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    SEC Form 11-K filed by Corning Incorporated

    6/16/25 4:36:29 PM ET
    $GLW
    Telecommunications Equipment
    Industrials
    Get the next $GLW alert in real time by email
    11-K 1 a11kup.htm 11-K Document

     
     
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D. C. 20549
     
     
     
    FORM 11-K
     
     
     ☒ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For fiscal year ended December 31, 2024
     
     ☐TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For the transition period from ___________ to _____________
     
     
    Commission File number 1-3247
     
     A.Full title of the plan and the address of the plan, if different from that of the issuer named below:
     
     
    THE CORNING INCORPORATED
    INVESTMENT PLAN FOR UNIONIZED EMPLOYEES
     
     B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
     
    CORNING INCORPORATED
    ONE RIVERFRONT PLAZA
    CORNING, NY 14831
     

    1


     
     
    Documents filed as part of this report:
     
     
     (a)Index to financial statements filed as part of this report:
       
      
    The Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023, the Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024 and supplementary information, together with the report of the Independent Registered Public Accounting Firm dated June 16, 2025. The required financial statement schedules, if any, are included in the supplementary information referred to above and should be read in conjunction with the above financial statements.
       
     (b)Exhibit:
       
      
    Exhibit 23 – The consent of Insero & Co. CPAs, LLP
     

     
    2


    SIGNATURES
     
    Pursuant to the requirements of the Securities Exchange Act of 1934, Corning Incorporated Benefits Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized.
     
     
     
       
      THE CORNING INCORPORATED
      INVESTMENT PLAN FOR
      UNIONIZED EMPLOYEES
       
       
       
    Date: June 16, 2025
    By /s/DAVID N. SUCHSLAND
      David N. Suchsland
      Chair
      Corning Incorporated Benefits Committee
     

     
    3


     
     
     
     
     
     
     
     
     
    Corning Incorporated
    Investment Plan for
    Unionized Employees
    Financial Statements and Supplemental Schedule
    December 31, 2024 and 2023
     
     
     
     
     
     

    4


     
     
    Corning Incorporated Investment
    Plan for Unionized Employees
    Index
    December 31, 2024 and 2023
     
     
    Page (s)
     
       
    Report of Independent Registered Public Accounting Firm
    6 
       
    Financial Statements  
       
    Statements of Net Assets Available for Benefits
    7 
       
    Statement of Changes in Net Assets Available for Benefits
    8 
       
    Notes to Financial Statements
    9-16 
       
    Supplemental Schedule*  
       
    Schedule of Assets (Held at End of Year)
    17 
     
    *Other schedules required by Section 2520.103-10 of the United States Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

     
    5


    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     
    To the Corning Incorporated Benefits Committee and
    the Participants of the Corning Incorporated Investment Plan for Unionized Employees
     
    Opinion on the Financial Statements
    We have audited the accompanying statements of net assets available for benefits of Corning Incorporated Investment Plan for Unionized Employees (the Plan) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024 and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
     
    Basis for Opinion
    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
     
    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan has determined it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
     
    Supplemental Information
    The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.
     
    Respectively submitted,
     
     
    /s/ Insero & Co. CPAs, LLP
    Certified Public Accountants
     
    We have served as the Plan’s auditor since 2005.
     
    Rochester, New York
    June 16, 2025
     
     

    6


     
     
    Corning Incorporated Investment
    Plan for Unionized Employees
    Statements of Net Assets Available for Benefits
    December 31, 2024 and 2023
     
    (in thousands)
     
    20242023
    Assets
    Interest in Corning Incorporated
    Master Investment Trust at fair value$446,497 $406,396 
    Receivables:
    Notes receivable from participants12,283 11,282 
    Net assets available for benefits$458,780 $417,678 
     
    The accompanying notes are an integral part of these financial statements.
     
