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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the notional amounts and respective fair values of Corning’s derivative financial instruments on a gross basis as of December 31, 2024 and 2023 (in millions):
 December 31, 2024December 31, 2023
 Notional amount
Fair value asset (1)
Fair value liability (1)
Notional amount
Fair value asset (1)
Fair value liability (1)
Derivatives designated as hedging instruments (2):
      
Foreign exchange and precious metals lease contracts (3)
$928 $106 $(69)$241 $287 
      
Derivatives not designated as hedging instruments:     
Foreign exchange contracts2,339 14 (77)1,988 20 $(17)
Translated earnings contracts (4)
9,817 859 (327)5,042 324 (80)
Cross currency swap contracts439  (148)
Total derivatives$13,523 $979 $(621)$7,271 $631 $(97)
Current$619 $(348)$501 $(66)
Non-current360 (273)130 (31)
Total derivatives$979 $(621)$631 $(97)
(1)All of the Company’s derivative contracts are measured at fair value and are classified as Level 2 within the fair value hierarchy. Derivative assets are presented in other current assets or other assets in the consolidated balance sheets. Derivative liabilities are presented in other accrued liabilities or other liabilities in the consolidated balance sheets.
(2)The amounts above do not include €850 million of euro-denominated debt ($879 million and $932 million equivalent as of December 31, 2024 and 2023, respectively), which is a non-derivative financial instrument designated as a net investment hedge.
(3)As of December 31, 2024, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $928 million and fair value hedges of leased precious metals with a gross notional amount of 12,694 troy ounces. As of December 31, 2023, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $241 million and fair value hedges of leased precious metals with a gross notional amount of 20,160 troy ounces. Fair value assets include designated derivatives pertaining to precious metals lease contracts in the amounts of $104 million and $229 million as of December 31, 2024 and 2023, respectively.
(4)The Company has deferred payments associated with its purchased option contracts that are classified as non-derivative liabilities and will be settled by the end of the option contract term. As of December 31, 2024, the Company has $141 million and $172 million recorded in other accrued liabilities and other liabilities, respectively, in the consolidated balance sheets.
Schedule of Derivatives Not Designated as Hedging Instruments
The following table summarizes the total gross notional value for translated earnings contracts as of December 31, 2024 and 2023 (in millions):
 Year ended December 31,
 20242023
Average rate forward contracts:  
Chinese yuan-denominated$864 $684 
Japanese yen-denominated259 463 
South Korean won-denominated1,151 1,609 
New Taiwan dollar-denominated503 198 
Euro-denominated1,538 
Mexican peso-denominated320 
Option contracts:
Japanese yen-denominated 4,997 2,088 
Euro-denominated 185 
Total gross notional value for translated earning contracts$9,817 $5,042 
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
 (Loss) gain recognized in other comprehensive income (OCI)Location of gain (loss) reclassified from accumulated OCI into income
effective (ineffective)		Gain (loss) reclassified from accumulated OCI into income
 202420232022202420232022
Derivatives hedging relationships for cash flow and fair value hedges:       
Foreign exchange and precious metals lease contracts$(18)$81 $52 Net sales$52 
Cost of sales$47 $49 32 
Other (expense) income, net(1)(3)(3)
Total cash flow and fair value hedges$(18)$81 $52  $46 $46 $81 
 (Loss) gain recognized in income 
Undesignated derivatives202420232022Location of gain recognized in income
Foreign exchange contracts$(80)$26 $46 Other (expense) income, net
Translated earnings contracts83 161 351 Translated earnings contract gain, net
Cross currency swap contracts(15)Other (expense) income, net
Total undesignated$(12)$187 $397