CORNING INC NY

Debt consisted of the following (in millions):

Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $7.0 billion and $6.1 billion as of* December 31, 2023and2022*, respectively, compared to recorded book values of $7.2 billion and $6.7 billion as of* December 31, 2023and2022*, respectively. The Company measures the fair value of its long-term debt using Level2 inputs based primarily on current market yields for its existing debt traded in the secondary market.

Corning didnot have outstanding commercial paper as of* December 31, 2023and2022*.

During2022, Corning amended and restated its existing revolving credit agreement, which provides a committed $1.5 billion unsecured multi-currency line of credit, primarily to extend the term to2027. There wereno outstanding amounts under this facility as of* December 31, 2023* and2022. In addition, Corning had a 25 billion Japanese yen liquidity facility, which was schedule to mature in2025. In thefourth quarter of2023, the 25 billion Japanese yen liquidity facility was terminated. There were never any amounts outstanding under this facility.

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10. Debt (Continued)

Corning is the obligor to Chinese yuan-denominated unsecured variable rate loan facilities, whose proceeds are used for capital investment and general corporate purposes. As of* December 31, 2023and2022*, amounts outstanding under these facilities totaled $293 million and $352 million, respectively, and these facilities had variable interest rates ranging from 3.2% to 4.1% and 3.3% to 4.3%, respectively, and maturities ranging from2024 to2032. As of* December 31, 2023*, Corning had 779 million Chinese yuan of unused capacity, equivalent to approximately $110 million.

The following table presents debt maturities by year as of* December 31, 2023* (in millions)(1):

Debt Issuances and Redemptions

In thefourth quarter of2023, Corning repurchased¥14.7 billion (equivalent to $100 million) of¥9.8 billion 0.992% notes due2027 and¥4.9 billion 1.043% notes due2028. The repurchase transactions resulted in an insignificant gain in the current period.

On* May 15, 2023,the Company issued€300 million 3.875% Notes due2026* (“2026 Notes”) and€550 million 4.125% Notes due2031 (“2031 Notes”). The proceeds from the2026 Notes and2031 Notes were received in euros and converted to U.S. dollars on the date of issuance. The net proceeds received were approximately $918 million and will be used for general corporate purposes. As of* December 31, 2023*, the U.S. dollar equivalent carrying value of the euro-denominated long-term debt was $932 million.

The full amounts of the2026 Notes and2031 Notes have been designated as net investment hedges against our investments in certain European subsidiaries with euro functional currencies. Refer to Note13 (Financial Instruments) for additional information.

During the year ended* December 31, 2021,Corning redeemed $375 million of 2.9% debentures due in2022* and $250 million of 3.7% debentures due in2023, paying premiums of $10 million and $19 million, respectively, by exercising the make-whole call. The bond redemptions resulted in an $11 million and $20 million loss, respectively. Losses on bond redemption have been recorded within other income, net in the consolidated statements of income.