Name: Corning Inc. (NYSE:GLW) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

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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Corning Inc., consolidated statement of comprehensive income

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)	1,935)	523)	979)
Foreign currency translation adjustments and other	(230)	(779)	(604)	528)	(143)
Net unrealized gains (losses) on investments	—)	—)	—)	—)	1)
Unamortized gains (losses) and prior service (costs) credits for postretirement benefit plans	(24)	154)	178)	(88)	(64)
Realized and unrealized gains (losses) on derivatives	36)	(30)	(9)	(9)	45)
Other comprehensive income (loss), net of tax	(218)	(655)	(435)	431)	(161)
Comprehensive income	430)	731)	1,500)	954)	818)
Comprehensive income attributable to non-controlling interest	(67)	(70)	(29)	(11)	(19)
Comprehensive income attributable to Corning Incorporated	363)	661)	1,471)	943)	799)

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).

The financial performance over the five-year period from 2019 to 2023 is characterized by significant volatility in both net income and comprehensive income. A peak in profitability was achieved in 2021, followed by a consistent downward trend in both net and comprehensive results through 2023.

Net Income Trajectory: Net income exhibited substantial fluctuations, declining from $979 million in 2019 to $523 million in 2020, before surging to a five-year peak of $1.935 billion in 2021. Following this peak, a steady contraction is observed, with net income falling to $1.386 billion in 2022 and further decreasing to $648 million in 2023.
Other Comprehensive Income (OCI) Volatility: Other comprehensive income, net of tax, has functioned as a significant source of volatility, frequently offsetting net income gains. A positive contribution of $431 million occurred in 2020, but this was followed by substantial losses in 2021 (-$435 million) and 2022 (-$655 million). The primary driver of this volatility is foreign currency translation adjustments, which recorded losses in four of the five years analyzed, peaking at a loss of $779 million in 2022.
Postretirement Benefit Plan Impacts: Adjustments for postretirement benefit plans remained negative in 2019 and 2020, shifted to significant gains in 2021 ($178 million) and 2022 ($154 million), and returned to a negative position of -$24 million by 2023. These movements provided a partial buffer against currency losses during 2021 and 2022.
Comprehensive Income Attribution: Comprehensive income attributable to the company reached its maximum in 2021 at $1.471 billion. However, a sharp decline followed, resulting in a 2023 value of $363 million. This represents a reduction of approximately 75% from the 2021 high, reflecting the combined pressure of declining net income and the persistent negative impact of foreign currency translations.
Non-controlling Interest Trends: Comprehensive income attributable to non-controlling interests remained consistently negative throughout the period, with the deficit widening from -$19 million in 2019 to a peak of -$70 million in 2022, before settling at -$67 million in 2023.

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