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Corning Inc. (NYSE:GLW)

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

Common-Size Balance Sheet: Assets

Corning Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 6.24 5.66 7.12 8.68 8.42
Trade accounts receivable, net of doubtful accounts 5.52 5.83 6.65 6.93 6.35
Inventories 9.35 9.84 8.23 7.92 8.03
Derivative instruments 1.76 1.54 1.11 0.48 0.54
South Korean tax deposits 0.00 0.00 0.00 0.00 0.11
Other current assets 2.44 2.38 2.29 1.99 2.36
Other current assets 4.19% 3.92% 3.40% 2.47% 3.02%
Current assets 25.31% 25.27% 25.40% 26.01% 25.83%
Property, plant and equipment, net of accumulated depreciation 51.33 52.11 52.41 51.15 53.07
Goodwill 8.35 8.12 8.03 7.99 6.70
Other intangible assets, net 3.18 3.49 3.81 4.25 4.10
Deferred income taxes 4.05 3.64 3.54 3.64 4.00
Derivative instruments 0.46 0.76 0.54 0.40 0.32
South Korean tax deposits 0.92 1.18 1.16 1.19 1.44
Operating lease right-of-use assets 3.10 2.85 2.46 2.21 1.74
Investments 1.45 1.22 1.05 1.41 1.16
Other non-current assets 1.87 1.37 1.60 1.74 1.65
Other assets 7.79% 7.39% 6.82% 6.95% 6.30%
Non-current assets 74.69% 74.73% 74.60% 73.99% 74.17%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The asset structure of the organization remains remarkably stable over the five-year period from 2019 to 2023. The allocation between current and non-current assets has shown minimal fluctuation, with current assets consistently representing approximately 25% of total assets and non-current assets maintaining a dominant share of roughly 75%.

Current Asset Composition
A shift in the liquidity profile is observed within current assets. Cash and cash equivalents experienced a general decline from 8.42% in 2019 to a low of 5.66% in 2022, before recovering slightly to 6.24% in 2023. Conversely, inventories have trended upward, rising from 8.03% in 2019 to 9.35% in 2023, with a peak of 9.84% in 2022. Trade accounts receivable, net, have seen a gradual decrease from 6.35% in 2019 to 5.52% in 2023, suggesting a more efficient collection process or a change in revenue scale relative to total assets. Additionally, current derivative instruments have increased more than threefold, moving from 0.54% to 1.76% over the period.
Fixed and Long-term Assets
Property, plant, and equipment (PPE) constitute the largest single component of the balance sheet, although its relative weight declined slightly from 53.07% in 2019 to 51.33% in 2023. This indicates a high level of capital intensity. A gradual increase in goodwill is evident, rising from 6.70% in 2019 to 8.35% in 2023, while other intangible assets have concurrently decreased from 4.10% to 3.18%, likely reflecting the amortization of acquired intangible assets over time.
Other Non-Current Trends
Operating lease right-of-use assets have exhibited a steady increase, growing from 1.74% in 2019 to 3.10% in 2023. Other assets as a percentage of the total also trended upward from 6.30% to 7.79%, contributing to the overall stability of the non-current asset ratio despite the slight decrease in PPE.

In summary, the financial data reveals a company with a highly consistent asset base characterized by heavy investment in fixed assets. The primary internal shifts involve a transition from liquid cash positions toward higher inventory levels and an increase in the relative proportion of goodwill and lease-based assets.

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