Note 6 - Leases

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Lessee, Operating And Finance Leases [Text Block]

The following table presents the components of lease cost (in millions) ⁽¹⁾:

	Year ended December 31,
	2022		2021		2020
Operating lease cost	$	147	$	139	$	133
Variable lease cost		51		59		41
Short-term lease cost		2		2		4
Total lease cost	$	200	$	200	$	178

(1) Finance lease costs were not material for the years ended December 31, 2022, 2021 and 2020.

The following table presents the components of cash paid for amounts included in the measurement of lease liabilities (in millions) ⁽¹⁾:

	December 31,
	2022		2021		2020
Operating cash outflows from operating leases	$	116	$	134	$	121

(1) Cash payments for operating leases have been classified as operating activities on the consolidated statements of cash flows.  Principal and interest payments for finance leases have been classified as financing activities and operating activities, respectively, on the consolidated statements of cash flows, and were not material for the years ended December 31, 2022, 2021 and 2020.

The following table presents supplemental consolidated balance sheet information (in millions, except lease term and discount rate) ⁽¹⁾:

		December 31,
	Location of lease balances	2022			2021
Operating lease right-of-use assets	Other assets	$	842		$	741
Operating lease liabilities - current	Other current liabilities	$	111		$	94
Operating lease liabilities - noncurrent	Other liabilities	$	795		$	691
Weighted-average remaining lease term (in years)			14.3			12.9
Weighted-average discount rate			4.2	%		4.0	%

(1) Finance leases were not material as of December 31, 2022 and 2021.

As of December 31, 2022, maturities of operating lease liabilities are as follows (in millions) ⁽¹⁾:

	December 31, 2022
2023	$	136
2024	$	106
2025	$	92
2026	$	83
2027	$	71
After 2027	$	756
Total operating payments	$	1,244
Less: imputed discount	$	338
Present value of lease payments	$	906

(1) Finance leases were not material as of December 31, 2022.

As of December 31, 2022, Corning had additional operating leases, primarily for new production facilities, that have not yet commenced or been recorded, of approximately $168 million on an undiscounted basis. These operating leases will commence in 2023 with lease terms of 10 to 20 years.