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Index

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

¨   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  

  To  

Commission file number: 1-3247

CORNING INCORPORATED

(Exact name of registrant as specified in its charter)

New York

16-0393470

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

One Riverfront PlazaCorningNew York

14831

(Address of principal executive offices)

(Zip Code)

607-974-9000

(Registrant’s telephone number, including area code)

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)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes

x

No

¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

x

No

¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

x

Accelerated Filer

¨

Non-Accelerated Filer

¨

Smaller Reporting Company

¨

Emerging Growth Company

¨

If an emerging growth company, indicated 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 pursuant to Section 13(a) of the Exchange Act.

Yes

¨

No

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

¨

No

x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

Outstanding as of October 22, 2020

Corning’s Common Stock, $0.50 par value per share

764,010,029 shares

 


© 2020 Corning Incorporated. All Rights Reserved. 

1


Index

 

INDEX

PART I – FINANCIAL INFORMATION

Page

Item 1. Financial Statements

Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2020 and 2019

3

Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2020 and 2019

4

Consolidated Balance Sheets (Unaudited) at September 30, 2020 and December 31, 2019

5

Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2020 and 2019

6

Consolidated Statements of Changes to Shareholders’ Equity (Unaudited) for the three and nine months ended September 30, 2020 and 2019

7

Notes to Consolidated Financial Statements (Unaudited)

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3. Quantitative and Qualitative Disclosures About Market Risk

56

Item 4. Controls and Procedures

56

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

57

Item 1A. Risk Factors

57

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 6. Exhibits

59

Signatures

60

 


© 2020 Corning Incorporated. All Rights Reserved.

2


Index

 

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,

 

2020

2019

2020

2019

Net sales

$

3,001

$

2,934

$

7,953

$

8,686

Cost of sales

2,000

1,917

5,635

5,505

Gross margin

1,001

1,017

2,318

3,181

Operating expenses:

Selling, general and administrative expenses

480

369

1,276

1,184

Research, development and engineering expenses

231

255

922

753

Amortization of purchased intangibles

33

28

87

85

Operating income

257

365

33

1,159

Equity in (losses) earnings of affiliated companies (Note 3)

(76)

23

17

81

Interest income

3

4

12

16

Interest expense

(70)

(55)

(201)

(161)

Translated earnings contract (loss) gain, net (Note 14)

(100)

86

5

163

Transaction-related gain, net (Note 4)

498

498

Other expense, net

(62)

(15)

(71)

(59)

Income before income taxes

450

408

293

1,199

Provision for income taxes (Note 8)

(23)

(71)

(33)

(271)

Net income attributable to Corning Incorporated

$

427

$

337

$

260

$

928

Earnings per common share attributable to
  Corning Incorporated:

Basic (Note 10)

$

0.53

$

0.40

$

0.25

$

1.10

Diluted (Note 10)

$

0.48

$

0.38

$

0.24

$

1.03

The accompanying notes are an integral part of these consolidated financial statements.

 


© 2020 Corning Incorporated. All Rights Reserved. 

3


Index

 

CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; in millions)

 

Three months ended

Nine months ended

 

September 30,

September 30,

 

2020

2019

2020

2019

 

Net income attributable to Corning Incorporated

$

427

$

337

$

260

$

928

Foreign currency translation adjustments and other

283

(238)

76

(310)

Net unrealized (losses) gains on investments

(1)

1

Unamortized gains (losses) and prior service credits (costs)
  for postretirement benefit plans

4

4

(8)

(48)

Net unrealized gains (losses) on designated hedges

11

(22)

(31)

(20)

Other comprehensive income (loss), net of tax (Note 16)

298

(257)

37

(377)

Comprehensive income attributable to
  Corning Incorporated

$

725

$

80

$

297

$

551

The accompanying notes are an integral part of these consolidated financial statements.

 


© 2020 Corning Incorporated. All Rights Reserved.

4


Index

 

CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

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

 

September 30,

December 31,

2020

2019

Assets

Current assets:

Cash and cash equivalents

$

2,514

$

2,434

Trade accounts receivable, net of doubtful accounts and allowances - $43 and $41

2,099

1,836

Inventories, net of inventory reserves - $252 and $201 (Note 11)

2,581

2,320

Other current assets

864

873

Total current assets

8,058

7,463

Investments

354

334

Property, plant and equipment, net of accumulated depreciation - $13,874 and $12,995

15,449

15,337

Goodwill, net (Note 9)

2,427

1,935

Other intangible assets, net (Note 9)

1,332

1,185

Deferred income taxes (Note 8)

1,173

1,157

Other assets

1,474

1,487

Total Assets

$

30,267

$

28,898

 

Liabilities and Equity

Current liabilities:

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

$

256

$

11

Accounts payable

1,176

1,587

Other accrued liabilities (Note 6 and Note 13)

2,417

1,923

Total current liabilities

3,849

3,521

Long-term debt (Note 12)

7,822

7,729

Postretirement benefits other than pensions

667

671

Other liabilities (Note 6 and Note 13)

5,072

3,980

Total liabilities

17,410

15,901

Commitments, contingencies and guarantees (Note 6)

 

 

Shareholders’ equity (Note 16):

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: 1,722 million and 1,718 million

861

859

Additional paid-in capital – common stock

14,494

14,323

Retained earnings

16,065

16,408

Treasury stock, at cost; Shares held: 961 million and 956 million

(19,926