EX-99.2 3 glw-xsegmentrecastxq12025x.htm EX-99.2

Exhibit 99.2

Unaudited Financial Information Recast for Changes in the Segments

			2024
(in millions)			Q1						Q2						Q3						Q4						Total
Optical Communications (1)
Net Sales			$	930					$	1,113					$	1,246					$	1,368					$	4,657
Less:
Research, development and engineering expenses (2)			65						66						71						72						274
Depreciation (3)			66						66						69						66						267
Other segment items (4)			671						797						882						980						3,330
Income tax provision (5)			28						41						49						56						174
Segment net income			$	100					$	143					$	175					$	194					$	612
Display (1)
Net Sales			$	872					$	1,014					$	1,015					$	971					$	3,872
Less:
Research, development and engineering expenses (2)			26						28						29						27						110
Depreciation (3)			116						110						110						110						446
Other segment items (4)			476						550						516						505						2,047
Income tax provision (5)			53						68						75						67						263
Segment net income			$	201					$	258					$	285					$	262					$	1,006
Specialty Materials (1)
Net Sales			$	454					$	501					$	548					$	515					$	2,018
Less:
Research, development and engineering expenses (2)			60						57						69						67						253
Depreciation (3)			36						40						39						38						153
Other segment items (4)			303						324						348						308						1,283
Income tax provision (5)			11						17						20						21						69
Segment net income			$	44					$	63					$	72					$	81					$	260
Automotive
Net Sales			$	491					$	479					$	430					$	446					$	1,846
Less:
Research, development and engineering expenses (2)			38						41						43						41						163
Depreciation (3)			43						44						44						43						174
Other segment items (4)			311						304						278						285						1,178
Income tax provision (5)			21						19						14						16						70
Segment net income			$	78					$	71					$	51					$	61					$	261
Life Sciences (1)
Net Sales			$	236					$	249					$	244					$	250					$	979
Less:
Research, development and engineering expenses (2)			6						6						5						5						22
Depreciation (3)			17						17						17						16						67
Other segment items (4)			196						205						203						206						810
Income tax provision (5)			4						4						4						5						17
Segment net income			$	13					$	17					$	15					$	18					$	63
Hemlock and Emerging Growth Businesses
Net Sales			$	275					$	248					$	250					$	324					$	1,097
Less:
Research, development and engineering expenses (2)			21						24						31						29						105
Depreciation (3)			27						28						29						28						112
Other segment items (4)			202						190						173						250						815
Income tax provision (5)			8						3						5						7						23
Segment net income			$	17					$	3					$	12					$	10					$	42

(1)			There were no changes to the historical financial information for this segment.
(2)			Research, development and engineering expenses include direct project spending that is identifiable to a segment.
(3)			Depreciation expense includes an allocation of depreciation of corporate property not specifically identifiable to a segment.
(4)			Other segment items for each reportable segment primarily includes the cost of material, salaries, wages and benefits, including variable compensation, and selling, general and administrative expenses.
(5)			Income tax provision reflects a tax rate of 21%.

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Unaudited Financial Information Recast for Changes in the Segments

			2023
(in millions)			Q1						Q2						Q3						Q4						Total
Optical Communications (1)
Net Sales			$	1,125					$	1,066					$	918					$	903					$	4,012
Less:
Research, development and engineering expenses (2)			60						56						60						62						238
Depreciation (3)			66						64						65						68						263
Other segment items (4)			797						768						678						660						2,903
Income tax provision (5)			43						38						24						25						130
Segment net income			$	159					$	140					$	91					$	88					$	478
Display (1)
Net Sales			$	763					$	928					$	972					$	869					$	3,532
Less:
Research, development and engineering expenses (2)			23						24						26						29						102
Depreciation (3)			123						120						119						119						481
Other segment items (4)			415						521						521						430						1,887
Income tax provision (5)			42						55						64						59						220
Segment net income			$	160					$	208					$	242					$	232					$	842
Specialty Materials (1)
Net Sales			$	406					$	423					$	563					$	473					$	1,865
Less:
Research, development and engineering expenses (2)			53						57						62						57						229
Depreciation (3)			35						39						37						38						149
Other segment items (4)			269						285						373						305						1,232
Income tax provision (5)			10						9						19						15						53
Segment net income			$	39					$	33					$	72					$	58					$	202
Automotive
Net Sales			$	460					$	489					$	481					$	463					$	1,893
Less:
Research, development and engineering expenses (2)			38						36						41						42						157
Depreciation (3)			41						40						42						41						164
Other segment items (4)			304						300						303						298						1,205
Income tax provision (5)			16						24						20						17						77
Segment net income			$	61					$	89					$	75					$	65					$	290
Life Sciences (1)
Net Sales			$	256					$	231					$	230					$	242					$	959
Less:
Research, development and engineering expenses (2)			10						8						7						8						33
Depreciation (3)			17						17						18						17						69
Other segment items (4)			218						192						188						196						794
Income tax provision (5)			2						3						4						4						13
Segment net income			$	9					$	11					$	13					$	17					$	50
Hemlock and Emerging Growth Businesses
Net Sales			$	357					$	345					$	295					$	322					$	1,319
Less:
Research, development and engineering expenses (2)			25						28						26						25						104
Depreciation (3)			25						27						27						30						109
Other segment items (4)			255						231						217						244						947
Income tax provision (5)			15						15						9						9						48
Segment net income			$	37					$	44					$	16					$	14					$	111

(1)			There were no changes to the historical financial information for this segment.
(2)			Research, development and engineering expenses include direct project spending that is identifiable to a segment.
(3)			Depreciation expense includes an allocation of depreciation of corporate property not specifically identifiable to a segment.
(4)			Other segment items for each reportable segment primarily includes the cost of material, salaries, wages and benefits, including variable compensation, and selling, general and administrative expenses.
(5)			Income tax provision reflects a tax rate of 21%.

