CORNING INC NY
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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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.
FY2024 · Filed Feb 13, 2025
Contents
16. Share-Based Compensation
- Share-Based Compensation
The following table presents share-based compensation cost and the unrecognized compensation cost by award type (in millions):
| Amount of share-based compensation cost recognized · Unrecognized compensation cost · Weighted-averageremaining term in years | |||||
|---|---|---|---|---|---|
| Year ended December 31, · December 31, | |||||
| 2024 · 2023 · 2022 · 2024 | |||||
| Time-based restricted stock and restricted stock units | $141 | $172 | $111 | $113 | 1.5 |
| Performance-based restricted stock units | 123 | 36 | 52 | 30 | 1.5 |
| Stock Options | 2 | 7 | |||
| Other | 9 | 8 | 5 | ||
| Total share-based compensation cost (1) | $273 | $218 | $175 | ||
(1)The income tax benefit realized from share-based compensation was $9 million, $17 million and $16 million, respectively, for the years ended December 31, 2024, 2023 and 2022.
As of December 31, 2024, there were approximately 19 million unissued common shares available for future grants authorized under the Plans.
- Share-Based Compensation (Continued)
Incentive Stock Plans
Time-Based Restricted Stock and Restricted Stock Units
The following table summarizes the changes in non-vested time-based restricted stock and restricted stock units during the year ended December 31, 2024:
| Number of shares (in thousands) | Weighted-average grant-date fair value | |
|---|---|---|
| Non-vested shares and share units as of December 31, 2023 | 13,321 | $33.89 |
| Granted | 1,574 | 34.80 |
| Vested | (5,877) | 35.45 |
| Forfeited | (562) | 34.46 |
| Non-vested shares and share units as of December 31, 2024 | 8,456 | $32.94 |
The total fair value of time-based restricted stock and restricted stock units that vested during the years ended December 31, 2024, 2023 and 2022 was approximately $208 million, $118 million and $93 million, respectively.
Performance-Based Restricted Stock Units
The following table summarizes the changes in non-vested performance-based restricted stock units during the year ended December 31, 2024:
| Number of shares (in thousands) | Weighted-average grant-date fair value | |
|---|---|---|
| Non-vested share units as of December 31, 2023 | 2,026 | $38.89 |
| Granted | 1,647 | 32.70 |
| Vested | (1,135) | 41.63 |
| Performance adjustments | 1,603 | 32.74 |
| Forfeited | (101) | 32.98 |
| Non-vested share units as of December 31, 2024 | 4,040 | $33.28 |
The total fair value of performance-based restricted stock units that vested during the years ended December 31, 2024, 2023 and 2022 was approximately $47 million, $120 million and $5 million, respectively.
Stock Options
During the year ended December 31, 2024,3.3 million options were exercised and 9 thousand options were forfeited and expired with a weighted-average exercise price of $23.37 and $19.97, respectively. As of December 31, 2024,4.2 million options were outstanding, vested and exercisable, with a weighted-average exercise price of $24.18, weighted average remaining contractual term of 4.2 years and aggregate intrinsic value of $99 million. As of December 31, 2023,7.5 million options were outstanding, vested and exercisable, with a weighted-average exercise price of $23.82.
The aggregate intrinsic value (market value of stock less option exercise price) represents the total pre-tax intrinsic value, based on the Company’s closing stock price as of December 31, 2024, which would have been received by the option holders had all option holders exercised their “in-the-money” options as of that date.
There wereno options granted in 2024, 2023 or 2022. The total fair value of options that vested during the years ended December 31, 2023 and 2022 was approximately $6 million and $20 million, respectively. There were no options that vested during the year ended December 31, 2024.
Proceeds received from the exercise of stock options were $76 million, with a corresponding realized tax benefit of $8 million, for the year ended December 31, 2024. The total intrinsic value of options exercised for the years ended December 31, 2024, 2023 and 2022 was approximately $56 million, $29 million and $36 million, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.