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
Q4
9/30/2020
Q3
6/30/2020
Q3
3/31/2020
Q1
12/31/2019
Q4
9/30/2019
Q3
6/30/2019
Q2
ASSETS
Current Assets
Receivables2,1332,0991,7121,7081,8362,0242,103
Inventory, net of allowances, customer advances and progress billings2,4382,5812,2352,3472,3202,3372,291
Inventory2,4382,5812,2352,3472,3202,3372,291
Other current assets761864741866873824739
Other undisclosed current assets2,6722,5142,1582,0252,4349711,178
Total current assets:8,0048,0586,8466,9467,4636,1566,311
Noncurrent Assets
Operating lease, right-of-use asset     502508
Property, plant and equipment15,74215,44914,69114,93215,33715,08315,137
Long-term investments and receivables 354329320334339344
Long-term investments 354329320334339344
Intangible assets, net (including goodwill)3,7683,7592,9973,0673,1203,1303,178
Goodwill2,4602,4271,9251,9181,9351,9241,938
Intangible assets, net (excluding goodwill)1,3081,3321,0721,1491,1851,2061,240
Deferred income tax assets1,1211,1731,2661,1811,157  
Other noncurrent assets2,1401,4741,4171,4131,4871,5121,552
Other undisclosed noncurrent assets     607545
Total noncurrent assets:22,77122,20920,70020,91321,43521,17321,264
TOTAL ASSETS:30,77530,26727,54627,85928,89827,32927,575
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities3,6113,5933,0083,1793,5103,2952,961
Accounts payable1,1741,1761,1091,2501,5871,4471,297
Accrued liabilities2,4372,4171,8991,9291,9231,8481,664
Debt156256121211305455
Total current liabilities:3,7673,8493,0203,1913,5213,6003,416
Noncurrent Liabilities
Long-term debt and lease obligation, including:7,8167,8227,7977,8157,7296,2256,080
Finance lease, liability163   271264190
Operating lease, liability633   450447452
Other undisclosed long-term debt and lease obligation7,0207,8227,7977,8157,0085,5145,438
Liabilities, other than long-term debt5,7445,7394,5964,5664,6514,3704,558
Liability, pension and other postretirement and postemployment benefits727667668671671646648
Other liabilities5,0175,0723,9283,8953,9803,7243,910
Total noncurrent liabilities:13,56013,56112,39312,38112,38010,59510,638
Total liabilities:17,32717,41015,41315,57215,90114,19514,054
Stockholders' equity
Stockholders' equity attributable to parent13,25712,66012,04912,19812,90713,03413,425
Preferred stock2,3002,3002,3002,3002,3002,3002,300
Common stock863861860859859859858
Treasury stock, value(19,928)(19,926)(19,924)(19,918)(19,812)(19,588)(19,279)
Additional paid in capital14,64214,49414,39814,34014,32314,29514,277
Accumulated other comprehensive loss(740)(1,134)(1,432)(1,497)(1,171)(1,387)(1,130)
Retained earnings16,12016,06515,84716,11416,40816,55516,399
Stockholders' equity attributable to noncontrolling interest19119784899010096
Total stockholders' equity:13,44812,85712,13312,28712,99713,13413,521
TOTAL LIABILITIES AND EQUITY:30,77530,26727,54627,85928,89827,32927,575

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

12/31/2020
Q4
9/30/2020
Q3
6/30/2020
Q3
3/31/2020
Q1
12/31/2019
Q4
9/30/2019
Q3
6/30/2019
Q2
Revenues3,3503,0012,5612,3912,8172,9342,940
Cost of revenue(2,137)(2,000)(1,805)(1,830)(1,963)(1,917)(1,875)
Gross profit:1,2131,0017565618541,0171,065
Operating expenses(505)(513)(429)(421)(429)(397)(442)
Other undisclosed operating loss(232)(231)(430)(261)(278)(255)(249)
Operating income (loss):476257(103)(121)147365374
Nonoperating income (expense)144395(5)(91)(11)(137)
Investment income, nonoperating350136545
Foreign currency transaction loss, before tax      (107)
Other nonoperating income (expense)11(62)2(11)(96)(15)(35)
Interest and debt expense(75)(70)(67)(64)(60)(55)(54)
Income (loss) from continuing operations before equity method investments, income taxes:415626(165)(190)(4)299183
Income (loss) from equity method investments(42)(76)7914(64)2333
Other undisclosed income (loss) from continuing operations before income taxes(43)(100)37688586 
Income (loss) from continuing operations before income taxes:330450(49)(108)17408216
Income tax expense (benefit)(78)(23)(22)1215(71)(124)
Income (loss) before gain (loss) on sale of properties:252427(71)(96)3233792
Other undisclosed net income1156 19413
Net income (loss):263432(65)(96)51341105
Other undisclosed net loss attributable to parent(11)(5)(6) (19)(4)(13)
Net income (loss) attributable to parent:252427(71)(96)3233792
Preferred stock dividends and other adjustments(25)(24)(25)(24)(25)(24)(24)
Net income (loss) available to common stockholders, basic:227403(96)(120)731368
Convertible preferred dividends 24     
Other undisclosed net income available to common stockholders, diluted    2524 
Net income (loss) available to common stockholders, diluted:227427(96)(120)3233768

Comprehensive Income ($ in millions)

12/31/2020
Q4
9/30/2020
Q3
6/30/2020
Q3
3/31/2020
Q1
12/31/2019
Q4
9/30/2019
Q3
6/30/2019
Q2
Net income (loss):263432(65)(96)51341105
Other comprehensive income (loss) 29965(327) (257)36
Other undisclosed comprehensive income (loss)432   (161)  
Comprehensive income (loss):695731 (423)(110)84141
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(49)(6)(6)1358(4)(13)
Comprehensive income (loss), net of tax, attributable to parent:646725(6)(422)24880128

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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