Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Corning Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Federal	82)	191)	172)	(88)	82)
State and municipal	13)	16)	13)	16)	12)
Foreign	148)	250)	290)	203)	354)
Current	243)	457)	475)	131)	448)
Federal	(76)	(52)	97)	(7)	(64)
State and municipal	(7)	(8)	7)	(3)	(13)
Foreign	8)	14)	(88)	(10)	(115)
Deferred	(75)	(46)	16)	(20)	(192)
Provision for income taxes	168)	411)	491)	111)	256)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Corning Inc. current decreased from 2021 to 2022 and from 2022 to 2023.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Corning Inc. deferred decreased from 2021 to 2022 and from 2022 to 2023.
Provision for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Corning Inc. provision for income taxes decreased from 2021 to 2022 and from 2022 to 2023.

Corning Inc., effective income tax rate (EITR) reconciliation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
State income tax provision (benefit), net of federal effect	-0.30%	0.70%	1.00%	1.40%	0.60%
Tax credits	-6.90%	-3.30%	-2.60%	-29.70%	-2.80%
Non-Taxable Items	-4.00%	0.00%	0.00%	0.00%	0.00%
Foreign derived intangible income	-2.30%	-2.70%	-1.30%	0.00%	-8.50%
Stock compensation	-2.10%	-0.80%	-1.50%	-1.70%	-0.60%
Remeasurement of deferred tax assets and liabilities	-0.30%	-0.10%	0.00%	-13.40%	-0.60%
Legal entity rationalization	0.00%	0.00%	0.00%	-2.20%	0.00%
Differential arising from foreign earnings	0.30%	2.20%	2.00%	15.20%	5.40%
Non-deductible Items	4.70%	0.00%	1.40%	7.00%	2.10%
Audit settlements & change in reserve	4.80%	3.70%	1.60%	12.10%	8.50%
Valuation allowance	5.70%	2.10%	-0.50%	2.50%	-3.70%
Intercompany loan adjustment	0.00%	0.60%	0.00%	6.20%	-0.50%
Global intangible low-taxed income	0.00%	0.00%	0.20%	-0.50%	1.20%
Other items, net	0.00%	-0.50%	-0.80%	-0.10%	-1.00%
Effective tax rate	20.60%	22.90%	20.50%	17.80%	21.10%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Corning Inc. effective tax rate increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Corning Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Loss and tax credit carryforwards	275)	281)	375)	637)	388)
Other assets	245)	232)	200)	269)	345)
Research and development capitalization	362)	280)	81)	—)	—)
Asset impairments and restructuring reserves	43)	41)	30)	29)	30)
Postretirement medical and life benefits	103)	102)	154)	171)	168)
Other accrued liabilities	319)	311)	354)	162)	218)
Other employee benefits	344)	346)	329)	337)	345)
Gross deferred tax assets	1,691)	1,593)	1,523)	1,605)	1,494)
Valuation allowances	(207)	(166)	(138)	(167)	(215)
Deferred tax assets	1,484)	1,427)	1,385)	1,438)	1,279)
Intangible and other assets	(117)	(108)	(103)	(95)	(110)
Fixed assets	(223)	(289)	(300)	(375)	(216)
Finance leases	(209)	(200)	(174)	(160)	(121)
Deferred tax liabilities	(549)	(597)	(577)	(630)	(447)
Net deferred tax assets (liabilities)	935)	830)	808)	808)	832)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Corning Inc. gross deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Corning Inc. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Corning Inc. net deferred tax assets (liabilities) increased from 2021 to 2022 and from 2022 to 2023.

Corning Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Deferred tax assets	1,153)	1,073)	1,066)	1,121)	1,157)
	Deferred tax liabilities (included in Other liabilities)	218)	243)	258)	313)	325)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Corning Inc. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax liabilities (included in Other liabilities)	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Corning Inc. deferred tax liabilities (included in Other liabilities) decreased from 2021 to 2022 and from 2022 to 2023.

Corning Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	28,500)	29,499)	30,154)	30,775)	28,898)
Less: Noncurrent deferred tax assets, net	1,153)	1,073)	1,066)	1,121)	1,157)
Total assets (adjusted)	27,347)	28,426)	29,088)	29,654)	27,741)
Adjustment to Total Liabilities
Total liabilities (as reported)	16,632)	17,224)	17,609)	17,327)	15,901)
Less: Noncurrent deferred tax liabilities, net	218)	243)	258)	313)	325)
Total liabilities (adjusted)	16,414)	16,981)	17,351)	17,014)	15,576)
Adjustment to Total Corning Incorporated Shareholders’ Equity
Total Corning Incorporated shareholders’ equity (as reported)	11,551)	12,008)	12,333)	13,257)	12,907)
Less: Net deferred tax assets (liabilities)	935)	830)	808)	808)	832)
Total Corning Incorporated shareholders’ equity (adjusted)	10,616)	11,178)	11,525)	12,449)	12,075)
Adjustment to Net Income Attributable To Corning Incorporated
Net income attributable to Corning Incorporated (as reported)	581)	1,316)	1,906)	512)	960)
Add: Deferred income tax expense (benefit)	(75)	(46)	16)	(20)	(192)
Net income attributable to Corning Incorporated (adjusted)	506)	1,270)	1,922)	492)	768)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Corning Inc., Financial Data: Reported vs. Adjusted

