CORNING INC NY

10. Debt

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 $6.4 billion and $7.0 billion as of December 31, 2024 and 2023, respectively, compared to recorded book values of $6.9 billion and $7.2 billion as of December 31, 2024 and 2023, 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 didnot have outstanding commercial paper as of December 31, 2024 and 2023.

Corning’s existing revolving credit agreement provides a committed $1.5 billion unsecured multi-currency line of credit which is scheduled to mature in 2027. There wereno outstanding amounts under this facility as of December 31, 2024 and 2023.

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, 2024 and 2023, amounts outstanding under these facilities totaled $314 million and $293 million, respectively, and these facilities had variable interest rates ranging from 2.8% to 3.9% and 3.2% to 4.1%, respectively, and maturities ranging from 2025 to 2032. As of December 31, 2024, Corning had 0.2 billion Chinese yuan of unused capacity, equivalent to approximately $31 million.

10. Debt (Continued)

The following table presents debt maturities by year as of December 31, 2024 (in millions)(1):

(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 5 (Leases) for additional information.

In 2024, the Company entered into various cross currency swap contracts to economically lock in unrealized foreign exchange gains relating to a portion of the Company’s Japanese yen-denominated debt due in 2027 and 2028. Refer to Note 13 (Financial Instruments) for additional information.

Debt Issuances and Redemptions

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.

During the year ended December 31, 2023, Corning repurchased a total of ¥14.7 billion (equivalent to $100 million) of debt comprised of ¥9.8 billion aggregate principal amount of its 0.992% debentures due 2027 and ¥4.9 billion aggregate principal amount of its 1.043% debentures due 2028. The repurchase transactions resulted in an insignificant gain in the current period.

On May 15, 2023, the Company issued €300 million 3.875% Notes due 2026 (“2026 Notes”) and €550 million 4.125% Notes due 2031 (“2031 Notes”). The proceeds from the 2026 Notes and 2031 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, 2024 and 2023, the U.S. dollar equivalent carrying value of the euro-denominated long-term debt was $879 million and $932 million, respectively.

The full amounts of the 2026 Notes and 2031 Notes have been designated as net investment hedges against our investments in certain European subsidiaries with euro functional currencies. Refer to Note 13 (Financial Instruments) for additional information.