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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: Liabilities and Stockholders’ Equity
Quarterly Data

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

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Current portion of long-term debt and short-term borrowings 1.15 1.12 1.05 0.65 0.68 0.76 0.72 0.41 0.40 0.18 0.17 1.18 0.51 0.51 0.85 0.04 0.04 0.04 1.12 1.65 0.03
Accounts payable 5.34 5.14 5.16 5.30 5.77 6.12 6.29 6.51 6.11 5.35 4.70 4.40 4.22 3.81 3.89 4.03 4.49 5.49 5.29 4.70 4.68
Other accrued liabilities 8.62 8.89 8.94 9.44 10.11 10.67 10.97 11.69 10.22 10.41 9.73 9.93 6.92 7.92 7.99 6.89 6.92 6.65 6.76 6.03 6.49
Current liabilities 15.12% 15.15% 15.15% 15.40% 16.56% 17.54% 17.98% 18.61% 16.73% 15.94% 14.60% 15.51% 11.65% 12.24% 12.72% 10.96% 11.45% 12.18% 13.17% 12.39% 11.20%
Long-term debt, excluding current portion 25.53 25.28 25.50 25.96 23.09 22.67 22.71 22.47 22.60 23.18 23.63 23.57 25.38 25.40 25.84 28.31 28.05 26.75 22.78 22.05 22.03
Postretirement benefits other than pensions 1.44 1.40 1.44 1.42 1.41 1.38 2.04 1.98 2.05 2.06 2.45 2.43 2.43 2.36 2.20 2.43 2.41 2.32 2.36 2.35 2.41
Other liabilities 16.06 16.52 16.38 16.34 16.59 16.80 17.09 16.63 16.88 17.22 17.73 17.75 15.56 16.30 16.76 14.26 13.98 13.77 13.63 14.18 14.20
Non-current liabilities 43.03% 43.20% 43.32% 43.72% 41.09% 40.85% 41.83% 41.07% 41.53% 42.46% 43.81% 43.75% 43.37% 44.06% 44.80% 44.99% 44.44% 42.84% 38.77% 38.58% 38.64%
Total liabilities 58.15% 58.36% 58.47% 59.12% 57.65% 58.39% 59.81% 59.68% 58.26% 58.40% 58.41% 59.26% 55.02% 56.30% 57.52% 55.95% 55.90% 55.02% 51.94% 50.97% 49.83%
Convertible preferred stock, Series A, par value $100 per share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.63 7.47 7.60 8.35 8.26 7.96 8.42 8.34 8.42
Common stock, par value $0.50 per share 3.32 3.21 3.24 3.19 3.16 3.08 3.17 3.06 3.00 3.01 3.05 3.04 2.87 2.80 2.84 3.12 3.08 2.97 3.14 3.11 3.14
Additional paid-in capital, common stock 61.55 59.40 59.68 58.71 58.10 56.55 57.94 55.82 54.64 54.64 55.20 54.86 48.84 47.58 47.89 52.27 51.47 49.56 52.31 51.78 52.13
Retained earnings 59.23 57.51 58.96 57.63 57.99 56.88 59.31 56.66 55.32 54.35 54.23 52.80 54.77 52.38 53.08 57.53 57.84 56.78 60.58 59.47 60.35
Treasury stock, at cost -74.85 -72.41 -72.96 -72.02 -71.29 -69.60 -71.44 -69.01 -67.49 -67.20 -67.36 -67.05 -66.13 -64.75 -65.83 -72.33 -71.50 -68.56 -71.67 -69.91 -69.97
Accumulated other comprehensive loss -8.60 -7.19 -8.49 -7.68 -6.58 -6.20 -9.71 -7.05 -4.50 -3.90 -4.24 -3.53 -3.62 -2.40 -3.75 -5.20 -5.37 -4.05 -5.08 -4.10 -4.27
Total Corning Incorporated shareholders’ equity 40.65% 40.53% 40.42% 39.84% 41.37% 40.71% 39.27% 39.48% 40.97% 40.90% 40.88% 40.13% 44.35% 43.08% 41.83% 43.74% 43.78% 44.66% 47.69% 48.69% 49.80%
Non-controlling interest 1.21 1.11 1.11 1.04 0.98 0.91 0.92 0.83 0.77 0.70 0.71 0.61 0.63 0.62 0.65 0.30 0.32 0.31 0.37 0.35 0.36
Total equity 41.85% 41.64% 41.53% 40.88% 42.35% 41.61% 40.19% 40.32% 41.74% 41.60% 41.59% 40.74% 44.98% 43.70% 42.48% 44.05% 44.10% 44.98% 48.06% 49.03% 50.17%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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 capital structure exhibits a gradual shift from a balanced distribution between liabilities and equity toward a higher reliance on liabilities. Total liabilities increased from 49.83% of total liabilities and equity in March 2019 to 58.15% by March 2024. Conversely, total equity declined from 50.17% during the same starting period to 41.85% at the end of the analysis period.

Liability Trends and Composition
Current liabilities showed a general upward trajectory, rising from 11.20% in early 2019 to a peak of 18.61% in June 2022, before stabilizing around 15.12% in March 2024. This growth was primarily driven by other accrued liabilities, which climbed from 6.49% to 8.62% over the period. Non-current liabilities remained a substantial portion of the balance sheet, fluctuating between 38% and 44%, with long-term debt consistently representing between 22% and 28% of total liabilities and equity.
Equity Dynamics and Shareholder Value
Total shareholders' equity experienced a notable contraction, decreasing from 49.80% in March 2019 to 40.65% in March 2024. A significant driver of this reduction is the increase in treasury stock, which moved from -69.97% to -74.85%, suggesting an aggressive share repurchase strategy. Additionally, accumulated other comprehensive loss expanded from -4.27% to -8.60%, further weighing down the total equity position.
Capital Contributions and Retained Earnings
Additional paid-in capital increased from 52.13% to 61.55%, indicating higher historical contributions from shareholders. Retained earnings remained relatively volatile but ended the period at 59.23%, reflecting the cumulative impact of earnings offset by dividends and treasury stock acquisitions.
Solvency and Risk Profile
The increase in the total liabilities ratio relative to equity suggests a higher financial leverage over time. While long-term debt has remained relatively stable as a percentage of the total balance sheet, the rise in current liabilities and the decline in the equity cushion indicate a shift in the company's risk profile toward higher fixed obligations and lower net asset backing.

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