2016 Q4 Form 10-K Financial Statement

#000002474117000011 Filed on February 06, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $2.476B $2.507B $2.360B
YoY Change 10.98% 10.34% 0.73%
Cost Of Revenue $1.486B $1.466B $1.409B
YoY Change 8.15% 6.23% 3.0%
Gross Profit $990.0M $1.041B $951.0M
YoY Change 15.52% 16.7% -2.46%
Gross Profit Margin 39.98% 41.52% 40.3%
Selling, General & Admin $368.0M $302.0M $499.0M
YoY Change -34.64% -1.63% 48.07%
% of Gross Profit 37.17% 29.01% 52.47%
Research & Development $173.0M $187.0M $43.00M
YoY Change -16.83% 3.31% -31.75%
% of Gross Profit 17.47% 17.96% 4.52%
Depreciation & Amortization $305.0M $300.0M $295.0M
YoY Change 0.99% 2.74% -1.34%
% of Gross Profit 30.81% 28.82% 31.02%
Operating Expenses $559.0M $302.0M $542.0M
YoY Change -28.79% -1.63% 35.5%
Operating Profit $431.0M $535.0M $247.0M
YoY Change 498.61% 36.48% -42.69%
Interest Expense $1.986B -$250.0M -$1.194B
YoY Change 1828.16% 70.07% -703.03%
% of Operating Profit 460.79% -46.73% -483.4%
Other Income/Expense, Net -$14.00M -$28.00M -$26.00M
YoY Change -33.33% -12.5% 23.81%
Pretax Income $2.404B $257.0M $1.703B
YoY Change 1322.49% 17.89% 181.02%
Income Tax $832.0M -$27.00M -$504.0M
% Of Pretax Income 34.61% -10.51% -29.59%
Net Earnings $1.572B $284.0M $2.207B
YoY Change 601.79% 33.96% 344.96%
Net Earnings / Revenue 63.49% 11.33% 93.52%
Basic Earnings Per Share $1.64 $0.27 $2.06
Diluted Earnings Per Share $1.47 $0.26 $1.87
COMMON SHARES
Basic Shares Outstanding 978.0M 1.059B
Diluted Shares Outstanding 1.102B 1.182B

