Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Differences between Reported Amount and Reporting Currency Denominated Amount

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:

Currency

Japanese yen

Korean won

Chinese yuan

New Taiwan dollar

Euro

Mexican Peso

Rate

¥107

₩1,175

¥6.7

NT$31

€0.81

MX$20

Schedule of Segment Reporting Information, by Segment

The following provides segment information as described above:

Segment Information (in millions)


	Optical Communications		Display Technologies		Specialty Materials		Environmental Technologies		Life Sciences		Hemlock 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)	274		110		253		100		22		168		927
Depreciation (2)	267		446		153		126		67		160		1,219
Other segment items (3)	3,330		2,047		1,283		986		810		1,007		9,463
Income tax provision (benefit) (4)	174		263		69		95		17		(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)	238		102		229		99		33		162		863
Depreciation (2)	263		481		149		129		69		144		1,235
Other segment items (3)	2,903		1,887		1,232		1,049		794		1,103		8,968
Income tax provision (4)	130		220		53		103		13		22		541
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)	230		124		222		98		37		163		874
Depreciation (2)	249		547		155		128		60		146		1,285
Other segment items (3)	3,703		1,663		1,195		988		938		1,290		9,777
Income tax provision (4)	180		203		90		78		40		24		615
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.

Schedule of Reconciliation of Revenue from Segments to Consolidated

The following table presents a reconciliation of net sales of reportable segments to consolidated net sales (in millions):


	Year ended December 31,
	2024		2023		2022
Net sales of reportable segments	$	13,191	$	12,134	$	13,143
Net sales of Hemlock and Emerging Growth Businesses	1,278		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.

Schedule of Reconciliation of Net Income (Loss) from Segments to Consolidated

The following table presents a reconciliation of net (loss) income of reportable segments to consolidated net income (in millions):


	Year ended December 31,
	2024		2023		2022
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, net	83		161		348
Translation gain on Japanese yen-denominated debt, net	104		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 benefit	395		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

Schedule of Reconciliation of Assets from Segment to Consolidated

The following table presents a reconciliation of total assets of reportable segments to consolidated total assets (in millions):


	December 31,
	2024		2023		2022
Total assets of reportable segments	$	15,151	$	16,271	$	16,741
Total assets of Hemlock and Emerging Growth Businesses	2,475		2,307		2,136
Unallocated amounts:
Current assets (1)	2,881		2,522		2,823
Investments (2)	104		119		99
Property, plant and equipment, net (3)	1,133		1,038		1,385
Other non-current assets (4)	5,991		6,243		6,315
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.

Schedule of Revenue from External Customers by Products and Services

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 customers	2024		2023		2022

Optical Communications (1)
Carrier network	$	2,678	$	2,686	$	3,573
Enterprise network	1,979		1,326		1,450
Total Optical Communications	4,657		4,012		5,023

Display Technologies	3,872		3,532		3,306

Specialty Materials
Corning® Gorilla® Glass	1,224		1,136		1,331
Advanced optics and other specialty glass	794		729		671
Total Specialty Materials	2,018		1,865		2,002

Environmental Technologies
Automotive and other	1,098		1,123		934
Diesel	567		643		650
Total Environmental Technologies	1,665		1,766		1,584

Life Sciences
Labware	490		487		657
Cell culture products	489		472		571
Total Life Science	979		959		1,228

Hemlock and Emerging Growth Businesses
Polycrystalline Silicon	865		1,014		1,191
Other	413		432		471
Total Hemlock and Emerging Growth Businesses	1,278		1,446		1,662

Net sales of reportable segments	13,191		12,134		13,143
Net sales of Hemlock and Emerging Growth Businesses	1,278		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.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table presents information relating to the Company’s operations by geographic area (in millions):


	2024				2023				2022
	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
Canada	256		83		317		95		503		99
Mexico	127		203		84		211		96		180
Total North America	5,555		8,903		4,840		9,004		5,748		9,216

Asia Pacific:
Japan	688		125		667		388		617		429
Taiwan	1,019		1,281		855		1,515		813		1,696
China	4,694		4,291		4,439		4,575		4,435		4,794
Korea	486		2,671		418		3,092		514		3,294
Other	424		88		620		88		729		81
Total Asia Pacific	7,311		8,456		6,999		9,658		7,108		10,294

Europe:
Germany	494		400		535		464		539		459
Other	926		827		998		956		1,116		937
Total Europe	1,420		1,227		1,533		1,420		1,655		1,396

All Other	183		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.