Corning Inc. (NYSE:GLW)

The financial data reveals notable trends across various asset categories as a percentage of total assets over the five-year period from 2019 to 2023.

Cash and cash equivalents

There was a decline from 8.42% in 2019 to a low of 5.66% in 2022, followed by a slight recovery to 6.24% in 2023. This suggests a reduction in liquid assets relative to the company's total asset base, with a marginal increase in the latest year.

Trade accounts receivable, net of doubtful accounts

The percentage declined gradually from 6.35% in 2019 to 5.52% in 2023, showing a consistent reduction in receivables relative to total assets, which might reflect improved collection processes or shifts in sales composition.

Inventories

Inventory levels as a percentage of total assets were relatively stable from 2019 to 2021, around 8%, but increased to 9.84% in 2022 before slightly decreasing to 9.35% in 2023. This indicates a buildup of inventory in 2022, possibly due to supply chain considerations or demand forecasting adjustments.

Derivative instruments (current and non-current combined)

Current portion of derivative instruments increased from 0.54% in 2019 to 1.76% in 2023, while the non-current portion varied, peaking at 0.76% in 2022 and then lowering to 0.46% in 2023. Overall, derivatives have grown as part of the asset structure, which may indicate more active hedging or investment in financial instruments.

Other current assets

There were two entries for other current assets with some overlaps. Both showed increases over time; the first category rose from 2.36% to 2.44%, and the second increased more significantly from 3.02% to 4.19%. The growth in these assets suggests diversification or expansion in short-term asset holdings.

Current assets

The proportion of current assets remained fairly constant, around 25%, with minor fluctuation, indicating stability in the short-term asset composition relative to the total asset base.

Property, plant and equipment, net of accumulated depreciation

This asset component showed a gradual decline from 53.07% in 2019 to 51.33% in 2023. The decrease may suggest slower capital expenditures or increased depreciation expenses over the period.

Goodwill

Goodwill as a percentage of total assets steadily increased from 6.7% to 8.35%, implying acquisitions or business combinations contributing to intangible asset growth.

Other intangible assets, net

These assets decreased from 4.1% to 3.18%, indicating possible amortization or impairment effects exceeding additions or revaluations.

Deferred income taxes

The percentage moderately declined from 4.0% to 3.54% by 2021 but rebounded to 4.05% in 2023, suggesting fluctuating deferred tax positions during the period.

South Korean tax deposits

Both current and non-current deposits showed decreasing trends; the current portion fell from 0.11% in 2019 to zero (missing data post-2019), and the non-current portion declined steadily from 1.44% to 0.92%, reflecting possible changes in tax treatment or local regulations.

Operating lease right-of-use assets

There was a consistent increase from 1.74% in 2019 to 3.1% in 2023, reflecting adoption or expansion of lease accounting standards and possibly growing lease obligations.

Investments

Investments as a percentage of total assets fluctuated but showed an overall increase from 1.16% to 1.45%, indicating increased investment activities or asset portfolio diversification.

Other non-current assets

These assets remained relatively stable with minor fluctuations, ending higher at 1.87% in 2023 compared to 1.65% in 2019.

Other assets

The share of other assets increased steadily from 6.3% to 7.79%, suggesting accumulation in unspecified asset categories or reclassification from other components.

Non-current assets

The proportion of non-current assets stayed stable around 74%, reflecting consistent long-term asset composition relative to total assets despite fluctuations within subcategories.

Total assets

As expected, total assets are 100% for each period, serving as the denominator for all relative percentages.

In conclusion, the company's asset composition exhibits a stable balance between current and non-current assets over five years. There is a noticeable trend towards increased goodwill and right-of-use lease assets, reflecting acquisition activity and leasing commitments. Reductions in cash equivalents, trade receivables, and property plant and equipment suggest strategic shifts or operational changes affecting liquidity, credit management, and capital investment. The growth in derivative instruments and other assets points to a potential increase in financial complexity or hedging strategies.