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Reportable Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Reportable Segments
17. Reportable Segments
The Company has determined that it has five reportable segments for financial reporting purposes, organized primarily based on product offerings, as follows:
•Optical Communications – manufactures carrier network and enterprise network components for the telecommunications industry; the carrier network group consists primarily of products and solutions for optical-based communications infrastructure for services such as video, data and voice communications, and the enterprise network group consists primarily of optical-based communication networks sold to businesses, governments and individuals for their own use.
•Display Technologies – manufactures high quality glass substrates for flat panel displays including liquid crystal displays and organic light-emitting diodes that are used primarily in televisions, notebook computers, desktop monitors, tablets and handheld devices.
•Specialty Materials – manufactures products that provide material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs across a wide variety of commercial and industrial markets, including materials optimized for mobile consumer electronics, semiconductor equipment optics and consumables, aerospace and defense optics, radiation shielding products, sunglasses and telecommunications components.
•Environmental Technologies – manufactures ceramic substrates and filter products for emissions control systems in mobile applications.
•Life Sciences – develops, manufactures and supplies laboratory products, including labware, equipment, media, serum and reagents enabling workflow solutions for drug discovery and bioproduction.
All other businesses that do not meet the quantitative threshold for separate reporting have been grouped as Hemlock and Emerging Growth Businesses. Net sales for this group are mainly attributable to HSG, an operating segment that produces solar and semiconductor products. The emerging growth businesses primarily consist of Pharmaceutical Technologies, Auto Glass Solutions and the Emerging Innovations Group.
The chief operating decision maker (“CODM”) of the Company is the Company’s chief executive officer. The CODM assesses performance and decides how to allocate resources, including employees, financial or capital resources, based on segment net income (loss), which includes certain corporate overhead allocations directly attributable to each of the segments. The CODM considers actual-to-actual variances on a quarterly basis when making decisions about allocating capital and other resources to the segments and to assess the performance for each segment.

Financial results for the reportable segments and Hemlock and Emerging Growth Businesses are prepared on a basis consistent with the internal disaggregation of financial information to assist the CODM in making internal operating decisions. As a significant portion of segment revenues and expenses are denominated in currencies other than the U.S. dollar, management believes it is important to understand the impact on segment net sales and segment net income of translating these currencies into U.S. dollars. Therefore, the Company utilizes constant-currency reporting for the Display Technologies, Specialty Materials, Environmental Technologies and Life Sciences segments to exclude the impact on segment sales and segment net income from the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar and euro, as applicable to the segment. In addition, effective January 1, 2024, the Company began utilizing constant-currency reporting for the Optical Communications segment to exclude the impact from the Mexican peso on segment results. Prior periods were not recast as the impact was not material. The most significant constant-currency adjustment relates to the Japanese yen exposure within the Display Technologies segment. The constant-currency rates established for our core performance measures are internally derived long-term management estimates, which are closely aligned with our hedging instrument rates. These hedging instruments may include, but are not limited to, foreign exchange forward or option contracts and foreign-denominated debt.
The Company believes that the use of constant-currency reporting allows management to understand segment results without the volatility of currency fluctuation, analyze underlying trends in the businesses and establish operational goals and forecasts.
Constant-currency rates used are as follows and are applied to all periods presented and to all foreign exchange exposures during the period, with the exception of the Mexican peso as discussed above, even though we may be less than 100% hedged:
CurrencyJapanese yenKorean wonChinese yuanNew Taiwan dollarEuroMexican Peso
Rate¥107₩1,175¥6.7NT$31€0.81MX$20
In addition, certain income and expenses are excluded from segment net income (loss) and included in the unallocated amounts in the reconciliation of reportable segment net income (loss) to net income. These items are not used by the CODM in allocating resources or evaluating the results of the segments and include the following: the impact of translating the Japanese yen-denominated debt; the impact of the translated earnings contracts; acquisition-related costs; certain discrete tax items and other tax-related adjustments; restructuring, impairment and other charges and credits; certain litigation, regulatory and other legal matters; pension mark-to-market adjustments; and other non-recurring non-operational items. Although these amounts are excluded from segment results, they are included in reported consolidated results.
Corning’s administrative and staff functions are performed on a centralized basis and such costs and expenses are allocated among the segments differently than they would be for stand-alone financial reporting purposes. These include certain costs and expenses of shared services, such as information technology, human resources, legal, finance and supply chain management. Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income (loss) to net income. Segment net income (loss) may not be consistent with measures used by other companies.
The following provides segment information as described above:
Segment Information (in millions)
Optical CommunicationsDisplay TechnologiesSpecialty MaterialsEnvironmental TechnologiesLife SciencesHemlock and Emerging Growth
Businesses		Total
For the year ended December 31, 2024
Segment net sales$4,657 $3,872 $2,018 $1,665 $979 $1,278 $14,469 
Less:
Research, development and engineering expenses (1)
27411025310022168927
Depreciation (2)
267446153126671601,219
Other segment items (3)
3,3302,0471,2839868101,0079,463
Income tax provision (benefit) (4)
174263699517(2)616
Segment net income (loss)$612 $1,006 $260 $358 $63 $(55)$2,244 
Investment in affiliated companies, at equity$4 $90 $15 $— $— $181 $290 
Segment assets (5)
$3,506 $6,596 $2,489 $1,760 $800 $2,475 $17,626 
Capital expenditures$193 $256 $107 $33 $15 $193 $797 
       
