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 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 2,355 | 4,317 | 5,291 | 4,600 | 6,068 | ||||
| Cash and cash equivalents | 2,355 | 4,317 | 5,291 | 4,500 | 5,309 | ||||
| Short-term investments | 100 | 759 | |||||||
| Receivables | 2,133 | 1,836 | 1,940 | 1,807 | 1,481 | 1,372 | 1,501 | ||
| Inventory, net of allowances, customer advances and progress billings | 2,438 | 2,320 | 2,037 | 1,712 | 1,471 | 1,385 | 1,322 | ||
| Inventory | 2,438 | 2,320 | 2,037 | 1,712 | 1,471 | 1,385 | 1,322 | ||
| Derivative instruments and hedges, assets | 687 | ||||||||
| Other current assets | 761 | 873 | 702 | 991 | 805 | 912 | 1,099 | ||
| Other undisclosed current assets | 2,672 | 2,434 | (439) | ||||||
| Total current assets: | 8,004 | 7,463 | 7,034 | 8,827 | 9,048 | 8,269 | 10,238 | ||
| Noncurrent Assets | |||||||||
| Property, plant and equipment | 15,742 | 15,337 | 14,895 | 14,017 | 12,546 | 12,648 | 12,766 | ||
| Long-term investments and receivables | 334 | 16 | 340 | 365 | 1,975 | 1,801 | |||
| Long-term investments | 334 | 16 | 340 | 365 | 1,975 | 1,801 | |||
| Intangible assets, net (including goodwill) | 3,768 | 3,120 | 3,228 | 2,563 | 2,373 | 2,086 | 1,647 | ||
| Goodwill | 2,460 | 1,935 | 1,936 | 1,694 | 1,577 | 1,380 | 1,150 | ||
| Intangible assets, net (excluding goodwill) | 1,308 | 1,185 | 1,292 | 869 | 796 | 706 | 497 | ||
| Derivative instruments and hedges | 473 | 847 | |||||||
| Deferred income tax assets | 1,121 | 1,157 | ✕ | ✕ | ✕ | ✕ | ✕ | ||
| Business combination, contingent consideration, asset | 246 | 445 | |||||||
| Other noncurrent assets | 2,140 | 1,487 | 1,021 | 934 | 1,271 | 1,513 | 1,722 | ||
| Defined benefit plan, assets for plan benefits | ✕ | ✕ | ✕ | ✕ | 35 | 50 | 47 | ||
| Other undisclosed noncurrent assets | 1,311 | 813 | 2,261 | 1,287 | 550 | ||||
| Total noncurrent assets: | 22,771 | 21,435 | 20,471 | 18,667 | 18,851 | 20,278 | 19,825 | ||
| TOTAL ASSETS: | 30,775 | 28,898 | 27,505 | 27,494 | 27,899 | 28,547 | 30,063 | ||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 3,611 | 3,510 | 3,307 | 2,830 | 2,495 | 2,242 | 2,956 | ||
| Accounts payable | 1,174 | 1,587 | 1,456 | 1,439 | 1,079 | 934 | 997 | ||
| Accrued liabilities | 2,437 | 1,923 | 1,851 | 1,391 | 1,416 | 1,308 | 1,291 | ||
| Employee-related liabilities | 562 | ||||||||
| Taxes payable | 106 | ||||||||
| Debt | 156 | 11 | 4 | 379 | 256 | 572 | 36 | ||
| Liability for uncertainty in income taxes | 8 | ||||||||
| Deferred tax liabilities | ✕ | ✕ | 5 | ||||||
| Other undisclosed current liabilities | (681) | ||||||||
| Total current liabilities: | 3,767 | 3,521 | 3,311 | 3,209 | 2,751 | 2,814 | 2,324 | ||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation, including: | 7,816 | 7,729 | 5,994 | 4,749 | 3,646 | 3,910 | 3,227 | ||
| Finance lease, liability | 163 | 271 | ✕ | ✕ | ✕ | ✕ | ✕ | ||
| Operating lease, liability | 633 | 450 | ✕ | ✕ | ✕ | ✕ | ✕ | ||
| Other undisclosed long-term debt and lease obligation | 7,020 | 7,008 | 5,994 | 4,749 | 3,646 | 3,910 | 3,227 | ||
| Liabilities, other than long-term debt | 5,744 | 4,651 | 4,314 | 3,766 | 2,805 | 2,242 | 4,339 | ||
| Accounts payable and accrued liabilities | 1,365 | ||||||||
| Deferred tax liabilities, net | ✕ | ✕ | 376 | ||||||
| Liability, pension and other postretirement and postemployment benefits | 727 | 671 | 662 | 749 | 552 | ||||
| Other liabilities | 5,017 | 3,980 | 3,652 | 3,017 | 2,805 | 2,242 | 2,046 | ||
| Other undisclosed noncurrent liabilities | 737 | 718 | (1,479) | ||||||
| Total noncurrent liabilities: | 13,560 | 12,380 | 10,308 | 8,515 | 7,188 | 6,870 | 6,087 | ||
| Total liabilities: | 17,327 | 15,901 | 13,619 | 11,724 | 9,939 | 9,684 | 8,411 | ||
| Stockholders' equity | |||||||||
| Stockholders' equity attributable to parent | 13,257 | 12,907 | 13,792 | 15,698 | 17,893 | 18,788 | 21,579 | ||
| Preferred stock | 2,300 | 2,300 | 2,300 | 2,300 | 2,300 | 2,300 | 2,300 | ||
| Common stock | 863 | 859 | 857 | 854 | 846 | 840 | 836 | ||
| Treasury stock, value | (19,928) | (19,812) | (18,870) | (16,633) | (14,152) | (9,725) | (6,727) | ||
