0000024741-19-000057.txt : 20191029 0000024741-19-000057.hdr.sgml : 20191029 20191029071830 ACCESSION NUMBER: 0000024741-19-000057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20191029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191029 DATE AS OF CHANGE: 20191029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORNING INC /NY CENTRAL INDEX KEY: 0000024741 STANDARD INDUSTRIAL CLASSIFICATION: DRAWING AND INSULATING NONFERROUS WIRE [3357] IRS NUMBER: 160393470 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03247 FILM NUMBER: 191174463 BUSINESS ADDRESS: STREET 1: ONE RIVERFRONT PLAZA CITY: CORNING STATE: NY ZIP: 14831 BUSINESS PHONE: 6079749000 MAIL ADDRESS: STREET 1: ONE RIVERFRONT PLAZA CITY: CORNING STATE: NY ZIP: 14831 FORMER COMPANY: FORMER CONFORMED NAME: CORNING GLASS WORKS DATE OF NAME CHANGE: 19890512 8-K 1 glw-20191029x8k.htm 8-K glw-20191029x8k
false0000024741CORNING INC /NY00000247412019-10-292019-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report: (Date of earliest event reported)

October 29, 2019

CORNING INCORPORATED

(Exact name of registrant as specified in its charter)

New York
‎(State or other jurisdiction
‎of incorporation)

1-3247
‎(Commission
‎File Number)

16-0393470
‎(I.R.S. Employer
‎Identification No.)

One Riverfront Plaza, Corning, New York
‎(Address of principal executive offices)

14831
‎(Zip Code)

(607) 974-9000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ((§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

¨

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

GLW

New York Stock Exchange (NYSE)


‎

© 2019 Corning Incorporated. All Rights Reserved.

- 1 -

Item 2.02. Results of Operations and Financial Condition

The Corning Incorporated press release dated October 29, 2019 regarding its financial results for the third quarter ended September 30, 2019 is attached hereto as Exhibit 99.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits


‎

© 2019 Corning Incorporated. All Rights Reserved.

- 2 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CORNING INCORPORATED

Registrant

Date October 29, 2019

By

/s/ Edward Schlesinger

Edward Schlesinger

Senior Vice President and Corporate Controller

© 2019 Corning Incorporated. All Rights Reserved.

- 3 -

 EX-99 2 glw-20191029xex99.htm EX-99 2019 Q3 Exhibit 99

 

Exhibit 99







FOR RELEASE – OCTOBER 29, 2019





Corning Reports Third-Quarter 2019 Financial Results Consistent with Management Expectations



Company reaffirms full-year outlook



Management confident in long-term growth



CORNING, N.Y. – Corning Incorporated (NYSE: GLW) today announced results for its third quarter ended Sept. 30, 2019. Results are consistent with the early update issued Sept. 16.



“Corning is successfully taking actions to offset recent headwinds. At the same time, we remain confident in our strategy and continue to advance our long-term growth initiatives,” said Wendell P. Weeks, chairman, chief executive officer, and president.



“Two recent announcements – an additional $250 million investment from Apple in Corning’s advanced manufacturing, as well as FDA approval of Valor Glass packaging for its first commercial use – are testament to our confidence in Corning’s long-term outlook.”



News Summary



·

Third-quarter results were consistent with Sept. 16 update:

·

GAAP sales of $2.9 billion and core sales of $3.0 billion

·

GAAP EPS of $0.38 and core EPS of $0.44



·

Highlights from the third quarter included:

·

Display Technologies continued to experience a favorable pricing environment and management now expects the full-year price decline to be a low-single digit percentage, improving from prior expectation of a low-to-mid single digit percentage decline

·

Environmental Technologies sales grew 20% year over year as the success of the company’s gasoline particulate filter innovation drove sales well above the underlying auto industry growth rate, putting the company on track to exceed $200 million in 2019 GPF sales

·

Specialty Materials and Life Sciences also grew sales faster than their underlying markets, driven by the strength and relevance of the company’s technology and innovation approach

·

Optical Communications advanced 5G innovation with key industry leaders



·

Key actions to offset recent headwinds include:

·

Reducing operating expenses

·

Aligning capacity in Display to demand

·

Idling capacity and pacing capital projects in Optical Communications

© 2019 Corning Incorporated. All Rights Reserved.


-1-

 

 

 

Corning Reports Third-Quarter 2019 Financial Results in line with expectations; confident in long-term outlook

Page 2





·

Continued investments in technology and innovation with customers led to notable progress, including Apple’s investment and FDA approval of Corning Valor® Glass for its first commercial use



Market-Access Platform Progress

Corning’s 2020-2023 Strategy & Growth Framework outlines opportunities in each of the company’s five Market-Access Platforms.



“Our capabilities and strategy are well-aligned with market drivers, and we continue to advance customer and innovation initiatives to deliver on our goals,” Weeks said. 



In the third quarter, Corning continued to innovate with industry leaders in each of its markets. Highlights include: 



·

Automotive: Auto Glass Solutions continues to build its order book. At next month’s Guangzhou Auto Show, the industry’s first shaped dual-display module with a single cover glass part will be showcased in the GAC Aion LX, an electric vehicle. The module's cover glass is produced using proprietary Corning® ColdForm™ Technology. 



·

Optical Communications: Verizon and Corning are co-innovating at Corning’s optical cable manufacturing facility in Hickory, North Carolina, to build the 5G factory of the future. Corning is also collaborating with Intel to accelerate the availability and deployment of 5G in-building network solutions.



·

Mobile Consumer Electronics: Apple announced an additional $250 million investment from its Advanced Manufacturing Fund to support Corning's processes, equipment, and materials integral to the delivery of next-generation consumer devices.  



·

Life Sciences Vessels: A leading pharmaceutical manufacturer has received FDA approval of Corning Valor® Glass for use as a primary package for a marketed drug product. The approval marks a major milestone toward future sales.



