CORNING INC NY
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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.
FY2024 · Filed Feb 13, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
8. Goodwill and Other Intangible Assets
- 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, 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 | ||||
| Acquired goodwill | 11 | 11 | ||||||||
| Foreign currency translation adjustment and other | (14) | (9) | (14) | (1) | 10 | (28) | ||||
| Balance as of December 31, 2024 | $890 | $121 | $137 | $606 | $609 | $2,363 | ||||
As of December 31, 2024 and 2023, Corning’s gross goodwill balance was $8.9 billion and accumulated impairment losses were $6.5 billion. Accumulated impairment losses were generated primarily through goodwill impairments related to the Optical Communications segment.
Other Intangible Assets, Net
Other intangible assets, net consisted of the following (in millions):
| December 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Gross | Accumulated amortization | Net | Gross | Accumulated amortization | Net | |
| Amortized intangible assets: | ||||||
| Patents, trademarks & trade names | $407 | $266 | $141 | $493 | $318 | $175 |
| Customer lists and other (1) | 1,391 | 780 | 611 | 1,464 | 734 | 730 |
| Other intangible assets, net | $1,798 | $1,046 | $752 | $1,957 | $1,052 | $905 |
(1)Other consists of intangible assets related to developed technologies and intellectual know-how.
- Goodwill and Other Intangible Assets (Continued)
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 $121 million.
Annual amortization expense is expected to be approximately $118 million, $98 million, $95 million, $88 million and $69 million for years 2025 through 2029, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.