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.291B $4.821B $7.144B
YoY Change 15.02% -3.83% 30.53%
Cash & Equivalents $5.291B $4.821B $7.144B
Short-Term Investments
Other Short-Term Assets $805.0M $497.0M $558.0M
YoY Change -11.73% -64.17% -61.91%
Inventory $1.471B $1.516B $1.501B
Prepaid Expenses
Receivables $1.481B $1.645B $1.544B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.048B $8.479B $10.75B
YoY Change 9.42% -8.36% 8.91%
LONG-TERM ASSETS
Property, Plant & Equipment $12.55B $13.29B $13.05B
YoY Change -0.81% 5.93% 2.99%
Goodwill $1.577B $1.569B $1.569B
YoY Change 14.28%
Intangibles $796.0M $797.0M $804.0M
YoY Change 12.75%
Long-Term Investments $269.0M $285.0M $4.800B
YoY Change -85.88% -84.39% 160.3%
Other Assets $1.271B $1.209B $1.187B
YoY Change -14.87% -62.94% -65.73%
Total Long-Term Assets $18.85B $20.33B $19.91B
YoY Change -6.95% 3.49% -0.57%
TOTAL ASSETS
Total Short-Term Assets $9.048B $8.479B $10.75B
Total Long-Term Assets $18.85B $20.33B $19.91B
Total Assets $27.90B $28.81B $30.65B
YoY Change -2.2% -0.31% 2.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.079B $933.0M $938.0M
YoY Change 15.52% 2.64% 0.86%
Accrued Expenses $1.416B $1.354B $1.231B
YoY Change 8.26% 53.51% 29.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $256.0M $7.000M $279.0M
YoY Change -55.24% -93.07% 173.53%
Total Short-Term Liabilities $2.751B $2.294B $2.448B
YoY Change -2.24% 16.68% 21.07%
LONG-TERM LIABILITIES
Long-Term Debt $3.646B $3.916B $3.918B
YoY Change -6.27% 0.03% 0.2%
Other Long-Term Liabilities $2.805B $4.104B $3.905B
YoY Change 25.11% 39.26% 34.61%
Total Long-Term Liabilities $2.805B $4.104B $3.905B
YoY Change 25.11% -40.19% -42.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.751B $2.294B $2.448B
Total Long-Term Liabilities $2.805B $4.104B $3.905B
Total Liabilities $9.939B $11.02B $10.98B
YoY Change 2.85% 23.83% 23.31%
SHAREHOLDERS EQUITY
Retained Earnings $16.88B $15.46B $15.33B
YoY Change 22.04%
Common Stock $14.54B $14.18B $14.51B
YoY Change 2.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.15B $13.51B $11.57B
YoY Change 45.52%
Treasury Stock Shares $765.0M $738.0M
Shareholders Equity $17.89B $17.72B $19.61B
YoY Change
Total Liabilities & Shareholders Equity $27.90B $28.81B $30.65B
YoY Change -2.2% -0.31% 2.56%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $1.572B $284.0M $2.207B
YoY Change 601.79% 33.96% 344.96%
Depreciation, Depletion And Amortization $305.0M $300.0M $295.0M
YoY Change 0.99% 2.74% -1.34%
Cash From Operating Activities $1.428B $654.0M $538.0M
YoY Change 45.12% -6.17% -1.65%
INVESTING ACTIVITIES
Capital Expenditures -$315.0M -$282.0M -$263.0M
YoY Change 1.29% -5.37% -14.61%
Acquisitions
YoY Change
Other Investing Activities $21.00M $0.00 $4.577B
YoY Change -95.31% -100.0% 1050.0%
Cash From Investing Activities -$294.0M -$282.0M $4.314B
YoY Change -314.6% 41.71% 4693.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -450.0M -2.737B -1.222B
YoY Change -56.48% 179.29% 3391.43%
NET CHANGE
Cash From Operating Activities 1.428B 654.0M 538.0M
Cash From Investing Activities -294.0M -282.0M 4.314B
Cash From Financing Activities -450.0M -2.737B -1.222B
Net Change In Cash 684.0M -2.365B 3.630B
YoY Change 686.21% 390.66% 502.99%
FREE CASH FLOW
Cash From Operating Activities $1.428B $654.0M $538.0M
Capital Expenditures -$315.0M -$282.0M -$263.0M
Free Cash Flow $1.743B $936.0M $801.0M
YoY Change 34.59% -5.93% -6.32%

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TreasuryStockSharesAcquired
167000000
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
197100000
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
14152000000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
9725000000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2000000000
CY2015 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3228000000
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4244000000
CY2014 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2483000000
CY2016Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
12600000000
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
253000000
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
10000000
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
243000000
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
18000000
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
1000000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
10000000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
4000000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
245000000
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
92000000
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
102000000
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of financial statements requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and related notes. Significant estimates and assumptions in these consolidated financial statements include estimates of fair value associated with revenue recognition, restructuring charges, goodwill and long-lived asset impairment tests, estimates of acquired assets and liabilities, estimates of fair value of investments, equity interests, environmental and legal liabilities, income taxes and deferred tax valuation allowances, assumptions used in calculating pension and other postretirement employee benefit expenses and the fair value of share-based compensation. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be different from these estimates.</div></div></div></div></div></div></div></div></div></div></div>
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1144000000
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1343000000
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1427000000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1020000000
CY2016 dei Entity Registrant Name
EntityRegistrantName
CORNING INC /NY
CY2016 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2016 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2016 dei Trading Symbol
TradingSymbol
glw

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