Common-Size Balance Sheet: Assets
Quarterly Data
Corning Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The asset structure of the organization is characterized by high capital intensity, with non-current assets consistently comprising between 73% and 77% of the total asset base over the analyzed period. The overall composition remains relatively stable, although internal shifts within current and non-current asset categories indicate evolving liquidity and operational priorities.
- Liquidity and Current Asset Trends
- Current assets have fluctuated within a range of 23% to 27%. A notable increase in liquidity was observed between December 2019 and March 2021, where cash and cash equivalents rose from 8.42% to a peak of 9.51% of total assets. This was followed by a gradual decline, reaching 4.94% by March 2024. Conversely, inventories have shown a steady upward trend, increasing from approximately 8% in 2019 to a peak of 10.27% in September 2022, ending the period at 9.82%. This shift suggests a greater allocation of resources toward stock holdings relative to liquid cash.
- Fixed Asset and Capital Intensity
- Property, plant, and equipment (PP&E) represent the most significant portion of the balance sheet, consistently exceeding 50% of total assets. While PP&E started the period at 54.46% in March 2019, a slight gradual contraction in its relative weight is observed, with the figure settling at 51.41% by March 2024. This indicates that while the company remains heavily reliant on physical infrastructure, other asset classes have grown at a slightly faster rate or PP&E has depreciated faster than new investments were made.
- Intangible Assets and Goodwill
- A divergent trend is evident between goodwill and other intangible assets. Goodwill has experienced a modest increase, rising from 7.06% in March 2019 to 8.58% by March 2024. In contrast, other intangible assets have seen a consistent decline from 4.63% to 3.15% over the same period, likely reflecting the systematic amortization of these assets over time.
- Other Asset Components
- Trade accounts receivable have remained relatively stable, generally hovering between 5.5% and 7.5%, though a slight downward trend is visible in the most recent quarters. Deferred income taxes and other assets have shown minor fluctuations, with other assets increasing from 6.76% in March 2019 to 7.51% in March 2024, contributing to the overall stability of the non-current asset ratio.
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