Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Corning Inc., consolidated statement of comprehensive income
US$ in millions
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).
- Net Income
- The net income exhibited volatility across the years. Starting at 979 million USD in 2019, it sharply declined to 523 million USD in 2020, then surged to a peak of 1,935 million USD in 2021. Subsequently, it decreased to 1,386 million USD in 2022 and further declined to 648 million USD in 2023. This indicates fluctuating profitability with a notable peak in 2021 followed by a downward trend.
- Foreign Currency Translation Adjustments and Other
- This item showed significant variability with a negative value of -143 million USD in 2019, a positive adjustment of 528 million USD in 2020, followed by negative figures again in 2021 (-604 million USD), 2022 (-779 million USD), and 2023 (-230 million USD). Overall, this line contributed to increased volatility in comprehensive income, especially with large negative impacts in the latter years.
- Net Unrealized Gains (Losses) on Investments
- This line only reported a nominal positive gain of 1 million USD in 2019 and had no reported data for the subsequent years, indicating either minimal impact or non-disclosure of changes in investment valuations in later periods.
- Unamortized Gains (Losses) and Prior Service (Costs) Credits for Postretirement Benefit Plans
- The amounts fluctuated, beginning with negative values of -64 million USD in 2019 and -88 million USD in 2020, turning positive to 178 million USD in 2021 and slightly declining to 154 million USD in 2022, before becoming negative again at -24 million USD in 2023. This reflects varying impacts of postretirement benefit adjustments on other comprehensive income.
- Realized and Unrealized Gains (Losses) on Derivatives
- The gains and losses on derivatives were inconsistent, recording a positive 45 million USD in 2019, then negative 9 million USD in both 2020 and 2021, worsening to a negative 30 million USD in 2022 before a rebound to positive 36 million USD in 2023. This suggests exposure to derivative instruments resulted in fluctuating effects on income.
- Other Comprehensive Income (Loss), Net of Tax
- Other comprehensive income showed considerable fluctuations aligned with the aforementioned components. It started negative at -161 million USD in 2019, turned positive to 431 million USD in 2020, then reverted to negative values of -435 million USD in 2021, -655 million USD in 2022, and -218 million USD in 2023. The pattern indicates high volatility dominated by currency translation adjustments and postretirement benefit variances.
- Comprehensive Income
- Comprehensive income followed a fluctuating trend. It stood at 818 million USD in 2019, increased to 954 million USD in 2020, peaked at 1,500 million USD in 2021, declined to 731 million USD in 2022, and further dropped to 430 million USD in 2023. The trend mirrors that of net income but with added influence from other comprehensive income components.
- Comprehensive Income Attributable to Non-Controlling Interest
- Amounts attributable to non-controlling interests were consistently negative, ranging from -19 million USD in 2019 to -67 million USD in 2023, with a peak negative impact of -70 million USD in 2022. This indicates that minority interests consistently reduced the overall comprehensive income available to the parent company.
- Comprehensive Income Attributable to Corning Incorporated
- The portion attributable to Corning Incorporated mirrored the overall comprehensive income trend but net of non-controlling interests. It increased from 799 million USD in 2019 to a peak of 1,471 million USD in 2021, then decreased notably to 661 million USD in 2022 and 363 million USD in 2023. This reflects the company's fluctuating earnings performance and effects from foreign currency and other comprehensive income components.