclosure for reporting segments including data and tables. 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