Corning Inc. (NYSE:GLW)

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Corning Inc., adjusted total assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	28,500)	29,499)	30,154)	30,775)	28,898)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Doubtful accounts	30)	40)	42)	46)	41)
Less: Deferred tax assets²	1,153)	1,073)	1,066)	1,121)	1,157)
After Adjustment
Adjusted total assets	27,377)	28,466)	29,130)	29,700)	27,782)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

An analysis of asset valuations from 2019 through 2023 reveals a cyclical pattern characterized by an initial expansion followed by a sustained period of contraction.

Total Asset Trajectory: Total assets experienced an increase of approximately 6.5% between 2019 and 2020, reaching a peak of 30,775 million USD. Following this peak, a consistent downward trend is observed over the subsequent three years, with assets declining annually to 28,500 million USD by December 31, 2023. This final figure represents a slight decrease compared to the 2019 baseline.
Adjusted Total Asset Performance: Adjusted total assets closely mirrored the trajectory of total assets, peaking in 2020 at 29,700 million USD before entering a continuous decline. By the end of 2023, adjusted assets decreased to 27,377 million USD. The high correlation between total and adjusted assets suggests that the primary drivers of asset fluctuation affected both metrics uniformly.
Analysis of Asset Adjustments: The variance between total assets and adjusted total assets remained relatively stable over the five-year period. The adjustment range fluctuated narrowly between 1,024 million USD in 2021 and 1,123 million USD in 2023. This consistency indicates that the underlying components being adjusted are non-volatile and do not vary significantly relative to the overall scale of the balance sheet.

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Corning Inc., adjusted current liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current liabilities	4,319)	5,175)	4,806)	3,767)	3,521)
Adjustments
Less: Deferred revenue, current	181)	144)	148)	152)	—)
After Adjustment
Adjusted current liabilities	4,138)	5,031)	4,658)	3,615)	3,521)

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).

Current liabilities experienced a period of sustained growth between 2019 and 2022, followed by a notable contraction in 2023. Reported liabilities increased from 3,521 million USD in 2019 to a peak of 5,175 million USD in 2022, representing a total increase of approximately 47% over that three-year interval. This upward trend reversed in 2023, with liabilities decreasing to 4,319 million USD.

Analysis of Liability Adjustments: A divergence between reported current liabilities and adjusted current liabilities is observed beginning in 2020. While the values were identical in 2019, a consistent downward adjustment was applied in all subsequent years. The magnitude of this adjustment remained relatively stable, ranging from 144 million USD in 2022 to 181 million USD in 2023, suggesting the removal of specific non-core or non-recurring obligations from the analytical baseline.
Trend Correlation: The adjusted current liabilities closely mirrored the trajectory of the reported liabilities, peaking in 2022 at 5,031 million USD. Both metrics demonstrate a synchronized increase from 2019 through 2022 and a simultaneous decline in 2023, indicating that the adjustments did not fundamentally alter the overall trend of short-term obligations.
Recent Obligation Reduction: The 2023 fiscal year showed a significant reduction in short-term liabilities. Current liabilities decreased by approximately 16.5% relative to 2022 levels, while adjusted current liabilities saw a steeper decline of approximately 17.7%, bringing the adjusted balance to 4,138 million USD.

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Corning Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	16,632)	17,224)	17,609)	17,327)	15,901)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities (included in Other liabilities)²	218)	243)	258)	313)	325)
Less: Deferred revenue	860)	869)	912)	1,024)	—)
After Adjustment
Adjusted total liabilities	15,554)	16,112)	16,439)	15,990)	15,576)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities (included in Other liabilities). See details »

An analysis of the liability structure from 2019 through 2023 reveals a trajectory characterized by an initial increase followed by a period of gradual reduction. Both total and adjusted liabilities peaked in 2021 before entering a downward trend.

Liability Trend Analysis: Total liabilities grew from 15,901 million US$ in 2019 to a maximum of 17,609 million US$ in 2021. This peak was followed by a consecutive two-year decline, resulting in a balance of 16,632 million US$ by December 31, 2023. Adjusted total liabilities followed a nearly identical pattern, rising from 15,576 million US$ in 2019 to a peak of 16,439 million US$ in 2021, before decreasing to 15,554 million US$ by the end of 2023.
Evaluation of Adjustments: A significant expansion in the variance between total and adjusted liabilities occurred between 2019 and 2020. The difference grew from 325 million US$ in 2019 to 1,337 million US$ in 2020. From 2020 through 2023, this adjustment remained substantial and relatively stable, fluctuating between 1,078 million US$ and 1,337 million US$, indicating a consistent set of exclusions or modifications applied to the total liability figure during this period.
Comparative Final Positioning: By the end of the observed period in 2023, adjusted total liabilities had returned to a level slightly below the 2019 baseline. In contrast, total liabilities remained approximately 731 million US$ higher than the 2019 starting point, highlighting that the magnitude of the adjustments increased over the five-year duration.