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Unaudited Financial Information Recast for Changes in the Segments

The following table presents selected financial information about the Company's product lines and reportable segments (in millions):

			Year ended December 31,
Revenue from external customers			2024						2023
Optical Communications
Carrier network			$	2,678					$	2,686
Enterprise network			1,979						1,326
Total Optical Communications			4,657						4,012
Display			3,872						3,532
Specialty Materials
Corning® Gorilla® Glass			1,224						1,136
Advanced optics and other specialty glass			794						729
Total Specialty Materials			2,018						1,865
Automotive
Auto, Glass and Other			1,279						1,250
Diesel			567						643
Total Automotive			1,846						1,893
Life Sciences
Labware			490						487
Cell culture products			489						472
Total Life Sciences			979						959
Hemlock and Emerging Growth Businesses
Polycrystalline Silicon			865						1,014
Other			232						305
Total Hemlock and Emerging Growth Businesses			1,097						1,319
Net sales of reportable segments			13,372						12,261
Net sales of Hemlock and Emerging Growth Businesses			1,097						1,319
Impact of constant currency reporting (1)			(1,309)						(992)
Impairment of upfront fees to a customer (2)			(42)
Consolidated net sales			$	13,118					$	12,588

(1)			This amount primarily represents the impact of foreign currency adjustments in the Display segment.
(2)			Amount represents non-cash charges to write-down upfront payments made to a customer.

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Unaudited Financial Information Recast for Changes in the Segments

(in millions)			Optical Communications						Display						Specialty Materials						Automotive						Life Sciences												Hemlock and Emerging Growth Businesses						Total
For the year ended December 31, 2024
Investment in affiliated   companies, at equity			$	4					$	90					$	15					$	—					$	—											$	181					$	290
Segment assets (1)			$	3,506					$	6,596					$	2,489					$	2,366					$	800											$	1,869					$	17,626
Capital expenditures			$	193					$	256					$	107					$	65					$	15											$	161					$	797
For the year ended December 31, 2023
Investment in affiliated   companies, at equity			$	3					$	105					$	11					$	—					$	3											$	174					$	296
Segment assets (1)			$	3,241					$	7,899					$	2,476					$	2,480					$	782											$	1,700					$	18,578
Capital expenditures			$	176					$	363					$	175					$	79					$	41											$	255					$	1,089

(1)			Segment assets include inventory, accounts receivable, property, plant and equipment, net of accumulated depreciation, and associated equity companies.

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Unaudited Financial Information Recast for Changes in the Segments

The following tables present a reconciliation of net sales of reportable segments to consolidated net sales and net income of reportable segments to consolidated net income (loss) (in millions):

			2024
			Q1						Q2						Q3						Q4						Total
Net sales of reportable segments			$	2,983					$	3,356					$	3,483					$	3,550					$	13,372
Net sales of Hemlock and Emerging Growth Businesses			275						248						250						324						1,097
Impact of constant currency reporting (1)			(283)						(353)						(342)						(331)						(1,309)
Impairment of upfront fees to a customer (2)																					(42)						(42)
Consolidated net sales			$	2,975					$	3,251					$	3,391					$	3,501					$	13,118
Net income of reportable segments			$	436					$	552					$	598					$	616					$	2,202
Net income of Hemlock and Emerging Growth Businesses			17						3						12						10						42
Unallocated amounts (3)			(228)						(433)						(705)						(286)						(1,652)
Net income (loss)			$	225					$	122					$	(95)					$	340					$	592

			2023
			Q1						Q2						Q3						Q4						Total
Net sales of reportable segments			$	3,010					$	3,137					$	3,164					$	2,950					$	12,261
Net sales of Hemlock and Emerging Growth Businesses			357						345						295						322						1,319
Impact of constant currency reporting (1)			(189)						(239)						(286)						(278)						(992)
Consolidated net sales			$	3,178					$	3,243					$	3,173					$	2,994					$	12,588
Net income of reportable segments			$	428					$	481					$	493					$	460					$	1,862
Net income of Hemlock and Emerging Growth Businesses			37						44						16						14						111
Unallocated amounts (3)			(274)						(222)						(327)						(502)						(1,325)
Net income (loss)			$	191					$	303					$	182					$	(28)					$	648

(1)			This amount primarily represents the impact of foreign currency adjustments in the Display segment.
(2)			Amount represents non-cash charges to write-down upfront payments made to a customer.
(3)			Unallocated amounts have been combined into one number in this Exhibit. For reconciliation of all items, refer to Corning’s previously filed quarterly reports on Form 10-Q and annual report on Form 10-K.

The following table presents a reconciliation of total assets of reportable segments to consolidated total assets (in millions):

			December 31,
			2024						2023
Total assets of reportable segments			$	15,757					$	16,878
Total assets of Hemlock and Emerging Growth Businesses			1,869						1,700
Unallocated amounts (1)			10,109						9,922
Total assets			$	27,735					$	28,500

(1)			Unallocated amounts have been combined into one number in this Exhibit. For reconciliation of all items, refer to Corning’s previously filed annual report on Form 10-K.

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