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
GLW$112.13-3.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
7. Property, Plant and Equipment, Net of Accumulated Depreciation
Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Land | $412 | $420 |
| Buildings | 5,931 | 5,963 |
| Equipment (1) | 20,896 | 20,800 |
| Construction in progress | 1,944 | 2,335 |
| Subtotal | 29,183 | 29,518 |
| Accumulated depreciation | (14,553) | (14,147) |
| Property, plant and equipment, net of accumulated depreciation (2) | $14,630 | $15,371 |
| (1) | Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. As of December 31, 2023 and 2022, the carrying value of precious metals was $3.1 billion and $3.4 billion, respectively, and significantly lower than the fair market value. Depletion expense for precious metals for the years ended December 31, 2023, 2022 and 2021 was $35 million, $27 million and $28 million, respectively. |
| (2) | Approximately $40 million, $48 million and $36 million of interest costs were capitalized as part of property, plant and equipment during the years ended December 31, 2023, 2022 and 2021, respectively. |
78
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.