CORNING INC /NYGLW
CORNING INC /NY Segments Disclosure
18. Reportable Segments
As of January 1, 2025, the Company began managing its Automotive Glass Solutions business together with its Environmental Technologies business, forming its Automotive segment, and its Display Technologies segment was renamed to “Display.”
The segment information presented below has been recast for the comparative periods presented for the Automotive segment.
The Company has determined that it has five reportable segments for financial reporting purposes, organized primarily based on product offerings, as follows:
•Optical Communications – manufactures carrier network and enterprise network components for the telecommunications industry; the carrier network group consists primarily of products and solutions for optical-based communications infrastructure for services such as video, data and voice communications; the enterprise network group consists primarily of optical-based communication networks, including hyperscale data centers, sold to businesses, governments and individuals for their own use.
•Display – manufactures high quality glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used primarily in televisions, notebook computers, desktop monitors, tablets and handheld devices.
•Specialty Materials – manufactures products that provide material formulations for glass, glass ceramics and crystals, as well as precision metrology instruments and software to meet demand for unique customer needs across a wide variety of commercial and industrial markets, including materials optimized for mobile consumer electronics, semiconductor equipment optics and consumables, aerospace and defense optics, radiation shielding products, sunglasses and telecommunications components.
•Automotive – manufactures ceramic substrates and filter products for emissions control systems in mobile applications; as well as technical glass and optic products and solutions for the interior and exterior of vehicles.
•Life Sciences – develops, manufactures, and supplies laboratory products, including labware, equipment, media, serum and reagents, enabling workflow solutions for drug discovery and bioproduction.
All other businesses that do not meet the quantitative threshold for separate reporting have been grouped as Hemlock and Emerging Growth Businesses. This group is primarily comprised of the results of HSG, a leading provider of high-purity polysilicon products for the solar power and electronics industries, and our businesses that transform polysilicon into solar wafers and solar modules. Additionally, this group includes Pharmaceutical Technologies, the Emerging Innovations Group, and other businesses and certain corporate investments.
The chief operating decision maker (“CODM”) of the Company is the Company’s chief executive officer. The CODM assesses performance and decides how to allocate resources, including employees, financial or capital resources, based on segment net income (loss), which includes certain corporate overhead allocations directly attributable to each of the segments. The CODM considers actual-to-actual variances on a quarterly basis when making decisions about allocating capital and other resources to the segments and to assess the performance for each segment.
Financial results for the reportable segments and Hemlock and Emerging Growth Businesses are prepared on a basis consistent with the internal disaggregation of financial information to assist the CODM in making internal operating decisions. As a significant portion of segment revenues and expenses are denominated in currencies other than the U.S. dollar, management believes it is important to understand the impact on segment net sales and segment net income of translating these currencies into U.S. dollars. Therefore, the Company utilizes constant-currency reporting for the Optical Communications, Display, Specialty Materials, Automotive and Life Sciences segments to exclude the impact on segment sales and segment net income from the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro, as applicable to the segment. The Company believes that the use of constant-currency reporting allows management to understand our results without the volatility of currency fluctuation, analyze underlying trends in the businesses and establish operational goals and forecasts. The most significant constant-currency adjustment relates to the Japanese yen exposure within the Display segment.
The constant-currency rates established for core performance measures are long-term management-determined rates, which are closely aligned with the Company’s hedging instrument rates. These hedging instruments may include, but are not limited to, foreign exchange forward or option contracts and foreign-denominated debt. Effective January 1, 2025, management updated the constant-currency rates and the updated rates were applied prospectively beginning with reporting periods in 2025. Comparative results were not recast and are reported based on the 2024 and 2023 rates.
Constant-currency rates used are as follows and are applied to the respective periods presented and to all foreign exchange exposures during the period, even though the Company may be less than 100% hedged:
| Currency | Japanese yen | South Korean won | Chinese yuan | New Taiwan dollar | Mexican peso | Euro | ||||||||||||||||||||||||||||||||
| 2023 - 2024 Rate | ¥107 | ₩1,175 | ¥6.7 | NT$31 | MX$20 | €0.81 | ||||||||||||||||||||||||||||||||
| 2025 Rate | ¥120 | ₩1,250 | ¥6.9 | NT$31 | MX$21 | €0.88 | ||||||||||||||||||||||||||||||||
In addition, certain income and expenses are excluded from segment net income (loss) and included in the unallocated amounts in the reconciliation of reportable segment net income to net income. These items are not used by the CODM in allocating resources or evaluating the results of the segments and include the following: the impact of translating foreign denominated debt, the impact of the translated earnings contracts, acquisition-related costs, certain discrete tax items and other tax-related adjustments, restructuring, impairment and other charges and credits, certain litigation, regulatory and other legal matters, pension mark-to-market adjustments and other items which do not reflect the ongoing operating results of the segment. Although these amounts are excluded from segment results, they are included in reported consolidated results.
