Name: Corning Inc. (NYSE:GLW) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Corning Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	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	320)	224)	55)	156)	11)
Accounts payable	1,466)	1,804)	1,612)	1,174)	1,587)
Wages and employee benefits	609)	727)	824)	572)	565)
Income taxes	69)	127)	196)	173)	182)
Derivative instruments	66)	174)	144)	189)	100)
Deferred revenue	181)	144)	148)	152)	—)
Customer deposits	148)	132)	223)	211)	104)
Share repurchase liability	—)	506)	506)	—)	—)
Short-term operating lease liabilities	112)	111)	94)	96)	62)
Other current liabilities	1,348)	1,226)	1,004)	1,044)	910)
Other accrued liabilities	2,533)	3,147)	3,139)	2,437)	1,923)
Current liabilities	4,319)	5,175)	4,806)	3,767)	3,521)
Long-term debt, excluding current portion	7,206)	6,687)	6,989)	7,816)	7,729)
Postretirement benefits other than pensions	398)	407)	622)	727)	671)
Defined benefit pension plan liabilities	721)	668)	707)	887)	980)
Derivative instruments	31)	17)	49)	155)	165)
Deferred revenue	679)	725)	764)	872)	—)
Investment in Hemlock Semiconductor Group	—)	—)	—)	—)	270)
Customer deposits	1,083)	1,137)	1,072)	1,148)	927)
Deferred tax liabilities	218)	243)	258)	313)	325)
Long-term operating lease liabilities	846)	795)	691)	633)	450)
Other non-current liabilities	1,131)	1,370)	1,651)	1,009)	863)
Other liabilities	4,709)	4,955)	5,192)	5,017)	3,980)
Non-current liabilities	12,313)	12,049)	12,803)	13,560)	12,380)
Total liabilities	16,632)	17,224)	17,609)	17,327)	15,901)
Convertible preferred stock, Series A, par value $100 per share	—)	—)	—)	2,300)	2,300)
Common stock, par value $0.50 per share	916)	910)	907)	863)	859)
Additional paid-in capital, common stock	16,929)	16,682)	16,475)	14,642)	14,323)
Retained earnings	16,391)	16,778)	16,389)	16,120)	16,408)
Treasury stock, at cost	(20,637)	(20,532)	(20,263)	(19,928)	(19,812)
Accumulated other comprehensive loss	(2,048)	(1,830)	(1,175)	(740)	(1,171)
Total Corning Incorporated shareholders’ equity	11,551)	12,008)	12,333)	13,257)	12,907)
Non-controlling interest	317)	267)	212)	191)	90)
Total equity	11,868)	12,275)	12,545)	13,448)	12,997)
Total liabilities and equity	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 overall financial structure exhibits a trend of increasing leverage, characterized by a gradual decline in total equity and relatively stable total liabilities. Total liabilities peaked in 2021 at 17.6 billion before moderating to 16.6 billion by the end of 2023. During the same period, total equity decreased from 13.0 billion in 2019 to 11.9 billion in 2023, indicating a shift in the capital composition toward debt financing.

Current Liability Trends: Current liabilities experienced a period of growth, rising from 3.5 billion in 2019 to a peak of 5.2 billion in 2022, followed by a reduction to 4.3 billion in 2023. A significant observation is the sharp increase in the current portion of long-term debt and short-term borrowings, which rose from 11 million in 2019 to 320 million in 2023, suggesting an increase in immediate debt repayment obligations.
Non-Current Liability Analysis: Non-current liabilities remained relatively stable, fluctuating between 12.0 billion and 13.6 billion. Long-term debt, excluding the current portion, showed a slight downward trend from 7.7 billion in 2019 to 7.2 billion in 2023. Conversely, long-term operating lease liabilities grew steadily and consistently, increasing from 450 million in 2019 to 846 million in 2023.
Equity and Shareholders' Position: Total shareholders' equity declined from 12.9 billion in 2019 to 11.6 billion in 2023. This decline is influenced by several factors: the elimination of Series A convertible preferred stock after 2020 and a widening of accumulated other comprehensive losses, which grew from -1.17 billion in 2019 to -2.05 billion in 2023. Furthermore, treasury stock costs increased from -19.8 billion to -20.6 billion, reflecting ongoing share repurchase activity that reduces total equity.
Solvency and Capital Stability: The relationship between total liabilities and total equity has weakened over the five-year period. While retained earnings remained remarkably stable, fluctuating minimally around the 16.4 billion mark, the overall equity base was eroded by treasury stock acquisitions and comprehensive losses. This resulted in a higher liability-to-equity ratio by 2023 compared to 2019 levels.

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