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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,
202520242023
U.S. companies$1,390 $303 $105 
Non-U.S. companies662 510 711 
Income before income taxes$2,052 $813 $816 
Schedule of Current and Deferred Amounts of Provision for Income Taxes
The following table presents the current and deferred amounts of the provision for income taxes, based on the location of the taxing authority (in millions):
Year ended December 31,
202520242023
Current:
Federal$(339)$(6)$(8)
State and municipal(26)(6)(13)
Foreign(300)(242)(222)
Deferred:   
Federal324 63 76 
State and municipal19 6 7 
Foreign12 (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 taxes874.2%
Other0—%
Other foreign jurisdictions361.8%
Effect of changes in tax laws or rates enacted in the current period0—%
Effect of cross-border tax laws:
Foreign derived intangible income(79)(3.8%)
Other90.4%
Tax credits:
Foreign tax credits(113)(5.5%)
Other(19)(0.9%)
Changes in valuation allowances0—%
Nontaxable or nondeductible items:
Share-based compensation(36)(1.8%)
Government incentives (IRA credits)(32)(1.6%)
Other170.8%
Changes in unrecognized tax benefits291.4%
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,
20242023
Statutory U.S. federal income tax rate21.0%21.0%
State income tax provision (benefit), net of federal effect0.2(0.3)
Non-deductible Items9.15.2
Release of cumulative translation losses6.0
Audit settlements & change in reserve4.84.8
Differential arising from foreign earnings (1)
1.60.3
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, net0.7(0.5)
Effective tax rate27.2%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,
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 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,
20252024
Loss and tax credit carryforwards $6,323 $218 
Other assets322 246 
Research and development capitalization518 428 
Asset impairments and restructuring reserves31 32 
Postretirement medical and life benefits83 90 
Other accrued liabilities428 375 
Other employee benefits326 291 
Gross deferred tax assets8,031 1,680 
Valuation allowances (6,202)(173)
Total deferred tax assets1,829 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,
20252024
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
Total2026-20302031-20352036-2045Indefinite
Net operating losses$6,239 $44 $349 $1,439 $4,407 
Tax credits84  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):
202520242023
Balance as of January 1$173 $207 $166 
Additions6,047 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):
 202520242023
Balance as of January 1$411 $373 $206 
Additions based on tax positions related to the current year125 41 54 
Additions for tax positions of prior years22 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