Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

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 (in millions):

	March 31, 2025						December 31, 2024
	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)	$	1,274	$	66	$	(45)	$	928	$	106	$	(69)
Derivatives not designated as hedging instruments:
Foreign exchange contracts	3,085		45		(24)		2,339		14		(77)
Translated earnings contracts (4)	11,336		700		(316)		9,817		859		(327)
Cross currency swap contracts	571				(167)		439				(148)
Total derivatives	$	16,266	$	811	$	(552)	$	13,523	$	979	$	(621)
Current			$	572	$	(255)			$	619	$	(348)
Non-current			239		(297)				360		(273)
Total derivatives			$	811	$	(552)			$	979	$	(621)

(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 €750 million ($806 million equivalent) and €850 million ($879 million equivalent) of euro-denominated debt as of March 31, 2025 and December 31, 2024, respectively, which is a non-derivative financial instrument designated as a net investment hedge.

(3)As of March 31, 2025 and December 31, 2024, derivatives designated as hedging instruments include foreign exchange cash flow hedges and net investment hedges with gross notional amounts of $1.3 billion and $928 million, respectively, and fair value hedges of leased precious metals with gross notional amounts of 9,344 troy ounces and 12,694 troy ounces, respectively. Fair value assets include designated derivatives pertaining to precious metals lease contracts in the amounts of $51 million and $104 million as of March 31, 2025 and December 31, 2024, respectively. Fair value liabilities include designated derivatives pertaining to precious metals lease contracts in the amounts of $3 million as of March 31, 2025.

(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 March 31, 2025 and December 31, 2024, the Company has $148 million and $141 million recorded in other accrued liabilities and $139 million and $172 million recorded in other liabilities, respectively, in the consolidated balance sheets.

Schedule of Derivatives Not Designated as Hedging Instruments

The following table summarizes the total gross notional values for translated earnings contracts (in millions):

	March 31, 2025		December 31, 2024
Forward contracts:
Chinese yuan-denominated	$	1,117	$	864
Japanese yen-denominated	569		259
South Korean won-denominated	1,166		1,151
New Taiwan dollar-denominated	637		503
Euro-denominated	1,439		1,538
Mexican peso-denominated	1,900		320
Option contracts:
Japanese yen-denominated	4,369		4,997
Euro-denominated	139		185
Total gross notional amount for translated earnings contracts	$	11,336	$	9,817

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

	Three months ended March 31,
	(Loss) gain recognized in other comprehensive income (loss) (OCI)				Location of (loss) gain reclassified from accumulated OCI into income effective (ineffective)	(Loss) gain reclassified from accumulated OCI into income
	2025		2024			2025		2024
Derivative hedging relationships for cash flow, net investment and fair value hedges:
Foreign exchange and precious metals lease contracts			$	33	Cost of sales	$	(7)	$	6
					Other (expense) income, net	1
Total designated	$	—	$	33		$	(6)	$	6

	(Loss) gain recognized in income				Location of (loss) gain recognized in income
	Three months ended March 31,
Undesignated derivatives	2025		2024
Foreign exchange contracts	$	38	$	(22)	Other (expense) income, net
Translated earnings contracts	(101)		39		Translated earnings contract (loss) gain, net
Total undesignated	$	(63)	$	17