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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8. Goodwill and Other Intangible Assets
The following table presents the changes in the carrying amount of goodwill (in millions):
| Optical Communications | Display Technologies | Specialty Materials | Life Sciences | Hemlock and Emerging Growth Businesses | Total | |
|---|---|---|---|---|---|---|
| Balance as of December 31, 2021 | $915 | $125 | $150 | $616 | $615 | $2,421 |
| Acquired goodwill | 4 | 1 | 5 | |||
| Foreign currency translation adjustment and other | (14) | (4) | (10) | (4) | (32) | |
| Balance as of December 31, 2022 | $905 | $121 | $151 | $606 | $611 | $2,394 |
| Foreign currency translation adjustment and other | (1) | (2) | 1 | (12) | (14) | |
| Balance as of December 31, 2023 | $904 | $119 | $151 | $607 | $599 | $2,380 |
Corning’s gross goodwill balance and accumulated impairment losses were $8.9 billion and $6.5 billion, respectively, as of* December 31, 2023and2022*. Accumulated impairment losses were generated primarily through goodwill impairments related to the Optical Communications segment.
Management completed its fiscal2023 annual impairment test as of* October 1, 2023.The impairment test resulted in implied fair values of our reporting units that substantially exceeded each reporting unit’s carrying value. Based on the quantitative test performed in2023,* no goodwill impairment was required.
Other Intangible Assets, Net
Other intangible assets, net consisted of the following (in millions):
| December 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Gross | Accumulated amortization | Net | Gross | Accumulated amortization | Net | |
| Amortized intangible assets: | ||||||
| Patents, trademarks & trade names | $493 | $318 | $175 | $496 | $300 | $196 |
| Customer lists and other (1) | 1,464 | 734 | 730 | 1,461 | 628 | 833 |
| Other intangible assets, net | $1,957 | $1,052 | $905 | $1,957 | $928 | $1,029 |
| (1) | Other consists of intangible assets related to developed technologies and intellectual know-how. |
Corning’s amortized intangible assets are primarily related to Optical Communications, Life Sciences and certain businesses within Hemlock and Emerging Growth Businesses. The net carrying amount of intangible assets decreased during the year, primarily driven by amortization of $122 million.
Annual amortization expense is expected to be approximately $126 million, $119 million, $98 million, $94 million and $88 million for years2024 through2028, respectively.
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