Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Corning Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	648)	1,386)	1,906)	512)	960)
Depreciation	1,247)	1,329)	1,352)	1,399)	1,390)
Amortization of purchased intangibles	122)	123)	129)	121)	113)
Loss on disposal of assets, net	155)	189)	57)	138)	123)
Severance charges (reversals)	187)	70)	(13)	148)	63)
Severance payments	(96)	(11)	(26)	(147)	(28)
Share-based compensation expense	218)	175)	190)	207)	56)
Translation gain on Japanese yen-denominated debt	(100)	(191)	(180)	86)	3)
Deferred tax provision (benefit)	(75)	(46)	16)	(20)	(191)
Translated earnings contract gain	(161)	(351)	(354)	38)	(248)
Unrealized translation loss on transactions	61)	68)	77)	(133)	33)
Tax deposit refund	99)	—)	—)	—)	—)
Asbestos claim payments	—)	—)	—)	(130)	(50)
Tax assessment refunds	—)	—)	—)	101)	—)
Asset impairment	—)	—)	—)	217)	—)
Transaction-related gain, net	—)	—)	—)	(498)	—)
Trade accounts receivable	50)	113)	(54)	(274)	48)
Inventories	157)	(522)	(103)	423)	(298)
Other current assets	(80)	(139)	(224)	(25)	(300)
Accounts payable and other current liabilities	(238)	349)	806)	57)	1)
Customer deposits and government incentives	(42)	110)	97)	—)	—)
Deferred income	(5)	(49)	(116)	—)	—)
Other, net	(142)	12)	(148)	(40)	356)
Changes in assets and liabilities	(300)	(126)	258)	141)	(193)
Adjustments to reconcile net income to net cash provided by operating activities	1,357)	1,229)	1,506)	1,668)	1,071)
Net cash provided by operating activities	2,005)	2,615)	3,412)	2,180)	2,031)
Capital expenditures	(1,390)	(1,604)	(1,637)	(1,377)	(1,978)
Proceeds from sale of equipment to related party	67)	—)	—)	—)	—)
Proceeds from sale of business	—)	76)	103)	—)	—)
Investments in and proceeds from unconsolidated entities, net	(17)	(38)	84)	(28)	(26)
Sale of equipment for related party	—)	—)	—)	—)	78)
Realized gains on translated earnings contracts and other	326)	300)	67)	12)	55)
Premiums paid on hedging contracts	(9)	(75)	(48)	(9)	—)
Other, net	23)	(14)	12)	92)	(20)
Net cash used in investing activities	(1,000)	(1,355)	(1,419)	(1,310)	(1,891)
Repayments of debt	(284)	(87)	(860)	(221)	(300)
Proceeds from issuance of debt	82)	127)	22)	243)	1,831)
Proceeds from issuance of euro bonds	918)	—)	—)	—)	—)
Proceeds from other financing arrangements	54)	—)	—)	—)	—)
Repayment of other financing arrangements	(54)	—)	—)	—)	—)
Payment for redemption of preferred stock	(507)	(507)	(507)	—)	—)
Payments of employee withholding tax on stock awards	(106)	(47)	(61)	(11)	(17)
Proceeds from exercise of stock options	42)	40)	97)	124)	58)
Purchases of common stock for treasury	—)	(221)	(274)	(105)	(940)
Dividends paid	(989)	(932)	(871)	(787)	(742)
Other, net	(39)	(22)	2)	28)	63)
Net cash used in financing activities	(883)	(1,649)	(2,452)	(729)	(47)
Effect of exchange rates on cash	(14)	(88)	(65)	97)	(14)
Net increase (decrease) in cash and cash equivalents	108)	(477)	(524)	238)	79)
Cash and cash equivalents at beginning of year	1,671)	2,148)	2,672)	2,434)	2,355)
Cash and cash equivalents at end of year	1,779)	1,671)	2,148)	2,672)	2,434)

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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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Corning Inc. net cash provided by operating activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Corning Inc. net cash used in investing activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Corning Inc. net cash used in financing activities increased from 2021 to 2022 and from 2022 to 2023.

Corning Inc. (NYSE:GLW)

Cash Flow Statement