$GLW
CORNING INC /NY

2020 Q4 Form 10-Q Financial Statement

#000002474120000065 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $3.350B $3.001B $2.817B
YoY Change 18.92% 2.28% -7.18%
Cost Of Revenue $2.137B $2.000B $1.963B
YoY Change 8.86% 4.33% 7.09%
Gross Profit $1.213B $1.001B $854.0M
YoY Change 42.04% -1.57% -28.95%
Gross Profit Margin 36.21% 33.36% 30.32%
Selling, General & Admin $471.0M $480.0M $401.0M
YoY Change 17.46% 30.08% -9.89%
% of Gross Profit 38.83% 47.95% 46.96%
Research & Development $232.0M $231.0M $278.0M
YoY Change -16.55% -9.41% 4.91%
% of Gross Profit 19.13% 23.08% 32.55%
Depreciation & Amortization $392.0M $394.0M $392.0M
YoY Change 0.0% -0.51% 18.79%
% of Gross Profit 32.32% 39.36% 45.9%
Operating Expenses $737.0M $480.0M $707.0M
YoY Change 4.24% 30.08% -3.94%
Operating Profit $476.0M $257.0M $147.0M
YoY Change 223.81% -29.59% -68.45%
Interest Expense -$157.0M -$243.0M -$51.00M
YoY Change 207.84% -415.58% -158.62%
% of Operating Profit -32.98% -94.55% -34.69%
Other Income/Expense, Net $11.00M -$62.00M -$79.00M
YoY Change -113.92% 313.33% -61.46%
Pretax Income $330.0M $450.0M $17.00M
YoY Change 1841.18% 10.29% -95.09%
Income Tax $78.00M $23.00M -$15.00M
% Of Pretax Income 23.64% 5.11% -88.24%
Net Earnings $252.0M $427.0M $32.00M
YoY Change 687.5% 26.71% -89.04%
Net Earnings / Revenue 7.52% 14.23% 1.14%
Basic Earnings Per Share $0.53
Diluted Earnings Per Share $321.4K $0.48 $10.00K
COMMON SHARES
Basic Shares Outstanding 764.0M 760.0M 769.1M
Diluted Shares Outstanding 889.0M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.672B $2.514B $2.434B
YoY Change 9.78% 158.91% 3.35%
Cash & Equivalents $2.672B $2.514B $2.434B
Short-Term Investments
Other Short-Term Assets $761.0M $864.0M $873.0M
YoY Change -12.83% 4.85% 24.36%
Inventory $2.481B $2.581B $2.320B
Prepaid Expenses
Receivables $2.133B $2.099B $1.836B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.004B $8.058B $7.463B
YoY Change 7.25% 30.9% 6.1%
LONG-TERM ASSETS
Property, Plant & Equipment $15.74B $15.45B $15.34B
YoY Change 2.64% 2.43% 2.97%
Goodwill $2.460B $2.427B $1.935B
YoY Change 27.13% 26.14% -0.05%
Intangibles $1.308B $1.332B $1.185B
YoY Change 10.38% 10.45% -8.28%
Long-Term Investments $435.0M $285.0M $291.0M
YoY Change 49.48% -15.93% -22.61%
Other Assets $2.140B $1.474B $1.821B
YoY Change 17.52% -2.51% 78.35%
Total Long-Term Assets $22.77B $22.21B $21.44B
YoY Change 6.23% 4.89% 4.71%
TOTAL ASSETS
Total Short-Term Assets $8.004B $8.058B $7.463B
Total Long-Term Assets $22.77B $22.21B $21.44B
Total Assets $30.78B $30.27B $28.90B
YoY Change 6.5% 10.75% 5.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.174B $1.176B $1.587B
YoY Change -26.02% -18.73% 9.0%
Accrued Expenses $3.139B $2.417B $1.923B
YoY Change 63.23% 30.79% 3.89%
Deferred Revenue $223.0M $181.0M $104.0M
YoY Change 114.42% 92.59%
Short-Term Debt $75.00M $0.00 $0.00
YoY Change
Long-Term Debt Due $156.0M $256.0M $11.00M
YoY Change 1318.18% -16.07% 175.0%
Total Short-Term Liabilities $3.767B $3.849B $3.521B
YoY Change 6.99% 6.92% 6.34%
LONG-TERM LIABILITIES
Long-Term Debt $7.816B $7.822B $7.729B
YoY Change 1.13% 25.65% 28.95%
Other Long-Term Liabilities $5.192B $5.072B $3.980B
YoY Change 30.45% 36.2% 8.98%
Total Long-Term Liabilities $5.192B $5.072B $3.980B
YoY Change 30.45% 36.2% 8.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.767B $3.849B $3.521B
Total Long-Term Liabilities $5.192B $5.072B $3.980B
Total Liabilities $17.33B $17.41B $15.90B
YoY Change 8.97% 22.65% 16.76%
SHAREHOLDERS EQUITY
Retained Earnings $16.12B $16.07B $16.41B
YoY Change -1.76% -2.96% 0.64%
Common Stock $15.51B $15.36B $15.18B
YoY Change 2.13% 1.33% 0.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $19.93B $19.93B $19.81B
YoY Change 0.59% 1.73% 4.99%
Treasury Stock Shares $961.0M $961.0M $956.0M
Shareholders Equity $13.26B $12.66B $12.91B
YoY Change
