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Corning Inc Ny (GLW) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Corning Inc Ny

CIK: 24741 Ticker: GLW
Exhibit 99


FOR RELEASE –– JANUARY 24, 2017

Corning Reports Fourth-Quarter and Full-Year 2016 Financial Results and Significant Progress on Strategy and Capital Allocation Framework

Record Corning® Gorilla® Glass volume and accelerating Optical Communications growth provide momentum for 2017

CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced results for fourth-quarter and full-year 2016.

News Summary:

·
Fourth-quarter results provided a strong finish to 2016: Q4 GAAP EPS of $1.47, up 765%, and core EPS of $.50, up 47%, year over year; Q4 GAAP and core sales up 11% and 6% respectively, year over year
·
Business segment performance highlights included record Corning® Gorilla® Glass volume, driven by rapid adoption of Gorilla® Glass 5; acceleration of Optical Communications growth; and continued moderation in price declines in Display Technologies
·
Significant progress since introducing the Strategy and Capital Allocation Framework, returning $6 billion to shareholders and advancing focused portfolio initiatives
·
Year-over-year sales, net income, and EPS growth expected in the first quarter of 2017

"Corning delivered outstanding fourth-quarter results, continuing the momentum that began earlier in the year," said Wendell P. Weeks, chairman, chief executive officer and president. "Our very strong finish to the year was highlighted by year-over-year core sales growth of 6%, core earnings growth of 24% and core EPS growth of 47%. We are encouraged by this strength, and expect growth in these year-over-year measures in the first quarter of 2017."

Strategy and Capital Allocation Framework Progress
Corning's Strategy and Capital Allocation Framework outlines the company's 2016-2019 leadership priorities. Under the Framework, Corning plans to deliver more than $12.5 billion to shareholders while investing $10 billion in growth opportunities.

Since the Framework was announced, the company has achieved key milestones including the return of $6 billion to shareholders by increasing the dividend 12.5% and repurchasing 22% of its outstanding shares; and completing the realignment of Dow Corning Corporation, which unlocked tremendous value for shareholders.

"As we enter the second year under our Framework, the strategic and financial benefits of Corning's focused portfolio are even more apparent," said Weeks. "We're particularly pleased to see our market-access platforms continue to evolve as we anticipated. Progress on our initiatives include the rapid adoption rate of Gorilla® Glass 5; new platform wins from major OEMs for gas particulate filters; and customer commitments that support long-term growth opportunities in Optical Communications. The strong response to our cutting-edge glass innovations at the recent Consumer Electronics Show is yet another illustration."
 
© 2017 Corning Incorporated. All Rights Reserved.

