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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities:      
Net income $ 3,695,000 $ 1,339,000 $ 2,472,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,131,000 1,130,000 1,167,000
Amortization of purchased intangibles 64,000 54,000 33,000
Restructuring, impairment and other charges 77,000 0 71,000
Stock compensation charges 42,000 46,000 58,000
Equity in earnings of affiliated companies (284,000) (299,000) (266,000)
Dividends received from affiliated companies 85,000 143,000 1,704,000
Deferred tax (benefit) provision (308,000) 54,000 612,000
Restructuring payments (12,000) (40,000) (39,000)
Customer deposits 185,000 197,000
Employee benefit payments in excess of expense (92,000) (52,000) (52,000)
Translated earnings contract loss (gain) 448,000 (80,000) (1,369,000)
Unrealized translation losses on transactions 1,000 268,000 431,000
Contingent consideration fair value adjustment (43,000) (13,000) (249,000)
Gain on realignment of equity investment (2,676,000)
Changes in certain working capital items:      
Trade accounts receivable (106,000) 162,000 (16,000)
Inventories (68,000) (77,000) 2,000
Other current assets 18,000 (57,000) (16,000)
Accounts payable and other current liabilities 243,000 (146,000) (3,000)
Other, net 121,000 180,000 169,000
Net cash provided by operating activities 2,521,000 2,809,000 4,709,000
Cash Flows from Investing Activities:      
Capital expenditures (1,130,000) (1,250,000) (1,076,000)
Acquisitions of businesses, net of cash (paid) received (333,000) (732,000) 66,000
Proceeds from sale of a business 12,000
Investment in unconsolidated entities (24,000) (33,000) (109,000)
Cash received on realignment of equity investment 4,818,000 0
Proceeds from sale of assets to related party 42,000
(Payments) repayments of loans to unconsolidated entities (23,000) 6,000 23,000
Short-term investments – acquisitions (20,000) (969,000) (1,398,000)
Short-term investments – liquidations 121,000 1,629,000 1,167,000
Realized gains on translated earnings contracts 201,000 653,000 361,000
Other, net 10,000 (1,000) 4,000
Net cash provided by (used in) investing activities 3,662,000 (685,000) (962,000)
Cash Flows from Financing Activities:      
Net repayments of short-term borrowings and current portion of long-term debt (85,000) (12,000) (52,000)
Proceeds from issuance of long-term debt 0 745,000
Proceeds from issuance of short-term debt, net 0 3,000 29,000
(Payments) proceeds from issuance of commercial paper (481,000) 481,000
Payments from the settlement of interest rate swap agreements (10,000)
Principal payments under capital lease obligations (7,000) (6,000) (6,000)
Proceeds from issuance of preferred stock (1) [1] 400,000
Proceeds received for asset financing and related incentives, net 1,000 1,000 1,000
Proceeds from the exercise of stock options 138,000 102,000 116,000
Repurchases of common stock for treasury (4,227,000) (3,228,000) (2,483,000)
Dividends paid (645,000) (679,000) (591,000)
Net cash used in financing activities (5,306,000) (2,603,000) (2,586,000)
Effect of exchange rates on cash (86,000) (330,000) (556,000)
Net increase (decrease) in cash and cash equivalents 791,000 (809,000) 605,000
Cash and cash equivalents at beginning of year 4,500,000 5,309,000 4,704,000
Cash and cash equivalents at end of year $ 5,291,000 $ 4,500,000 $ 5,309,000
[1] In the first quarter of 2014, Corning issued 1,900 shares of Preferred Stock to Samsung Display Co., Ltd. in connection with the acquisition of their equity interests in Samsung Corning Precision Materials Co., Ltd. (Note 8). Corning also issued to Samsung Display an additional 400 shares of Preferred Stock at closing, for an issue price of $400 million in cash (Note 17).