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Corning Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	4.62%	9.27%	13.54%	4.53%	8.35%
Adjusted net profit margin	4.02%	8.95%	13.65%	4.35%	6.68%
Total Asset Turnover
Reported total asset turnover	0.44	0.48	0.47	0.37	0.40
Adjusted total asset turnover	0.46	0.50	0.48	0.38	0.41
Financial Leverage
Reported financial leverage	2.47	2.46	2.44	2.32	2.24
Adjusted financial leverage	2.58	2.54	2.52	2.38	2.30
Return on Equity (ROE)
Reported ROE	5.03%	10.96%	15.45%	3.86%	7.44%
Adjusted ROE	4.77%	11.36%	16.68%	3.95%	6.36%
Return on Assets (ROA)
Reported ROA	2.04%	4.46%	6.32%	1.66%	3.32%
Adjusted ROA	1.85%	4.47%	6.61%	1.66%	2.77%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Corning Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Corning Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Corning Inc. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Corning Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Corning Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Corning Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Corning Incorporated	581)	1,316)	1,906)	512)	960)
Net sales	12,588)	14,189)	14,082)	11,303)	11,503)
Profitability Ratio
Net profit margin¹	4.62%	9.27%	13.54%	4.53%	8.35%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Corning Incorporated	506)	1,270)	1,922)	492)	768)
Net sales	12,588)	14,189)	14,082)	11,303)	11,503)
Profitability Ratio
Adjusted net profit margin²	4.02%	8.95%	13.65%	4.35%	6.68%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net income attributable to Corning Incorporated ÷ Net sales
= 100 × 581 ÷ 12,588 = 4.62%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Corning Incorporated ÷ Net sales
= 100 × 506 ÷ 12,588 = 4.02%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Corning Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net sales	12,588)	14,189)	14,082)	11,303)	11,503)
Total assets	28,500)	29,499)	30,154)	30,775)	28,898)
Activity Ratio
Total asset turnover¹	0.44	0.48	0.47	0.37	0.40
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net sales	12,588)	14,189)	14,082)	11,303)	11,503)
Adjusted total assets	27,347)	28,426)	29,088)	29,654)	27,741)
Activity Ratio
Adjusted total asset turnover²	0.46	0.50	0.48	0.38	0.41

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 12,588 ÷ 28,500 = 0.44

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 12,588 ÷ 27,347 = 0.46

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Corning Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	28,500)	29,499)	30,154)	30,775)	28,898)
Total Corning Incorporated shareholders’ equity	11,551)	12,008)	12,333)	13,257)	12,907)
Solvency Ratio
Financial leverage¹	2.47	2.46	2.44	2.32	2.24
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	27,347)	28,426)	29,088)	29,654)	27,741)
Adjusted total Corning Incorporated shareholders’ equity	10,616)	11,178)	11,525)	12,449)	12,075)
Solvency Ratio
Adjusted financial leverage²	2.58	2.54	2.52	2.38	2.30

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Total Corning Incorporated shareholders’ equity
= 28,500 ÷ 11,551 = 2.47

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Corning Incorporated shareholders’ equity
= 27,347 ÷ 10,616 = 2.58

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Corning Inc. adjusted financial leverage ratio 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
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Corning Incorporated	581)	1,316)	1,906)	512)	960)
Total Corning Incorporated shareholders’ equity	11,551)	12,008)	12,333)	13,257)	12,907)
Profitability Ratio
ROE¹	5.03%	10.96%	15.45%	3.86%	7.44%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Corning Incorporated	506)	1,270)	1,922)	492)	768)
Adjusted total Corning Incorporated shareholders’ equity	10,616)	11,178)	11,525)	12,449)	12,075)
Profitability Ratio
Adjusted ROE²	4.77%	11.36%	16.68%	3.95%	6.36%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income attributable to Corning Incorporated ÷ Total Corning Incorporated shareholders’ equity
= 100 × 581 ÷ 11,551 = 5.03%

² Adjusted ROE = 100 × Adjusted net income attributable to Corning Incorporated ÷ Adjusted total Corning Incorporated shareholders’ equity
= 100 × 506 ÷ 10,616 = 4.77%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Corning Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Corning Incorporated	581)	1,316)	1,906)	512)	960)
Total assets	28,500)	29,499)	30,154)	30,775)	28,898)
Profitability Ratio
ROA¹	2.04%	4.46%	6.32%	1.66%	3.32%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Corning Incorporated	506)	1,270)	1,922)	492)	768)
Adjusted total assets	27,347)	28,426)	29,088)	29,654)	27,741)
Profitability Ratio
Adjusted ROA²	1.85%	4.47%	6.61%	1.66%	2.77%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income attributable to Corning Incorporated ÷ Total assets
= 100 × 581 ÷ 28,500 = 2.04%

² Adjusted ROA = 100 × Adjusted net income attributable to Corning Incorporated ÷ Adjusted total assets
= 100 × 506 ÷ 27,347 = 1.85%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Corning Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Corning Inc. (NYSE:GLW)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Corning Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Corning Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)