CORNING INC NY
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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) · 2024 · 2023 · 2022 | ||||
| Cash Flows from Operating Activities: | ||||
| Net income | $592 | $648 | $1,386 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation | 1,229 | 1,247 | 1,329 | |
| Amortization of purchased intangibles | 121 | 122 | 123 | |
| Loss on disposal of assets, net | 143 | 155 | 189 | |
| Share-based compensation expense | 273 | 218 | 175 | |
| Translation gain on Japanese yen-denominated debt | (104) | (100) | (191) | |
| Deferred tax benefit | (33) | (75) | (46) | |
| Translated earnings contract gain | (83) | (161) | (351) | |
| Release of cumulative translation losses | 145 | |||
| Tax deposit refund | 99 | |||
| Changes in assets and liabilities: | ||||
| Trade accounts receivable | (717) | 50 | 113 | |
| Inventories | (171) | 157 | (522) | |
| Other current assets | (107) | (80) | (139) | |
| Accounts payable and other current liabilities | 470 | (173) | 408 | |
| Customer deposits and government incentives | (6) | (42) | 110 | |
| Deferred income | (27) | (5) | (49) | |
| Other, net | 214 | (55) | 80 | |
| Net cash provided by operating activities | 1,939 | 2,005 | 2,615 | |
| Cash Flows from Investing Activities: | ||||
| Capital expenditures | (965) | (1,390) | (1,604) | |
| Proceeds from sale of equipment to related party | 67 | |||
| Proceeds from sale of business | 76 | |||
| Proceeds from sale of assets | 80 | 22 | ||
| Realized gains on translated earnings contracts and other | 279 | 326 | 300 | |
| Premiums paid on hedging contracts | (98) | (9) | (75) | |
| Other, net | (40) | (16) | (52) | |
| Net cash used in investing activities | (744) | (1,000) | (1,355) | |
| Cash Flows from Financing Activities: | ||||
| Repayments of debt | (267) | (284) | (87) | |
| Proceeds from issuance of debt | 153 | 82 | 127 | |
| Proceeds from issuance of euro bonds | 918 | |||
| Proceeds from cross currency swap | 134 | |||
| Payment for redemption of preferred stock | (507) | (507) | ||
| Payments of employee withholding tax on stock awards | (81) | (106) | (47) | |
| Proceeds from exercise of stock options | 76 | 42 | 40 | |
| Purchases of common stock for treasury | (165) | (221) | ||
| Dividends paid | (986) | (989) | (932) | |
| Other, net | (28) | (39) | (22) | |
| Net cash used in financing activities | (1,164) | (883) | (1,649) | |
| Effect of exchange rates on cash | (42) | (14) | (88) | |
| Net (decrease) increase in cash and cash equivalents | (11) | 108 | (477) | |
| Cash and cash equivalents at beginning of year | 1,779 | 1,671 | 2,148 | |
| Cash and cash equivalents at end of year | $1,768 | $1,779 | $1,671 | |
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