| Additional paid in capital | 14,642 | 14,323 | 14,212 | 14,089 | 13,695 | 13,352 | 13,456 | ||
| Accumulated other comprehensive loss | (740) | (1,171) | (1,010) | (842) | (1,676) | (1,811) | (1,307) | ||
| Retained earnings | 16,120 | 16,408 | 16,303 | 15,930 | 16,880 | 13,832 | 13,021 | ||
| Stockholders' equity attributable to noncontrolling interest | 191 | 90 | 94 | 72 | 67 | 75 | 73 | ||
| Total stockholders' equity: | 13,448 | 12,997 | 13,886 | 15,770 | 17,960 | 18,863 | 21,652 | ||
| TOTAL LIABILITIES AND EQUITY: | 30,775 | 28,898 | 27,505 | 27,494 | 27,899 | 28,547 | 30,063 | ||
Income statement (P&L) ($ in millions)
| 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | 12/31/2014 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 11,303 | 11,503 | 11,290 | 10,116 | 9,390 | 9,111 | 9,715 | |
| Revenue, net | ✕ | ✕ | ✕ | 10,116 | 9,390 | 9,111 | 9,715 | |
| Cost of revenue | (7,772) | (7,468) | (6,829) | (6,084) | (5,644) | (5,458) | (5,663) | |
| Gross profit: | 3,531 | 4,035 | 4,461 | 4,032 | 3,746 | 3,653 | 4,052 | |
| Operating expenses | (1,868) | (1,698) | (1,893) | (1,542) | (1,613) | (1,577) | (2,016) | |
| Other undisclosed operating loss | (1,154) | (1,031) | (993) | (860) | (742) | (754) | (105) | |
| Operating income: | 509 | 1,306 | 1,575 | 1,630 | 1,391 | 1,322 | 1,931 | |
| Nonoperating income (expense) | 453 | (134) | (271) | (58) | (31) | (102) | 1,063 | |
| Investment income, nonoperating | 513 | 21 | 38 | 45 | 32 | 21 | 100 | |
| Foreign currency transaction gain (loss), before tax | (93) | 21 | (22) | (431) | ||||
| Other nonoperating income (expense) | (60) | (155) | (216) | (103) | (84) | (101) | 1,394 | |
| Interest and debt expense | (276) | (221) | (191) | (155) | (159) | (140) | (123) | |
| Income from continuing operations before equity method investments, income taxes: | 686 | 951 | 1,113 | 1,417 | 1,201 | 1,080 | 2,871 | |
| Income (loss) from equity method investments | (25) | 17 | 390 | 361 | 284 | 299 | 266 | |
| Other undisclosed income (loss) from continuing operations before income taxes | (38) | 248 | (121) | |||||
| Income from continuing operations before income taxes: | 623 | 1,216 | 1,503 | 1,657 | 1,485 | 1,379 | 3,137 | |
| Income tax expense (benefit) | (111) | (256) | (437) | (2,154) | 3 | (147) | (1,096) | |
| Income (loss) before gain (loss) on sale of properties: | 512 | 960 | 1,066 | (497) | 1,488 | 1,232 | 2,041 | |
| Other undisclosed net income | 11 | 19 | 24 | 18 | 2,217 | 116 | 434 | |
| Net income (loss): | 523 | 979 | 1,090 | (479) | 3,705 | 1,348 | 2,475 | |
| Other undisclosed net loss attributable to parent | (11) | (19) | (24) | (18) | (10) | (9) | (3) | |
| Net income (loss) attributable to parent: | 512 | 960 | 1,066 | (497) | 3,695 | 1,339 | 2,472 | |
| Preferred stock dividends and other adjustments | (98) | (98) | (98) | (98) | ||||
| Other undisclosed net loss available to common stockholders, basic | (98) | (98) | (94) | |||||
| Net income (loss) available to common stockholders, basic: | 414 | 862 | 968 | (595) | 3,597 | 1,241 | 2,378 | |
| Convertible preferred dividends | 98 | 98 | ||||||
| Other undisclosed net income available to common stockholders, diluted | 98 | 98 | 94 | |||||
| Net income (loss) available to common stockholders, diluted: | 414 | 960 | 1,066 | (595) | 3,695 | 1,339 | 2,472 | |
Comprehensive Income ($ in millions)
| 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | 12/31/2014 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | 523 | 979 | 1,090 | (479) | 3,705 | 1,348 | 2,475 | |
| Other comprehensive income (loss) | 432 | (161) | (169) | 840 | 6 | (505) | (1,352) | |
| Other undisclosed comprehensive loss | (3,582) | |||||||
| Comprehensive income: | 955 | 818 | 921 | 361 | 129 | 843 | 1,123 | |
| Other undisclosed comprehensive income (loss), net of tax, attributable to parent | (12) | (19) | (23) | (24) | 3,701 | (8) | (2) | |
| Comprehensive income, net of tax, attributable to parent: | 943 | 799 | 898 | 337 | 3,830 | 835 | 1,121 | |
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.