·

Display: Chengdu CEC Panda Display Technology Co., Ltd., (CCPD) selected Corning® Astra™ Glass, which is optimized for the growing oxide display market and enables high-performance tablets, notebooks, and 8K TVs.



© 2019 Corning Incorporated. All Rights Reserved.


-2-

 

 

 

Corning Reports Third-Quarter 2019 Financial Results in line with expectations; confident in long-term outlook

Page 3





Third-Quarter 2019 Results and Comparisons
(In millions, except per-share amounts)









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



Q3 2019

 

Q2 2019

 

%  
change

 

Q3 2018

 

%
change

GAAP Net Sales

$

 2,934 

 

$

 2,940 

 

 (0%)

 

$

 3,008 

 

 (2%)

GAAP Net Income

$

 337 

 

$

 92 

 

 266% 

 

$

 625 

 

 (46%)

GAAP EPS

$

 0.38 

 

$

 0.09 

 

 322% 

 

$

 0.67 

 

 (43%)

Core Sales*

$

 2,969 

 

$

 2,986 

 

 (1%)

 

$

 3,045 

 

 (2%)

Core Net Income*/**

$

 397 

 

$

 410 

 

 (3%)

 

$

 476 

 

 (17%)

Core EPS*

$

 0.44 

 

$

 0.45 

 

 (2%)

 

$

 0.51 

 

 (14%)



*Core performance measures are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s website.

**Effective July 1, 2019, we have replaced the term “Core Earnings” with “Core Net Income”.  The terms are interchangeable and the underlying calculations remain the same.



Segment Results and Outlook

“In the third quarter, we acted quickly to address changing market conditions, we met our revised targets, and we continued our actions to advance our long-term growth plans,” said Tony Tripeny, executive vice president and chief financial officer.



“We are operating on the strong foundation that we built over the past four years, and we’re making progress in key areas as evidenced by our ongoing customer announcements. This makes us confident in our ability to achieve the objectives we laid out in our 2020 to 2023 Strategy & Growth Framework,” Tripeny added.  



Display Technologies:









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



Q3 2019

 

Q2 2019

 

%
change

 

Q3 2018

 

%
change

Net Sales

$

 793 

 

$

 848 

 

 (6%)

 

$

 852 

 

 (7%)

Net Income Before Tax

$

 234 

 

$

 268 

 

 (13%)

 

$

 275 

 

 (15%)

Net Income

$

 185 

 

$

 213 

 

 (13%)

 

$

 218 

 

 (15%)



Display Technologies third-quarter sales were $793 million and net income was $185 million. Display glass volume declined by a high-single digit percentage sequentially, consistent with the Sept. 16 update.



Third-quarter glass prices were consistent with the second quarter. Fourth-quarter glass prices are expected to decline slightly sequentially. As a result, the full-year 2019 price decline is expected to improve to a low-single digit percentage versus prior expectations of a low-to-mid single digit percentage decline.



Corning continues to expect full-year Display glass volume to grow slightly, with fourth-quarter Display glass volume expected to decline by a mid-single digit percentage sequentially. The company’s ramp-up of its Gen 10.5 manufacturing capacity accounts for Display growing faster than the overall display glass market for 2019.

© 2019 Corning Incorporated. All Rights Reserved.


-3-

 

 

 

Corning Reports Third-Quarter 2019 Financial Results in line with expectations; confident in long-term outlook

Page 4





Optical Communications:









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



Q3 2019

 

Q2 2019

 

%
change

 

Q3 2018

 

%
change

Net Sales

$

 1,007 

 

$

 1,090 

 

 (8%)

 

$

 1,117 

 

 (10%)

Net Income Before Tax

$

 162 

 

$

 201 

 

 (19%)

 

$

 214 

 

 (24%)

Net Income

$

 127 

 

$

 158 

 

 (20%)

 

$

 168 

 

 (24%)



Optical Communications sales were $1 billion and net income was $127 million. Sales declined sequentially and year over year. As described in the company’s Sept. 16 update, declines resulted from overall market weakness driven by customer project spending decisions, primarily in carrier networks.



Management continues to expect full-year sales to decline 3% to 5% versus 2018.



Environmental Technologies:









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



Q3 2019

 

Q2 2019

 

%
change

 

Q3 2018

 

%
change

Net Sales

$

 397 

 

$

 366 

 

 8% 

 

$

 331 

 

 20% 

Net Income Before Tax

$

 100 

 

$

 82 

 

 22% 

 

$

 76 

 

 32% 

Net Income

$

 79 

 

$

 65 

 

 22% 

 

$

 60 

 

 32% 



Environmental Technologies third-quarter sales were $397 million, up 20% year over year, driven by continued adoption of gasoline particulate filters and strong demand in the heavy-duty market. Net income was $79 million.



This strong performance is expected to continue in the fourth quarter, with sales increasing by a low-teen percentage year over year. For the full year, management now expects Environmental Technologies sales to grow by a mid-teen percentage, compared with prior expectations of low-teens percentage growth.



Specialty Materials:









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



Q3 2019

 

Q2 2019

 

%
change

 

Q3 2018

 

%
change

Net Sales

$

 463 

 

$

 369 

 

 25% 

 

$

 459 

 

 1% 

Net Income Before Tax

$

 117 

 

$

 85 

 

 38% 

 

$

 147 

 

 (20%)

Net Income

$

 92 

 

$

 67 

 

 37% 

 

$

 116 

 

 (21%)



Specialty Materials third-quarter sales were $463 million, repeating the very strong performance delivered a year ago. Net income was $92 million.



For the fourth-quarter, sales are expected to be consistent year over year. The company expects full-year sales growth, despite a maturing smartphone market.

© 2019 Corning Incorporated. All Rights Reserved.


