Name: Corning Inc. (NYSE:GLW) | Balance Sheet: Assets
Creator: Stock Analysis on Net

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.

Assets: Selected Items

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Current Assets: Selected Items

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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).

The total asset base reached a peak of 30,775 million USD in 2020, followed by a consistent downward trend to 28,500 million USD by the end of 2023. This overall contraction is mirrored in both current and non-current assets, suggesting a reduction in the company's total resource footprint over the latter half of the observed period.

Current Asset Dynamics: Current assets decreased from a 2020 high of 8,004 million USD to 7,212 million USD in 2023. A significant driver of this decline is the reduction in cash and cash equivalents, which fell from 2,672 million USD in 2020 to 1,779 million USD in 2023. Trade accounts receivable also showed a declining trend after 2020, ending at 1,572 million USD. In contrast, inventories remained elevated compared to 2019 levels, peaking at 2,904 million USD in 2022 before moderating to 2,666 million USD. Notably, current derivative instruments experienced steady growth, increasing from 157 million USD in 2019 to 501 million USD in 2023.
Fixed Asset and Intangible Trends: Property, plant, and equipment, net of accumulated depreciation, peaked in 2021 at 15,804 million USD before declining to 14,630 million USD by 2023, indicating a possible slowdown in capital expenditures or an increase in the rate of depreciation. Other intangible assets have declined consistently every year since 2020, falling from 1,308 million USD to 905 million USD. Goodwill increased sharply between 2019 and 2020, rising from 1,935 million USD to 2,460 million USD, and has remained relatively stable thereafter.
Other Non-Current Asset Shifts: Operating lease right-of-use assets showed a consistent year-over-year increase, rising from 504 million USD in 2019 to 883 million USD in 2023. Conversely, South Korean tax deposits decreased from 415 million USD in 2019 to 261 million USD in 2023. Non-current assets as a whole followed the trajectory of total assets, peaking in 2020 at 22,771 million USD and contracting to 21,288 million USD by the end of 2023.

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