    7


     
    Corning Incorporated Investment
    Plan for Unionized Employees
    Statement of Changes in Net Assets Available for Benefits
    Year Ended December 31, 2024
     
    (in thousands)
     
    Additions to net assets attributed to:
    Investment income
    Plan's interest in the Corning Incorporated Master Investment Trust investment income$68,133 
    Interest income from notes receivable from participants966 
    69,099 
    Contributions
    Employer, net of forfeitures applied7,893 
    Participant21,254 
    29,147 
    Total additions98,246 
    Deductions from net assets attributed to:
    Benefits paid directly to participants56,425 
    Administrative expenses251 
    Total deductions56,676 
    Net increase41,570 
    Transfers to Corning Incorporated Investment Plan (468)
    Net assets available for benefits
    Beginning of year417,678 
    End of year$458,780 
     
    The accompanying notes are an integral part of these financial statements.

    8



    Corning Incorporated Investment
    Plan for Unionized Employees
    Notes to Financial Statements
    December 31, 2024 and 2023

    1.Description of Plan
     
    General
    The following brief description of the Corning Incorporated Investment Plan for Unionized Employees (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document and summary plan description for a more complete description of the Plan’s provisions.
     
    The Plan is a defined contribution profit-sharing plan established in January 1984 and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
     
    Administration
    The Plan is administered by the Corning Incorporated Benefits Committee (the “Benefits Committee”), which is appointed by either the Senior Vice President of Global Compensation and Benefits or the Senior Vice President of Human Resources of Corning Incorporated (the “Company”). Except for matters relating to the Plan’s investment options, the Benefits Committee administers the Plan in accordance with its terms and applicable laws and has all necessary and appropriate powers to carry out the provisions of the Plan.
     
    The Investment Committee, appointed by the Chief Financial Officer, is generally responsible for the investment options under the Plan.
     
    Trustee and Recordkeeper
    The Plan’s assets are held by The Bank of New York Mellon, as trustee (the “Trustee”). The recordkeeper is Empower Retirement, LLC.
     
    Eligibility
    The Plan covers union represented employees of participating unions which contract with the Company. An employee is eligible for participation in the Plan upon reaching the age of 18 and completing one year of eligible service. Notwithstanding the foregoing, an employee who has attained age 18 and is scheduled on a normal basis to work at least 16 hours a week shall be immediately eligible. As of December 31, 2024, the union employees at the following locations participated in the Plan:
     
    Blacksburg, Virginia Harrodsburg, Kentucky
       
    Canton, New York Oneonta, New York
       
    Corning Valley, New York Wilmington, North Carolina
       
    Erwin, New York Vineland, New Jersey
     
    Participant Accounts
    Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s contribution and (b) Plan earnings, and charged for withdrawals and administrative expenses. Trustee and investment management fees are deducted from the earnings credited to participants’ accounts. A flat monthly fee is charged to each participant’s account to defray certain administrative expenses of the Plan and is determined by the Plan administrator. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested balance.

    9


      
    Corning Incorporated Investment
    Plan for Unionized Employees
    Notes to Financial Statements
    December 31, 2024 and 2023
     
    Vesting
    Participants are vested immediately in their contributions plus actual earnings thereon. Company contributions to the Plan are fully vested after three years of service. All Company contributions become fully vested upon attainment of Early or Normal Retirement Age, total and permanent disability, or death.
     
    Contributions – Employer
    The Company makes matching contributions as a percentage of a participant’s first 5% of eligible pay contributed according to years of service as of December 31 of the prior year as follows:
     
    Less than 19 years of service50 %
      
    19 but less than 24 years of service75 %
      
    24 or more years of service100 %
     
    With respect to all employees eligible to participate in the Plan, each employee who has nine or more years of vesting service as of the preceding December 31, irrespective of whether such employee has elected to contribute to the Plan, the Company contributes weekly or monthly (based on employee’s pay frequency) a supplemental contribution to the Plan equal to 1.175% of such employee’s eligible compensation.
     
    Forfeiture balances of terminated participants’ non-vested accounts are used to reduce future employer contributions to the Plan.
     
    Contributions – Participants
    Generally, participants may contribute up to 75% of their eligible compensation to the Plan on a before-tax basis, after-tax basis or any combination of the two. Effective January 1, 2024, participants may also include contributions on a Roth basis, subject to the 75% limit from any combination of the three contribution bases.
     
    The maximum amount a participant could contribute in total to the Plan on a before-tax basis or Roth basis in 2024 was $23,000. The Plan permits employees who have attained age 50 or older during a given year to contribute additional before-tax or Roth amounts up to the prescribed Internal Revenue Code (“IRC”) limitation for “catch-up contributions.”
     