-4-

 

 

 

Corning Reports Third-Quarter 2019 Financial Results in line with expectations; confident in long-term outlook

Page 5





Life Sciences:









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



Q3 2019

 

Q2 2019

 

%
change

 

Q3 2018

 

%
change

Net Sales

$

 256 

 

$

 260 

 

 (2%)

 

$

 231 

 

 11% 

Net Income Before Tax

$

 52 

 

$

 51 

 

 2% 

 

$

 38 

 

 37% 

Net Income

$

 41 

 

$

 40 

 

 3% 

 

$

 30 

 

 37% 



Life Sciences sales were $256 million, up 11% year over year. Net income was $41 million.



Fourth-quarter sales are expected to grow by a mid-single digit percentage year over year. Corning continues to outpace overall market growth and expects full-year sales to be up by a mid-single digit percentage year over year.



Upcoming Investor Events

On Dec. 12, Corning will attend the Barclays Global Technology, Media and Telecommunications Conference in San Francisco. And Jan. 8, Corning will attend the Citi 2020 Global Technology Media and Telecommunications West Conference. 



Third-Quarter Conference Call Information

The company will host a third-quarter conference call on Tuesday, Oct. 29, at 8:30 a.m. ET. To participate, please call toll free (800) 230-1093 or for international access call (612) 332-0107 approximately 10-15 minutes prior to the start of the call. The host is “NICHOLSON.” To listen to a live audio webcast of the call, go to Corning’s website at http://www.corning.com/investor_relations, click “Events” and follow the instructions.



Presentation of Information in this News Release

Non-GAAP financial measures are not in accordance with, or an alternative to, U.S. generally accepted accounting principles (“GAAP”). Corning’s non-GAAP financial measures exclude the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in the company’s operations. The company believes presenting non-GAAP financial measures assists in analyzing financial performance without the impact of items that may obscure trends in the company’s underlying performance. Definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found on the Company’s website by going to the Investor Relations page and clicking “Quarterly Results” under the “Financials and Filings” tab. These reconciliations also accompany this news release.

© 2019 Corning Incorporated. All Rights Reserved.


-5-

 

 

 

Corning Reports Third-Quarter 2019 Financial Results in line with expectations; confident in long-term outlook

Page 6





Caution Concerning Forward-Looking Statements

The statements contained in this release that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” and “target” and similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These estimates are subject to change and uncertainty which are, in many instances, beyond our control. There can be no assurance that future developments will be in accordance with management’s expectations. Actual results could differ materially from those expected by us, depending on the outcome of various factors. We do not undertake to update forward-looking statements.



Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: the effects of acquisitions, dispositions and other similar transactions, global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, euro, Chinese yuan and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; the impacts of audits by taxing authorities; and the potential impact of legislation, government regulations, and other government action and investigations.

 

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.



Web Disclosure

In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

© 2019 Corning Incorporated. All Rights Reserved.


-6-

 

 

 

Corning Reports Third-Quarter 2019 Financial Results in line with expectations; confident in long-term outlook

Page 7





About Corning Incorporated

Corning (www.corning.com) is one of the world's leading innovators in materials science, with a more than 165-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries.



Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display technology, automotive, and life sciences vessels. Corning's industry-leading products include damage-resistant cover glass for mobile devices; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for state-of-the-art communications networks; trusted products to accelerate drug discovery and delivery; and clean-air technologies for cars and trucks.



Media Relations Contact:
M. Elizabeth Dann
(607) 974-4989
damme@corning.com



Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com



Follow Corning: RSS Feeds | Facebook | Twitter | YouTube







 

© 2019 Corning Incorporated. All Rights Reserved.


-7-

 

 

 

CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; in millions, except per share amounts)







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

   

 

Three Months Ended

 

Nine Months Ended



 

September 30,

 

September 30,

   

 

2019

 

2018

 

2019

 

2018

Net sales

 

$

 2,934 

 

$

 3,008 

 

$

 8,686 

 

$

 8,255 

Cost of sales

 

 

 1,917 

 

 

 1,776 

 

 

 5,505 

 

 

 4,996 



 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

 1,017 

 

 

 1,232 

 

 

 3,181 

 

 

 3,259 



 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 369 

 

 

 439 

 

 

 1,184 

 

 

 1,352 

Research, development and engineering expenses

 

 

 255 

 

 

 244 

 

 

 753 

 

 

 728 

Amortization of purchased intangibles

 

 

 28 

 

 

 27 

 

 

 85 

 

 

 68 



 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 365 

 

 

 522 

 

 

 1,159 

 

 

 1,111 



 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of affiliated companies

 

 

 23 

 

 

 32 

 

 

 81 

 

 

 102 

Interest income

 

 

 4 

 

 

 7 

 

 

 16 

 

 

 29 

Interest expense

 

 

 (55)

 

 

 (45)

 

 

 (161)

 

 

 (140)

Translated earnings contract gain, net

 

 

 86 

 

 

 230 

 

 

 163 

 

 

 66 

Other (expense) income, net

 

 

 (15)

 

 

 12 

 

 

 (59)

 

 

 (11)



 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 408 

 

 

 758 

 

 

 1,199 

 

 

 1,157 

Provision for income taxes

 

 

 (71)

 

 

 (133)

 

 

 (271)

 

 

 (383)



 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Corning Incorporated

 

$

 337 

 

$

 625 

 

$

 928 

 

$

 774 



 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share attributable to
  Corning Incorporated:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 0.40 

 

$

 0.75 

 

$

 1.10 

 

$

 0.85 

Diluted

 

$

 0.38 

 

$

 0.67 

 

$

 1.03 

 

$

 0.82 



© 2019 Corning Incorporated. All Rights Reserved.


