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
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments     2,3554,317
Cash and cash equivalents     2,3554,317
Receivables1,7212,0042,1331,8361,9401,807
Inventory, net of allowances, customer advances and progress billings2,9042,4812,4382,3202,0371,712
Inventory2,9042,4812,4382,3202,0371,712
Other current assets1,1571,026761873702991
Other undisclosed current assets1,6712,1482,6722,434  
Total current assets:7,4537,6598,0047,4637,0348,827
Noncurrent Assets
Property, plant and equipment15,37115,80415,74215,33714,89514,017
Long-term investments and receivables    33416340
Long-term investments    33416340
Intangible assets, net (including goodwill)3,4233,5693,7683,1203,2282,563
Goodwill2,3942,4212,4601,9351,9361,694
Intangible assets, net (excluding goodwill)1,0291,1481,3081,1851,292869
Deferred income tax assets1,0731,0661,1211,157
Other noncurrent assets2,1792,0562,1401,4871,021934
Other undisclosed noncurrent assets     1,311813
Total noncurrent assets:22,04622,49522,77121,43520,47118,667
TOTAL ASSETS:29,49930,15430,77528,89827,50527,494
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities4,9514,7513,6113,5103,3072,830
Accounts payable1,8041,6121,1741,5871,4561,439
Accrued liabilities3,1473,1392,4371,9231,8511,391
Debt22455156114379
Total current liabilities:5,1754,8063,7673,5213,3113,209
Noncurrent Liabilities
Long-term debt and lease obligation, including:6,6876,9897,8167,7295,9944,749
Finance lease, liability   163271
Other undisclosed long-term debt and lease obligation6,6876,9897,0207,0085,9944,749
Liabilities, other than long-term debt5,3625,8145,7444,6514,3143,766
Liability, pension and other postretirement and postemployment benefits407622727671662749
Other liabilities4,9555,1925,0173,9803,6523,017
Operating lease, liability   633450
Total noncurrent liabilities:12,04912,80313,56012,38010,3088,515
Total liabilities:17,22417,60917,32715,90113,61911,724
Equity
Equity, attributable to parent12,00812,33313,25712,90713,79215,698
Preferred stock   2,3002,3002,3002,300
Common stock910907863859857854
Treasury stock, value(20,532)(20,263)(19,928)(19,812)(18,870)(16,633)
Additional paid in capital16,68216,47514,64214,32314,21214,089
Accumulated other comprehensive loss(1,830)(1,175)(740)(1,171)(1,010)(842)
Retained earnings16,77816,38916,12016,40816,30315,930
Equity, attributable to noncontrolling interest267212191909472
Total equity:12,27512,54513,44812,99713,88615,770
TOTAL LIABILITIES AND EQUITY:29,49930,15430,77528,89827,50527,494

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

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues14,18914,08211,30311,50311,29010,116
Revenue, net10,116
Cost of revenue(9,683)(9,019)(7,772)(7,468)(6,829)(6,084)
Gross profit:4,5065,0633,5314,0354,4614,032
Operating expenses(2,021)(1,956)(1,868)(1,698)(1,893)(1,542)
Other undisclosed operating loss(1,047)(995)(1,154)(1,031)(993)(860)
Operating income:1,4382,1125091,3061,5751,630
Nonoperating income (expense)300196453(134)(271)(58)
Investment income, nonoperating1511513213845
Loss, foreign currency transaction, before tax     (93) 
Other nonoperating income (expense)285185(60)(155)(216)(103)
Interest and debt expense(292)(300)(276)(221)(191)(155)
Income from continuing operations before equity method investments, income taxes:1,4462,0086869511,1131,417
Income (loss) from equity method investments  35(25)17390361
Other undisclosed income (loss) from continuing operations before income taxes351354(38)248 (121)
Income from continuing operations before income taxes:1,7972,3976231,2161,5031,657
Income tax expense(411)(491)(111)(256)(437)(2,154)
Income (loss) from continuing operations:1,3861,9065129601,066(497)
Income (loss) before gain (loss) on sale of properties:1,9065129601,066(497)
Other undisclosed net income  2911192418
Net income (loss):1,3861,9355239791,090(479)
Net loss attributable to noncontrolling interest(70)     
Other undisclosed net loss attributable to parent  (29)(11)(19)(24)(18)
Net income (loss) attributable to parent:1,3161,9065129601,066(497)
Preferred stock dividends and other adjustments  (827)(98)(98)(98)(98)
Net income (loss) available to common stockholders, basic:1,3161,079414862968(595)
Convertible preferred dividends    9898 
Net income (loss) available to common stockholders, diluted:1,3161,0794149601,066(595)

Comprehensive Income ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):1,3861,9355239791,090(479)
Other comprehensive income (loss)(657)(436)432(161)(169)840
Other undisclosed comprehensive income2     
Comprehensive income:7311,499955818921361
Comprehensive loss, net of tax, attributable to noncontrolling interest(70)     
Other undisclosed comprehensive loss, net of tax, attributable to parent  (28)(12)(19)(23)(24)
Comprehensive income, net of tax, attributable to parent:6611,471943799898337

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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