CORNING INC NY
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
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FY2023 · Filed Feb 12, 2024
GLW$112.13-3.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Consolidated Statements of Cash Flows | Corning Incorporated and Subsidiary Companies |
|---|
| Year ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Cash Flows from Operating Activities: | |||
| Net income | $648 | $1,386 | $1,935 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 1,247 | 1,329 | 1,352 |
| Amortization of purchased intangibles | 122 | 123 | 129 |
| Loss on disposal of assets, net | 155 | 189 | 57 |
| Severance charges (reversals) | 187 | 70 | (13) |
| Severance payments | (96) | (11) | (26) |
| Share-based compensation expense | 218 | 175 | 190 |
| Translation gain on Japanese yen-denominated debt | (100) | (191) | (180) |
| Deferred tax (benefit) provision | (75) | (46) | 16 |
| Translated earnings contract gain | (161) | (351) | (354) |
| Unrealized translation loss on transactions | 61 | 68 | 77 |
| Tax deposit refund | 99 | ||
| Changes in assets and liabilities: | |||
| Trade accounts receivable | 50 | 113 | (54) |
| Inventories | 157 | (522) | (103) |
| Other current assets | (80) | (139) | (224) |
| Accounts payable and other current liabilities | (238) | 349 | 772 |
| Customer deposits and government incentives | (42) | 110 | 28 |
| Deferred income | (5) | (49) | (116) |
| Other, net | (142) | 12 | (74) |
| Net cash provided by operating activities | 2,005 | 2,615 | 3,412 |
| Cash Flows from Investing Activities: | |||
| Capital expenditures | (1,390) | (1,604) | (1,637) |
| Proceeds from sale of equipment to related party | 67 | ||
| Proceeds from sale of business | 76 | 103 | |
| Investments in and proceeds from unconsolidated entities, net | (17) | (38) | 84 |
| Realized gains on translated earnings contracts and other | 326 | 300 | 67 |
| Premiums paid on hedging contracts | (9) | (75) | (48) |
| Other, net | 23 | (14) | 12 |
| Net cash used in investing activities | (1,000) | (1,355) | (1,419) |
| Cash Flows from Financing Activities: | |||
| Repayments of debt | (284) | (87) | (860) |
| Proceeds from issuance of debt | 82 | 127 | 22 |
| Proceeds from issuance of euro bonds | 918 | ||
| Proceeds from other financing arrangements | 54 | ||
| Repayment of other financing arrangements | (54) | ||
| Payment for redemption of preferred stock | (507) | (507) | (507) |
| Payments of employee withholding tax on stock awards | (106) | (47) | (61) |
| Proceeds from exercise of stock options | 42 | 40 | 97 |
| Purchases of common stock for treasury | (221) | (274) | |
| Dividends paid | (989) | (932) | (871) |
| Other, net | (39) | (22) | 2 |
| Net cash used in financing activities | (883) | (1,649) | (2,452) |
| Effect of exchange rates on cash | (14) | (88) | (65) |
| Net increase (decrease) in cash and cash equivalents | 108 | (477) | (524) |
| Cash and cash equivalents at beginning of year | 1,671 | 2,148 | 2,672 |
| Cash and cash equivalents at end of year | $1,779 | $1,671 | $2,148 |
The accompanying notes are an integral part of these consolidated financial statements.
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