-8-

 

 

 

CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions, except share and per share amounts)







 

 

 

 

 

 



 

 

 

 

 

 

   

 

September 30,

 

December 31,



 

2019

 

2018

Assets

 

 

 

 

 

 



 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

 971 

 

$

 2,355 

Trade accounts receivable, net of doubtful accounts and allowances

 

 

 2,024 

 

 

 1,940 

Inventories, net of inventory reserves

 

 

 2,337 

 

 

 2,037 

Other current assets

 

 

 824 

 

 

 702 

Total current assets

 

 

 6,156 

 

 

 7,034 



 

 

 

 

 

 

Investments

 

 

 339 

 

 

 376 

Property, plant and equipment, net of accumulated depreciation

 

 

 15,083 

 

 

 14,895 

Goodwill, net

 

 

 1,924 

 

 

 1,936 

Other intangible assets, net

 

 

 1,206 

 

 

 1,292 

Deferred income taxes

 

 

 1,109 

 

 

 951 

Other assets

 

 

 1,512 

 

 

 1,021 



 

 

 

 

 

 

Total Assets

 

$

 27,329 

 

$

 27,505 

   

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 



 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of long-term debt and short-term borrowings

 

$

 305 

 

$

 4 

Accounts payable

 

 

 1,447 

 

 

 1,456 

Other accrued liabilities

 

 

 1,848 

 

 

 1,851 

Total current liabilities

 

 

 3,600 

 

 

 3,311 



 

 

 

 

 

 

Long-term debt

 

 

 6,225 

 

 

 5,994 

Postretirement benefits other than pensions

 

 

 646 

 

 

 662 

Other liabilities

 

 

 3,724 

 

 

 3,652 

Total liabilities

 

 

 14,195 

 

 

 13,619 



 

 

 

 

 

 

Commitments, contingencies and guarantees

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Convertible preferred stock, Series A – Par value $100 per share;
  Shares authorized 3,100; Shares issued: 2,300

 

 

 2,300 

 

 

 2,300 

Common stock – Par value $0.50 per share; Shares authorized 3.8 billion;
  Shares issued: 1,717 million and 1,713 million

 

 

 859 

 

 

 857 

Additional paid-in capital – common stock

 

 

 14,295 

 

 

 14,212 

Retained earnings

 

 

 16,555 

 

 

 16,303 

Treasury stock, at cost; Shares held: 949 million and 925 million

 

 

 (19,588)

 

 

 (18,870)

Accumulated other comprehensive loss

 

 

 (1,387)

 

 

 (1,010)

Total Corning Incorporated shareholders’ equity

 

 

 13,034 

 

 

 13,792 

Noncontrolling interests

 

 

 100 

 

 

 94 

Total equity

 

 

 13,134 

 

 

 13,886 



 

 

 

 

 

 

Total Liabilities and Equity

 

$

 27,329 

 

$

 27,505 



© 2019 Corning Incorporated. All Rights Reserved.


-9-

 

 

 

CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)





 

 

 

 

 

 

 

 

 

 

 

 

   

 

Three Months Ended

 

Nine Months Ended



 

September 30,

 

September 30,

   

 

2019

 

2018

 

2019

 

2018

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 337 

 

$

 625 

 

$

 928 

 

$

 774 

Adjustments to reconcile net income to net cash provided by
  operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

 368 

 

 

 291 

 

 

 1,026 

 

 

 895 

Amortization of purchased intangibles

 

 

 28 

 

 

 27 

 

 

 85 

 

 

 68 

Equity in earnings of affiliated companies

 

 

 (23)

 

 

 (32)

 

 

 (81)

 

 

 (102)

Dividends received from affiliated companies

 

 

 

 

 

 101 

 

 

 

 

 

 106 

Deferred tax (benefit) provision

 

 

 (51)

 

 

 7 

 

 

 (85)

 

 

 53 

Customer incentives and deposits

 

 

 

 

 

 107 

 

 

 2 

 

 

 691 

Translated earnings contract gain

 

 

 (86)

 

 

 (230)

 

 

 (163)

 

 

 (66)

Unrealized translation losses on transactions

 

 

 53 

 

 

 14 

 

 

 87 

 

 

 52 

Changes in certain working capital items:

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts receivable

 

 

 32 

 

 

 (156)

 

 

 (169)

 

 

 (197)

Inventories

 

 

 (81)

 

 

 (42)

 

 

 (338)

 

 

 (235)

Other current assets

 

 

 (56)

 

 

 (6)

 

 

 (220)

 

 

 (36)

Accounts payable and other current liabilities

 

 

 294 

 

 

 240 

 

 

 (71)

 

 

 94 

Other, net

 

 

 74 

 

 

 (3)

 

 

 12 

 

 

 (119)

Net cash provided by operating activities

 

 

 889 

 

 

 943 

 

 

 1,013 

 

 

 1,978 



 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 (508)

 

 

 (452)

 

 

 (1,602)

 

 

 (1,629)

Purchase of equipment for related party

 

 

 (9)

 

 

 (63)

 

 

 (9)

 

 

 (63)

Sale of equipment to related party

 

 

 62 

 

 

 

 

 

 62 

 

 

 

Acquisition of businesses, net of cash received

 

 

 

 

 

 (10)

 

 

 

 

 

 (804)

Proceeds from settlement of initial contingent consideration asset

 

 

 

 

 

 

 

 

 

 

 

 196 

Realized gains on translated earnings contracts

 

 

 1 

 

 

 26 

 

 

 50 

 

 

 62 

Other, net

 

 

 (46)

 

 

 (12)

 

 

 (35)

 

 

 (28)

Net cash used in investing activities

 

 

 (500)

 

 

 (511)

 

 

 (1,534)

 

 

 (2,266)



 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net repayments of short-term borrowings and current portion of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 (375)

Repayments of commercial paper, net

 

 

 (446)

 

 

 

 

 

 

 

 

 

Proceeds from issuance of long-term debt, net

 

 

 349 

 

