Corning Incorporated (GLW) financial statements (2022 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)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments   2,3554,3175,2914,600
Cash and cash equivalents   2,3554,3175,2914,500
Short-term investments      100
Receivables2,0042,1331,8361,9401,8071,4811,372
Inventory, net of allowances, customer advances and progress billings2,4812,4382,3202,0371,7121,4711,385
Inventory2,4812,4382,3202,0371,7121,4711,385
Other current assets1,026761873702991805912
Other undisclosed current assets2,1482,6722,434    
Total current assets:7,6598,0047,4637,0348,8279,0488,269
Noncurrent Assets
Property, plant and equipment15,80415,74215,33714,89514,01712,54612,648
Long-term investments and receivables  334163403651,975
Long-term investments  334163403651,975
Intangible assets, net (including goodwill)3,5693,7683,1203,2282,5632,3732,086
Goodwill2,4212,4601,9351,9361,6941,5771,380
Intangible assets, net (excluding goodwill)1,1481,3081,1851,292869796706
Derivative instruments and hedges      473
Deferred income tax assets1,0661,1211,157
Business combination, contingent consideration, asset      246
Other noncurrent assets2,0562,1401,4871,0219341,2711,513
Defined benefit plan, assets for plan benefits3550
Other undisclosed noncurrent assets   1,3118132,2611,287
Total noncurrent assets:22,49522,77121,43520,47118,66718,85120,278
TOTAL ASSETS:30,15430,77528,89827,50527,49427,89928,547
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities4,7513,6113,5103,3072,8302,4952,242
Accounts payable1,6121,1741,5871,4561,4391,079934
Accrued liabilities3,1392,4371,9231,8511,3911,4161,308
Debt55156114379256572
Total current liabilities:4,8063,7673,5213,3113,2092,7512,814
Noncurrent Liabilities
Long-term debt and lease obligation, including:6,9897,8167,7295,9944,7493,6463,910
Finance lease, liability 163271
Operating lease, liability 633450
Other undisclosed long-term debt and lease obligation6,9897,0207,0085,9944,7493,6463,910
Liabilities, other than long-term debt5,8145,7444,6514,3143,7662,8052,242
Liability, pension and other postretirement and postemployment benefits622727671662749  
Other liabilities5,1925,0173,9803,6523,0172,8052,242
Other undisclosed noncurrent liabilities     737718
Total noncurrent liabilities:12,80313,56012,38010,3088,5157,1886,870
Total liabilities:17,60917,32715,90113,61911,7249,9399,684
Stockholders' equity
Stockholders' equity attributable to parent12,33313,25712,90713,79215,69817,89318,788
Preferred stock 2,3002,3002,3002,3002,3002,300
Common stock907863859857854846840
Treasury stock, value(20,263)(19,928)(19,812)(18,870)(16,633)(14,152)(9,725)
Additional paid in capital16,47514,64214,32314,21214,08913,69513,352
Accumulated other comprehensive loss(1,175)(740)(1,171)(1,010)(842)(1,676)(1,811)
Retained earnings16,38916,12016,40816,30315,93016,88013,832
Stockholders' equity attributable to noncontrolling interest2121919094726775
Total stockholders' equity:12,54513,44812,99713,88615,77017,96018,863
TOTAL LIABILITIES AND EQUITY:30,15430,77528,89827,50527,49427,89928,547

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

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues14,08211,30311,50311,29010,1169,3909,111
Revenue, net10,1169,3909,111
Cost of revenue(9,019)(7,772)(7,468)(6,829)(6,084)(5,644)(5,458)
Gross profit:5,0633,5314,0354,4614,0323,7463,653
Operating expenses(1,956)(1,868)(1,698)(1,893)(1,542)(1,613)(1,577)
Other undisclosed operating loss(995)(1,154)(1,031)(993)(860)(742)(754)
Operating income:2,1125091,3061,5751,6301,3911,322
Nonoperating income (expense)196453(134)(271)(58)(31)(102)
Investment income, nonoperating115132138453221
Foreign currency transaction gain (loss), before tax   (93) 21(22)
Other nonoperating income (expense)185(60)(155)(216)(103)(84)(101)
Interest and debt expense(300)(276)(221)(191)(155)(159)(140)
Income from continuing operations before equity method investments, income taxes:2,0086869511,1131,4171,2011,080
Income (loss) from equity method investments35(25)17390361284299
Other undisclosed income (loss) from continuing operations before income taxes354(38)248 (121)  
Income from continuing operations before income taxes:2,3976231,2161,5031,6571,4851,379
Income tax expense (benefit)(491)(111)(256)(437)(2,154)3(147)
Income (loss) before gain (loss) on sale of properties:1,9065129601,066(497)1,4881,232
Other undisclosed net income29111924182,217116
Net income (loss):1,9355239791,090(479)3,7051,348
Other undisclosed net loss attributable to parent(29)(11)(19)(24)(18)(10)(9)
Net income (loss) attributable to parent:1,9065129601,066(497)3,6951,339
Preferred stock dividends and other adjustments(827)(98)(98)(98)(98)  
Other undisclosed net loss available to common stockholders, basic     (98)(98)
Net income (loss) available to common stockholders, basic:1,079414862968(595)3,5971,241
Convertible preferred dividends  9898   
Other undisclosed net income available to common stockholders, diluted     9898
Net income (loss) available to common stockholders, diluted:1,0794149601,066(595)3,6951,339

Comprehensive Income ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net income (loss):1,9355239791,090(479)3,7051,348
Other comprehensive income (loss)(436)432(161)(169)8406(505)
Other undisclosed comprehensive loss     (3,582) 
Comprehensive income:1,499955818921361129843
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(28)(12)(19)(23)(24)3,701(8)
Comprehensive income, net of tax, attributable to parent:1,4719437998983373,830835

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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