For the year ended December 31, 2023      
Segment net sales$4,012 $3,532 $1,865 $1,766 $959 $1,446 $13,580 
Less:
Research, development and engineering expenses (1)
2381022299933162863
Depreciation (2)
263481149129691441,235
Other segment items (3)
2,9031,8871,2321,0497941,1038,968
Income tax provision (4)
130220531031322541
Segment net income$478 $842 $202 $386 $50 $15 $1,973 
Investment in affiliated companies, at equity$3 $105 $11 $— $3 $174 $296 
Segment assets (5)
$3,241 $7,899 $2,476 $1,873 $782 $2,307 $18,578 
Capital expenditures$176 $363 $175 $31 $41 $303 $1,089 
       
For the year ended December 31, 2022      
Segment net sales$5,023 $3,306 $2,002 $1,584 $1,228 $1,662 $14,805 
Less:
Research, development and engineering expenses (1)
2301242229837163874
Depreciation (2)
249547155128601461,285
Other segment items (3)
3,7031,6631,1959889381,2909,777
Income tax provision (4)
18020390784024615
Segment net income$661 $769 $340 $292 $153 $39 $2,254 
Investment in affiliated companies, at equity$3 $102 $8 $— $4 $144 $261 
Segment assets (5)
$3,295 $8,104 $2,419 $2,061 $862 $2,136 $18,877 
Capital expenditures$368 $495 $306 $110 $116 $218 $1,613 
(1)Research, development and engineering expenses include direct project spending that is identifiable to a segment.
(2)Depreciation expense includes an allocation of depreciation or corporate property not specifically identifiable to a segment.
(3)Other segment items for each reportable segment primarily includes the cost of materials, salaries, wages and benefits, including variable compensation, and selling, general and administrative expenses.
(4)Income tax provision (benefit) reflects a tax rate of 21%.
(5)Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation, and associated equity companies.
The following table presents a reconciliation of net sales of reportable segments to consolidated net sales (in millions):
 Year ended December 31,
 202420232022
Net sales of reportable segments$13,191 $12,134 $13,143 
Net sales of Hemlock and Emerging Growth Businesses1,278 1,446 1,662 
Impact of constant currency reporting (1)
(1,309)(992)(616)
Impairment of upfront fees to a customer (2)
(42)  
Consolidated net sales$13,118 $12,588 $14,189 
(1)This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment.
(2)Amount represents non-cash charges to write-down upfront payments made to a customer. Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) to the consolidated financial statements for additional information.
The following table presents a reconciliation of net (loss) income of reportable segments to consolidated net income (in millions):
 Year ended December 31,
 202420232022
Net income of reportable segments$2,299 $1,958 $2,215 
Net (loss) income of Hemlock and Emerging Growth Businesses(55)15 39 
Unallocated amounts:   
Impact of constant currency reporting(989)(744)(480)
Translated earnings contract gain, net83 161 348 
Translation gain on Japanese yen-denominated debt, net104 100 191 
Litigation, regulatory and other legal matters(12)(61)(100)
Research, development, and engineering expense (1)(2)
(151)(162)(163)
Amortization of intangibles(121)(122)(123)
Interest expense, net(248)(244)(237)
Income tax benefit395 373 204 
Pension mark-to-market(3)(15)(11)
Severance charges (2)
(45)(187)(70)
Capacity optimization and other charges and credits (3)
(362)(284)(344)
(Loss) gain on sale of business(31)53 
Other corporate items(272)(140)(136)
Net income$592 $648 $1,386 
(1)Amount does not include research, development and engineering expense related to restructuring, impairment and other charges and credits and pension mark-to-market.
(2)Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) for additional information.
(3)Amount includes charges associated with impairment losses, asset write-offs, accelerated depreciation, disposal costs, inventory write-downs and non-cash charges to write-down upfront payments made to a customer. Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) for additional information.
The following table presents a reconciliation of total assets of reportable segments to consolidated total assets (in millions):
 December 31,
 202420232022
Total assets of reportable segments$15,151 $16,271 $16,741 
Total assets of Hemlock and Emerging Growth Businesses2,4752,3072,136
Unallocated amounts:
Current assets (1)
2,8812,5222,823
Investments (2)
10411999
Property, plant and equipment, net (3)
1,1331,0381,385
Other non-current assets (4)
5,9916,2436,315
Total assets$27,735 $28,500 $29,499 
(1)Includes cash, other receivables, prepaid expenses and current portion of long-term derivative assets.
(2)Represents other corporate investments.
(3)Represents corporate property not specifically identifiable to an operating segment.
(4)Includes goodwill, other intangible assets, pension assets, long-term derivative assets, right of use assets and deferred income taxes.
The following table presents selected financial information about the Company’s product lines and reportable segments (in millions):
 Year ended December 31,
Revenue from external customers202420232022
Optical Communications (1)
Carrier network$2,678 $2,686 $3,573 
Enterprise network1,979 1,326 1,450 
Total Optical Communications4,657 4,012 5,023 
   