    The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan or they make an affirmative election to contribute to the Plan. Automatically enrolled participants have their before-tax deferral rate set at 6% of eligible compensation. New employees have 90 days in which to change or opt-out of this provision before deferrals begin.
     
    Such auto-enrolled new employee shall have their before-tax contribution automatically increased annually in 1% increments until the employee’s contribution percentage reaches 10% of eligible compensation, provided the employee has not elected to opt-out of the automatic increase feature.

    10


      
    Corning Incorporated Investment
    Plan for Unionized Employees
    Notes to Financial Statements
    December 31, 2024 and 2023
     
    Participants may elect to have their contributions invested in the investment options listed below:
     
    Vanguard Federal Money Market Fund
    Vanguard Total Bond Market Index Trust
    Vanguard Total Stock Market Index Trust
    Vanguard Total International Stock Market Index Trust
    Vanguard Target Retirement 2070 Trust Select
    Vanguard Target Retirement 2065 Trust Select
    Vanguard Target Retirement 2060 Trust Select
    Vanguard Target Retirement 2055 Trust Select
    Vanguard Target Retirement 2050 Trust Select
    Vanguard Target Retirement 2045 Trust Select
    Vanguard Target Retirement 2040 Trust Select
    Vanguard Target Retirement 2035 Trust Select
    Vanguard Target Retirement 2030 Trust Select
    Vanguard Target Retirement 2025 Trust Select
    Vanguard Target Retirement 2020 Trust Select
    Vanguard Target Retirement Income Trust Select
    Corning Common Stock Fund (a)
     
     (a)The Corning Common Stock Fund was closed to new money effective July 1, 2009.
     
    Payment of Benefits
    Benefit payments are made upon retirement (i.e., at least age 55 with five years of service), or in the event of a participant’s total and permanent disability, death or other termination of employment. A retired participant can elect to receive distributions in a lump sum, installments, or intermittent withdrawals. The Plan also provides for withdrawals by participants prior to termination in certain instances.
     
    Administrative Expenses
    Plan expenses can be paid by the Plan or the Company.
     
    Notes Receivable from Participants
    Participants are eligible to obtain loans from the Plan. Loans are limited to one loan per participant with a repayment term not to exceed 4.5 years, except for primary residence loans for which the term may not exceed ten years. The maximum amount of any loan is the lesser of one-half of the vested account balance or $50,000. The interest rate on a loan is established by the Benefits Committee. Participants are charged a fee on all loans, which reduces the loan proceeds. 
     
    2.Summary of Significant Accounting Policies
     
    Basis of Accounting
    The accompanying financial statements are prepared on the accrual basis of accounting.

    Use of Estimates
    The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods could differ from those estimates.
    11


      
    Corning Incorporated Investment
    Plan for Unionized Employees
    Notes to Financial Statements
    December 31, 2024 and 2023
     
    Basis of Allocation from the Corning Incorporated Master Investment Trust
    The Plan has a specific interest in the Corning Incorporated Master Investment Trust (the “Master Trust”) in which another plan sponsored by the Company also participates. The Plan’s specific interest in the Master Trust is credited or charged for contributions, transfers, and benefit payments relating to its participants. Realized gains and losses and changes in net unrealized appreciation or depreciation on investments, income (loss) from investments and expenses reflect the Plan’s specific interest in the Master Trust.
     
    Valuation of Master Trust Investments
    Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability at the measurement date. See Note 4 for further discussion of fair value measurements.
     
    Interest is accrued by the Master Trust as earned, and dividends are recorded on the ex-dividend date.
     
    Purchases and sales of securities are recorded by the Master Trust on a trade-date basis. Realized gains and losses for security transactions are reported using the average cost method. Unrealized gains and losses represent the difference between the cost and fair value of securities. Net appreciation/depreciation includes unrealized and realized gains and losses on investments bought and sold as well as held during the year.
     
    Payment of Benefits
    Benefits are recorded when paid.
     
    New Accounting Standards
    There were no new accounting standards adopted during the year ended December 31, 2024 that materially impacted the Plan's disclosures.
     
