$GLW
CORNING INC /NY

2023 Q4 Form 10-Q Financial Statement

#000143774923029347 Filed on October 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.994B $3.173B
YoY Change -12.1% -9.03%
Cost Of Revenue $2.083B $2.169B
YoY Change -16.38% -10.59%
Gross Profit $911.0M $1.004B
YoY Change -0.44% -5.46%
Gross Profit Margin 30.43% 31.64%
Selling, General & Admin $514.0M $468.0M
YoY Change -0.58% 1.52%
% of Gross Profit 56.42% 46.61%
Research & Development $289.0M $270.0M
YoY Change 2.85% -2.88%
% of Gross Profit 31.72% 26.89%
Depreciation & Amortization $345.0M $340.0M
YoY Change -0.29% -5.03%
% of Gross Profit 37.87% 33.86%
Operating Expenses $833.0M $468.0M
YoY Change 0.48% 1.52%
Operating Profit $78.00M $236.0M
YoY Change -9.3% -19.18%
Interest Expense -$44.00M -$52.00M
YoY Change -283.33% -62.32%
% of Operating Profit -56.41% -22.03%
Other Income/Expense, Net -$72.00M $33.00M
YoY Change -32.08% -68.87%
Pretax Income -$38.00M $217.0M
YoY Change -1050.0% -16.54%
Income Tax -$10.00M $35.00M
% Of Pretax Income 16.13%
Net Earnings -$40.00M $164.0M
YoY Change 11.11% -21.15%
Net Earnings / Revenue -1.34% 5.17%
Basic Earnings Per Share $0.19
Diluted Earnings Per Share -$0.05 $0.19
COMMON SHARES
Basic Shares Outstanding 853.2M 853.0M
Diluted Shares Outstanding 859.0M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.779B $1.639B
YoY Change 6.46% 0.55%
Cash & Equivalents $1.779B $1.639B
Short-Term Investments
Other Short-Term Assets $1.195B $1.279B
YoY Change 3.28% -20.21%
Inventory $2.666B $2.655B
Prepaid Expenses
Receivables $1.572B $1.725B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.212B $7.298B
YoY Change -2.49% -6.48%
LONG-TERM ASSETS
Property, Plant & Equipment $14.63B $14.41B
YoY Change -4.82% -1.63%
Goodwill $2.380B $2.372B
YoY Change -0.58% 0.17%
Intangibles $905.0M $938.0M
YoY Change -12.05% -10.58%
Long-Term Investments $296.0M
YoY Change 13.41%
Other Assets $3.373B $2.226B
YoY Change 3.72% 18.97%
Total Long-Term Assets $21.29B $20.98B
YoY Change -3.44% 0.23%
TOTAL ASSETS
Total Short-Term Assets $7.212B $7.298B
Total Long-Term Assets $21.29B $20.98B
Total Assets $28.50B $28.28B
YoY Change -3.2% -1.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.466B $1.459B
YoY Change -18.74% -19.3%
Accrued Expenses $2.533B $2.529B
YoY Change -18.03% -19.74%
Deferred Revenue $148.0M $162.0M
YoY Change 12.12% -2.41%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $320.0M $297.0M
YoY Change 42.86% 42.79%
Total Short-Term Liabilities $4.319B $4.285B
YoY Change -15.61% -17.07%
LONG-TERM LIABILITIES
Long-Term Debt $7.206B $7.210B
YoY Change 7.76% 10.5%
Other Long-Term Liabilities $5.107B $4.633B
YoY Change -4.76% -5.64%
Total Long-Term Liabilities $12.31B $4.633B
YoY Change 2.19% -5.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.319B $4.285B
Total Long-Term Liabilities $12.31B $4.633B
Total Liabilities $16.95B $16.53B
YoY Change -2.78% -3.8%
SHAREHOLDERS EQUITY
Retained Earnings $16.39B $16.67B
YoY Change -2.31% -2.18%
Common Stock $17.85B $17.79B
YoY Change 1.44% 1.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.64B
YoY Change 0.51%
Treasury Stock Shares
Shareholders Equity $11.55B $11.43B
YoY Change
Total Liabilities & Shareholders Equity $28.50B $28.28B
YoY Change -3.2% -1.59%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$40.00M $164.0M
YoY Change 11.11% -21.15%
Depreciation, Depletion And Amortization $345.0M $340.0M
YoY Change -0.29% -5.03%
Cash From Operating Activities $713.0M $722.0M
YoY Change 15.56% 2.27%
INVESTING ACTIVITIES
Capital Expenditures $279.0M $341.0M
YoY Change -169.23% -173.33%
Acquisitions
YoY Change
Other Investing Activities $49.00M $86.00M
YoY Change 188.24% 36.51%
Cash From Investing Activities -$230.0M -$255.0M
YoY Change -40.41% -36.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -363.0M -356.0M
YoY Change 65.75% 41.27%
NET CHANGE
Cash From Operating Activities 713.0M 722.0M
Cash From Investing Activities -230.0M -255.0M
Cash From Financing Activities -363.0M -356.0M
Net Change In Cash 120.0M 111.0M
YoY Change 900.0% 113.46%
FREE CASH FLOW
Cash From Operating Activities $713.0M $722.0M
Capital Expenditures $279.0M $341.0M
Free Cash Flow $434.0M $381.0M
YoY Change -57.45% -67.46%

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CY2022Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
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CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q3 us-gaap Other Accrued Liabilities Noncurrent
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1127000000 usd
CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
7200000000 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
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6700000000 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
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CY2023Q3 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
43000000 usd
CY2023Q3 us-gaap Derivative Notional Amount
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CY2022Q4 us-gaap Derivative Notional Amount
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CY2023Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
678000000 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
215000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
191000000 usd
CY2023Q3 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
91000000 usd
CY2022Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
19000000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
28000000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
102000000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
24000000 usd
CY2023Q3 us-gaap Other Assets Fair Value Disclosure
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212000000 usd
CY2022Q4 us-gaap Other Assets Fair Value Disclosure
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CY2023Q3 us-gaap Accrued Liabilities Fair Value Disclosure
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CY2022Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
174000000 usd
CY2023Q3 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
82000000 usd
CY2022Q4 us-gaap Other Liabilities Fair Value Disclosure
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34000000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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57000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
168000000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
52000000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9665000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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22.92
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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19.74
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
48000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
19.65
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7636000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.76
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y2M12D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
55832000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
7636000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
23.76
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y2M12D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
55832000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Number Of Reportable Segments
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5 pure
CY2023Q3 us-gaap Revenues
Revenues
3173000000 usd
CY2022Q3 us-gaap Revenues
Revenues
3488000000 usd
us-gaap Revenues
Revenues
9594000000 usd
us-gaap Revenues
Revenues
10783000000 usd

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glw-20230930_cal.xml Edgar Link unprocessable
glw20230930_10q_htm.xml Edgar Link completed