Stock Analysis on Net
Stock Analysis on Net

Corning Inc. (NYSE:GLW)

$22.49

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

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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
Accounts payable
Wages and employee benefits
Income taxes
Derivative instruments
Deferred revenue
Customer deposits
Share repurchase liability
Short-term operating lease liabilities
Other current liabilities
Other accrued liabilities
Current liabilities
Long-term debt, excluding current portion
Postretirement benefits other than pensions
Defined benefit pension plan liabilities
Derivative instruments
Deferred revenue
Investment in Hemlock Semiconductor Group
Customer deposits
Deferred tax liabilities
Long-term operating lease liabilities
Other non-current liabilities
Other liabilities
Non-current liabilities
Total liabilities
Convertible preferred stock, Series A, par value $100 per share
Common stock, par value $0.50 per share
Additional paid-in capital, common stock
Retained earnings
Treasury stock, at cost
Accumulated other comprehensive loss
Total Corning Incorporated shareholders’ equity
Non-controlling interest
Total equity
Total liabilities and equity

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 financial data reveals several notable trends in the composition of liabilities and equity over the period from 2019 to 2023. Overall, total liabilities as a percentage of total liabilities and equity showed a gradual increase from 55.02% in 2019 to a level slightly above 58% in 2021, maintaining stability around that level through 2023. Correspondingly, total equity decreased from 44.98% in 2019 to about 41.6% in 2023, indicating a modest shift towards a higher relative level of liabilities in the capital structure.

Current Liabilities
Current liabilities rose significantly from 12.18% to a peak of 17.54% in 2022 before slightly declining to 15.15% in 2023. This increase was driven largely by higher proportions of accounts payable and other current liabilities, with accounts payable rising until 2022 but retracting somewhat in 2023. Notably, other accrued liabilities exhibited an upward trend until 2022, followed by a reduction in 2023.
Long-term Debt and Non-Current Liabilities
Long-term debt excluding the current portion declined from 26.75% in 2019 to 22.67% in 2022, then rebounded to 25.28% in 2023. Non-current liabilities overall decreased from around 44% in 2020 to near 41% in 2022 but then increased back to over 43% in 2023. Increases in long-term operating lease liabilities were consistent over the period, reflecting growing commitments.
Equity Components
Within equity, common stock showed a gradual increase from about 3% in 2019 to 3.21% in 2023. Additional paid-in capital experienced a significant rise, notably from 47.58% in 2020 to 59.4% in 2023, indicating possible equity contributions or retained earnings allocated to this component. Retained earnings also increased from 52.38% in 2020 to 57.51% in 2023, consistent with profitability or earnings retention policies.
Treasury Stock and Comprehensive Loss
Treasury stock as a percentage of total liabilities and equity displayed a growing negative value from -64.75% in 2020 to -72.41% in 2023, suggesting ongoing share repurchases or similar equity transactions reducing shareholders’ equity. The accumulated other comprehensive loss increased in magnitude, representing a growing negative adjustment in equity over time.
Other Key Items
Current portion of long-term debt and short-term borrowings, while initially low at 0.04% in 2019, increased substantially to 1.12% by 2023, indicating an increased short-term debt load. Other current liabilities and other non-current liabilities fluctuated but showed a tendency to rise until 2022, with a slight decrease in the latest year. Deferred revenue maintained relatively stable proportions throughout the period.

In summary, the data indicates a modest shift towards higher liabilities in the company’s capital structure, alongside increasing equity components such as additional paid-in capital and retained earnings. The growth in treasury stock and comprehensive losses partly offset these increases in equity. The increase in current liabilities and short-term debt portions suggests a slightly higher reliance on near-term financing, while the overall rise in long-term operating leases may reflect expanded operational commitments.