 

 

 

 

 349 

 

 

 596 

Proceeds from the exercise of stock options

 

 

 7 

 

 

 31 

 

 

 43 

 

 

 74 

Repurchases of common stock for treasury

 

 

 (301)

 

 

 (397)

 

 

 (708)

 

 

 (1,880)

Dividends paid

 

 

 (192)

 

 

 (169)

 

 

 (554)

 

 

 (517)

Other, net

 

 

 12 

 

 

 (3)

 

 

 37 

 

 

 (14)

Net cash used in financing activities

 

 

 (571)

 

 

 (538)

 

 

 (833)

 

 

 (2,116)

Effect of exchange rates on cash

 

 

 (25)

 

 

 (14)

 

 

 (30)

 

 

 (10)

Net decrease in cash and cash equivalents

 

 

 (207)

 

 

 (120)

 

 

 (1,384)

 

 

 (2,414)

Cash and cash equivalents at beginning of period

 

 

 1,178 

 

 

 2,023 

 

 

 2,355 

 

 

 4,317 

Cash and cash equivalents at end of period

 

$

 971 

 

$

 1,903 

 

$

 971 

 

$

 1,903 



© 2019 Corning Incorporated. All Rights Reserved.


-10-

 

 

 

CORNING INCORPORATED AND SUBSIDIARY COMPANIES

(Unaudited)





GAAP Earnings per Common Share



The following table sets forth the computation of basic and diluted earnings per common share (in millions, except per share amounts):









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Nine Months Ended



 

September 30,

 

September 30,



 

2019

 

2018

 

2019

 

2018

Net income attributable to Corning Incorporated

 

$

 337 

 

$

 625 

 

$

 928 

 

$

 774 

Less:  Series A convertible preferred stock dividend

 

 

 24 

 

 

 24 

 

 

 73 

 

 

 73 

Net income available to common stockholders – basic

 

 

 313 

 

 

 601 

 

 

 855 

 

 

 701 

Add:  Series A convertible preferred stock dividend 

 

 

 24 

 

 

 24 

 

 

 73 

 

 

 73 

Net income available to common stockholders – diluted

 

$

 337 

 

$

 625 

 

$

 928 

 

$

 774 



 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 

 

 775 

 

 

 805 

 

 

 780 

 

 

 824 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and other dilutive securities

 

 

 7 

 

 

 10 

 

 

 8 

 

 

 9 

Series A convertible preferred stock

 

 

 115 

 

 

 115 

 

 

 115 

 

 

 115 

Weighted-average common shares outstanding - diluted

 

 

 897 

 

 

 930 

 

 

 903 

 

 

 948 

Basic earnings per common share

 

$

 0.40 

 

$

 0.75 

 

$

 1.10 

 

$

 0.85 

Diluted earnings per common share

 

$

 0.38 

 

$

 0.67 

 

$

 1.03 

 

$

 0.82 





Core Earnings per Common Share



The following table sets forth the computation of core basic and core diluted earnings per common share (in millions, except per share amounts):



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended

 

Nine months ended



 

September 30,

 

September 30,



 

2019

 

2018

 

2019

 

2018

Core net income attributable to Corning Incorporated

 

$

 397 

 

$

 476 

 

$

 1,172 

 

$

 1,134 

Less:  Series A convertible preferred stock dividend

 

 

 24 

 

 

 24 

 

 

 73 

 

 

 73 

Core net income available to common stockholders - basic

 

 

 373 

 

 

 452 

 

 

 1,099 

 

 

 1,061 

Add:  Series A convertible preferred stock dividend

 

 

 24 

 

 

 24 

 

 

 73 

 

 

 73 

Core net income available to common stockholders - diluted

 

$

 397 

 

$

 476 

 

$

 1,172 

 

$

 1,134 



 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 

 

 775 

 

 

 805 

 

 

 780 

 

 

 824 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and other dilutive securities

 

 

 7 

 

 

 10 

 

 

 8 

 

 

 9 

Series A convertible preferred stock

 

 

 115 

 

 

 115 

 

 

 115 

 

 

 115 

Weighted-average common shares outstanding - diluted

 

 

 897 

 

 

 930 

 

 

 903 

 

 

 948 

Core basic earnings per common share

 

$

 0.48 

 

$

 0.56 

 

$

 1.41 

 

$

 1.29 

Core diluted earnings per common share

 

$

 0.44 

 

$

 0.51 

 

$

 1.30 

 

$

 1.20 



© 2019 Corning Incorporated. All Rights Reserved.


-11-

 

 

 

CORE PERFORMANCE MEASURES



In managing the Company and assessing our financial performance, we adjust certain measures provided by our consolidated financial statements to exclude specific items to report core performance measures.  These items include gains and losses on our translated earnings contracts, acquisition-related costs, certain discrete tax items, restructuring and restructuring-related charges, certain litigation-related expenses, pension mark-to-market adjustments and other items which do not reflect on-going operating results of the Company or our equity affiliates.  Corning utilizes constant currency reporting for our Display Technologies and Specialty Materials segments for the Japanese yen, South Korean won, Chinese yuan and New Taiwan dollar currencies.  Effective January 1, 2019, Corning also began using constant currency reporting for our Environmental Technologies and Life Sciences segments for the euro, Japanese yen and Chinese yuan.  The Company believes that the use of constant currency reporting allows investors to understand our results without the volatility of currency fluctuations, and reflects the underlying economics of the translated earnings contracts used to mitigate the impact of changes in currency exchange rates on our earnings and cash flows.  Corning also believes that reporting core performance measures provides investors greater transparency to the information used by our management team to make financial and operational decisions.



