12.

Debt

(In millions)

	December 31,
	2016		2015

Current portion of long-term debt and short-term borrowings
Current portion of long-term debt	$	256	$	91
Commercial paper				481
Total current portion of long-term debt and short-term borrowings	$	256	$	572

Long-term debt
Debentures, 8.875%, due 2016			$	64
Debentures, 1.45%, due 2017	$	250		249
Debentures, 1.5%, due 2018		374		373
Debentures, 6.625%, due 2019		245		245
Debentures, 4.25%, due 2020		290		290
Debentures, 8.875%, due 2021		67		68
Debentures, 2.9%, due 2022		372		372
Debentures, 3.70%, due 2023		248		248
Medium-term notes, average rate 7.66%, due through 2023		45		45
Debentures, 7.00%, due 2024		99		99
Debentures, 6.85%, due 2029		167		168
Debentures, callable, 7.25%, due 2036		248		248
Debentures, 4.70%, due 2037		248		247
Debentures, 5.75%, due 2040		395		395
Debentures, 4.75%, due 2042		495		495
Other, average rate 5.02%, due through 2042		359		375
Total long-term debt		3,902		3,981
Less current portion of long-term debt		256		91
Long-term debt	$	3,646	$	3,890

December

31,

2016

and

2015,

the weighted-average interest rate on current portion of long-term debt was

1.5%

and

7.0%,

respectively. At

December

31,

2015,

the weighted-average interest rate on commercial paper was

0.6%.

Corning did not have outstanding commercial paper at

December

31,

2016.

Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was

$3.9

billion at

December

31,

2016

and

$4.1

billion at

December

31,

2015.

The Company measures the fair value of its long-term debt using Level

inputs based primarily on current market yields for its existing debt traded in the

secondary

market.

The following table shows debt maturities by year at

December

31,

2016

(in millions)*:

2017		2018		2019		2020		2021		Thereafter

$	256	$	379	$	254	$	305	$	67	$	2,655

*	Excludes interest rate swap gains and bond discounts.

Debt Issuances and Retirements

2016

●	In the third quarter of 2016, Corning’s Board of Directors approved a $1 billion increase to our commercial paper program, raising it to $2 billion. If needed, this program is supported by our $2 billion revolving credit facility that expires in 2019.

2015

●

In the

second

quarter of

2015,

we issued

$375

million of

1.50%

senior unsecured notes that mature on

May

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 notes at any time, subject to certain customary terms and conditions.