Corning Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of long-term debt and short-term borrowings	320)	224)	55)	156)	11)
Long-term debt, excluding current portion	7,206)	6,687)	6,989)	7,816)	7,729)
Total long-term debt and short-term borrowings (carrying amount)	7,526)	6,911)	7,044)	7,972)	7,740)

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Debt item	Description	The company
Total long-term debt and short-term borrowings (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Corning Inc. total debt decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Current portion of long-term debt and short-term borrowings	320)
Long-term debt, excluding current portion	7,000)
Total long-term debt and short-term borrowings (fair value)	7,320)
Financial Ratio
Debt, fair value to carrying amount ratio	0.97

Weighted-average interest rate on long-term debt: 4.30%

Interest rate	Debt amount¹	Interest rate × Debt amount
0.70%	149)	1)
6.85%	157)	11)
7.25%	249)	18)
4.70%	296)	14)
5.75%	396)	23)
4.75%	497)	24)
5.35%	545)	29)
3.90%	395)	15)
4.38%	743)	33)
5.85%	297)	17)
5.45%	1,086)	59)
0.72%	71)	1)
0.99%	263)	3)
1.04%	181)	2)
1.22%	177)	2)
1.15%	221)	3)
1.58%	71)	1)
1.51%	41)	1)
3.88%	330)	13)
4.13%	602)	25)
4.60%	195)	9)
3.85%	564)	22)
Total	7,526)	324)
4.30%

¹ US$ in millions

² Weighted-average interest rate = 100 × 324 ÷ 7,526 = 4.30%

Corning Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense	329)	292)	300)	276)	221)
Interest capitalized	40)	48)	36)	58)	54)
Interest costs	369)	340)	336)	334)	275)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Corning Inc. interest expense decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Corning Inc. interest capitalized increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Interest costs	Total interest costs incurred during the period and either capitalized or charged against earnings.	Corning Inc. interest costs increased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income attributable to Corning Incorporated	581)	1,316)	1,906)	512)	960)
Add: Net income attributable to noncontrolling interest	67)	70)	29)	11)	19)
Add: Income tax expense	168)	411)	491)	111)	256)
Add: Interest expense	329)	292)	300)	276)	221)
Earnings before interest and tax (EBIT)	1,145)	2,089)	2,726)	910)	1,456)

Interest costs	369)	340)	336)	334)	275)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	3.48	7.15	9.09	3.30	6.59
Adjusted interest coverage ratio (with capitalized interest)²	3.10	6.14	8.11	2.72	5.29

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 1,145 ÷ 329 = 3.48

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs
= 1,145 ÷ 369 = 3.10

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Corning Inc. adjusted interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Corning Inc. (NYSE:GLW)

Analysis of Debt