Analysis of Geographic Areas
Corning Inc. operates in 4 regions: North America; Asia Pacific; Europe; and All Other.
Area Asset Turnover
Corning Inc., asset turnover by geographic area
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 0.54 | 0.62 | 0.57 | 0.41 | 0.51 |
| Asia Pacific | 0.72 | 0.69 | 0.67 | 0.57 | 0.55 |
| Europe | 1.08 | 1.19 | 0.98 | 0.81 | 0.88 |
| All Other | 3.92 | 4.39 | 4.00 | 3.14 | 9.84 |
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).
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | North America | North America area asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Asia Pacific | Asia Pacific area asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Europe | Europe area asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. | |
| All Other | All Other area asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Area Asset Turnover: North America
Corning Inc.; North America; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 4,840) | 5,749) | 5,104) | 3,761) | 4,092) |
| Long-lived assets | 9,004) | 9,216) | 9,003) | 9,078) | 8,047) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.54 | 0.62 | 0.57 | 0.41 | 0.51 |
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).
1 2023 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 4,840 ÷ 9,004 = 0.54
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | North America | North America area asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Area Asset Turnover: Asia Pacific
Corning Inc.; Asia Pacific; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 6,999) | 7,108) | 7,357) | 6,214) | 5,869) |
| Long-lived assets | 9,658) | 10,294) | 10,948) | 10,979) | 10,700) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.72 | 0.69 | 0.67 | 0.57 | 0.55 |
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).
1 2023 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 6,999 ÷ 9,658 = 0.72
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | Asia Pacific | Asia Pacific area asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Area Asset Turnover: Europe
Corning Inc.; Europe; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 1,533) | 1,655) | 1,387) | 1,216) | 1,321) |
| Long-lived assets | 1,420) | 1,396) | 1,410) | 1,510) | 1,493) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 1.08 | 1.19 | 0.98 | 0.81 | 0.88 |
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).
1 2023 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 1,533 ÷ 1,420 = 1.08
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | Europe | Europe area asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Area Asset Turnover: All Other
Corning Inc.; All Other; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 208) | 294) | 272) | 261) | 374) |
| Long-lived assets | 53) | 67) | 68) | 83) | 38) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 3.92 | 4.39 | 4.00 | 3.14 | 9.84 |
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).
1 2023 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 208 ÷ 53 = 3.92
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | All Other | All Other area asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Net sales
Corning Inc., net sales by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 4,840) | 5,749) | 5,104) | 3,761) | 4,092) |
| Asia Pacific | 6,999) | 7,108) | 7,357) | 6,214) | 5,869) |
| Europe | 1,533) | 1,655) | 1,387) | 1,216) | 1,321) |
| All Other | 208) | 294) | 272) | 261) | 374) |
| Total | 13,580) | 14,806) | 14,120) | 11,452) | 11,656) |
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).
Long-lived assets
Corning Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| North America | 9,004) | 9,216) | 9,003) | 9,078) | 8,047) |
| Asia Pacific | 9,658) | 10,294) | 10,948) | 10,979) | 10,700) |
| Europe | 1,420) | 1,396) | 1,410) | 1,510) | 1,493) |
| All Other | 53) | 67) | 68) | 83) | 38) |
| Total | 20,135) | 20,973) | 21,429) | 21,650) | 20,278) |
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).