The following information was filed by Corning Inc Ny (GLW) on Tuesday, January 24, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Corning Inc Ny's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Quarterly Operating Results (unaudited)
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (details Textual)
Note 1 - Summary Of Significant Accounting Policies (tables)
Note 1 - Summary Of Significant Accounting Policies - Supplemental Disclosure Of Cash Flow Information (details)
Note 1 - Summary Of Significant Accounting Policies - Useful Life Of Equipment (details)
Note 10 - Goodwill And Other Intangible Assets
Note 10 - Goodwill And Other Intangible Assets (details Textual)
Note 10 - Goodwill And Other Intangible Assets (tables)
Note 10 - Goodwill And Other Intangible Assets - Carrying Amount Of Goodwill By Segment (details)
Note 10 - Goodwill And Other Intangible Assets - Other Intangible Assets (details)
Note 11 - Other Assets And Other Liabilities
Note 11 - Other Assets And Other Liabilities (details Textual)
Note 11 - Other Assets And Other Liabilities (tables)
Note 11 - Other Assets And Other Liabilities - Other Assets And Other Liabilities (details)
Note 12 - Debt
Note 12 - Debt (details Textual)
Note 12 - Debt (tables)
Note 12 - Debt - Debt Maturities (details)
Note 12 - Debt - Long-term Debt (details)
Note 12 - Debt - Long-term Debt (details) (parentheticals)
Note 13 - Employee Retirement Plans
Note 13 - Employee Retirement Plans (details Textual)
Note 13 - Employee Retirement Plans (tables)
Note 13 - Employee Retirement Plans - Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets (details)
Note 13 - Employee Retirement Plans - Assumed Health Care Trend Rates (details)
Note 13 - Employee Retirement Plans - Benefit Obligations In Excess Of Fair Value Of Plan Assets (details)
Note 13 - Employee Retirement Plans - Changes In Fair Value Of Level 3 Assets For Defined Benefit Plans (details)
Note 13 - Employee Retirement Plans - Domestic Defined Benefit Plan Assets (details)
Note 13 - Employee Retirement Plans - Effect One-percent-point Change In Assumed Health Care Cost (details)
Note 13 - Employee Retirement Plans - Estimated Future Benefit Payments And Gross Medicare To Be Received (details)
Note 13 - Employee Retirement Plans - International Defined Benefit Plan Assets (details)
Note 13 - Employee Retirement Plans - Net Periodic Benefit Cost Of Postretirement Benefits (details)
Note 13 - Employee Retirement Plans - Net Periodic Benefit Expense (details)
Note 13 - Employee Retirement Plans - Obligations And Funded Status Schedule (details)
Note 13 - Employee Retirement Plans - Postretirement Benefits (details)
Note 13 - Employee Retirement Plans - Weighted-average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost (details)
Note 14 - Commitments, Contingencies, And Guarantees
Note 14 - Commitments, Contingencies, And Guarantees (details Textual)
Note 14 - Commitments, Contingencies, And Guarantees (tables)
Note 14 - Commitments, Contingencies, And Guarantees - Minimum Rental Commitments Under Leases (details)
Note 14 - Commitments, Contingencies, And Guarantees - Obligations (details)
Note 15 - Hedging Activities
Note 15 - Hedging Activities (details Textual)
Note 15 - Hedging Activities (tables)
Note 15 - Hedging Activities - Effect On Consolidated Financial Statements (details)
Note 15 - Hedging Activities - Effect On Consolidated Financial Statements (details)
Note 15 - Hedging Activities - Summary Of Notional Amounts And Respective Fair Values Of Derivative Financial Instruments (details)
Note 16 - Fair Value Measurements
Note 16 - Fair Value Measurements (details Textual)
Note 16 - Fair Value Measurements (tables)
Note 16 - Fair Value Measurements - Major Categories Of Financial Assets And Liabilities Measured On A Recurring Basis (details)
Note 16 - Fair Value Measurements - Other Assets (details)
Note 17 - Shareholders' Equity
Note 17 - Shareholders' Equity (details Textual)
Note 17 - Shareholders' Equity (tables)
Note 17 - Shareholders' Equity - Accumulated Other Comprehensive Income (loss) (details)
Note 17 - Shareholders' Equity - Changes In Capital Stock (details)
Note 17 - Shareholders' Equity - Reclassifications Out Of Accumulated Other Comprehensive Income (aoci) By Component (details)
Note 18 - Earnings Per Common Share
Note 18 - Earnings Per Common Share (tables)
Note 18 - Earnings Per Common Share - Computation Of Basic And Diluted Earnings Per Common Share (details)
Note 19 - Share-based Compensation
Note 19 - Share-based Compensation (details Textual)
Note 19 - Share-based Compensation (tables)
Note 19 - Share-based Compensation - Inputs Used For Valuation Of Option Grants Under Stock Option Plans (details)
Note 19 - Share-based Compensation - Summary Of Information Concerning Stock Options Outstanding Including The Related Transactions Under The Stock Option Plans (details)
Note 19 - Share-based Compensation - Summary Of The Status Of Non-vested Time-based Restricted Stock And Restricted Stock Units (details)
Note 2 - Restructuring, Impairment And Other Charges
Note 2 - Restructuring, Impairment And Other Charges (details Textual)
Note 20 - Reportable Segments
Note 20 - Reportable Segments (details Textual)
Note 20 - Reportable Segments (tables)
Note 20 - Reportable Segments - Information Concerning Principal Geographic Areas (details)
Note 20 - Reportable Segments - Reconciliation Of Reportable Segment Net Assets To Consolidated Net Assets (details)
Note 20 - Reportable Segments - Reconciliation Of Reportable Segment Net Income (loss) To Consolidated Net Income (details)
Note 20 - Reportable Segments - Reportable Segments (details)
Note 20 - Reportable Segments - Selected Financial Information On Product Lines And Reportable Segments (details)
Note 3 - Available-for-sale Investments
Note 3 - Available-for-sale Investments (details Textual)
Note 4 - Significant Customers
Note 4 - Significant Customers (details Textual)
Note 5 - Inventories, Net Of Inventory Reserves
Note 5 - Inventories, Net Of Inventory Reserves (tables)
Note 5 - Inventories, Net Of Inventory Reserves - Inventories, Net (details)
Note 6 - Income Taxes
Note 6 - Income Taxes (details Textual)
Note 6 - Income Taxes (tables)
Note 6 - Income Taxes - Current And Deferred Amounts Of Provision (details)
Note 6 - Income Taxes - Deferred Tax Assets For Loss And Tax Credit Carryforwards (details)
Note 6 - Income Taxes - Income Before Income Taxes (details)
Note 6 - Income Taxes - Net Deferred Tax Assets (details)
Note 6 - Income Taxes - Reconciliation Of The U.s. Statutory Income Tax Rate To Effective Tax Rate (details)
Note 6 - Income Taxes - Reconciliation Of Unrecognized Tax Benefits (details)
Note 6 - Income Taxes - Tax Effects Of Temporary Differences And Carryforwards Of Deferred Tax Assets And Liabilities (details)
Note 7 - Investments
Note 7 - Investments (details Textual)
Note 7 - Investments (tables)
Note 7 - Investments - Amount Of The Asbestos Litigation Liability (details)
Note 7 - Investments - Gain Of Realignment (details)
Note 7 - Investments - Investments (details)
Note 7 - Investments - Results From Operations (details)
Note 8 - Acquisitions
Note 8 - Acquisitions (details Textual)
Note 8 - Acquisitions (tables)
Note 8 - Acquisitions - Fair Value Of Samsung Corning Precision Materials At Acquisition Date (details)
Note 8 - Acquisitions - Fair Value Of Samsung Corning Precision Materials At Acquisition Date (details) (parentheticals)
Note 8 - Acquisitions - Net Gain On Previously Owned Equity (details)
Note 8 - Acquisitions - Net Gain On Previously Owned Equity (details) (parentheticals)
Note 8 - Acquisitions - Recognized Amounts Of Identified Assets Acquired And Liabilities Assumed (details)
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation (details Textual)
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation (tables)
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation - Property, Net (details)
Quarterly Operating Results (unaudited) (tables)
Quarterly Operating Results (unaudited) - Quarterly Operating Results (details)
Schedule Ii - Valuation Accounts And Reserves
Schedule Ii - Valuation Accounts And Reserves (tables)
Schedule Ii - Valuation Accounts And Reserves - Valuation Accounts And Reserves (details)
Significant Accounting Policies (policies)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details Textual)
Ticker: GLW
CIK: 24741
Form Type: 10-K Annual Report
Accession Number: 0000024741-17-000011
Submitted to the SEC: Mon Feb 06 2017 4:27:25 PM EST
Accepted by the SEC: Mon Feb 06 2017
Period: Saturday, December 31, 2016
Industry: Drawing And Insulating Of Nonferrous Wire

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