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Corning Inc., adjusted total Corning Incorporated shareholders’ equity

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total Corning Incorporated shareholders’ equity	11,551)	12,008)	12,333)	13,257)	12,907)
Adjustments
Less: Net deferred tax assets (liabilities)¹	935)	830)	808)	808)	832)
Add: Doubtful accounts	30)	40)	42)	46)	41)
Add: Deferred revenue	860)	869)	912)	1,024)	—)
Add: Non-controlling interest	317)	267)	212)	191)	90)
After Adjustment
Adjusted total equity	11,823)	12,354)	12,691)	13,710)	12,206)

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).

¹ Net deferred tax assets (liabilities). See details »

Between 2019 and 2023, both total shareholders' equity and adjusted total equity exhibit a similar trajectory, characterized by a peak in 2020 followed by a consistent multi-year contraction. The overall trend indicates a reduction in the company's equity base over the five-year period.

Total Shareholders' Equity Trend: Total equity rose from 12,907 million USD in 2019 to a peak of 13,257 million USD in 2020. However, a sustained downward trend followed, with values declining to 12,333 million USD in 2021, 12,008 million USD in 2022, and finally 11,551 million USD in 2023. This represents a total decrease of approximately 10.5% from the initial 2019 level.
Adjusted Total Equity Trend: Adjusted equity mirrors the movement of the total equity figure, increasing from 12,206 million USD in 2019 to a maximum of 13,710 million USD in 2020. Subsequent years show a steady decline, ending at 11,823 million USD in 2023. The decline from the 2020 peak to the 2023 year-end is approximately 13.7%.
Equity Adjustment Variance: The relationship between total equity and adjusted equity shifted after 2019. In 2019, total equity was higher than adjusted equity by 701 million USD. From 2020 through 2023, the trend inverted, with adjusted equity consistently exceeding total equity. This positive variance peaked in 2020 at 453 million USD and gradually compressed to 272 million USD by the end of 2023.

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Corning Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current portion of long-term debt and short-term borrowings	320)	224)	55)	156)	11)
Long-term debt, excluding current portion	7,206)	6,687)	6,989)	7,816)	7,729)
Total reported debt	7,526)	6,911)	7,044)	7,972)	7,740)
Total Corning Incorporated shareholders’ equity	11,551)	12,008)	12,333)	13,257)	12,907)
Total reported capital	19,077)	18,919)	19,377)	21,229)	20,647)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Short-term operating lease liabilities²	112)	111)	94)	96)	62)
Add: Long-term operating lease liabilities³	846)	795)	691)	633)	450)
Adjusted total debt	8,484)	7,817)	7,829)	8,701)	8,252)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	935)	830)	808)	808)	832)
Add: Doubtful accounts	30)	40)	42)	46)	41)
Add: Deferred revenue	860)	869)	912)	1,024)	—)
Add: Non-controlling interest	317)	267)	212)	191)	90)
Adjusted total equity	11,823)	12,354)	12,691)	13,710)	12,206)
After Adjustment
Adjusted total capital	20,307)	20,171)	20,520)	22,411)	20,458)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Short-term operating lease liabilities. See details »

³ Long-term operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

An analysis of the capitalization structure from 2019 to 2023 reveals a period of moderate volatility in debt levels and a sustained contraction in shareholders' equity. While total reported capital experienced a peak in 2020 followed by a decline, adjusted capital figures demonstrate a higher level of stability over the same timeframe.

Debt Obligations and Adjustments: Total reported debt fluctuated between 2019 and 2023, peaking at 7,972 million in 2020, reaching a low of 6,911 million in 2022, and recovering to 7,526 million by the end of 2023. Adjusted total debt consistently exceeds reported debt across all years. Notably, the variance between reported and adjusted debt increased over the period, growing from a difference of 512 million in 2019 to 958 million in 2023, indicating an increasing upward adjustment to debt liabilities.
Equity Trends: A persistent downward trend is observed in shareholders' equity beginning after 2020. Reported equity declined from 13,257 million in 2020 to 11,551 million in 2023. Adjusted equity followed a similar trajectory of decline after 2020, although it remained higher than reported equity from 2020 through 2023, suggesting a systematic adjustment that partially offsets the reported equity decrease.
Total Capitalization Analysis: Reported total capital peaked in 2020 at 21,229 million before decreasing to 19,077 million in 2023. In contrast, adjusted total capital showed greater resilience; after peaking at 22,411 million in 2020, it stabilized within a tight range between 20,171 million and 20,520 million from 2021 to 2023. The gap between reported and adjusted total capital widened significantly after 2019, shifting from a slight negative adjustment in 2019 to a substantial positive adjustment exceeding 1.2 billion by 2023.

