Debt	9 Months Ended
Sep. 30, 2019
Debt [Abstract]
Debt	8. Debt Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $6.9 billion and $6.0 billion at September 30, 2019 and December 31, 2018, respectively, compared to recorded book values of $6.2 billion and $6.0 billion at September 30, 2019 and December 31, 2018, 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 had no outstanding commercial paper at September 30, 2019 and December 31, 2018. Debt Issuances 2019 In the third quarter of 2019, Corning issued two Japanese yen-denominated debt securities (the “Notes”), as follows: ¥31.3 billion 1.153% senior unsecured notes with a maturity of 12 years; and ¥5.9 billion 1.513% senior unsecured notes with a maturity of 20 years. The proceeds from the Notes were received in Japanese yen and converted to U.S. dollars on the date of issuance. The net proceeds received in U.S. dollars, after deducting offering expenses, were approximately $349 million and will be used for general corporate purposes. Payments of principal and interest on the Notes will be in Japanese yen, or should yen be unavailable due to circumstances beyond Corning’s control, a U.S. dollar equivalent. On a quarterly basis, Corning will recognize the transaction gains and losses resulting from changes in the USD/JPY exchange rate in the Other expense, net line of the Consolidated Statements of Income. Cash proceeds from the offerings and payments for debt issuance costs are disclosed as financing activities, and cash payments to bondholders for interest will be disclosed as operating activities, in the Consolidated Statements of Cash Flows.

Debt

9 Months Ended

Sep. 30, 2019

8. Debt

Based on borrowing rates currently available to us for loans with similar terms and maturities, the fair value of long-term debt was $6.9 billion and $6.0 billion at September 30, 2019 and December 31, 2018, respectively, compared to recorded book values of $6.2 billion and $6.0 billion at September 30, 2019 and December 31, 2018, 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 had no outstanding commercial paper at September 30, 2019 and December 31, 2018.

Debt Issuances

2019

In the third quarter of 2019, Corning issued two Japanese yen-denominated debt securities (the “Notes”), as follows:

¥31.3 billion 1.153% senior unsecured notes with a maturity of 12 years; and

¥5.9 billion 1.513% senior unsecured notes with a maturity of 20 years.

The proceeds from the Notes were received in Japanese yen and converted to U.S. dollars on the date of issuance. The net proceeds received in U.S. dollars, after deducting offering expenses, were approximately $349 million and will be used for general corporate purposes. Payments of principal and interest on the Notes will be in Japanese yen, or should yen be unavailable due to circumstances beyond Corning’s control, a U.S. dollar equivalent.

On a quarterly basis, Corning will recognize the transaction gains and losses resulting from changes in the USD/JPY exchange rate in the Other expense, net line of the Consolidated Statements of Income. Cash proceeds from the offerings and payments for debt issuance costs are disclosed as financing activities, and cash payments to bondholders for interest will be disclosed as operating activities, in the Consolidated Statements of Cash Flows.