Display Technologies3,872 3,532 3,306 
   
Specialty Materials   
Corning® Gorilla® Glass1,224 1,136 1,331 
Advanced optics and other specialty glass794 729 671 
Total Specialty Materials2,018 1,865 2,002 
   
Environmental Technologies   
Automotive and other1,098 1,123 934 
Diesel567 643 650 
Total Environmental Technologies1,665 1,766 1,584 
   
Life Sciences   
Labware490 487 657 
Cell culture products489 472 571 
Total Life Science979 959 1,228 
   
Hemlock and Emerging Growth Businesses   
Polycrystalline Silicon865 1,014 1,191 
Other413 432 471 
Total Hemlock and Emerging Growth Businesses1,278 1,446 1,662 
   
Net sales of reportable segments13,191 12,134 13,143 
Net sales of Hemlock and Emerging Growth Businesses1,278 1,446 1,662 
Impact of constant currency reporting (2)
(1,309)(992)(616)
Impairment of upfront fees to a customer (3)
(42)  
Consolidated net sales$13,118 $12,588 $14,189 
(1)Prior results for Optical Communications have been recast to confirm to the current period presentation. Reclassification between Carrier and Enterprise reflect how customers are utilizing Corning products in their deployments.
(2)This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment.
(3)Amount represents non-cash charges to write-down upfront payments made to a customer. Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) for additional information.
The following table presents information relating to the Company’s operations by geographic area (in millions):
 202420232022
 
Net sales (1)
Long-lived assets (2)
Net sales (1)
Long-lived assets (2)
Net sales (1)
Long-lived assets (2)
       
North America:      
United States$5,172 $8,617 $4,439 $8,698 $5,149 $8,937 
Canada256 83 317 95 503 99 
Mexico127 203 84 211 96 180 
Total North America5,555 8,903 4,840 9,004 5,748 9,216 
       
Asia Pacific:      
Japan688 125 667 388 617 429 
Taiwan1,019 1,281 855 1,515 813 1,696 
China4,694 4,291 4,439 4,575 4,435 4,794 
Korea486 2,671 418 3,092 514 3,294 
Other424 88 620 88 729 81 
Total Asia Pacific7,311 8,456 6,999 9,658 7,108 10,294 
       
Europe:      
Germany494 400 535 464 539 459 
Other926 827 998 956 1,116 937 
Total Europe1,420 1,227 1,533 1,420 1,655 1,396 
       
All Other183 27 208 53 294 67 
Total$14,469 $18,613 $13,580 $20,135 $14,805 $20,973 
(1)Net sales are attributed to countries based on location of customer.
(2)Long-lived assets primarily include investments, plant and equipment, goodwill and other intangible assets.