Corning’s administrative and staff functions are performed on a centralized basis and such costs and expenses are allocated among the segments differently than they would be for stand-alone financial reporting purposes. These include certain costs and expenses of shared services, such as information technology, human resources, legal, finance and supply chain management. Expenses that are not allocated to the segments are included in the reconciliation of reportable segment net income (loss) to net income. Segment net income (loss) may not be consistent with measures used by other companies.
The following provides selected segment information as described above:
Segment Information (in millions)
| Optical Communications | Display | Specialty Materials | Automotive | Life Sciences | Hemlock and Emerging Growth Businesses | Total | |||||||||||||||||||||||||||||||||||
| For the year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Segment net sales | $ | 6,274 | $ | 3,697 | $ | 2,211 | $ | 1,794 | $ | 972 | $ | 1,460 | $ | 16,408 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses (1) | 308 | 97 | 277 | 146 | 25 | 92 | 945 | ||||||||||||||||||||||||||||||||||
Depreciation (2) | 271 | 421 | 159 | 163 | 61 | 150 | 1,225 | ||||||||||||||||||||||||||||||||||
Other segment items (3) | 4,343 | 1,927 | 1,310 | 1,133 | 809 | 1,237 | 10,759 | ||||||||||||||||||||||||||||||||||
Income tax provision (4) | 304 | 259 | 98 | 74 | 16 | 7 | 758 | ||||||||||||||||||||||||||||||||||
| Segment net income (loss) | $ | 1,048 | $ | 993 | $ | 367 | $ | 278 | $ | 61 | $ | (26) | $ | 2,721 | |||||||||||||||||||||||||||
| Investment in affiliated companies, at equity | $ | 5 | $ | 99 | $ | 15 | $ | — | $ | — | $ | 183 | $ | 302 | |||||||||||||||||||||||||||
Segment assets (5) | $ | 4,029 | $ | 6,685 | $ | 2,551 | $ | 2,395 | $ | 795 | $ | 3,409 | $ | 19,864 | |||||||||||||||||||||||||||
| Capital expenditures | $ | 459 | $ | 302 | $ | 192 | $ | 76 | $ | 24 | $ | 234 | $ | 1,287 | |||||||||||||||||||||||||||
| For the year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Segment net sales | $ | 4,657 | $ | 3,872 | $ | 2,018 | $ | 1,846 | $ | 979 | $ | 1,097 | $ | 14,469 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses (1) | 274 | 110 | 253 | 163 | 22 | 105 | 927 | ||||||||||||||||||||||||||||||||||
Depreciation (2) | 267 | 446 | 153 | 174 | 67 | 112 | 1,219 | ||||||||||||||||||||||||||||||||||
Other segment items (3) | 3,330 | 2,047 | 1,283 | 1,178 | 810 | 815 | 9,463 | ||||||||||||||||||||||||||||||||||
Income tax provision (4) | 174 | 263 | 69 | 70 | 17 | 23 | 616 | ||||||||||||||||||||||||||||||||||
| Segment net income | $ | 612 | $ | 1,006 | $ | 260 | $ | 261 | $ | 63 | $ | 42 | $ | 2,244 | |||||||||||||||||||||||||||
| Investment in affiliated companies, at equity | $ | 4 | $ | 90 | $ | 15 | $ | — | $ | — | $ | 181 | $ | 290 | |||||||||||||||||||||||||||
Segment assets (5) | $ | 3,506 | $ | 6,596 | $ | 2,489 | $ | 2,366 | $ | 800 | $ | 1,869 | $ | 17,626 | |||||||||||||||||||||||||||
| Capital expenditures | $ | 193 | $ | 256 | $ | 107 | $ | 65 | $ | 15 | $ | 161 | $ | 797 | |||||||||||||||||||||||||||
| For the year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Segment net sales | $ | 4,012 | $ | 3,532 | $ | 1,865 | $ | 1,893 | $ | 959 | $ | 1,319 | $ | 13,580 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expenses (1) | 238 | 102 | 229 | 157 | 33 | 104 | 863 | ||||||||||||||||||||||||||||||||||
Depreciation (2) | 263 | 481 | 149 | 164 | 69 | 109 | 1,235 | ||||||||||||||||||||||||||||||||||
Other segment items (3) | 2,903 | 1,887 | 1,232 | 1,205 | 794 | 947 | 8,968 | ||||||||||||||||||||||||||||||||||
Income tax provision (4) | 130 | 220 | 53 | 77 | 13 | 48 | 541 | ||||||||||||||||||||||||||||||||||
| Segment net income | $ | 478 | $ | 842 | $ | 202 | $ | 290 | $ | 50 | $ | 111 | $ | 1,973 | |||||||||||||||||||||||||||
| Investment in affiliated companies, at equity | $ | 3 | $ | 105 | $ | 11 | $ | — | $ | 3 | $ | 174 | $ | 296 | |||||||||||||||||||||||||||
Segment assets (5) | $ | 3,241 | $ | 7,899 | $ | 2,476 | $ | 2,480 | $ | 782 | $ | 1,700 | $ | 18,578 | |||||||||||||||||||||||||||
| Capital expenditures | $ | 176 | $ | 363 | $ | 175 | $ | 79 | $ | 41 | $ | 255 | $ | 1,089 | |||||||||||||||||||||||||||
(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 and Hemlock and Emerging Growth Businesses primarily include the cost of materials, salaries, wages and benefits, including variable compensation, and selling, general and administrative expenses.
