Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Corning Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Corning Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The analysis of the quarterly data reveals several notable trends in asset composition and fluctuations over the observed periods.
- Cash and Cash Equivalents
- There is a fluctuating pattern in cash and cash equivalents with a peak in December 2019 at 2,434 million US dollars, followed by variable declines and recoveries. A notable decrease occurred from March 2022 onward, reaching a low of 1,146 million in March 2023 before a slight rebound.
- Trade Accounts Receivable
- The net trade accounts receivable exhibit modest fluctuations without a clear directional trend. Values tend to oscillate between approximately 1,570 and 2,100 million dollars, suggesting consistency in credit sales and collection cycles, with some declines observable from early 2022 onward.
- Inventories
- Inventories have generally increased over the years, rising from 2,190 million in March 2019 to a peak near 2,951 million in September 2022. However, there is a slight reduction after this peak but levels remain elevated relative to earlier periods, indicating increased inventory holdings.
- Other Current Assets
- There is a rising trend in other current assets, especially notable from March 2021 when values increased from 974 million to a peak of 1,633 million in June 2022, followed by declines and subsequent moderate rebounds, suggesting variability in short-term asset categories beyond cash and receivables.
- Current Assets
- Current assets mirror the combination of the above, with overall stability but minor fluctuations. A peak is observable at 8,103 million in March 2021, with some declining trends afterward, leading to 6,971 million in March 2024, reflecting cyclical movements in current asset components.
- Property, Plant, and Equipment (Net)
- Net property, plant, and equipment values are relatively stable, ranging mostly between 14,000 and 15,800 million dollars. There's a subtle downward trend from mid-2021, reaching 14,199 million by March 2024, possibly indicating minimal asset disposals or depreciation exceeding capital expenditures.
- Goodwill
- Goodwill remains generally steady around 2,300 to 2,400 million over the observed periods, with minor decreases and occasional increases, signaling few major acquisitions or impairments during this timeframe.
- Other Intangible Assets (Net)
- Other intangibles show a consistent decline from 1,265 million in early 2019 to 871 million by March 2024. This steady reduction may reflect amortization of intangible assets without significant new additions.
- Deferred Income Taxes
- Deferred income taxes display minor fluctuations, generally trending between 980 and 1,150 million, without pronounced trends, indicative of stable tax deferral balances.
- Other Assets
- Other assets exhibit some variability, increasing notably from approximately 1,731 million in early 2020 to a peak near 2,306 million in March 2023, then declining slightly, suggesting changes in long-term miscellaneous assets or investments.
- Non-current Assets
- The total non-current assets have remained broadly stable with a temporary increase peaking around 22,771 million in late 2020, followed by a gradual decrease to roughly 20,647 million by March 2024. This pattern aligns with the movements in property, plant, equipment, goodwill, and intangibles.
- Total Assets
- Total assets fluctuate moderately, rising to a high of 30,775 million in December 2020, then declining steadily to 27,618 million by March 2024. This decline reflects the cumulative effect of reduced current and non-current assets over recent quarters, suggesting a contraction in total asset base.
Overall, the data indicates a peak in asset values in late 2020 followed by gradual declines through early 2024 across most categories. Current assets experienced peaks and troughs consistent with operational needs and inventory management strategies. Non-current assets remained relatively stable with minor declines, influenced primarily by amortization and depreciation. The trend toward lower total assets in recent quarters may reflect strategic asset management, market conditions, or shifts in investment focus.