Core performance measures are not prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”).  We believe investors should consider these non-GAAP measures in evaluating our results as they are more indicative of our core operating performance and how management evaluates our operational results and trends.  These measures are not, and should not be viewed as a substitute for, GAAP reporting measures.  With respect to the Company’s outlooks for future periods, it is not possible to provide reconciliations for these non-GAAP measures because the Company does not forecast foreign currency exchange rates or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of the Company’s control.  As a result, the Company is unable to provide outlook information on a GAAP basis.



For a reconciliation of non-GAAP performance measures to their most directly comparable GAAP financial measure, please see “Reconciliation of Non-GAAP Measures” below.

© 2019 Corning Incorporated. All Rights Reserved.


-12-

 

 

 





CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

Three and Nine Months Ended September 30, 2019

(Unaudited; amounts in millions, except per share amounts)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30, 2019



 

 

 

 

 

 

 

Income before

 

 

 

 

Effective

 

 

 



 

Net

 

Equity

 

income

 

Net

 

tax

 

 

Per



 

sales

 

earnings

 

taxes

 

income

 

rate (a)

 

 

share

As reported - GAAP

 

$

 2,934 

 

$

 23 

 

$

 408 

 

$

 337 

 

 17.4% 

 

$

 0.38 

Constant-currency adjustment (1)

 

 

 35 

 

 

 

 

 

 20 

 

 

 63 

 

 

 

 

 0.07 

Translation gain on Japanese
  yen-denominated debt (2)

 

 

 

 

 

 

 

 

 (11)

 

 

 (8)

 

 

 

 

 (0.01)

Translated earnings contract gain (3)

 

 

 

 

 

 

 

 

 (84)

 

 

 (65)

 

 

 

 

 (0.07)

Acquisition-related costs (4)

 

 

 

 

 

 

 

 

 31 

 

 

 22 

 

 

 

 

 0.02 

Discrete tax items and other tax-related
  adjustments (5)(b)

 

 

 

 

 

 

 

 

 

 

 

 (51)

 

 

 

 

 (0.06)

Litigation, regulatory and other legal
  matters (6)

 

 

 

 

 

 

 

 

 (24)

 

 

 (19)

 

 

 

 

 (0.02)

Restructuring, impairment and other
  charges and credits (7)

 

 

 

 

 

 

 

 

 148 

 

 

 118 

 

 

 

 

 0.13 

Core performance measures

 

$

 2,969 

 

$

 23 

 

$

 488 

 

$

 397 

 

 18.6% 

 

$

 0.44 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Nine Months Ended September 30, 2019



 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

before

 

 

 

 

Effective

 

 

 



 

Net

 

Equity

 

income

 

Net

 

tax

 

 

Per



 

sales

 

earnings

 

taxes

 

income

 

rate (a)

 

 

share

As reported – GAAP

 

$

 8,686 

 

$

 81 

 

$

 1,199 

 

$

 928 

 

 22.6% 

 

$

 1.03 

Constant-currency adjustment (1)

 

 

 119 

 

 

 1 

 

 

 93 

 

 

 137 

 

 

 

 

 0.15 

Translation loss on Japanese
  yen-denominated debt (2)

 

 

 

 

 

 

 

 

 10 

 

 

 9 

 

 

 

 

 0.01 

Translated earnings contract gain (3)

 

 

 

 

 

 

 

 

 (161)

 

 

 (125)

 

 

 

 

 (0.14)

Acquisition-related costs (4)

 

 

 

 

 

 

 

 

 102 

 

 

 76 

 

 

 

 

 0.08 

Discrete tax items and other tax-related
  adjustments (5)

 

 

 

 

 

 

 

 

 

 

 

 (20)

 

 

 

 

 (0.02)

Litigation, regulatory and other legal
  matters (6)

 

 

 

 

 

 

 

 

 (24)

 

 

 (19)

 

 

 

 

 (0.02)

Restructuring, impairment and other
  charges and credits (7)

 

 

 

 

 

 6 

 

 

 222 

 

 

 176 

 

 

 

 

 0.19 

Equity in earnings of affiliated
  companies (8)

 

 

 

 

 

 (11)

 

 

 (11)

 

 

 (9)

 

 

 

 

 (0.01)

Adjustments related to acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension mark-to-market adjustment (9)

 

 

 

 

 

 

 

 

 24 

 

 

 19 

 

 

 

 

 0.02 

Core performance measures

 

$

 8,805 

 

$

 77 

 

$

 1,454 

 

$

 1,172 

 

 19.4% 

 

$

 1.30 



(a)

Based upon statutory tax rates in the specific jurisdiction for each event. 

(b)

The amount includes $20 million that was reflected in GAAP earnings in earlier periods to conform to the Company’s current presentation. 



See Reconciliation of Non-GAAP Financial Measures, “Items which we exclude from GAAP measures to arrive at Core Performance measures” for the descriptions of the footnoted reconciling items.

© 2019 Corning Incorporated. All Rights Reserved.


-13-

 

 

 



CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

Three and Nine Months Ended September 30, 2018

(Unaudited; amounts in millions, except per share amounts)









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30, 2018



 

 

 

 

 

 

 

Income before

 

 

 

 

Effective

 

 

 



 

Net

 

Equity

 

income

 

 

Net

 

tax

 

 

Per



 

sales

 

earnings

 

taxes

 

income

 

rate (a)

 

 

share

As reported - GAAP

 

$

 3,008 

 

$

 32 

 

$

 758 

 

$

 625 

 

 17.5% 

 

$

 0.67 

Constant-currency adjustment (1)

 

 

 37 

 

 

 

 

 

 42 

 

 

 46 

 

 

 

 

 0.05 

Translation gain on Japanese
  yen-denominated debt (2)

 

 

 

 

 

 

 

 

 (30)

 

 

 (23)

 

 

 

 

 (0.02)

Translated earnings contract gain (3)

 

 

 

 

 

 

 

 

 (232)

 

 

 (171)

 

 

 

 

 (0.18)

Acquisition-related costs (4)