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Corning Inc., adjusted net sales

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net sales	12,588)	14,189)	14,082)	11,303)	11,503)
Adjustment
Add: Increase (decrease) in deferred revenue	(9)	(43)	(112)	1,024)	—)
After Adjustment
Adjusted net sales	12,579)	14,146)	13,970)	12,327)	11,503)

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).

Revenue performance between 2019 and 2023 is characterized by a period of significant expansion followed by a moderate contraction. Both reported and adjusted net sales reached their peak in 2022 before experiencing a decline in the final year of the analyzed period.

Net Sales Trend Analysis: Reported net sales remained relatively stable between 2019 and 2020, with a marginal decrease from 11,503 million US$ to 11,303 million US$. A substantial increase occurred in 2021, with revenues rising to 14,082 million US$, followed by a peak of 14,189 million US$ in 2022. This upward trajectory reversed in 2023, as net sales declined to 12,588 million US$, representing an 11.3% decrease from the 2022 high.
Adjusted Net Sales Trend Analysis: Adjusted net sales grew from 11,503 million US$ in 2019 to 12,327 million US$ in 2020, diverging from the reported net sales trend for that year. The figures then rose to 13,970 million US$ in 2021 and 14,146 million US$ in 2022. Similar to the reported figures, adjusted net sales declined in 2023 to 12,579 million US$.
Revenue Adjustment Variance: The relationship between reported and adjusted net sales shifted over the five-year period. In 2019, no adjustment was present. In 2020, a significant positive adjustment of 1,024 million US$ was observed. From 2021 through 2023, the trend shifted to negative adjustments, where adjusted net sales were consistently lower than reported net sales. The magnitude of these negative adjustments diminished over time, narrowing from 112 million US$ in 2021 to 9 million US$ in 2023.

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Corning Inc., adjusted net income attributable to Corning Incorporated

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income attributable to Corning Incorporated	581)	1,316)	1,906)	512)	960)
Adjustments
Add: Deferred income tax expense (benefit)¹	(75)	(46)	16)	(20)	(192)
Add: Increase (decrease) in doubtful accounts	(10)	(2)	(4)	5)	6)
Add: Increase (decrease) in deferred revenue	(9)	(43)	(112)	1,024)	—)
Add: Other comprehensive income (loss), net of tax	(218)	(655)	(435)	431)	(161)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	67)	70)	29)	11)	19)
After Adjustment
Adjusted net income	336)	640)	1,400)	1,963)	632)

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).

¹ Deferred income tax expense (benefit). See details »

An analysis of the reported net income and adjusted net income reveals significant volatility and a frequent divergence between the two metrics over the five-year period from 2019 to 2023. While both metrics exhibit fluctuations, the magnitude and direction of these changes vary, indicating the presence of substantial non-recurring items and accounting adjustments.

Reported Net Income Trends: Net income attributable to Corning Incorporated experienced a notable decline in 2020, falling to 512 million US dollars. This was followed by a sharp increase to a peak of 1,906 million US dollars in 2021. Since that peak, a consistent downward trajectory has been observed, with income decreasing to 1,316 million US dollars in 2022 and further declining to 581 million US dollars by the end of 2023.
Adjusted Net Income Trends: Adjusted net income followed a different trajectory, characterized by a massive spike in 2020 to 1,963 million US dollars, representing the highest value across all five years. Following this peak, a steady and pronounced decline is evident, with values dropping to 1,400 million US dollars in 2021, 640 million US dollars in 2022, and reaching a period low of 336 million US dollars in 2023.
Analysis of Income Divergence: A stark contrast between reported and adjusted figures is most evident in 2020, where adjusted net income significantly exceeded reported net income by 1,451 million US dollars, suggesting the impact of substantial one-time charges or non-cash losses in the reported results. Conversely, from 2021 through 2023, reported net income remained consistently higher than adjusted net income. This reversal indicates that during the latter part of the period, reported earnings were bolstered by non-recurring gains or adjustments that were excluded from the adjusted net income calculation.
Comparative Performance Summary: The data indicates a general decline in both metrics from 2021 to 2023. The gap between the two figures narrowed in 2023, yet the overall trend reflects a compression of profitability in both reported and adjusted terms over the final three years of the analyzed period.

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