(4)Income tax provision 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.
The following table presents a reconciliation of net sales of reportable segments to consolidated net sales (in millions):
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net sales of reportable segments | $ | 14,948 | $ | 13,372 | $ | 12,261 | |||||||||||
| Net sales of Hemlock and Emerging Growth Businesses | 1,460 | 1,097 | 1,319 | ||||||||||||||
Impact of constant-currency reporting (1) | (779) | (1,309) | (992) | ||||||||||||||
Impairment of upfront fees to a customer (2) | (42) | ||||||||||||||||
| Consolidated net sales | $ | 15,629 | $ | 13,118 | $ | 12,588 | |||||||||||
(1)This amount primarily represents the impact of foreign currency adjustments in the Display 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.
The following table presents a reconciliation of net income of reportable segments to consolidated net income (in millions):
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income of reportable segments | $ | 2,747 | $ | 2,202 | $ | 1,862 | |||||||||||
| Net (loss) income of Hemlock and Emerging Growth Businesses | (26) | 42 | 111 | ||||||||||||||
| Unallocated amounts: | |||||||||||||||||
| Impact of constant-currency reporting | (665) | (989) | (744) | ||||||||||||||
| Translated earnings contract gain, net | 150 | 83 | 161 | ||||||||||||||
| Translation (loss) gain on foreign denominated debt, net | (52) | 104 | 100 | ||||||||||||||
| Litigation, regulatory and other legal matters | (63) | (12) | (61) | ||||||||||||||
Research, development, and engineering expense (1)(2) | (159) | (151) | (162) | ||||||||||||||
| Amortization of intangibles | (110) | (121) | (122) | ||||||||||||||
| Interest expense, net | (260) | (248) | (244) | ||||||||||||||
| Income tax benefit | 448 | 395 | 373 | ||||||||||||||
| Pension mark-to-market | (33) | (3) | (15) | ||||||||||||||
Severance charges (2) | (26) | (45) | (187) | ||||||||||||||
Capacity optimization and other charges and credits (3) | (23) | (362) | (284) | ||||||||||||||
| Loss on sale of business | (11) | (31) | |||||||||||||||
| Other corporate items | (175) | (272) | (140) | ||||||||||||||
| Net income | $ | 1,742 | $ | 592 | $ | 648 | |||||||||||
(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.
The following table presents a reconciliation of total assets of reportable segments to consolidated total assets (in millions):
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Total assets of reportable segments | $ | 16,455 | $ | 15,757 | $ | 16,878 | |||||||||||
| Total assets of Hemlock and Emerging Growth Businesses | 3,409 | 1,869 | 1,700 | ||||||||||||||
| Unallocated amounts: | |||||||||||||||||
Current assets (1) | 3,060 | 2,881 | 2,522 | ||||||||||||||
Investments (2) | 210 | 104 | 119 | ||||||||||||||
Property, plant and equipment, net (3) | 1,139 | 1,133 | 1,038 | ||||||||||||||
Other non-current assets (4) | 6,703 | 5,991 | 6,243 | ||||||||||||||
| Total assets | $ | 30,976 | $ | 27,735 | $ | 28,500 | |||||||||||
(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.
