Note 3 - Debt

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

3.      Debt

Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $4.2 billion at September 30, 2015 and $3.6 billion at December 31, 2014, compared to recorded book values of $3.9 billion at September 30, 2015 and $3.2 billion at December 31, 2014.  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.

Debt Issuances

2015

In the second quarter of 2015, we issued $375 million of 1.50% senior unsecured notes that mature on May 8, 2018 and $375 million of 2.90% senior unsecured notes that mature on May 15, 2022.  The net proceeds of $745 million will be used for general corporate purposes.  We can redeem these debentures at any time, subject to certain stipulations.

2014

In the third quarter of 2014, we amended and restated our existing revolving credit facility.  The amended facility provides a $2 billion unsecured multi-currency line of credit and expires on September 30, 2019.  At September 30, 2015, there were no outstanding amounts on this credit facility.  The facility includes affirmative and negative covenants that Corning must comply with, including a leverage (debt to capital ratio) financial covenant.  As of September 30, 2015, we were in compliance with all of the covenants.