CORNING INC NY
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 12, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
16. Share-Based Compensation
The following table presents share-based compensation cost and the unrecognized compensation cost by award type (in millions):
| Amount of share-based compensation cost recognized · Unrecognized compensation cost · Weighted-average remaining term in years | |||||
|---|---|---|---|---|---|
| Year ended December 31, · December 31, | |||||
| 2023 · 2022 · 2021 · 2023 | |||||
| Time-based restricted stock and restricted stock units | $172 | $111 | $94 | $211 | 2.1 |
| Performance-based restricted stock units | 36 | 52 | 79 | 17 | 1.7 |
| Stock Options | 2 | 7 | 9 | ||
| Other | 8 | 5 | 8 | ||
| Total share-based compensation cost (1) | $218 | $175 | $190 | ||
| (1) | The income tax benefit realized from share-based compensation was $17 million, $16 million and $37 million, respectively, for the years ended December 31, 2023, 2022 and 2021. |
As of* December 31, 2023*, there were approximately 23 million unissued common shares available for future grants authorized under the Plans.
Incentive Stock Plans
Time-Based Restricted Stock and Restricted Stock Units
The following table summarizes the changes in non-vested time-based restricted stock and restricted stock units during the year ended* December 31, 2023*:
| Number of shares (in thousands) | Weighted-average grant-date fair value | |
|---|---|---|
| Non-vested shares and share units as of December 31, 2022 | 11,299 | $29.19 |
| Granted | 7,438 | 34.90 |
| Vested | (4,832) | 24.44 |
| Forfeited | (584) | 34.03 |
| Non-vested shares and share units as of December 31, 2023 | 13,321 | $33.89 |
The total fair value of time-based restricted stock and restricted stock units that vested during the years ended* December 31, 2023,*2022 and2021 was approximately $118 million, $93 million and $88 million, respectively.
96
16. Share-Based Compensation**(Continued)**
Performance-Based Restricted Stock Units
The following table summarizes the changes in non-vested performance-based restricted stock units during the year ended* December 31, 2023*:
| Number of shares (in thousands) | Weighted-average grant-date fair value | |
|---|---|---|
| Non-vested share units as of December 31, 2022 | 4,696 | $35.41 |
| Granted | 1,674 | 35.08 |
| Vested | (3,587) | 33.37 |
| Performance adjustments | (726) | 35.43 |
| Forfeited | (31) | 36.26 |
| Non-vested share units as of December 31, 2023 | 2,026 | $38.89 |
The total fair value of performance-based restricted stock units that vested during the years ended* December 31, 2023,*2022 and2021 was approximately $120 million, $5 million and $3 million, respectively.
Stock Options
The following table summarizes information concerning stock options as of* December 31, 2023* and the related activity for the year ended* December 31, 2023*:
| Number of shares (in thousands) | Weighted-average exercise price | Weighted-average remaining contractual term in years | Aggregate intrinsic value (in thousands) | |
|---|---|---|---|---|
| Options Outstanding as of December 31, 2022 | 9,665 | $22.92 | ||
| Exercised | (2,114) | 19.78 | ||
| Forfeited and expired | (52) | 19.65 | ||
| Options outstanding as of December 31, 2023 | 7,499 | 23.82 | 4.95 | 54,327 |
| Options vested and exercisable as of December 31, 2023 | 7,499 | 23.82 | 4.95 | 54,327 |
The aggregate intrinsic value (market value of stock less option exercise price) in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price as of* December 31, 2023*, which would have been received by the option holders had all option holders exercised their “in-the-money” options as of that date.
There wereno options granted in2023, 2022 or2021. The total fair value of options that vested during the years ended* December 31, 2023,*2022 and2021 was approximately $6 million, $20 million and $16 million, respectively.
Proceeds received from the exercise of stock options were $42 million, with a corresponding realized tax benefit of $4 million, for the year ended* December 31, 2023*. The total intrinsic value of options exercised for the years ended* December 31, 2023,*2022 and2021 was approximately $29 million, $36 million and $100 million, respectively.
97
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.