    Risks and Uncertainties
    The Plan’s investments are exposed to various risks, such as changes in interest rates, credit risks and market returns. Market risks include global events which could impact the value of investment securities, such as a pandemic or international conflict. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of these investments, it is at least reasonably possible that changes in valuations in the near term would materially affect participants’ account balances and the amounts of such investments reported in the Plan’s financial statements.
     
    Notes Receivable from Participants
    Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.

    12


      
    Corning Incorporated Investment
    Plan for Unionized Employees
    Notes to Financial Statements
    December 31, 2024 and 2023
     
    3.Investments
     
    The following presents the Master Trust’s investments and the Plan's interest in Master Trust, at fair value, at December 31 (in thousands):
     
    20242023
    Master
    Trust
    Balance
    Plan's
    Interest in
    Master Trust
    Balance
    Master
    Trust
    Balance
    Plan's
    Interest in
    Master Trust
    Balance
    Collective Trust Funds$3,941,764 $343,532 $3,652,246 $315,254 
    Short-Term Investment Funds224,827 34,038 239,250 39,059 
    Corning Common Stock310,647 67,246 235,790 50,238 
    Preferred Stock387 387 387 387 
    4,477,625 445,203 4,127,673 404,938 
    Receivable from Securities Sold, Dividends, and Other9,881 1,329 13,065 1,485 
    Accrued Investment Manager Fees(50)(35)(238)(27)
    $4,487,456 $446,497 $4,140,500 $406,396 
     
    Investment income of the Master Trust for the year ended December 31, 2024 is as follows (in thousands):
     
     Master Trust
    Net appreciation in fair value of investments$596,975 
    Interest and dividends19,652 
    Total investment income$616,627 
     
    4.Fair Value Measurements
     
    The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement and Disclosure (“ASC 820”) defines the fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Plan considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.


    13


      
    Corning Incorporated Investment
    Plan for Unionized Employees
    Notes to Financial Statements
    December 31, 2024 and 2023
     
    ASC 820 also establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
     
     Level 1Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
       
     Level 2Inputs to the valuation methodology include:
     ●Quoted prices for similar assets or liabilities in active markets;
     ●Quoted prices for identical or similar assets or liabilities in inactive markets;
     ●Inputs other than quoted prices that are observable for the asset or liability; and
     ●Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
      If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
       
     Level 3Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
     
    The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs.
     
    Following is a description of the valuation methodologies used for assets measured at fair value. There were no changes in the methodologies used at December 31, 2024 and 2023.
     
    Corning common stock and short-term investment funds: Valued at the closing price reported on the active market on which the individual securities are published.
     
    Collective trust funds: Valued at the net asset value (“NAV”) of shares held by the Master trust at year end. The NAV is used as a practical expedient to estimate fair value. The NAV is obtained from information provided by the investment advisor and represents the fair value of the underlying investments.
     
    Preferred stock: Valued at a fixed price as per information received from investment managers.
     
    While the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

    14


      
    Corning Incorporated Investment
    Plan for Unionized Employees
    Notes to Financial Statements
    December 31, 2024 and 2023
     
    The following tables set forth by level, within the fair value hierarchy, the Master Trust’s assets at fair value as of December 31, 2024 and 2023 (in thousands): 
    Assets at Fair Value as of December 31, 2024
    Level 1Level 2Level 3Total
    Assets within the Master Trust:
    Short-Term Investment Funds$224,827 $— $224,827 
    Preferred Stock$387 387 
    Corning Common Stock310,647 310,647 
    Total Investments$535,474 $— $387 $535,861 
    Investments Measured at Net Asset Value (a)3,941,764 
       Total Investment at Fair Value$4,477,625 
     
    Assets at Fair Value as of December 31, 2023
    Level 1Level 2Level 3Total
    Assets within the Master Trust:
    Short-Term Investment Funds$239,250 $— $239,250 
    Preferred Stock$387 387 
    Corning Common Stock235,790 235,790 
    Total Investments$475,040 $— $387 $475,427 
    Investments Measured at Net Asset Value (a)3,652,246 
       Total Investment at Fair Value$4,127,673 
     
     (a)In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts included in the Corning Master Trust Fund (Note 3).
     