 

 

 

 

 

 

 

 

 37 

 

 

 29 

 

 

 

 

 0.03 

Discrete tax items and other tax-related
  adjustments (5)

 

 

 

 

 

 

 

 

 

 

 

 (40)

 

 

 

 

 (0.04)

Litigation, regulatory and other legal
  matters (6)

 

 

 

 

 

 

 

 

 11 

 

 

 8 

 

 

 

 

 0.01 

Restructuring, impairment and other
  charges and credits (7)

 

 

 

 

 

 

 

 

 9 

 

 

 2 

 

 

 

 

 

Core performance measures

 

$

 3,045 

 

$

 32 

 

$

 595 

 

$

 476 

 

 20.0% 

 

$

 0.51 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Nine Months Ended September 30, 2018



 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

before

 

 

 

 

Effective

 

 

 



 

Net

 

Equity

 

income

 

Net

 

tax

 

 

Per



 

sales

 

earnings

 

taxes

 

income

 

rate (a)

 

 

share

As reported - GAAP

 

$

 8,255 

 

$

 102 

 

$

 1,157 

 

$

 774 

 

 33.1% 

 

$

 0.82 

Constant-currency adjustment (1)

 

 

 62 

 

 

 1 

 

 

 110 

 

 

 114 

 

 

 

 

 0.12 

Translation gain on Japanese
  yen-denominated debt (2)

 

 

 

 

 

 

 

 

 (28)

 

 

 (21)

 

 

 

 

 (0.02)

Translated earnings contract gain (3)

 

 

 

 

 

 

 

 

 (85)

 

 

 (50)

 

 

 

 

 (0.05)

Acquisition-related costs (4)

 

 

 

 

 

 

 

 

 95 

 

 

 74 

 

 

 

 

 0.08 

Discrete tax items and other tax-related
  adjustments (5)

 

 

 

 

 

 

 

 

 

 

 

 103 

 

 

 

 

 0.11 

Litigation, regulatory and other legal
  matters (6)

 

 

 

 

 

 

 

 

 143 

 

 

 111 

 

 

 

 

 0.12 

Restructuring, impairment and other
  charges and credits (7)

 

 

 

 

 

 

 

 

 58 

 

 

 40 

 

 

 

 

 0.04 

Equity in earnings of affiliated
  companies (8)

 

 

 

 

 

 (14)

 

 

 (14)

 

 

 (12)

 

 

 

 

 (0.01)

Pension mark-to-market adjustment (9)

 

 

 

 

 

 

 

 

 1 

 

 

 1 

 

 

 

 

 

Core performance measures

 

$

 8,317 

 

$

 89 

 

$

 1,437 

 

$

 1,134 

 

 21.1% 

 

$

 1.20 



(a)Based upon statutory tax rates in the specific jurisdiction for each event.



See Reconciliation of Non-GAAP Financial Measures, “Items which we exclude from GAAP measures to arrive at Core Performance measures” for the descriptions of the footnoted reconciling items.

© 2019 Corning Incorporated. All Rights Reserved.


-14-

 

 

 



CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

Three and Nine Months Ended September 30, 2019 and 2018

(Unaudited; amounts in millions)

















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Three Months Ended



September 30, 2019

 

September 30, 2018



 

 

 

 

 

Selling,

 

Research,

 

 

 

 

 

 

Selling,

 

Research,



 

 

 

 

 

general

 

development

 

 

 

 

 

 

general

 

development



 

 

 

Gross

 

and

 

and

 

 

 

 

Gross

 

and

 

and



Gross

 

margin

 

admin.

 

engineering

 

Gross

 

margin

 

admin.

 

engineering



Margin

 

%

 

expenses

 

expenses

 

Margin

 

%

 

expenses

 

expenses



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported 

$

 1,017 

 

 35% 

 

$

 369 

 

$

 255 

 

$

 1,232 

 

 41% 

 

$

 439 

 

$

 244 

Constant-currency adjustment (1)

 

 21 

 

 

 

 

 (1)

 

 

 

 

 

 40 

 

 

 

 

 

 

 

 

Translated earnings contract gain (3)

 

 

 

 

 

 

 

 

 

 

 

 

 (1)

 

 

 

 

 

 

 

 

Acquisition-related costs (4)

 

 1 

 

 

 

 

 

 

 

 

 

 

 4 

 

 

 

 

 (6)

 

 

 (1)

Litigation, regulatory and other legal
  matters (6)

 

 

 

 

 

 

 24 

 

 

 

 

 

 

 

 

 

 

 (12)

 

 

 

Restructuring, impairment and other
  charges and credits (7)

 

 117 

 

 

 

 

 (11)

 

 

 (16)

 

 

 5 

 

 

 

 

 (1)

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core performance measures

$

 1,156 

 

 39% 

 

$

 381 

 

$

 239 

 

$

 1,280 

 

 42% 

 

$

 420 

 

$

 243 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Nine Months Ended

 

Nine Months Ended



September 30, 2019

 

September 30, 2018



 

 

 

 

 

Selling,

 

Research,

 

 

 

 

 

 

Selling,

 

Research,



 

 

 

 

 

general

 

development

 

 

 

 

 

 

general

 

development



 

 

 

Gross

 

and

 

and

 

 

 

 

Gross

 

and

 

and



Gross

 

margin

 

admin.

 

engineering

 

Gross

 

margin

 

admin.

