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)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Receivables1,6741,6881,7211,6201,7861,910
Inventory, net of allowances, customer advances and progress billings2,7572,8632,9042,9512,8352,618
Inventory2,7572,8632,9042,9512,8352,618
Other current assets1,3241,1801,1571,6031,6331,317
Other undisclosed current assets1,5381,1461,6711,6301,6292,016
Total current assets:7,2936,8777,4537,8047,8837,861
Noncurrent Assets
Property, plant and equipment14,68115,13715,37114,64515,35015,780
Intangible assets, net (including goodwill)3,3543,3963,4233,4173,4773,526
Goodwill2,3822,3942,3942,3682,3892,408
Intangible assets, net (excluding goodwill)9721,0021,0291,0491,0881,118
Deferred income tax assets1,0831,1061,0739989821,030
Other noncurrent assets2,2342,3062,1791,8712,0262,060
Total noncurrent assets:21,35221,94522,04620,93121,83522,396
TOTAL ASSETS:28,64528,82229,49928,73529,71830,257
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities4,2244,5764,9515,6536,1245,667
Taxes payable99184238
Employee-related liabilities595531488
Accounts payable1,5191,6621,8041,8081,9341,849
Accrued liabilities2,7052,9143,1473,1513,4753,092
Debt187197224208121120
Other undisclosed current liabilities    (694)(715)(726)
Total current liabilities:4,4114,7735,1755,1675,5305,061
Noncurrent Liabilities
Long-term debt and lease obligation, including:7,4376,6546,6876,5256,6776,839
Other undisclosed long-term debt and lease obligation7,4376,6546,6876,5256,6776,839
Liabilities, other than long-term debt5,0875,1885,3625,4955,5295,728
Liability, pension and other postretirement and postemployment benefits407405407585588620
Other liabilities4,6804,7834,9554,9104,9415,108
Total noncurrent liabilities:12,52411,84212,04912,02012,20612,567
Total liabilities:16,93516,61517,22417,18717,73617,628
Equity
Equity, attributable to parent11,41211,92512,00811,28411,73412,395
Common stock915911910910910908
Treasury stock, value(20,630)(20,548)(20,532)(20,528)(20,509)(20,419)
Additional paid in capital16,81716,74616,68216,64916,59016,531
Accumulated other comprehensive loss(2,199)(1,897)(1,830)(2,791)(2,094)(1,362)
Retained earnings16,50916,71316,77817,04416,83716,737
Equity, attributable to noncontrolling interest298282267264248234
Total equity:11,71012,20712,27511,54811,98212,629
TOTAL LIABILITIES AND EQUITY:28,64528,82229,49928,73529,71830,257

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

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues3,2433,1783,4063,4883,6153,680
Cost of revenue(2,230)(2,175)(2,491)(2,426)(2,369)(2,397)
Gross profit:1,0131,0039151,0621,2461,283
Operating expenses(471)(452)(548)(492)(516)(465)
Other undisclosed operating loss(263)(254)(281)(278)(240)(248)
Operating income:27929786292490570
Nonoperating income (expense)9515(100)109136133
Investment income, nonoperating876333
Other nonoperating income (expense)878(106)106133130
Interest and debt expense(81)(76)(76)(73)(72)(71)
Income (loss) from continuing operations before equity method investments, income taxes:293236(90)328554632
Other undisclosed income (loss) from continuing operations before income taxes116(8)94(68)196129
Income from continuing operations before income taxes:4092284260750761
Income tax expense(106)(37)(31)(34)(166)(180)
Income (loss) from continuing operations:303191(27)226584581
Income before gain (loss) on sale of properties:226584581
Other undisclosed net income      22
Net income (loss):303191(27)226584603
Net loss attributable to noncontrolling interest(22)(15)(9)(18)(21) 
Other undisclosed net loss attributable to parent      (22)
Net income (loss) available to common stockholders, diluted:281176(36)208563581

Comprehensive Income ($ in millions)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income (loss):303191(27)226584603
Other comprehensive loss(303)(67) (699)(734)(187)
Other undisclosed comprehensive income1 96122 
Comprehensive income (loss):1124934(471)(148)416
Comprehensive loss, net of tax, attributable to noncontrolling interest(22)(15)(9)(18)(21) 
Other undisclosed comprehensive loss, net of tax, attributable to parent      (22)
Comprehensive income (loss), net of tax, attributable to parent:(21)109925(489)(169)394

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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