GLW Corning Inc

0000024741 CORNING INC /NY false --12-31 FY 2022 40 42 14,147 13,969 0.50 0.50 3.8 3.8 1.8 1.8 977 970 0.88 42,500 0.96 10,625 1.08 3 1 5 10 1.3 1.1 8.9 6.5 7.66 7.66 6.85 6.85 7.25 7.25 4.70 4.70 5.75 5.75 4.75 4.75 5.35 5.35 3.90 3.90 4.375 4.375 5.85 5.85 5.45 5.45 0.698 0.698 0.722 0.722 0.992 0.992 1.043 1.043 1.219 1.219 1.153 1.153 1.583 1.583 1.513 1.513 4.4 4.4 3.93 3.93 0 0 0 0 0 7.00 4.25 6.25 6.25 507 17 0 5 5 5 21 21 Income tax (provision) benefit reflects a tax rate of 21%. Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. As of December 31, 2022 and 2021, the carrying value of precious metals was $3.4 billion and $3.5 billion, respectively, and significantly lower than the fair market value. Depletion expense for precious metals for the years ended December 31, 2022, 2021 and 2020 was $27 million, $28 million and $24 million, respectively. Amount for the year ended December 31, 2020 primarily represents the gain recognized from the initial public offering of an investment. Includes cash, other receivables, prepaid expenses and current portion of long-term derivative assets. Finance lease costs were not material for the years ended December 31, 2022, 2021 and 2020. For the years ended December 31, 2021 and 2020, the Preferred Stock was anti-dilutive and therefore excluded from the calculation of diluted earnings per share. Amounts are net of total tax benefit of $22 million, primarily driven by $29 million and $24 million related to foreign currency translation adjustments and the hedging component, respectively, offset by negative impacts of $31 million related to retirement plans. Long-lived assets primarily include investments, plant and equipment, goodwill and other intangible assets. Amount represents the negative impact of a cumulative adjustment recorded during the first quarter of 2020 to reduce revenue in the amount of $105 million. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that is exiting its production of LCD panels. This amount primarily represents the impact of foreign currency adjustments in the Display Technologies segment. Includes non-current corporate assets, including goodwill, other intangible assets, pension assets, long-term derivative assets, operating leases and deferred income taxes. Other liabilities as of December 31, 2021 include a $17 million put option pursuant to the Share Repurchase Agreement with SDC, which was measured using significant other observable (Level 2) inputs. Refer to Note 17 (Shareholders' Equity) to the consolidated financial statements for additional information A loss of $14 million was reclassified from accumulated other comprehensive loss into other expense, net, resulting from the de-designation of certain cash flow hedges during the year ended December 31, 2020. As of December 31, 2022, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $419 million and fair value hedges of leased precious metals with a gross notional amount of 23,152 troy ounces. As of December 31, 2021, derivatives designated as hedging instruments include foreign exchange cash flow hedges with gross notional amounts of $780 million and fair value hedges of leased precious metals with a gross notional amount of 7,559 troy ounces. Other assets include designated derivatives pertaining to precious metals lease contracts in the amounts of $64 million and $5 million as of December 31, 2022 and 2021, respectively. Amounts are net of total tax expense of $22 million, primarily driven by $55 million related to foreign currency translation adjustments; embedded in this number are positive impacts of $5 million related to the hedging component and $28 million related to retirement plans. Research, development and engineering expenses include direct project spending that is identifiable to a segment. Includes the deemed surrender to the Company of common stock to satisfy employee tax withholding obligations Depreciation expense for Corning’s reportable segments and Hemlock and Emerging Growth Businesses includes an allocation of depreciation of corporate property not specifically identifiable to a segment. Activity reflected in cost of sales. Tax effect of reclassifications are disclosed separately within the footnote. This category includes industrial, office, apartments, hotels, infrastructure and retail investments which are limited partnerships predominately in the U.S. The inputs are valued by discounted cash flow analysis; comparable sale analysis and periodic external appraisals. Treasury stock includes the deemed surrender to the Company of common stock to satisfy employee tax withholding obligations. Derivative assets and liabilities include foreign exchange contracts which are measured using observable inputs for similar assets and liabilities. Represents other corporate investments. Asset balance does not include equity method affiliate liability balance of $270 million for HSG in 2019. HSG became a fully consolidated subsidiary of Corning on September 9, 2020. Japanese yen-denominated option contracts include zero-cost collars, purchased call options and put options. With respect to the zero-cost collars, the gross notional amount includes the value of both the put and call options. However, due to the nature of the zero-cost collars, only the put or the call option can be exercised at maturity. Amounts in parentheses indicate debits to the statement of income. Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation, and associated equity companies. Refer to Note 16 (Shareholders’ Equity) in the accompanying notes to the consolidated financial statements for additional information. Represents corporate property not specifically identifiable to an operating segment. Amount represents the pre-tax gain recorded on Corning’s previously held equity investment in HSG recorded in 2020. Refer to Note 4 (HSG Transactions and Acquisitions) to the consolidated financial statements for additional information on this transaction. Refer to Note 2 (Restructuring, Impairment and Other Charges and Credits) to the consolidated financial statements for additional information on restructuring activities and impairment. Amount does not include research, development, and engineering expense related to restructuring, impairment and other charges and credits. This category includes venture capital, leverage buyouts and distressed debt limited partnerships invested primarily in U.S. companies. The inputs are valuedby discounted cash flow analysis and comparable sale analysis. Finance leases were not material as of December 31, 2022. Excludes interest rate swap gains, bond discounts and deferred expenses. The income tax benefit realized from share-based compensation was $16 million, $37 million and $12 million, respectively, for the years ended December 31, 2022, 2021, and 2020. Other is comprised of intangible assets related to developed technologies and intellectual know-how. Net sales are attributed to countries based on location of customer. Includes approximately $48 million, $36 million and $58 million of interest costs that were capitalized as part of property, plant and equipment, net of accumulated depreciation, during the year ended December 31, 2022, 2021 and 2020, respectively. Amount represents the negative impact of a cumulative adjustment recorded during the first quarter of 2020 to reduce revenue in the amount of $105 million. