Note 3 - Revenue

9 Months Ended

Sep. 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				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Telecommunication products	$	1,246	$	918	$	3,289	$	3,109
Display products		707		727		2,043		2,061
Specialty glass products		543		560		1,490		1,384
Environmental substrate and filter products		362		420		1,193		1,260
Life science products		235		221		697		690
Polycrystalline silicon products		194		230		609		765
All other products		104		97		296		325
Total revenue	$	3,391	$	3,173	$	9,617	$	9,594

Customer Deposits

As of September 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  September 30, 2024 and 2023, customer deposits recognized were $36 million and $6 million, respectively. For the nine months ended  September 30, 2024 and 2023, customer deposits recognized were $127 million and $88 million, respectively.

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

Deferred Revenue

As of September 30, 2024 and December 31, 2023, Corning had deferred revenue of approximately $883 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 nine months ended  September 30, 2024 and 2023, the amount of deferred revenue recognized in the consolidated statements of (loss) income was not material.

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