CORNING INC /NY Fair Value Disclosure
The following table provides the fair value measurement information for the Company’s major categories of financial assets and liabilities measured on a recurring basis (in millions):
| Fair value measurements at reporting date | Fair value measurements at reporting date | |||||||||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||||||||
| 2022 | Level 1 | Level 2 | Level 3 | 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
| Current assets: | ||||||||||||||||||||||||||||||||
| Other current assets (1) | $ | 505 | $ | 2 | $ | 454 | $ | 49 | $ | 352 | $ | 10 | $ | 336 | $ | 6 | ||||||||||||||||
| Non-current assets: | ||||||||||||||||||||||||||||||||
| Other assets (1) | $ | 225 | $ | 224 | $ | 1 | $ | 175 | $ | 164 | $ | 11 | ||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||||||||||
| Other accrued liabilities (1) | $ | 174 | $ | 174 | $ | 144 | $ | 144 | ||||||||||||||||||||||||
| Non-current liabilities: | ||||||||||||||||||||||||||||||||
| Other liabilities (1) | $ | 34 | $ | 34 | $ | 66 | $ | 66 | ||||||||||||||||||||||||
| (1) | Derivative assets and liabilities include foreign exchange and precious metals lease contracts which are measured using observable inputs for similar assets and liabilities. |
Assets and Liabilities Measured on a Non-Recurring Basis
There were no significant financial assets or liabilities measured on a nonrecurring basis as of December 31, 2022 and 2021.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2022 | Feb 13, 2023 | Showing above |
| 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 Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.