☒ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
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: |
ONE RIVERFRONT PLAZA
CORNING, NY 14831
(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: | |||||||
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 |
Investment Plan for
Unionized Employees
Financial Statements and Supplemental Schedule
December 31, 2024 and 2023
Corning Incorporated Investment Plan for Unionized Employees Index December 31, 2024 and 2023 |
Page (s) | ||||||||
6 | ||||||||
Financial Statements | ||||||||
7 | ||||||||
8 | ||||||||
9-16 | ||||||||
Supplemental Schedule* | ||||||||
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. |
Corning Incorporated Investment Plan for Unionized Employees Statements of Net Assets Available for Benefits December 31, 2024 and 2023 |
2024 | 2023 | |||||||||||||
Assets | ||||||||||||||
Interest in Corning Incorporated | ||||||||||||||
Master Investment Trust at fair value | $ | 446,497 | $ | 406,396 | ||||||||||
Receivables: | ||||||||||||||
Notes receivable from participants | 12,283 | 11,282 | ||||||||||||
Net assets available for benefits | $ | 458,780 | $ | 417,678 |
Corning Incorporated Investment Plan for Unionized Employees Statement of Changes in Net Assets Available for Benefits Year Ended December 31, 2024 |
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 participants | 966 | |||||||
69,099 | ||||||||
Contributions | ||||||||
Employer, net of forfeitures applied | 7,893 | |||||||
Participant | 21,254 | |||||||
29,147 | ||||||||
Total additions | 98,246 | |||||||
Deductions from net assets attributed to: | ||||||||
Benefits paid directly to participants | 56,425 | |||||||
Administrative expenses | 251 | |||||||
Total deductions | 56,676 | |||||||
Net increase | 41,570 | |||||||
Transfers to Corning Incorporated Investment Plan | (468) | |||||||
Net assets available for benefits | ||||||||
Beginning of year | 417,678 | |||||||
End of year | $ | 458,780 |
Corning Incorporated Investment Plan for Unionized Employees Notes to Financial Statements December 31, 2024 and 2023 |
1. | Description of Plan |
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 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 Plan’s assets are held by The Bank of New York Mellon, as trustee (the “Trustee”). The recordkeeper is Empower Retirement, LLC.
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 |
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.
Corning Incorporated Investment Plan for Unionized Employees Notes to Financial Statements December 31, 2024 and 2023 |
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.
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 service | 50 | % | |||
19 but less than 24 years of service | 75 | % | |||
24 or more years of service | 100 | % |
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.
Corning Incorporated Investment Plan for Unionized Employees Notes to Financial Statements December 31, 2024 and 2023 |
(a) | The Corning Common Stock Fund was closed to new money effective July 1, 2009. |
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.
Plan expenses can be paid by the Plan or the Company.
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 |
The accompanying financial statements are prepared on the accrual basis of accounting.
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.
Corning Incorporated Investment Plan for Unionized Employees Notes to Financial Statements December 31, 2024 and 2023 |
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.
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.
Benefits are recorded when paid.
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 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.
Corning Incorporated Investment Plan for Unionized Employees Notes to Financial Statements December 31, 2024 and 2023 |
3. | Investments |
2024 | 2023 | |||||||||||||||||||||||||
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 Funds | 224,827 | 34,038 | 239,250 | 39,059 | ||||||||||||||||||||||
Corning Common Stock | 310,647 | 67,246 | 235,790 | 50,238 | ||||||||||||||||||||||
Preferred Stock | 387 | 387 | 387 | 387 | ||||||||||||||||||||||
4,477,625 | 445,203 | 4,127,673 | 404,938 | |||||||||||||||||||||||
Receivable from Securities Sold, Dividends, and Other | 9,881 | 1,329 | 13,065 | 1,485 | ||||||||||||||||||||||
Accrued Investment Manager Fees | (50) | (35) | (238) | (27) | ||||||||||||||||||||||
$ | 4,487,456 | $ | 446,497 | $ | 4,140,500 | $ | 406,396 |
Master Trust | ||||||||
Net appreciation in fair value of investments | $ | 596,975 | ||||||
Interest and dividends | 19,652 | |||||||
Total investment income | $ | 616,627 |
4. | Fair Value Measurements |
Corning Incorporated Investment Plan for Unionized Employees Notes to Financial Statements December 31, 2024 and 2023 |
Level 1 | Inputs 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 2 | Inputs 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 3 | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
Corning Incorporated Investment Plan for Unionized Employees Notes to Financial Statements December 31, 2024 and 2023 |
Assets at Fair Value as of December 31, 2024 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Assets within the Master Trust: | ||||||||||||||||||||||||||
Short-Term Investment Funds | $ | 224,827 | $ | — | $ | 224,827 | ||||||||||||||||||||
Preferred Stock | $ | 387 | 387 | |||||||||||||||||||||||
Corning Common Stock | 310,647 | 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 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Assets within the Master Trust: | ||||||||||||||||||||||||||
Short-Term Investment Funds | $ | 239,250 | $ | — | $ | 239,250 | ||||||||||||||||||||
Preferred Stock | $ | 387 | 387 | |||||||||||||||||||||||
Corning Common Stock | 235,790 | 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). |
Balance, Beginning of the year | $ | 387 | ||||||
Unrealized gain (loss) | — | |||||||
Balance, End of the year | $ | 387 |
5. | Plan Termination |
Corning Incorporated Investment Plan for Unionized Employees Notes to Financial Statements December 31, 2024 and 2023 |
6. | Tax Status |
7. | Related Parties (in thousands) |
8. | Reconciliation of Financial Statements to Form 5500 (in thousands) |
2024 | 2023 | |||||||||||||
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, 2024 | 129 | |||||||||||||
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 |
Corning Incorporated Investment Plan for Unionized Employees | ||
Schedule of Assets (Held at End of Year) December 31, 2024 |
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% |