Corning Incorporated (GLW) Financial Statements (2024 and earlier)

Company Profile

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

Balance Sheet (Statement of Financial Position) ($ in millions)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments      2,355
Cash and cash equivalents      2,355
Receivables1,5721,7212,0042,1331,8361,940
Inventory, net of allowances, customer advances and progress billings2,6662,9042,4812,4382,3202,037
Inventory2,6662,9042,4812,4382,3202,037
Derivative instruments and hedges, assets      
Other current assets1,1951,1571,026761873702
Other undisclosed current assets1,7791,6712,1482,6722,434 
Total current assets:7,2127,4537,6598,0047,4637,034
Noncurrent Assets
Property, plant and equipment14,63015,37115,80415,74215,33714,895
Long-term investments and receivables     33416
Long-term investments     33416
Intangible assets, net (including goodwill)3,2853,4233,5693,7683,1203,228
Goodwill2,3802,3942,4212,4601,9351,936
Intangible assets, net (excluding goodwill)9051,0291,1481,3081,1851,292
Deferred income tax assets1,1531,0731,0661,1211,157
Other noncurrent assets2,2202,1792,0562,1401,4871,021
Other undisclosed noncurrent assets      1,311
Total noncurrent assets:21,28822,04622,49522,77121,43520,471
TOTAL ASSETS:28,50029,49930,15430,77528,89827,505
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities3,9994,9514,7513,6113,5103,307
Accounts payable1,4661,8041,6121,1741,5871,456
Accrued liabilities2,5333,1473,1392,4371,9231,851
Debt32022455156114
Total current liabilities:4,3195,1754,8063,7673,5213,311
Noncurrent Liabilities
Long-term debt and lease obligation, including:7,2066,6876,9897,8167,7295,994
Finance lease, liability    163271
Other undisclosed long-term debt and lease obligation7,2066,6876,9897,0207,0085,994
Liabilities, other than long-term debt5,1075,3625,8145,7444,6514,314
Liability, pension and other postretirement and postemployment benefits398407622727671662
Other liabilities4,7094,9555,1925,0173,9803,652
Operating lease, liability    633450
Total noncurrent liabilities:12,31312,04912,80313,56012,38010,308
Total liabilities:16,63217,22417,60917,32715,90113,619
Equity
Equity, attributable to parent11,55112,00812,33313,25712,90713,792
Preferred stock    2,3002,3002,300
Common stock916910907863859857
Treasury stock, value(20,637)(20,532)(20,263)(19,928)(19,812)(18,870)
Additional paid in capital16,92916,68216,47514,64214,32314,212
Accumulated other comprehensive loss(2,048)(1,830)(1,175)(740)(1,171)(1,010)
Retained earnings16,39116,77816,38916,12016,40816,303
Equity, attributable to noncontrolling interest3172672121919094
Total equity:11,86812,27512,54513,44812,99713,886
TOTAL LIABILITIES AND EQUITY:28,50029,49930,15430,77528,89827,505

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

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues12,58814,18914,08211,30311,50311,290
Cost of revenue(8,657)(9,683)(9,019)(7,772)(7,468)(6,829)
Gross profit:3,9314,5065,0633,5314,0354,461
Operating expenses(1,965)(2,021)(1,956)(1,868)(1,698)(1,893)
Other undisclosed operating loss(1,076)(1,047)(995)(1,154)(1,031)(993)
Operating income:8901,4382,1125091,3061,575
Nonoperating income (expense)94300196453(134)(271)
Investment income, nonoperating3815115132138
Loss, foreign currency transaction, before tax      (93)
Other nonoperating income (expense)56285185(60)(155)(216)
Interest and debt expense(329)(292)(300)(276)(221)(191)
Income from continuing operations before equity method investments, income taxes:6551,4462,0086869511,113
Income (loss) from equity method investments   35(25)17390
Other undisclosed income (loss) from continuing operations before income taxes161351354(38)248 
Income from continuing operations before income taxes:8161,7972,3976231,2161,503
Income tax expense(168)(411)(491)(111)(256)(437)
Income from continuing operations:6481,3861,9065129601,066
Income before gain (loss) on sale of properties:1,9065129601,066
Other undisclosed net income   29111924
Net income:6481,3861,9355239791,090
Net loss attributable to noncontrolling interest(67)(70)    
Other undisclosed net loss attributable to parent   (29)(11)(19)(24)
Net income attributable to parent:5811,3161,9065129601,066
Preferred stock dividends and other adjustments   (827)(98)(98)(98)
Net income available to common stockholders, basic:5811,3161,079414862968
Convertible preferred dividends     9898
Net income available to common stockholders, diluted:5811,3161,0794149601,066

Comprehensive Income ($ in millions)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:6481,3861,9355239791,090
Other comprehensive income (loss)(219)(657)(436)432(161)(169)
Other undisclosed comprehensive income12    
Comprehensive income:4307311,499955818921
Comprehensive loss, net of tax, attributable to noncontrolling interest(67)(70)    
Other undisclosed comprehensive loss, net of tax, attributable to parent   (28)(12)(19)(23)
Comprehensive income, net of tax, attributable to parent:3636611,471943799898

Statements Sources

The financial statements are based on the Company's filings with 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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