    The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 investments for the year ended December 31, 2024 (in thousands):
     
    Balance, Beginning of the year$387 
    Unrealized gain (loss)— 
    Balance, End of the year$387 
     
    5.Plan Termination
     
    Although the Company has not expressed any intent to do so, it has the right to terminate the Plan subject to the provisions of ERISA and the IRC. In the event of Plan termination, all amounts credited to participants’ accounts will become 100% vested and will be distributed to participants in accordance with Plan provisions.
    15


      
    Corning Incorporated Investment
    Plan for Unionized Employees
    Notes to Financial Statements
    December 31, 2024 and 2023
     
    6.Tax Status
    The Plan received a favorable determination letter dated September 6, 2017 from the Internal Revenue Service (“IRS”) indicating that it meets the requirements of Section 401(a) and 501(a) of the IRC and has qualified status as an employee retirement plan. The Plan has been amended since receiving the determination letter. The Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable provisions of the IRC.
     
    Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. A Voluntary Correction Procedure (“VCP”) was filed in July 2021 related to certain distributions made from the Plan. Effective November 26, 2024, these matters are resolved and the Company entered into a closing agreement with the IRS. There was no impact to the Plan.
     
    7.Related Parties (in thousands)
    Certain investments in the Master Trust are shares of the money market account managed by the Trustee. Transactions with this investment qualify as party-in-interest transactions. Notes receivable from participants also qualify as party-in-interest transactions.
     
    The Master Trust held common stock issued by the Company of $310,647 and $235,790 as of December 31, 2024 and 2023, respectively.
     
    8.Reconciliation of Financial Statements to Form 5500 (in thousands)
    The following is a reconciliation of the financial statements as of and for the year ended December 31, 2024 to the Form 5500:
     
    20242023
    Net assets available for benefits per the financial statements$458,780 $417,678 
    Amounts allocated to withdrawing participants(129)(73)
    Net assets available for benefits per the Form 5500$458,651 $417,605 
    Benefits paid directly to participants per the financial statements$56,425 
    Add: Amounts allocated to withdrawing participants at December 31, 2024129 
    Less: Amounts allocated to withdrawing participants at December 31, 2023(73)
    Benefits paid to participants per the Form 5500$56,481 
    Net increase in net assets available for benefits per the financial statements$41,570 
    Change in amounts allocated to withdrawing participants(56)
    Net income per the Form 5500$41,514 

    16


     
    Corning Incorporated Investment
    Plan for Unionized Employees
    Schedule of Assets (Held at End of Year)
    December 31, 2024 
     
    (in thousands)
     
    Identity of Issuer,
     
    Description of Investment Including
      
    Borrower, Lessor or
     
    Maturity Date, Rate of Interest,
     Current
    Similar Party
     
    Collateral, Par, or Maturity Value
     Value
          
       
    Maturity dates ranging from 2025 through
      
    *Participant loans 
    2034 and interest rates ranging from
     $12,283
       
    4.25% - 9.50%
      
     
    * Denotes party-in-interest
     

    17
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    • SEC Form SD filed by Corning Incorporated

      SD - CORNING INC /NY (0000024741) (Filer)

      5/30/25 4:06:41 PM ET
      $GLW
      Telecommunications Equipment
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    $GLW
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    • Corning Collaborates with Broadcom To Accelerate AI Data Center Processing Capacity

      Corning will supply optical components for Broadcom's Bailly co-packaged optics technology Corning Incorporated (NYSE:GLW), a world leader in glass science and optical physics, today announced a collaboration with Broadcom Incorporated (NASDAQ:AVGO), a leading supplier in the semiconductor field, on a co-packaged optics (CPO) infrastructure that will significantly increase processing capacity within data centers. Corning will supply cutting-edge optical components for Broadcom's Bailly CPO system, the industry's first CPO-based 51.2 terabit per second (TBps) ethernet switch. This combination will deliver significant improvements in optical interconnection density and power savings, making

      5/13/25 8:31:00 AM ET
      $AVGO
      $GLW
      Semiconductors
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    • Samsung Galaxy S25 Edge Features New Corning® Gorilla® Glass Ceramic 2 for Enhanced Durability

