Note 3 - Revenue

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

3. Revenue

Disaggregated Revenue

The following table presents revenues by product category (in millions):

	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Telecommunication products	$	1,113	$	1,066	$	2,043	$	2,191
Display products		704		725		1,336		1,334
Specialty glass products		497		420		947		824
Environmental substrate and filter products		404		433		831		840
Life science products		237		222		462		469
Polycrystalline silicon products		199		258		415		535
All other products		97		119		192		228
Total revenue	$	3,251	$	3,243	$	6,226	$	6,421

Customer Deposits

As of June 30, 2024 and December 31, 2023, Corning had customer deposits of approximately $1.2 billion. Most of these customer deposits were non-refundable and allowed customers to secure rights to products produced by Corning under long-term supply agreements, generally over a period of up to ten years. As products are delivered to customers, Corning will recognize revenue and reduce the amount of the customer deposit liability.

For the three months ended  June 30, 2024 and 2023, customer deposits recognized were $11 million and $12 million, respectively. For the six months ended  June 30, 2024 and 2023, customer deposits recognized were $91 million and $82 million, respectively.

Refer to Note 7 (Other Liabilities) for additional information. 

Deferred Revenue

As of June 30, 2024 and December 31, 2023, Corning had deferred revenue of approximately $790 million and $860 million, respectively. Deferred revenue was primarily related to the performance obligations of non-refundable consideration previously received by HSG from its customers under long-term supply agreements.  

Deferred revenue is tracked on a per-customer contract-unit basis. As customers take delivery of the committed volumes under the terms of the contract, a per-unit amount of deferred revenue is recognized when control of the promised goods is transferred to the customer based upon the units delivered compared to the remaining contractual units. For the three and six months ended  June 30, 2024 and 2023, the amount of deferred revenue recognized in the consolidated statements of income was not material.

Refer to Note 7 (Other Liabilities) for additional information.