v3.25.4
Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments
13. Financial Instruments
The following table summarizes the notional amounts and respective fair values of Corning’s derivative financial instruments on a gross basis as of December 31, 2025 and 2024 (in millions):
 December 31, 2025December 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)
$1,116 $95 $(19)$928 $106 $(69)
      
Derivatives not designated as hedging instruments:     
Foreign exchange contracts4,333 29 (29)2,339 14 (77)
Translated earnings contracts (4)
10,816 681 (224)9,817 859 (327)
Cross currency swap contracts798  (194)439  (148)
Total derivatives$17,063 $805 $(466)$13,523 $979 $(621)
Current$533 $(159)$619 $(348)
Non-current272 (307)360 (273)
Total derivatives$805 $(466)$979 $(621)
(1)All of the Company’s derivative contracts are measured at fair value using Level 2 inputs within the fair value hierarchy, primarily based on quoted prices in active markets for similar instruments. Derivative assets are presented in other current assets or other assets on the consolidated balance sheets. Derivative liabilities are presented in other accrued liabilities or other liabilities on the consolidated balance sheets.
(2)The amounts as of December 31, 2025 and 2024 do not include total notional amounts of €750 million ($881 million equivalent) and €850 million ($884 million equivalent), respectively, of euro-denominated debt, which is a non-derivative financial instrument designated as a net investment hedge.
(3)As of December 31, 2025 and 2024, derivatives designated as hedging instruments include foreign exchange cash flow hedges and net investment hedges with gross notional amounts of $1,116 million and $928 million, respectively, and fair value hedges of leased precious metals with a gross notional amount of 4,090 troy ounces and 12,694 troy ounces, respectively. Fair value liabilities include designated derivatives pertaining to precious metals lease contracts in the amount of $16 million as of December 31, 2025. Fair value assets include designated derivatives pertaining to precious metals lease contracts in the amount of $104 million as of December 31, 2024.
(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 December 31, 2025 and 2024, the Company has $229 million and $141 million, respectively, recorded in other accrued liabilities and $172 million recorded in other liabilities as of December 31, 2024 on the consolidated balance sheets.
The following table summarizes the total gross notional value for translated earnings contracts as of December 31, 2025 and 2024 (in millions):
 Year ended December 31,
 20252024
Forward contracts:  
Japanese yen-denominated$1,712 $259 
South Korean won-denominated2,413 1,151 
Chinese yuan-denominated1,179 864 
New Taiwan dollar-denominated483 503 
Mexican peso-denominated1,264 320 
Euro-denominated1,595 1,538 
Option contracts:
Japanese yen-denominated 2,170 4,997 
Euro-denominated  185 
Total gross notional amount for translated earning contracts$10,816 $9,817 
The following tables summarize the effect on the consolidated statements of income relating to Corning’s derivative financial instruments (in millions). The accumulated gain or loss included in accumulated other comprehensive loss on the consolidated balance sheets as of December 31, 2025 and 2024 is a gain $37 million and a loss of $11 million, respectively.
 
Gain (loss) recognized in other comprehensive income (loss) (OCI) (1)
Location of gain (loss) reclassified from accumulated OCI into income
effective (ineffective)		Gain (loss) reclassified from accumulated OCI into income
 202520242023202520242023
Hedging relationships for cash flow, net investment and fair value hedges:       
Foreign exchange and precious metals lease contracts$56 $(18)$81 Cost of sales$(5)$47 $49 
Other (expense) income, net13 (1)(3)
Total designated$56 $(18)$81  $8 $46 $46 
(1)Amount includes a loss of $104 million, gain of $55 million and loss of $5 million during the years ended December 31, 2025, 2024 and 2023, respectively, relating to non-derivative financial instruments designated as a net investment hedge.
 Gain (loss) recognized in income 
Undesignated derivatives202520242023Location of gain (loss) recognized in income
Foreign exchange contracts$69 $(80)$26 Other (expense) income, net
Translated earnings contracts (1)
150 83 161 Translated earnings contract gain, net
Cross currency swap contracts(42)(15)Other (expense) income, net
Total undesignated$177 $(12)$187  
(1)For the years ended December 31, 2025, 2024 and 2023, amount includes non-cash pre-tax realized losses of $295 million, $85 million and $53 million, respectively, related to the premiums of expired option contracts.
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 on the consolidated balance sheets, is $38 million and $58 million, respectively, as of December 31, 2025 and 2024. The carrying amount of the leased precious metals pool includes a cumulative fair value gain of $15 million and loss of $108 million as of December 31, 2025 and 2024, respectively. These gains and losses are offset by changes in the fair value of the hedges.