v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The following table presents the components of income before income taxes (in millions):

			Year ended December 31,
			2025						2024						2023
U.S. companies			$	1,390					$	303					$	105
Non-U.S. companies			662						510						711
Income before income taxes			$	2,052					$	813					$	816

Schedule of Current and Deferred Amounts of Provision for Income Taxes

The following table presents the current and deferred amounts of the provision for income taxes, based on the location of the taxing authority (in millions):

			Year ended December 31,
			2025						2024						2023
Current:
Federal			$	(339)					$	(6)					$	(8)
State and municipal			(26)						(6)						(13)
Foreign			(300)						(242)						(222)
Deferred:
Federal			324						63						76
State and municipal			19						6						7
Foreign			12						(36)						(8)
Provision for income taxes			$	(310)					$	(221)					$	(168)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the reconciliation of the statutory U.S. federal income tax rate to the effective tax rate (in millions):

						Year ended December 31, 2025
U.S. federal statutory tax rate						$	431					21.0		%
State and local income tax, net of federal (national) income tax effect (1)						1						—		%
Foreign tax effects:
China:
Withholding taxes						87						4.2		%
Other						0						—		%
Other foreign jurisdictions						36						1.8		%
Effect of changes in tax laws or rates enacted in the current period						0						—		%
Effect of cross-border tax laws:
Foreign derived intangible income						(79)						(3.8		%)
Other						9						0.4		%
Tax credits:
Foreign tax credits						(113)						(5.5		%)
Other						(19)						(0.9		%)
Changes in valuation allowances						0						—		%
Nontaxable or nondeductible items:
Share-based compensation						(36)						(1.8		%)
Government incentives (IRA credits)						(32)						(1.6		%)
Other						17						0.8		%
Changes in unrecognized tax benefits						29						1.4		%
Other adjustments						(21)						(1.0		%)
Effective tax rate						$	310					15.1		%

(1)State tax predominantly relates to Pennsylvania, California, New Jersey, Illinois, Iowa and Georgia.

The following table presents the reconciliation of the statutory U.S. federal income tax rate to the effective tax rate:

									Year ended December 31,
									2024						2023
Statutory U.S. federal income tax rate									21.0		%				21.0		%
State income tax provision (benefit), net of federal effect									0.2						(0.3)
Non-deductible Items									9.1						5.2
Release of cumulative translation losses									6.0
Audit settlements & change in reserve									4.8						4.8
Differential arising from foreign earnings (1)									1.6						0.3
Remeasurement of deferred tax assets and liabilities									(0.8)						(0.3)
Stock compensation									(0.9)						(2.1)
Valuation allowance									(2.3)						5.7
Foreign derived intangible income									(2.7)						(2.3)
Tax credits									(3.9)						(6.9)
Non-Taxable Items									(5.6)						(4.0)
Other items, net									0.7						(0.5)
Effective tax rate									27.2		%				20.6		%

(1)Includes impact of intercompany asset sales.

Schedule of Income Taxes Paid, Net of Refunds

The following table presents supplemental disclosures of cash flow information (in millions):

			Year ended December 31,
			2025						2024						2023
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
China			142
South Korea			42
Germany			17
Taiwan			17
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 Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences and carryforwards that gave rise to significant portions of the deferred tax assets and liabilities (in millions):

			December 31,
			2025						2024
Loss and tax credit carryforwards			$	6,323					$	218
Other assets			322						246
Research and development capitalization			518						428
Asset impairments and restructuring reserves			31						32
Postretirement medical and life benefits			83						90
Other accrued liabilities			428						375
Other employee benefits			326						291
Gross deferred tax assets			8,031						1,680
Valuation allowances			(6,202)						(173)
Total deferred tax assets			1,829						1,507
Intangible and other assets			(101)						(110)
Fixed assets			(158)						(212)
Finance leases			(204)						(192)
Total deferred tax liabilities			(463)						(514)
Net deferred tax assets			$	1,366					$	993

Schedule of Net Deferred Tax Assets

Net deferred tax assets on the consolidated balance sheets consisted of the following (in millions):

			December 31,
			2025						2024
Deferred tax assets			$	1,515					$	1,130
Other liabilities			(149)						(137)
Net deferred tax assets			$	1,366					$	993

Schedule of Deferred Tax Assets for Loss and Tax Credit Carryforwards

The following table presents details of the deferred tax assets for loss and tax credit carryforwards (in millions):

									Expiration
			Total						2026-2030						2031-2035						2036-2045						Indefinite
Net operating losses			$	6,239					$	44					$	349					$	1,439					$	4,407
Tax credits			84												2						82
Balance as of December 31, 2025			$	6,323					$	44					$	351					$	1,521					$	4,407

Schedule of Deferred Tax Valuation Allowance

The following table presents the changes in the deferred tax valuation allowance (in millions):

			2025						2024						2023
Balance as of January 1			$	173					$	207					$	166
Additions			6,047						26						66
Reductions			(18)						(60)						(25)
Balance as of December 31			$	6,202					$	173					$	207

Schedule of Unrecognized Tax Benefits

The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions):

			2025						2024						2023
Balance as of January 1			$	411					$	373					$	206
Additions based on tax positions related to the current year			125						41						54
Additions for tax positions of prior years			22						6						127
Reductions for tax positions of prior years			(24)						(6)						(3)
Settlements and lapse of statute of limitations			(9)						(3)						(11)
Balance as of December 31			$	525					$	411					$	373

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