CORNING INC NY
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
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FY2023 · Filed Feb 12, 2024
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5. Leases
The following table presents the components of lease cost (in millions)(1):
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating lease cost | $171 | $147 | $139 |
| Variable lease cost | 57 | 51 | 59 |
| Short-term lease cost | 2 | 2 | 2 |
| Total lease cost | $230 | $200 | $200 |
| (1) | Finance lease costs were not material for the years ended December 31, 2023, 2022 and 2021. |
The following table presents the components of cash paid for amounts included in the measurement of lease liabilities (in millions)(1):
| December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating cash outflows from operating leases | $153 | $116 | $134 |
| (1) | 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, 2023, 2022 and 2021. |
The following table presents supplemental consolidated balance sheet information (in millions, except lease term and discount rate)(1):
| December 31, | ||||
|---|---|---|---|---|
| Location of lease balances · 2023 · 2022 | ||||
| Operating lease right-of-use assets | Other assets | $883 | $842 | |
| Operating lease liabilities - current | Other current liabilities | $112 | $111 | |
| Operating lease liabilities - noncurrent | Other liabilities | $846 | $795 | |
| Weighted-average remaining lease term (in years) | 13.6 | 14.3 | ||
| Weighted-average discount rate | 4.4% | 4.2% | ||
| (1) | Finance leases were not material as of December 31, 2023 and 2022. |
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5. Leases (Continued)
As of* December 31, 2023*, maturities of operating lease liabilities are as follows (in millions)(1):
| 2024 | $140 |
| 2025 | $116 |
| 2026 | $104 |
| 2027 | $89 |
| 2028 | $80 |
| After 2028 | $782 |
| Total operating payments | $1,311 |
| Less: imputed discount | $353 |
| Present value of lease payments | $958 |
| (1) | Finance leases were not material as of December 31, 2023. |
As of* December 31, 2023*, Corning had additional operating leases, primarily for new production equipment, that havenot yet commenced or been recorded, of approximately $138 million on an undiscounted basis. These operating leases will commence in2025 with lease terms of 4 years.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.