Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Corning Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net sales	12,588)	14,189)	14,082)	11,303)	11,503)
Cost of sales	(8,657)	(9,683)	(9,019)	(7,772)	(7,468)
Gross margin	3,931)	4,506)	5,063)	3,531)	4,035)
Selling, general and administrative expenses	(1,843)	(1,898)	(1,827)	(1,747)	(1,585)
Research, development and engineering expenses	(1,076)	(1,047)	(995)	(1,154)	(1,031)
Amortization of purchased intangibles	(122)	(123)	(129)	(121)	(113)
Operating expenses	(3,041)	(3,068)	(2,951)	(3,022)	(2,729)
Operating income	890)	1,438)	2,112)	509)	1,306)
Interest income	38)	15)	11)	15)	21)
Interest expense	(329)	(292)	(300)	(276)	(221)
Translated earnings contract gain (loss), net	161)	351)	354)	(38)	248)
Transaction-related gain, net	—)	—)	—)	498)	—)
Other income (expense), net	56)	285)	249)	(74)	(119)
Income before income taxes	816)	1,797)	2,426)	634)	1,235)
Provision for income taxes	(168)	(411)	(491)	(111)	(256)
Net income	648)	1,386)	1,935)	523)	979)
Net income attributable to non-controlling interest	(67)	(70)	(29)	(11)	(19)
Net income attributable to Corning Incorporated	581)	1,316)	1,906)	512)	960)
Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock	—)	—)	(827)	(98)	(98)
Net income available to common shareholders	581)	1,316)	1,079)	414)	862)

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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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Corning Inc. net sales increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Corning Inc. operating income decreased from 2021 to 2022 and from 2022 to 2023.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Corning Inc. income before income taxes decreased from 2021 to 2022 and from 2022 to 2023.
Net income attributable to Corning Incorporated	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Corning Inc. net income attributable to Corning Incorporated decreased from 2021 to 2022 and from 2022 to 2023.

Corning Inc. (NYSE:GLW)

Income Statement