Total Liabilities & Shareholders Equity $30.78B $30.27B $28.90B
YoY Change 6.5% 10.75% 5.06%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $252.0M $427.0M $32.00M
YoY Change 687.5% 26.71% -89.04%
Depreciation, Depletion And Amortization $392.0M $394.0M $392.0M
YoY Change 0.0% -0.51% 18.79%
Cash From Operating Activities $774.0M $608.0M $1.018B
YoY Change -23.97% -31.61% 8.18%
INVESTING ACTIVITIES
Capital Expenditures -$391.0M -$153.0M -$376.0M
YoY Change 3.99% -70.41% -39.16%
Acquisitions
YoY Change
Other Investing Activities $13.00M $5.000M $19.00M
YoY Change -31.58% -70.59% -733.33%
Cash From Investing Activities -$378.0M -$148.0M -$357.0M
YoY Change 5.88% -70.4% -42.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -314.0M -143.0M 786.0M
YoY Change -139.95% -74.96% 549.59%
NET CHANGE
Cash From Operating Activities 774.0M 608.0M 1.018B
Cash From Investing Activities -378.0M -148.0M -357.0M
Cash From Financing Activities -314.0M -143.0M 786.0M
Net Change In Cash 82.00M 317.0M 1.447B
YoY Change -94.33% -274.18% 228.12%
FREE CASH FLOW
Cash From Operating Activities $774.0M $608.0M $1.018B
Capital Expenditures -$391.0M -$153.0M -$376.0M
Free Cash Flow $1.165B $761.0M $1.394B
YoY Change -16.43% -45.87% -10.58%

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CY2020Q3 us-gaap Contract With Customer Liability Noncurrent
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CY2020Q3 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
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us-gaap Allocated Share Based Compensation Expense
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.94
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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18.88
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
166000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
20.04
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.17
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2019Q3 glw Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Prevesting Departure Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2019Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020Q3 glw Sales Revenue Goods Before Foreign Currency Translations
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glw Sales Revenue Goods Before Foreign Currency Translations
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glw Sales Revenue Goods Before Foreign Currency Translations
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CY2020Q3 glw Foreign Currency Translations Not Included In Segment
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CY2019Q3 glw Foreign Currency Translations Not Included In Segment
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glw Foreign Currency Translations Not Included In Segment
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glw Foreign Currency Translations Not Included In Segment
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CY2020Q3 us-gaap Revenues
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CY2019Q3 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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glw Cumulative Adjustment Related To Customer Contract
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CY2020Q3 us-gaap Gain Loss Related To Litigation Settlement
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CY2019Q3 us-gaap Gain Loss Related To Litigation Settlement
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us-gaap Gain Loss Related To Litigation Settlement
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us-gaap Gain Loss Related To Litigation Settlement
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CY2020Q3 us-gaap Nonoperating Gains Losses
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us-gaap Nonoperating Gains Losses
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