CORNING INC /NYGLW
CORNING INC /NY Debt Disclosure
Debt
Debt consisted of the following (in millions):
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Current portion of long-term debt | $ | 795 | $ | 326 | |||||||
Short-term borrowings, average rate 3.25% | 9 | ||||||||||
| Current portion of long-term debt and short-term borrowings | $ | 804 | $ | 326 | |||||||
| Long-term debt | |||||||||||
Debentures, 6.85%, due 2029 | $ | 150 | $ | 156 | |||||||
Debentures, 7.25%, due 2036 | 249 | 249 | |||||||||
Debentures, 4.70%, due 2037 | 297 | 297 | |||||||||
Debentures, 5.75%, due 2040 | 401 | 397 | |||||||||
Debentures, 4.75%, due 2042 | 497 | 497 | |||||||||
Debentures, 5.35%, due 2048 | 545 | 545 | |||||||||
Debentures, 3.90%, due 2049 | 396 | 396 | |||||||||
Debentures, 4.375%, due 2057 | 744 | 743 | |||||||||
Debentures, 5.85%, due 2068 | 297 | 297 | |||||||||
Debentures, 5.45%, due 2079 | 1,087 | 1,087 | |||||||||
Yen-denominated debentures, 0.722%, due 2025 | 64 | ||||||||||
Yen-denominated debentures, 0.992%, due 2027 | 237 | 236 | |||||||||
Yen-denominated debentures, 1.043%, due 2028 | 163 | 163 | |||||||||
Yen-denominated debentures, 1.219%, due 2030 | 159 | 159 | |||||||||
Yen-denominated debentures, 1.153%, due 2031 | 199 | 198 | |||||||||
Yen-denominated debentures, 1.583%, due 2037 | 63 | 63 | |||||||||
Yen-denominated debentures, 1.513%, due 2039 | 38 | 37 | |||||||||
Euro-denominated notes, 3.875%, due 2026 | 352 | 311 | |||||||||
Euro-denominated notes, 4.125%, due 2031 | 642 | 568 | |||||||||
Financing Leases, average discount rate 5.86%, due through 2045 (Note 8) | 1,232 | 174 | |||||||||
Other, average rate 3.86%, due through 2042 | 677 | 574 | |||||||||
| Total long-term debt, including current portion | 8,425 | 7,211 | |||||||||
| Less current portion of long-term debt | 795 | 326 | |||||||||
| Long-term debt | $ | 7,630 | $ | 6,885 | |||||||
Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $7.3 billion and $6.4 billion compared to recorded book values of $7.6 billion and $6.9 billion as of December 31, 2025 and 2024, respectively. The Company measures the fair value of its long-term debt using Level 2 inputs based primarily on current market yields for its existing debt traded in the secondary market.
Corning did not have outstanding commercial paper as of December 31, 2025 and 2024.
On July 28, 2025, the Company entered into an agreement for a new revolving credit facility (the “Revolving Credit Facility”), which replaced the Company’s existing $1.5 billion credit agreement dated June 6, 2022. The Revolving Credit Facility provides a committed $1.5 billion unsecured multi-currency line of credit and expires July 28, 2030. As of December 31, 2025, there were no outstanding amounts under the Revolving Credit Facility.
Corning is the obligor to Chinese yuan-denominated unsecured variable rate loan facilities, whose proceeds are used for capital investment and general corporate purposes. During the year ended December 31, 2025, the Company repaid $229 million of its existing loan amounts outstanding. In addition, the Company entered into new Chinese yuan-denominated variable rate loan facilities and incurred $285 million in borrowings under these facilities during the year ended December 31, 2025. As of December 31, 2025 and 2024, amounts outstanding under these facilities totaled $384 million and $314 million, respectively, and these facilities had variable interest rates ranging from 2.2% to 2.9% and 2.8% to 3.9%, respectively, and maturities ranging from 2026 to 2032. As of December 31, 2025, Corning had ¥0.2 billion Chinese yuan of unused capacity, equivalent to approximately $23 million.
The following table presents debt maturities by year as of December 31, 2025 (in millions) (1):
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |||||||||||||||||||||||||||
| $ | 804 | $ | 401 | $ | 296 | $ | 302 | $ | 298 | $ | 6,379 | |||||||||||||||||||||
(1)Excludes impact of bond discounts and deferred expenses and includes obligations relating to finance leases that have commenced. For the estimated undiscounted lease payments associated with leases entered into but not yet commenced, refer to Note 8 (Leases) for additional information.
Debt Issuances and Redemptions
During the year ended December 31, 2025, Corning repaid ¥10.0 billion (equivalent to $69.6 million) aggregate principal amount of its 0.722% debentures due 2025.
During the year ended December 31, 2024, Corning repaid ¥21.0 billion (equivalent to $143 million) aggregate principal amount of its 0.698% debentures due 2024.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 12, 2024 | |
| 2022 | Feb 13, 2023 | |
| 2021 | Feb 14, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 12, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 6, 2017 | |
| 2015 | Feb 12, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.