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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The following table presents the components of lease cost (in millions) (1):
Year ended December 31,
202420232022
Operating lease cost$170 $171 $147 
Variable lease cost55 57 51 
Short-term lease cost3 2 2 
Total lease cost$228 $230 $200 
(1)Finance lease costs were not material for the years ended December 31, 2024, 2023 and 2022.
The following table presents the components of cash paid for amounts included in the measurement of lease liabilities (in millions) (1):
December 31,
202420232022
Operating cash outflows from operating leases$139 $153 $116 
(1)Cash payments for operating leases have been classified as operating activities on the consolidated statements of cash flows. Principal and interest payments for finance leases have been classified as financing activities and operating activities, respectively, on the consolidated statements of cash flows, and were not material for the years ended December 31, 2024, 2023 and 2022.
The following table presents supplemental consolidated balance sheet information (in millions, except lease term and discount rate) (1):
December 31,
Location of lease balances20242023
Operating lease right-of-use assetsOther assets$796$883
Operating lease liabilities - currentOther accrued liabilities$95$112
Operating lease liabilities - noncurrentOther liabilities$785$846
Weighted-average remaining lease term (in years)13.213.6
Weighted-average discount rate4.5 %4.4 %
(1)Finance leases were not material as of December 31, 2024 and 2023.
As of December 31, 2024, maturities of operating lease liabilities are as follows (in millions) (1):
 December 31, 2024
2025$129 
2026$109 
2027$92 
2028$82 
2029$81 
After 2029$697 
Total operating payments$1,190 
Less: imputed discount$310 
Present value of lease payments$880 
(1)Finance leases were not material as of December 31, 2024.
As of December 31, 2024, Corning had additional operating leases, primarily for new production equipment, that have not yet commenced or been recorded, of approximately $138 million on an undiscounted basis. These operating leases will commence in 2025 with lease terms of four years.
On March 12, 2024, Corning entered into a synthetic lease (“Facility Lease”) for a solar manufacturing facility in Hemlock, Michigan (the “Facility”), for which the Company is the construction agent on behalf of the lessor, with an estimated construction cost of approximately $835 million.

The Facility Lease will commence upon completion of construction of the Facility, which is expected to be in the later part of 2025, and has a lease term of five years with options to renew the lease or purchase the facility. The Facility Lease is expected to be classified as a finance lease and the amount of right-of-use asset and lease liability will be determined and recorded upon lease commencement. The estimated undiscounted lease payments, inclusive of a residual value guarantee, are approximately $1.1 billion, of which $24 million, $92 million, $88 million, $85 million and $82 million is to be paid in 2025, 2026, 2027, 2028 and 2029, respectively, and $685 million is to be paid thereafter.

In conjunction with the Facility Lease, Corning entered into an equipment lease (“Equipment Lease”) on June 17, 2024, with an estimated purchase and installation cost of $365 million, for the equipment to be installed and operated within the Facility. The Company is the procurement and installation agent on behalf of the lessor.

The Equipment Lease will commence upon completion of the equipment installation, which is expected to be in the later part of 2025, and has a lease term of five years with obligations to purchase the equipment at lease maturity. The Equipment Lease is expected to be classified as a finance lease and the amount of right-of-use asset and lease liability will be determined and recorded upon lease commencement. The estimated undiscounted lease payments are approximately $434 million, of which $24 million, $95 million, $90 million, $85 million and $81 million is to be paid in 2025, 2026, 2027, 2028 and 2029, respectively, and $59 million is to be paid thereafter.
Leases Leases
The following table presents the components of lease cost (in millions) (1):
Year ended December 31,
202420232022
Operating lease cost$170 $171 $147 
Variable lease cost55 57 51 
Short-term lease cost3 2 2 
Total lease cost$228 $230 $200 
(1)Finance lease costs were not material for the years ended December 31, 2024, 2023 and 2022.
The following table presents the components of cash paid for amounts included in the measurement of lease liabilities (in millions) (1):
December 31,
202420232022
Operating cash outflows from operating leases$139 $153 $116 
(1)Cash payments for operating leases have been classified as operating activities on the consolidated statements of cash flows. Principal and interest payments for finance leases have been classified as financing activities and operating activities, respectively, on the consolidated statements of cash flows, and were not material for the years ended December 31, 2024, 2023 and 2022.
The following table presents supplemental consolidated balance sheet information (in millions, except lease term and discount rate) (1):
December 31,
Location of lease balances20242023
Operating lease right-of-use assetsOther assets$796$883
Operating lease liabilities - currentOther accrued liabilities$95$112
Operating lease liabilities - noncurrentOther liabilities$785$846
Weighted-average remaining lease term (in years)13.213.6
Weighted-average discount rate4.5 %4.4 %
(1)Finance leases were not material as of December 31, 2024 and 2023.
As of December 31, 2024, maturities of operating lease liabilities are as follows (in millions) (1):
 December 31, 2024
2025$129 
2026$109 
2027$92 
2028$82 
2029$81 
After 2029$697 
Total operating payments$1,190 
Less: imputed discount$310 
Present value of lease payments$880 
(1)Finance leases were not material as of December 31, 2024.
As of December 31, 2024, Corning had additional operating leases, primarily for new production equipment, that have not yet commenced or been recorded, of approximately $138 million on an undiscounted basis. These operating leases will commence in 2025 with lease terms of four years.
On March 12, 2024, Corning entered into a synthetic lease (“Facility Lease”) for a solar manufacturing facility in Hemlock, Michigan (the “Facility”), for which the Company is the construction agent on behalf of the lessor, with an estimated construction cost of approximately $835 million.

The Facility Lease will commence upon completion of construction of the Facility, which is expected to be in the later part of 2025, and has a lease term of five years with options to renew the lease or purchase the facility. The Facility Lease is expected to be classified as a finance lease and the amount of right-of-use asset and lease liability will be determined and recorded upon lease commencement. The estimated undiscounted lease payments, inclusive of a residual value guarantee, are approximately $1.1 billion, of which $24 million, $92 million, $88 million, $85 million and $82 million is to be paid in 2025, 2026, 2027, 2028 and 2029, respectively, and $685 million is to be paid thereafter.

In conjunction with the Facility Lease, Corning entered into an equipment lease (“Equipment Lease”) on June 17, 2024, with an estimated purchase and installation cost of $365 million, for the equipment to be installed and operated within the Facility. The Company is the procurement and installation agent on behalf of the lessor.

The Equipment Lease will commence upon completion of the equipment installation, which is expected to be in the later part of 2025, and has a lease term of five years with obligations to purchase the equipment at lease maturity. The Equipment Lease is expected to be classified as a finance lease and the amount of right-of-use asset and lease liability will be determined and recorded upon lease commencement. The estimated undiscounted lease payments are approximately $434 million, of which $24 million, $95 million, $90 million, $85 million and $81 million is to be paid in 2025, 2026, 2027, 2028 and 2029, respectively, and $59 million is to be paid thereafter.