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.

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).

Current portion of long-term debt and short-term borrowings: Exhibited a general upward trend from 11 million in 2019 to 320 million in 2023, with a noticeable spike between 2021 and 2023, indicating increased short-term financial obligations.
Accounts payable: Fluctuated over the period, peaking at 1804 million in 2022 before declining to 1466 million in 2023, suggesting variability in the company’s payables management or procurement activities.
Wages and employee benefits: Increased substantially from 565 million in 2019 to a high of 824 million in 2021, then declined to 609 million by 2023, indicating possible workforce adjustments or changes in compensation expenses.
Income taxes: Declined steadily over the period from 182 million in 2019 to 69 million in 2023, signaling reduced tax liabilities or changes in earnings before tax.
Derivative instruments (current): Displayed volatility, rising to 189 million in 2020, then decreasing to 66 million in 2023, reflecting fluctuations in derivative asset or liability positions.
Deferred revenue (current): Remained relatively stable from 152 million in 2020 to 181 million in 2023, indicating steady advance payments or unearned income.
Customer deposits (current): Varied modestly, peaking at 223 million in 2021 and decreasing to 148 million in 2023, suggesting fluctuations in customer prepayments or deposits.
Share repurchase liability: Present with a consistent balance of 506 million in 2021 and 2022 and absent in other years, representing a temporary obligation related to share repurchase activities.
Short-term operating lease liabilities: Increased steadily from 62 million in 2019 to 112 million in 2023, indicating growing lease commitments in the short term.
Other current liabilities and other accrued liabilities: Both categories increased through 2021 and 2022, with other accrued liabilities peaking at 3147 million in 2022 before falling to 2533 million in 2023, showing changing operational or accrued expenses.
Total current liabilities: Rose significantly from 3521 million in 2019 to a peak of 5175 million in 2022, then declined to 4319 million in 2023, reflecting overall short-term obligation trends.
Long-term debt, excluding current portion: Remained relatively stable but declined from 7816 million in 2020 to 6687 million in 2022 before rising again to 7206 million in 2023, indicating adjustments in long-term borrowing.
Postretirement benefits other than pensions and defined benefit pension plan liabilities: Both liabilities showed a decreasing trend until 2022, with slight increases or stabilization in 2023, implying changes in benefit obligations or actuarial assumptions.
Derivative instruments (non-current): Substantially decreased from 165 million in 2019 to 31 million in 2023, suggesting reduced exposure or valuation changes in derivative instruments.
Deferred revenue (non-current): Gradually decreased from 872 million in 2020 to 679 million in 2023, indicating declining long-term unearned income balances.
Customer deposits (non-current): Remained relatively stable with minor fluctuations around the 1000 to 1100 million range, showing consistent long-term customer deposits.
Deferred tax liabilities: Exhibited a steady decline from 325 million in 2019 to 218 million in 2023, potentially reflecting tax position changes or asset/liability adjustments.
Long-term operating lease liabilities: Increased consistently from 450 million in 2019 to 846 million in 2023, denoting increased long-term lease commitments.
Other non-current liabilities and total other liabilities: Other non-current liabilities increased sharply from 863 million in 2019 to 1651 million in 2021, then declined through 2023, while total other liabilities showed a rise through 2021, followed by a gradual reduction, indicating variable non-current obligations.
Total non-current liabilities: Peaked in 2020 at 13560 million, subsequently decreased to 12049 million in 2022, and modestly increased in 2023 to 12313 million, reflecting fluctuations in long-term obligations.
Total liabilities: Rose from 15901 million in 2019 to a peak of 17609 million in 2021 before steadily declining to 16632 million in 2023, indicating overall liability management efforts.
Convertible preferred stock, Series A: Maintained a stable balance of 2300 million in 2019 and 2020, then was absent from subsequent years, implying redemption or conversion events.
Common stock and additional paid-in capital: Both components increased steadily, with common stock rising from 859 million to 916 million and additional paid-in capital from 14323 million to 16929 million, reflecting ongoing equity issuance or capital contributions.
Retained earnings: Fluctuated, decreasing from 16408 million in 2019 to 16120 million in 2020 before recovering to a peak of 16778 million in 2022 and slightly declining to 16391 million in 2023, indicating variation in accumulated net income.
Treasury stock at cost: Consistently increased in absolute value from -19812 million in 2019 to -20637 million in 2023, indicating ongoing share repurchase activities reducing outstanding equity.
Accumulated other comprehensive loss: Displayed fluctuation with a reduction in loss in 2020 (-740 million), followed by increased losses through 2023 (-2048 million), reflecting changes in unrealized gains/losses or other comprehensive income components.
Total shareholders’ equity and total equity: Both peaked around 2020 (12907 million and 13448 million, respectively), then declined through 2023 to 11551 million and 11868 million, respectively, indicating a contraction in net equity despite equity capital increases, likely influenced by treasury stock increases and accumulated losses.
Total liabilities and equity: Peaked in 2020 at 30775 million and consistently declined to 28500 million in 2023, reflecting a gradual reduction in the aggregate financing and claims against company assets.

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Corning Inc. (NYSE:GLW)

Balance Sheet: Liabilities and Stockholders’ Equity