      With Corning's leading-edge manufacturing technology, Corning® Gorilla® Glass Ceramic 2 offers engineered resilience on Galaxy S25 Edge, the slimmest Galaxy S series yet. Corning Incorporated (NYSE:GLW) and Samsung Electronics Co., Ltd. today announced that the upcoming Galaxy S25 Edge will feature Corning® Gorilla® Glass Ceramic 21, a new glass ceramic offering that delivers advanced protection in a new, remarkably thin device form factor. Driven by a shared vision to push the boundaries of mobile engineering, Samsung and Corning joined forces to ensure the premium S series experience balances elegance with resilience. This press release features multimedia. View the full release here: ht

      5/9/25 8:01:00 AM ET
      $GLW
      Telecommunications Equipment
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    • Corning Announces Quarterly Dividend

      Corning Incorporated's (NYSE:GLW) Board of Directors today declared a quarterly dividend of $0.28 per share. The dividend will be payable on June 27, 2025, to shareholders of record on May 30, 2025. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250430926457/en/ Caution Concerning Forward-Looking Statements The statements contained in this release and related comments by management that are not historical facts or information and contain words such as "will," "believe," "anticipate," "expect," "intend," "plan," "seek," "see," "would," "target," "estimate," "forecast" or similar expressions are forward-looking statements. These fo

      5/1/25 11:50:00 AM ET
      $GLW
      Telecommunications Equipment
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    $GLW
    Insider Trading

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    • SVP Emerging Innovations Group Verkleeren Ronald L sold $1,010,406 worth of shares (20,000 units at $50.52), decreasing direct ownership by 27% to 54,288 units (SEC Form 4)

      4 - CORNING INC /NY (0000024741) (Issuer)

      6/12/25 4:18:32 PM ET
      $GLW
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    • President and COO Musser Eric S sold $1,022,284 worth of shares (20,000 units at $51.11), decreasing direct ownership by 10% to 183,130 units (SEC Form 4)

      4 - CORNING INC /NY (0000024741) (Issuer)

      6/10/25 4:08:27 PM ET
      $GLW
      Telecommunications Equipment
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    • Exec. Vice President and CFO Schlesinger Edward A sold $222,534 worth of shares (4,464 units at $49.85), decreasing direct ownership by 5% to 92,398 units (SEC Form 4)

      4 - CORNING INC /NY (0000024741) (Issuer)

      6/4/25 4:01:18 PM ET
      $GLW
      Telecommunications Equipment
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    $GLW
    Analyst Ratings

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    • Corning upgraded by HSBC Securities with a new price target

      HSBC Securities upgraded Corning from Hold to Buy and set a new price target of $60.00 from $51.00 previously

      1/30/25 7:10:50 AM ET
      $GLW
      Telecommunications Equipment
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    • Corning upgraded by Mizuho with a new price target

      Mizuho upgraded Corning from Neutral to Outperform and set a new price target of $47.00 from $44.00 previously

      8/21/24 7:31:07 AM ET
      $GLW
      Telecommunications Equipment
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    • Corning upgraded by Deutsche Bank with a new price target

      Deutsche Bank upgraded Corning from Hold to Buy and set a new price target of $46.00

      7/31/24 6:27:23 AM ET
      $GLW
      Telecommunications Equipment
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    $GLW
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    • Corning Appoints Thomas D. French to Its Board of Directors

      CORNING, N.Y., June 20, 2023 (GLOBE NEWSWIRE) -- Corning Incorporated's (NYSE:GLW) Board of Directors today announced that Thomas D. French, former senior partner and current senior partner emeritus with McKinsey & Company, has been appointed to Corning's Board of Directors, effective June 20, 2023. "Tom brings unique industry knowledge and expertise across technology-driven companies and in Corning's key markets," said Wendell P. Weeks, chairman and chief executive officer. "He will be an excellent asset to our diverse, accomplished, and engaged Board of Directors." Mr. French will serve on the board's Audit Committee as well as its Corporate Responsibility and Sustainability Committee.