 

engineering



Margin

 

%

 

expenses

 

expenses

 

Margin

 

%

 

expenses

 

expenses



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported 

$

 3,181 

 

 37% 

 

$

 1,184 

 

$

 753 

 

$

 3,259 

 

 39% 

 

$

 1,352 

 

$

 728 

Constant-currency adjustment (1)

 

 94 

 

 

 

 

 2 

 

 

 

 

 

 104 

 

 

 

 

 (1)

 

 

 

Translated earnings contract gain (3)

 

 

 

 

 

 

 

 

 

 

 

 

 (3)

 

 

 

 

 

 

 

 

Acquisition-related costs (4)

 

 6 

 

 

 

 

 (9)

 

 

 (1)

 

 

 5 

 

 

 

 

 (21)

 

 

 (2)

Litigation, regulatory and other legal
  matters (6)

 

 

 

 

 

 

 26 

 

 

 

 

 

 

 

 

 

 

 (144)

 

 

 

Restructuring, impairment and other
  charges and credits (7)

 

 212 

 

 

 

 

 (17)

 

 

 (16)

 

 

 48 

 

 

 

 

 (9)

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core performance measures

$

 3,493 

 

 40% 

 

$

 1,186 

 

$

 736 

 

$

 3,413 

 

 41% 

 

$

 1,177 

 

$

 726 



See Reconciliation of Non-GAAP Financial Measures, “Items which we exclude from GAAP measures to arrive at Core Performance measures” for the descriptions of the footnoted reconciling items.



© 2019 Corning Incorporated. All Rights Reserved.


-15-

 

 

 





CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

Three and Nine Months Ended September 30, 2019 and 2018 

(Unaudited; amounts in millions)









 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months

 

Three Months

 

Nine Months

 

Nine Months



 

Ended

 

Ended

 

Ended

 

Ended



 

September 30,

 

September 30,

 

September 30,

 

September 30,



 

2019

 

2018

 

2019

 

2018



 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

$

 889 

 

$

 943 

 

$

 1,013 

 

$

 1,978 

Realized gains on translated earnings contracts

 

 

 1 

 

 

 26 

 

 

 50 

 

 

 62 

Translation losses on cash balances

 

 

 (53)

 

 

 (13)

 

 

 (87)

 

 

 (51)

Receipt of contingent consideration

 

 

 

 

 

 

 

 

 

 

 

 196 

Other adjustments

 

 

 27 

 

 

 

 

 

 27 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Adjusted cash flows from operating activities

 

$

 864 

 

$

 956 

 

$

 1,003 

 

$

 2,185 



© 2019 Corning Incorporated. All Rights Reserved.


-16-

 

 

 

Items which we exclude from GAAP measures to report core performance measures are as follows:



 

 

 

 

 

 

 

 

 

 

 



 



 

(1)

Constant-currency adjustment:  Because a significant portion of segment revenues and expenses are denominated in currencies other than the US dollar, management believes it is important to understand the impact on core net income of translating these currencies into U.S. dollars.  Our Display Technologies segment sales and net income are primarily denominated in Japanese yen, but also impacted by the Korean won, Chinese yuan, and new Taiwan dollar.  Beginning January 1, 2019, as our Environmental Technologies and Life Science segments sales and net income are impacted by the euro, Chinese yuan and Japanese yen, these segments will also be presented on a constant-currency basis.  We have not recast the prior periods for these two segments as the impact of fluctuations in these currencies are not material for prior periods.  Presenting results on a constant-currency basis mitigates the translation impact and allows management to evaluate performance period over period, analyze underlying trends in our businesses, and establish operational goals and forecasts.  We establish constant-currency rates based on internally derived management estimates which are closely aligned with the currencies we have hedged.



 



Constant-currency rates are as follows:



Currency

 

Japanese yen

 

Korean won

 

Chinese yuan

 

New Taiwan dollar

 

Euro



Rate

 

¥107

 

₩1,175

 

¥6.7

 

NT$31

 

€.81



 

(2)

Translation (gain) loss on Japanese yen-denominated debt:  We have excluded the gain or loss on the translation of our yen-denominated debt to U.S. dollars.

(3)

Translated earnings contract (gain) loss:  We have excluded the impact of the realized and unrealized gains and losses of our Japanese yen, euro, South Korean won, new Taiwan dollar and Chinese yuan-denominated foreign currency hedges related to translated earnings, as well as the unrealized gains and losses of our British pound-denominated foreign currency hedges related to translated earnings.

(4)

Acquisition-related costs:  These expenses include intangible amortization, inventory valuation adjustments and external acquisition-related deal costs.

(5)

Discrete tax items and other tax-related adjustments:  These include discrete period tax items such as changes in tax law, the impact of tax audits, changes in judgement about the realizability of certain deferred tax assets and other tax-related adjustments.

(6)

Litigation, regulatory and other legal matters:  Includes amounts that reflect developments in commercial litigation, intellectual property disputes, adjustments to our estimated liability for environmental-related items and other legal matters.

(7)

Restructuring, impairment and other charges and credits:  This amount includes restructuring, impairment and other charges and credits, as well as other expenses, primarily accelerated depreciation and asset write-offs, which are not related to continuing operations and are not classified as restructuring expense.

(8)

Equity in earnings of affiliated companies:  These adjustments relate to costs not related to continuing operations of our affiliated companies, such as restructuring, impairment, other charges and credits and settlements under “take-or-pay” contracts.

(9)

Pension mark-to-market adjustment:  Defined benefit pension mark-to-market gains and losses, which arise from changes in actuarial assumptions and the difference between actual and expected returns on plan assets and discount rates.







© 2019 Corning Incorporated. All Rights Reserved.


-17-

 

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Document And Entity Information
Oct. 29, 2019
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Oct. 29, 2019
Entity Registrant Name CORNING INC /NY
Entity Incorporation, State or Country Code NY
Entity File Number 1-3247
Entity Tax Identification Number 16-0393470
Entity Address, Address Line One One Riverfront Plaza
Entity Address, City or Town Corning
Entity Address, State or Province NY
Entity Address, Postal Zip Code 14831
City Area Code 607
Local Phone Number 974-9000
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol GLW
Security Exchange Name NYSE
Entity Central Index Key 0000024741
Amendment Flag false