Corning Incorporated (GLW) financial statements (2021 and earlier)

Company profile

Business Address ONE RIVERFRONT PLAZA
CORNING, NY 14831
State of Incorp. NY
Fiscal Year End December 31
SIC 3357 - Drawing and Insulating of Nonferrous Wire (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in millions)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments  2,3554,3175,2914,6006,068
Cash and cash equivalents  2,3554,3175,2914,5005,309
Short-term investments     100759
Receivables2,1331,8361,9401,8071,4811,3721,501
Inventory, net of allowances, customer advances and progress billings2,4382,3202,0371,7121,4711,3851,322
Inventory2,4382,3202,0371,7121,4711,3851,322
Derivative instruments and hedges, assets      687
Other current assets7618737029918059121,099
Other undisclosed current assets2,6722,434    (439)
Total current assets:8,0047,4637,0348,8279,0488,26910,238
Noncurrent Assets
Property, plant and equipment15,74215,33714,89514,01712,54612,64812,766
Long-term investments and receivables 334163403651,9751,801
Long-term investments 334163403651,9751,801
Intangible assets, net (including goodwill)3,7683,1203,2282,5632,3732,0861,647
Goodwill2,4601,9351,9361,6941,5771,3801,150
Intangible assets, net (excluding goodwill)1,3081,1851,292869796706497
Derivative instruments and hedges     473847
Deferred income tax assets1,1211,157
Business combination, contingent consideration, asset     246445
Other noncurrent assets2,1401,4871,0219341,2711,5131,722
Defined benefit plan, assets for plan benefits355047
Other undisclosed noncurrent assets  1,3118132,2611,287550
Total noncurrent assets:22,77121,43520,47118,66718,85120,27819,825
TOTAL ASSETS:30,77528,89827,50527,49427,89928,54730,063
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities3,6113,5103,3072,8302,4952,2422,956
Accounts payable1,1741,5871,4561,4391,079934997
Accrued liabilities2,4371,9231,8511,3911,4161,3081,291
Employee-related liabilities      562
Taxes payable      106
Debt15611437925657236
Liability for uncertainty in income taxes      8
Deferred tax liabilities    5
Other undisclosed current liabilities      (681)
Total current liabilities:3,7673,5213,3113,2092,7512,8142,324
Noncurrent Liabilities
Long-term debt and lease obligation, including:7,8167,7295,9944,7493,6463,9103,227
Finance lease, liability163271
Operating lease, liability633450
Other undisclosed long-term debt and lease obligation7,0207,0085,9944,7493,6463,9103,227
Liabilities, other than long-term debt5,7444,6514,3143,7662,8052,2424,339
Accounts payable and accrued liabilities      1,365
Deferred tax liabilities, net    376
Liability, pension and other postretirement and postemployment benefits727671662749  552
Other liabilities5,0173,9803,6523,0172,8052,2422,046
Other undisclosed noncurrent liabilities    737718(1,479)
Total noncurrent liabilities:13,56012,38010,3088,5157,1886,8706,087
Total liabilities:17,32715,90113,61911,7249,9399,6848,411
Stockholders' equity
Stockholders' equity attributable to parent13,25712,90713,79215,69817,89318,78821,579
Preferred stock2,3002,3002,3002,3002,3002,3002,300
Common stock863859857854846840836
Treasury stock, value(19,928)(19,812)(18,870)(16,633)(14,152)(9,725)(6,727)
Additional paid in capital14,64214,32314,21214,08913,69513,35213,456
Accumulated other comprehensive loss(740)(1,171)(1,010)(842)(1,676)(1,811)(1,307)
Retained earnings16,12016,40816,30315,93016,88013,83213,021
Stockholders' equity attributable to noncontrolling interest191909472677573
Total stockholders' equity:13,44812,99713,88615,77017,96018,86321,652
TOTAL LIABILITIES AND EQUITY:30,77528,89827,50527,49427,89928,54730,063

Income statement (P&L) ($ in millions)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Revenues11,30311,50311,29010,1169,3909,1119,715
Revenue, net10,1169,3909,1119,715
Cost of revenue(7,772)(7,468)(6,829)(6,084)(5,644)(5,458)(5,663)
Gross profit:3,5314,0354,4614,0323,7463,6534,052
Operating expenses(1,868)(1,698)(1,893)(1,542)(1,613)(1,577)(2,016)
Other undisclosed operating loss(1,154)(1,031)(993)(860)(742)(754)(105)
Operating income:5091,3061,5751,6301,3911,3221,931
Nonoperating income (expense)453(134)(271)(58)(31)(102)1,063
Investment income, nonoperating5132138453221100
Foreign currency transaction gain (loss), before tax  (93) 21(22)(431)
Other nonoperating income (expense)(60)(155)(216)(103)(84)(101)1,394
Interest and debt expense(276)(221)(191)(155)(159)(140)(123)
Income from continuing operations before equity method investments, income taxes:6869511,1131,4171,2011,0802,871
Income (loss) from equity method investments(25)17390361284299266
Other undisclosed income (loss) from continuing operations before income taxes(38)248 (121)   
Income from continuing operations before income taxes:6231,2161,5031,6571,4851,3793,137
Income tax expense (benefit)(111)(256)(437)(2,154)3(147)(1,096)
Income (loss) before gain (loss) on sale of properties:5129601,066(497)1,4881,2322,041
Other undisclosed net income111924182,217116434
Net income (loss):5239791,090(479)3,7051,3482,475
Other undisclosed net loss attributable to parent(11)(19)(24)(18)(10)(9)(3)
Net income (loss) attributable to parent:5129601,066(497)3,6951,3392,472
Preferred stock dividends and other adjustments(98)(98)(98)(98)   
Other undisclosed net loss available to common stockholders, basic    (98)(98)(94)
Net income (loss) available to common stockholders, basic:414862968(595)3,5971,2412,378
Convertible preferred dividends 9898    
Other undisclosed net income available to common stockholders, diluted    989894
Net income (loss) available to common stockholders, diluted:4149601,066(595)3,6951,3392,472

Comprehensive Income ($ in millions)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Net income (loss):5239791,090(479)3,7051,3482,475
Other comprehensive income (loss)432(161)(169)8406(505)(1,352)
Other undisclosed comprehensive loss    (3,582)  
Comprehensive income:9558189213611298431,123
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(12)(19)(23)(24)3,701(8)(2)
Comprehensive income, net of tax, attributable to parent:9437998983373,8308351,121

Statements sources

The financial statements are based on the company's filings with the The U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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