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels. Refer to Note 3 (HSG Transactions and Acquisitions) in the accompanying notes to the consolidated financial statements for additional information. Other foreign currencies option contracts are purchased basket options that include a basket of underlying currencies, including the Japanese yen, South Korean won, Chinese yuan, euro, and British pound, and each basket option have been settled against U.S. dollars. These accumulated other comprehensive loss components are included in net periodic pension cost. Refer to Note 12 (Employee Retirement Plans) in the notes to the consolidated financial statements for additional details. Refer to Note 11 (Debt) in the notes to the consolidated financial statements for additional information. Tax effects related to equity method affiliates are not significant in the reported periods. Approximately $48 million $36 million and $58 million of interest costs were capitalized as part of property, plant and equipment during the years ended December 31, 2022, 2021 and 2020, respectively. Denominational currencies for average rate forward contracts include the Chinese yuan, New Taiwan dollar, euro and British pound. Corning obtained a controlling interest in HSG during the third quarter of 2020 and has consolidated results in Hemlock and Emerging Growth Businesses beginning on September 9, 2020. Refer to Note 3 (HSG Transactions and Acquisitions) in the notes to the consolidated financial statements for additional information. Purchase obligations are enforceable and legally binding obligations which primarily consist of raw material and energy-related take-or-pay contracts. Refer to Note 16 (Shareholders’ Equity) in the notes to the consolidated financial statements for more information. Corning obtained a controlling interest in HSG during the third quarter of 2020 and has consolidated results in Hemlock and Emerging Growth Businesses since September 9, 2020. Refer to Note 3 (HSG Transactions and Acquisitions) in the notes to the consolidated financial statements for more information. Includes impact of intercompany asset sales. Equity securities with readily available fair values that were measured using Level 1 inputs were reclassified from investments to other current assets and subsequently sold for $84 million during the year ended December 31, 2021. Amounts are net of total tax expense of $4 million, primarily driven by $51 million related to retirement plans, offset by positive impacts of $44 million and $3 million related to foreign currency translation adjustments and the hedging component, respectively. All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss. Corning obtained a controlling interest in HSG during the third quarter of 2020 and has consolidated results in Hemlock and Emerging Growth Businesses since September 9, 2020. Refer to Note 3 (HSG Transactions and Acquisitions) in the notes to the consolidated financial statements for additional information. Amount represents the negative impact of a cumulative adjustment to reduce revenue in the amount of $105 million recorded during the first quarter of 2020. The adjustment was associated with a previously recorded commercial benefit asset, reflected as a prepayment, to a customer with a long-term supply agreement that substantially exited its production of LCD panels. Cash payments for operating leases have been classified as operating activities on the consolidated statements of cash flows. Principal and interest payments for finance leases have been classified as financing activities and operating activities, respectively, on the consolidated statements of cash flows, and were not material for the years ended December 31, 2022, 2021 and 2020. 00000247412022-01-012022-12-31 iso4217:USD 00000247412022-06-30 xbrli:shares 00000247412023-01-31 thunderdome:item 00000247412021-01-012021-12-31 00000247412020-01-012020-12-31 iso4217:USDxbrli:shares 00000247412022-12-31 00000247412021-12-31 00000247412020-12-31 00000247412019-12-31 0000024741us-gaap:PreferredStockMember2019-12-31 0000024741us-gaap:CommonStockMember2019-12-31 0000024741us-gaap:AdditionalPaidInCapitalMember2019-12-31 0000024741us-gaap:RetainedEarningsMember2019-12-31 0000024741us-gaap:TreasuryStockMember2019-12-31 0000024741us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-31 0000024741us-gaap:ParentMember2019-12-31 0000024741us-gaap:NoncontrollingInterestMember2019-12-31 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 10-K

 

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number: 1-3247

 

CORNING INCORPORATED

(Exact name of registrant as specified in its charter)

New York	16-0393470
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

 

One Riverfront Plaza, Corning, New York	14831
(Address of principal executive offices)	(Zip Code)

607-974-9000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.50 par value per share		GLW		New York Stock Exchange (NYSE)

 

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes   ☒                                  No   ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Yes    ☐                                   No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes   ☒                                  No   ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)

Yes   ☒                                  No   ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Emerging growth company	☐
Smaller reporting company	☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☒

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes   ☐                                   No   ☒

The aggregate market value of the common stock held by non-affiliates of the registrant as of June 30, 2022 was approximately $26 billion based on the New York Stock Exchange closing price on such date.

 

There were 846,563,422 shares of common stock outstanding as of January 31, 2023.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

Portions of Registrant's definitive Proxy Statement for its April 27, 2023 Annual Meeting of Shareholders are incorporated by reference into Part III.