v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following (in millions):
 December 31,
20252024
Current portion of long-term debt
$795 $326 
Short-term borrowings, average rate 3.25%
9 
Current portion of long-term debt and short-term borrowings$804 $326 
Long-term debt
Debentures, 6.85%, due 2029
$150 $156 
Debentures, 7.25%, due 2036
249 249 
Debentures, 4.70%, due 2037
297 297 
Debentures, 5.75%, due 2040
401 397 
Debentures, 4.75%, due 2042
497 497 
Debentures, 5.35%, due 2048
545 545 
Debentures, 3.90%, due 2049
396 396 
Debentures, 4.375%, due 2057
744 743 
Debentures, 5.85%, due 2068
297 297 
Debentures, 5.45%, due 2079
1,087 1,087 
Yen-denominated debentures, 0.722%, due 2025
64 
Yen-denominated debentures, 0.992%, due 2027
237 236 
Yen-denominated debentures, 1.043%, due 2028
163 163 
Yen-denominated debentures, 1.219%, due 2030
159 159 
Yen-denominated debentures, 1.153%, due 2031
199 198 
Yen-denominated debentures, 1.583%, due 2037
63 63 
Yen-denominated debentures, 1.513%, due 2039
38 37 
Euro-denominated notes, 3.875%, due 2026
352 311 
Euro-denominated notes, 4.125%, due 2031
642 568 
Financing Leases, average discount rate 5.86%, due through 2045 (Note 8)
1,232 174 
Other, average rate 3.86%, due through 2042
677 574 
Total long-term debt, including current portion8,425 7,211 
Less current portion of long-term debt795 326 
Long-term debt$7,630 $6,885 
Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $7.3 billion and $6.4 billion compared to recorded book values of $7.6 billion and $6.9 billion as of December 31, 2025 and 2024, 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.
Corning did not have outstanding commercial paper as of December 31, 2025 and 2024.
On July 28, 2025, the Company entered into an agreement for a new revolving credit facility (the “Revolving Credit Facility”), which replaced the Company’s existing $1.5 billion credit agreement dated June 6, 2022. The Revolving Credit Facility provides a committed $1.5 billion unsecured multi-currency line of credit and expires July 28, 2030. As of December 31, 2025, there were no outstanding amounts under the Revolving Credit Facility.
Corning is the obligor to Chinese yuan-denominated unsecured variable rate loan facilities, whose proceeds are used for capital investment and general corporate purposes. During the year ended December 31, 2025, the Company repaid $229 million of its existing loan amounts outstanding. In addition, the Company entered into new Chinese yuan-denominated variable rate loan facilities and incurred $285 million in borrowings under these facilities during the year ended December 31, 2025. As of December 31, 2025 and 2024, amounts outstanding under these facilities totaled $384 million and $314 million, respectively, and these facilities had variable interest rates ranging from 2.2% to 2.9% and 2.8% to 3.9%, respectively, and maturities ranging from 2026 to 2032. As of December 31, 2025, Corning had ¥0.2 billion Chinese yuan of unused capacity, equivalent to approximately $23 million.
The following table presents debt maturities by year as of December 31, 2025 (in millions) (1):
20262027202820292030Thereafter
$804 $401 $296 $302 $298 $6,379 
(1)Excludes impact of bond discounts and deferred expenses and includes obligations relating to finance leases that have commenced. For the estimated undiscounted lease payments associated with leases entered into but not yet commenced, refer to Note 8 (Leases) for additional information.
Debt Issuances and Redemptions
During the year ended December 31, 2025, Corning repaid ¥10.0 billion (equivalent to $69.6 million) aggregate principal amount of its 0.722% debentures due 2025.
During the year ended December 31, 2024, Corning repaid ¥21.0 billion (equivalent to $143 million) aggregate principal amount of its 0.698% debentures due 2024.