Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Corning Inc., consolidated cash flow statement
US$ in millions
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).
- Net Income
- Net income experienced significant fluctuations over the five-year period. It declined sharply from 960 million USD in 2019 to 512 million USD in 2020, rebounded strongly to 1906 million USD in 2021, and then gradually decreased to 648 million USD in 2023. The peak in 2021 suggests a notable recovery or event driving profitability, while subsequent decreases might indicate challenges or market conditions affecting earnings.
- Depreciation and Amortization
- Depreciation steadily decreased from 1390 million USD in 2019 to 1247 million USD in 2023, indicating a possible aging asset base or lower capital expenditures. Amortization of purchased intangibles remained relatively stable, fluctuating slightly around 120 million USD annually, signifying consistent expense recognition related to intangible assets.
- Asset Disposal and Related Charges
- Loss on disposal of assets showed variability, with notable increases in 2022 (189 million USD) and 2023 (155 million USD), likely reflecting higher write-offs or asset sales at losses. Severance charges varied widely, with reversals and payments indicating ongoing workforce adjustments. Share-based compensation expenses increased moderately, peaking at 218 million USD in 2023, reflecting rising employee compensation costs or incentive programs.
- Foreign Exchange and Tax Items
- Translation gains and losses related to Japanese yen-denominated debt showed losses in 2021 through 2023, reaching up to -191 million USD in 2022, indicating currency exchange headwinds. Deferred tax provisions switched from benefits to provisions across the years, with a net beneficial effect in 2023. Translated earnings contract gains and unrealized translation losses fluctuated, revealing exposure to foreign exchange volatility and hedging activities.
- Working Capital Changes
- Trade accounts receivable and inventories showed mixed movements, with positive changes in some years and declines in others, reflecting variable operating conditions or inventory management strategies. Other current assets and accounts payable also displayed significant swings, contributing to volatile changes in assets and liabilities. The aggregate changes in working capital items were positive in some years (notably 2021) and negative in others, affecting operating cash flow consistency.
- Operating and Investing Cash Flows
- Net cash provided by operating activities increased sharply from 2031 million USD in 2019 to a peak of 3412 million USD in 2021, then declined to 2005 million USD by 2023, mirroring the net income volatility and working capital changes. Capital expenditures varied but remained substantial, consistently over 1300 million USD annually, potentially indicating steady investment in property, plant, and equipment. Net cash used in investing activities tracked capital expenditure trends, overall showing a reduction in outflows in 2023 compared to prior years.
- Financing Activities
- Repayment of debt was significant in 2021, with 860 million USD repaid, while issuance of debt fluctuated with a notable issuance of euro bonds amounting to 918 million USD in 2023. Redemption payments for preferred stock remained constant at 507 million USD from 2021 onwards. Dividends steadily increased from 742 million USD in 2019 to 989 million USD in 2023, reflecting growing shareholder returns despite earnings volatility. Treasury stock purchases sharply declined after 2019, indicating less repurchase activity in recent years. Overall, net cash used in financing activities was volatile, with a major outflow in 2021 and reduced outflows thereafter.
- Liquidity Position
- Cash and cash equivalents at year-end demonstrated a decline from 2434 million USD in 2019 to a trough of 1671 million USD in 2022, before a modest recovery to 1779 million USD in 2023. This trend shows some pressure on liquidity, especially during periods of lower operating cash flow and higher financing outflows, but the recent increase suggests slight stabilization.
- Summary of Financial Trends
- The data reveals a company experiencing considerable earnings volatility with a strong performance peak in 2021 followed by a decline. Operating cash flow mirrored profitability trends, while capital investment remained consistently high. The company managed its capital structure actively, balancing debt repayments and issuances and maintaining substantial dividend payments. Exchange rate impacts and working capital fluctuations introduced variability in financial outcomes. Liquidity declined in the middle of the period but showed signs of improvement by 2023.