CORNING INC NY
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
GLW$112.13-3.3%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
| Consolidated Statements of Cash Flows | Corning Incorporated and Subsidiary Companies |
|---|---|
| (Unaudited; in millions) | |
| Three months ended | ||
|---|---|---|
| March 31, | ||
| 2024 | 2023 | |
| Cash Flows from Operating Activities: | ||
| Net income | $225 | $191 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation | 307 | 310 |
| Amortization of purchased intangibles | 30 | 31 |
| Severance payments | (41) | (20) |
| Share-based compensation expense | 60 | 52 |
| Translation gain on Japanese yen-denominated debt | (81) | (18) |
| Deferred tax provision (benefit) | 10 | (38) |
| Translated earnings contract (gain) loss, net | (39) | 8 |
| Changes in assets and liabilities: | ||
| Trade accounts receivable | (161) | (28) |
| Inventories | (86) | 17 |
| Other current assets | 2 | (62) |
| Accounts payable and other current liabilities | (73) | (369) |
| Customer deposits and government incentives | (25) | (17) |
| Deferred income | (34) | (6) |
| Other, net | 2 | (100) |
| Net cash provided by (used in) operating activities | 96 | (49) |
| Cash Flows from Investing Activities: | ||
| Capital expenditures | (252) | (382) |
| Proceeds from sale of equipment to related party | 67 | |
| Realized gains on translated earnings contracts and other | 94 | 81 |
| Other, net | (26) | 6 |
| Net cash used in investing activities | (184) | (228) |
| Cash Flows from Financing Activities: | ||
| Repayments of debt | (37) | (69) |
| Proceeds from other financing arrangements | 54 | |
| Payments of employee withholding tax on stock awards | (34) | (16) |
| Proceeds from exercise of stock options | 13 | 16 |
| Dividends paid | (243) | (239) |
| Other, net | (7) | 6 |
| Net cash used in financing activities | (308) | (248) |
| Effect of exchange rates on cash | (18) | |
| Net decrease in cash and cash equivalents | (414) | (525) |
| Cash and cash equivalents at beginning of period | 1,779 | 1,671 |
| Cash and cash equivalents at end of period | $1,365 | $1,146 |
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