Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Corning Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	1,779)	1,671)	2,148)	2,672)	2,434)
Trade accounts receivable, net of doubtful accounts	1,572)	1,721)	2,004)	2,133)	1,836)
Inventories	2,666)	2,904)	2,481)	2,438)	2,320)
Derivative instruments	501)	454)	336)	148)	157)
South Korean tax deposits	—)	—)	—)	—)	33)
Other current assets	694)	703)	690)	613)	683)
Other current assets	1,195)	1,157)	1,026)	761)	873)
Current assets	7,212)	7,453)	7,659)	8,004)	7,463)
Property, plant and equipment, net of accumulated depreciation	14,630)	15,371)	15,804)	15,742)	15,337)
Goodwill	2,380)	2,394)	2,421)	2,460)	1,935)
Other intangible assets, net	905)	1,029)	1,148)	1,308)	1,185)
Deferred income taxes	1,153)	1,073)	1,066)	1,121)	1,157)
Derivative instruments	130)	224)	164)	123)	92)
South Korean tax deposits	261)	349)	350)	365)	415)
Operating lease right-of-use assets	883)	842)	741)	680)	504)
Investments	414)	360)	318)	435)	334)
Other non-current assets	532)	404)	483)	537)	476)
Other assets	2,220)	2,179)	2,056)	2,140)	1,821)
Non-current assets	21,288)	22,046)	22,495)	22,771)	21,435)
Total assets	28,500)	29,499)	30,154)	30,775)	28,898)

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).

Cash and Cash Equivalents: Cash and cash equivalents exhibited a declining trend from 2019 to 2022, decreasing from $2,434 million to $1,671 million, followed by a slight increase to $1,779 million in 2023. This pattern indicates a reduction in liquid assets over the initial years with a minor recovery in the most recent period.
Trade Accounts Receivable, Net: The balance of trade accounts receivable, net of doubtful accounts, increased from $1,836 million in 2019 to a peak of $2,133 million in 2020, then declined steadily each year thereafter to $1,572 million in 2023. This suggests a contraction in credit sales or more effective collection efforts post-2020.
Inventories: Inventories showed a generally upward trend from 2019 ($2,320 million) through 2022 ($2,904 million), before decreasing slightly to $2,666 million in 2023. This may reflect an initial buildup in stock possibly anticipating demand, followed by inventory optimization.
Derivative Instruments (Current and Non-current): Current derivative instruments increased substantially over the period, from $157 million in 2019 to $501 million in 2023, indicating increased use or valuation of derivatives in current assets. Non-current derivatives rose from $92 million to $224 million by 2022 but then declined to $130 million in 2023, showing some volatility in longer-term derivative positions.
South Korean Tax Deposits (Current and Non-current): South Korean tax deposits displayed a decrease in both current and non-current categories. The current deposits, reported only in 2019 at $33 million, were no longer recorded in subsequent years. Non-current deposits declined steadily from $415 million to $261 million over the five-year span, signaling a reduction in tax-related assets in this jurisdiction.
Other Current Assets: Two entries for other current assets show differing patterns: one set decreased from $683 million in 2019 to $613 million in 2020 with moderate fluctuations thereafter, while the other set increased consistently from $873 million to $1,195 million over the period, reflecting a shift or reclassification in asset composition.
Current Assets: Total current assets rose from $7,463 million in 2019 to a peak of $8,004 million in 2020 and then decreased gradually to $7,212 million in 2023, indicating an overall reduction in short-term asset base following a high in 2020.
Property, Plant, and Equipment (Net): The net value of property, plant, and equipment remained relatively stable around $15 billion from 2019 through 2021, then declined progressively to $14,630 million by 2023, possibly reflecting asset disposals or increased depreciation.
Goodwill: Goodwill increased notably from $1,935 million in 2019 to $2,460 million in 2020, likely due to acquisitions, and subsequently decreased gradually to $2,380 million by 2023, suggesting impairment or adjustments.
Other Intangible Assets, Net: Other intangible assets declined steadily from $1,185 million in 2019 to $905 million in 2023, indicating amortization or write-downs over the period.
Deferred Income Taxes: Deferred income taxes experienced minor fluctuations, decreasing slightly from $1,157 million in 2019 to about $1,066 million in 2021, then recovering to $1,153 million in 2023, essentially maintaining stability throughout the five years.
Operating Lease Right-of-Use Assets: Right-of-use assets related to operating leases increased consistently from $504 million in 2019 to $883 million in 2023, reflecting likely expanded lease commitments or capitalization under lease accounting standards.
Investments: Investments fluctuated between $318 million and $435 million, with no clear directional trend, indicating variable levels of investment activity.
Other Non-current Assets: Other non-current assets varied moderately, declining from $476 million in 2019 to $404 million in 2022, then increasing to $532 million in 2023, exhibiting some volatility without a definitive trend.
Other Assets: Other assets grew steadily from $1,821 million in 2019 to $2,220 million in 2023, showing gradual accumulation of miscellaneous assets.
Non-current Assets: Total non-current assets increased from $21,435 million in 2019 to $22,771 million in 2020, then declined to $21,288 million by 2023, reflecting a peak in 2020 followed by a downturn, likely due to changes in fixed assets, goodwill, and intangibles.
Total Assets: Total assets reached the highest level in 2020 at $30,775 million, declining steadily each year to $28,500 million in 2023. This decline suggests overall contraction in the asset base since 2020.

Corning Inc. (NYSE:GLW)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items