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Stock Analysis on Net

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: Liabilities and Stockholders’ Equity

Corning Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Current portion of long-term debt and short-term borrowings 1.12 0.76 0.18 0.51 0.04
Accounts payable 5.14 6.12 5.35 3.81 5.49
Wages and employee benefits 2.14 2.46 2.73 1.86 1.96
Income taxes 0.24 0.43 0.65 0.56 0.63
Derivative instruments 0.23 0.59 0.48 0.61 0.35
Deferred revenue 0.64 0.49 0.49 0.49 0.00
Customer deposits 0.52 0.45 0.74 0.69 0.36
Share repurchase liability 0.00 1.72 1.68 0.00 0.00
Short-term operating lease liabilities 0.39 0.38 0.31 0.31 0.21
Other current liabilities 4.73 4.16 3.33 3.39 3.15
Other accrued liabilities 8.89% 10.67% 10.41% 7.92% 6.65%
Current liabilities 15.15% 17.54% 15.94% 12.24% 12.18%
Long-term debt, excluding current portion 25.28 22.67 23.18 25.40 26.75
Postretirement benefits other than pensions 1.40 1.38 2.06 2.36 2.32
Defined benefit pension plan liabilities 2.53 2.26 2.34 2.88 3.39
Derivative instruments 0.11 0.06 0.16 0.50 0.57
Deferred revenue 2.38 2.46 2.53 2.83 0.00
Investment in Hemlock Semiconductor Group 0.00 0.00 0.00 0.00 0.93
Customer deposits 3.80 3.85 3.56 3.73 3.21
Deferred tax liabilities 0.76 0.82 0.86 1.02 1.12
Long-term operating lease liabilities 2.97 2.70 2.29 2.06 1.56
Other non-current liabilities 3.97 4.64 5.48 3.28 2.99
Other liabilities 16.52% 16.80% 17.22% 16.30% 13.77%
Non-current liabilities 43.20% 40.85% 42.46% 44.06% 42.84%
Total liabilities 58.36% 58.39% 58.40% 56.30% 55.02%
Convertible preferred stock, Series A, par value $100 per share 0.00 0.00 0.00 7.47 7.96
Common stock, par value $0.50 per share 3.21 3.08 3.01 2.80 2.97
Additional paid-in capital, common stock 59.40 56.55 54.64 47.58 49.56
Retained earnings 57.51 56.88 54.35 52.38 56.78
Treasury stock, at cost -72.41 -69.60 -67.20 -64.75 -68.56
Accumulated other comprehensive loss -7.19 -6.20 -3.90 -2.40 -4.05
Total Corning Incorporated shareholders’ equity 40.53% 40.71% 40.90% 43.08% 44.66%
Non-controlling interest 1.11 0.91 0.70 0.62 0.31
Total equity 41.64% 41.61% 41.60% 43.70% 44.98%
Total liabilities and equity 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 capital structure of the organization has remained relatively stable over the five-year period, with total liabilities increasing slightly from 55.02% in 2019 to 58.36% by the end of 2023. This indicates a consistent reliance on debt and obligations to finance assets, with a marginal shift toward higher leverage over time.

Current Liabilities and Short-Term Obligations
Current liabilities exhibited an upward trend, rising from 12.18% in 2019 to a peak of 17.54% in 2022, before moderating to 15.15% in 2023. This increase was primarily driven by a rise in other accrued liabilities, which grew from 6.65% to 8.89% over the period. Additionally, the current portion of long-term debt and short-term borrowings saw a notable increase from a negligible 0.04% in 2019 to 1.12% in 2023, suggesting a higher volume of debt maturing in the near term.
Non-Current Liabilities and Long-Term Debt
Non-current liabilities remained steady, fluctuating between 40.85% and 44.06%. Long-term debt, excluding the current portion, represents the largest single component of the liability structure, remaining relatively constant between 22.67% and 26.75%. A gradual increase is observed in long-term operating lease liabilities, which grew from 1.56% in 2019 to 2.97% in 2023, indicating an expanding footprint of leased assets.
Equity Composition and Shareholder Activity
Total equity experienced a gradual decline from 44.98% in 2019 to 41.64% in 2023. The equity structure is characterized by significant contra-equity activity; treasury stock at cost increased from -68.56% to -72.41%, signaling an aggressive share repurchase strategy. This is partially offset by a steady increase in additional paid-in capital, which rose from 49.56% to 59.40% over the same period. Retained earnings remained relatively stable, ending the period at 57.51%.
Comprehensive Loss and Other Adjustments
Accumulated other comprehensive loss has expanded significantly, moving from -4.05% in 2019 to -7.19% in 2023. This trend suggests increasing unrealized losses, likely stemming from currency translations or investment valuations, which has contributed to the overall reduction in total shareholders' equity.

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