      6/20/23 4:08:20 PM ET
      $GLW
      Telecommunications Equipment
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    • Corning Appoints Edward Schlesinger Chief Financial Officer

      CORNING, N.Y., Dec. 09, 2021 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE:GLW) today announced the appointment of Edward Schlesinger to executive vice president and chief financial officer, effective Feb. 18, 2022. Schlesinger will report to Wendell Weeks, chairman and chief executive officer, and will succeed retiring CFO Tony Tripeny, whose important contributions throughout his career have made Corning a stronger company. Schlesinger, age 54, will oversee Finance and Investor Relations. His transition reflects a broader plan to develop top talent across Corning globally, best positioning the company to capture an attractive set of long-term opportunities and deliver ongoing value to

      12/9/21 8:30:00 AM ET
      $GLW
      Telecommunications Equipment
      Industrials
    • Corning Appoints Pamela J. Craig to its Board of Directors

      CORNING, N.Y., June 29, 2021 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE:GLW) today announced that Pamela J. Craig, former chief financial officer of Accenture plc, has been appointed to Corning's Board of Directors, effective June 29, 2021. "Pamela is an accomplished business leader who brings great financial and operational expertise to Corning," said Wendell P. Weeks, chairman and chief executive officer. "She will provide valuable perspective as we continue advancing category-defining innovations that transform industries and improve lives." Ms. Craig will serve on the board's Corporate Responsibility and Sustainability Committee as well as its Audit Committee. She will hold offic

      6/29/21 4:15:00 PM ET
      $GLW
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    $GLW
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    • Corning Announces Quarterly Dividend

      Corning Incorporated's (NYSE:GLW) Board of Directors today declared a quarterly dividend of $0.28 per share. The dividend will be payable on June 27, 2025, to shareholders of record on May 30, 2025. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250430926457/en/ Caution Concerning Forward-Looking Statements The statements contained in this release and related comments by management that are not historical facts or information and contain words such as "will," "believe," "anticipate," "expect," "intend," "plan," "seek," "see," "would," "target," "estimate," "forecast" or similar expressions are forward-looking statements. These fo

      5/1/25 11:50:00 AM ET
      $GLW
      Telecommunications Equipment
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    • Corning President and Chief Operating Officer Eric Musser to Retire; Company Announces Strategic Senior Leadership Promotions

      Company recognizes Musser for 39 years of dedicated service and lasting impact Board of Directors elects Hal Nelson chief operating officer, Lewis Steverson vice chairman, John Zhang chief corporate development officer Senior Leadership Team will help deliver company's Springboard plan and advance long-term value creation and growth strategy Corning Incorporated (NYSE:GLW) today announced that Eric S. Musser, president and chief operating officer, will retire later this year after 39 years of exceptional service across the company. Musser will continue in his current role until his retirement. This press release features multimedia. View the full release here: https://www.businesswire.co

      5/1/25 9:48:00 AM ET
      $GLW
      Telecommunications Equipment
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    • Corning Announces Strong First-Quarter 2025 Financial Results(1) and Reiterates Confidence in Springboard Plan

      Q1 results exceeded guidance, with core sales up 13% year over year to $3.7 billion and core EPS up 42% year over year to $0.54; core operating margin expanded 250 basis points year over year to 18% Enterprise sales grew 106% on continued strong demand for new products for Gen AI, showing strong progress on 2023-2027 30% sales CAGR Company is accelerating ramp of its U.S. advanced manufacturing assets to meet strong demand for U.S.-made solar products For the second quarter, management expects continued strong year-over-year growth, with core sales of approximately $3.85 billion, and core EPS again growing significantly faster than sales to a range of $0.55 to $0.59 (1) First-quarter GA

      4/29/25 7:10:00 AM ET
      $GLW
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    $GLW
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Corning Incorporated

      SC 13G/A - CORNING INC /NY (0000024741) (Subject)

      11/22/24 6:06:27 AM ET
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    • Amendment: SEC Form SC 13G/A filed by Corning Incorporated

      SC 13G/A - CORNING INC /NY (0000024741) (Subject)

      8/12/24 6:01:50 AM ET
      $GLW
      Telecommunications Equipment
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    • SEC Form SC 13G/A filed by Corning Incorporated (Amendment)

      SC 13G/A - CORNING INC /NY (0000024741) (Subject)

      2/13/24 5:02:29 PM ET
      $GLW
      Telecommunications Equipment
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