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 | 2025 | 2024 | 2023 | ||||||||||||||
| Optical Communications | |||||||||||||||||
| Carrier network | $ | 3,079 | $ | 2,678 | $ | 2,686 | |||||||||||
| Enterprise network | 3,195 | 1,979 | 1,326 | ||||||||||||||
| Total Optical Communications | 6,274 | 4,657 | 4,012 | ||||||||||||||
| Display | 3,697 | 3,872 | 3,532 | ||||||||||||||
| Specialty Materials | |||||||||||||||||
| Corning® Gorilla® Glass | 1,386 | 1,224 | 1,136 | ||||||||||||||
| Advanced optics and other specialty glass | 825 | 794 | 729 | ||||||||||||||
| Total Specialty Materials | 2,211 | 2,018 | 1,865 | ||||||||||||||
| Automotive | |||||||||||||||||
| Auto, Glass and other | 1,266 | 1,279 | 1,250 | ||||||||||||||
| Diesel | 528 | 567 | 643 | ||||||||||||||
| Total Automotive | 1,794 | 1,846 | 1,893 | ||||||||||||||
| Life Sciences | |||||||||||||||||
| Labware | 469 | 490 | 487 | ||||||||||||||
| Cell culture products | 503 | 489 | 472 | ||||||||||||||
| Total Life Science | 972 | 979 | 959 | ||||||||||||||
| Hemlock and Emerging Growth Businesses | |||||||||||||||||
| Polycrystalline Silicon | 955 | 865 | 1,014 | ||||||||||||||
| Other | 505 | 232 | 305 | ||||||||||||||
| Total Hemlock and Emerging Growth Businesses | 1,460 | 1,097 | 1,319 | ||||||||||||||
| Net sales of reportable segments | 14,948 | 13,372 | 12,261 | ||||||||||||||
| Net sales of Hemlock and Emerging Growth Businesses | 1,460 | 1,097 | 1,319 | ||||||||||||||
Impact of constant-currency reporting (1) | (779) | (1,309) | (992) | ||||||||||||||
Impairment of upfront fees to a customer (2) | (42) | ||||||||||||||||
| Consolidated net sales | $ | 15,629 | $ | 13,118 | $ | 12,588 | |||||||||||
(1)This amount primarily represents the impact of foreign currency adjustments in the Display 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) for additional information.
The following table presents information relating to the Company’s operations by geographic area (in millions):
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
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 | $ | 6,760 | $ | 10,242 | $ | 5,172 | $ | 8,617 | $ | 4,439 | $ | 8,698 | |||||||||||||||||||||||
| Canada | 236 | 86 | 256 | 83 | 317 | 95 | |||||||||||||||||||||||||||||
| Mexico | 109 | 216 | 127 | 203 | 84 | 211 | |||||||||||||||||||||||||||||
| Total North America | 7,105 | 10,544 | 5,555 | 8,903 | 4,840 | 9,004 | |||||||||||||||||||||||||||||
| Asia Pacific: | |||||||||||||||||||||||||||||||||||
| Japan | 682 | 26 | 688 | 125 | 667 | 388 | |||||||||||||||||||||||||||||
| Taiwan | 1,032 | 1,322 | 1,019 | 1,281 | 855 | 1,515 | |||||||||||||||||||||||||||||
| China | 4,971 | 4,422 | 4,694 | 4,291 | 4,439 | 4,575 | |||||||||||||||||||||||||||||
| Korea | 420 | 2,806 | 486 | 2,671 | 418 | 3,092 | |||||||||||||||||||||||||||||
| Other | 541 | 83 | 424 | 88 | 620 | 88 | |||||||||||||||||||||||||||||
| Total Asia Pacific | 7,646 | 8,659 | 7,311 | 8,456 | 6,999 | 9,658 | |||||||||||||||||||||||||||||
| Europe: | |||||||||||||||||||||||||||||||||||
| Germany | 463 | 419 | 494 | 400 | 535 | 464 | |||||||||||||||||||||||||||||
| Other | 949 | 881 | 926 | 827 | 998 | 956 | |||||||||||||||||||||||||||||
| Total Europe | 1,412 | 1,300 | 1,420 | 1,227 | 1,533 | 1,420 | |||||||||||||||||||||||||||||
| All Other | 245 | 22 | 183 | 27 | 208 | 53 | |||||||||||||||||||||||||||||
| Total | $ | 16,408 | $ | 20,525 | $ | 14,469 | $ | 18,613 | $ | 13,580 | $ | 20,135 | |||||||||||||||||||||||
(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.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.