v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Supplemental of Cash Flow
The following table presents supplemental disclosures of cash flow information (in millions):
Year ended December 31,
202520242023
Non-cash transactions:
Accruals for capital expenditures$241 $149 $217 
Earnings translation hedge contracts (1)
$95 $58 
Cash paid for interest and income taxes:   
Interest (2)
$311 $310 $274 
Income taxes, net of refunds received (Note 15)$283 $263 $213 
(1)During the years ended December 31, 2025 and 2024, the Company executed earnings translation hedge instruments obtained through a non-cash exchange of proceeds from certain cross currency swap contracts or other assets and the loss recognized as a result of this non-cash exchange was not material.
(2)Includes approximately $36 million, $31 million and $40 million of interest costs that were capitalized as part of property, plant and equipment during the years ended December 31, 2025, 2024 and 2023, respectively.
Income taxes paid, net of refunds, for the years ended December 31, 2024 and 2023 were $263 million and $213 million, respectively. The following table summarizes income tax payments, net of refunds by jurisdiction for the year ended December 31, 2025 (in millions):
Year ended December 31, 2025
U.S. - Federal (1)
$24 
U.S. - State and municipal
Other (2)
9 
Foreign
China142 
South Korea42 
Germany17 
Taiwan17 
Other (2)
32 
Income taxes paid, net of refunds$283 
(1)The Company’s U.S. federal tax liabilities are substantially reduced by the use of tax credits and government incentives, which were primarily generated by Corning’s investments as discussed in Note 1 (Significant Accounting Policies).
(2)No single jurisdiction meets the separate reporting requirement for the 5% threshold.
Schedule of Property, Plant and Equipment
Included in the subcategory of equipment are the following types of assets (excluding precious metals):
Asset typeRange of useful life (in years)
Computer hardware and software
3 to 7
Manufacturing equipment
2 to 15
Furniture and fixtures
5 to 10
Transportation equipment
3 to 20
Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):
 December 31,
 20252024
Land$383 $375 
Buildings6,256 5,650 
Equipment (1)
21,701 20,007 
Construction in progress1,714 1,819 
Subtotal30,054 27,851 
Accumulated depreciation(15,229)(14,492)
Property, plant and equipment, net of accumulated depreciation (2)
$14,825 $13,359 
(1)Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. As of December 31, 2025 and 2024, the carrying value of precious metals was $2.8 billion and significantly lower than the fair market value. Depletion expense for precious metals for the years ended December 31, 2025, 2024 and 2023 was $31 million, $29 million and $35 million, respectively.
(2)Approximately $36 million, $31 million and $40 million of interest costs were capitalized as part of property, plant and equipment during the years ended December 31, 2025, 2024 and 2023, respectively.