Corning
Q1 2022 Earnings Call
Apr 26, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the Corning Inc. quarter 2021 earnings call. [Operator instructions] It is my pleasure to introduce you to Ann Nicholson, vice president of investor relations. Please go ahead.
Ann Nicholson -- Vice President of Investor Relations
Thank you, Catherine, and good morning, everybody. Welcome to Corning's first quarter 2022 earnings call. With me today are Wendell Weeks, chairman and chief executive officer; Ed Schlesinger, executive vice president and chief financial officer; and Jeff Evenson, executive vice president and chief strategy officer. I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements involve risks, uncertainties and other factors that could cause actual results to differ materially. These factors are detailed in the company's financial reports. You should also note that we'll be discussing our consolidated results using core performance measures, unless we specifically indicate our comments relate to GAAP data. Our core performance measures are non-GAAP measures used by management to analyze the business.
For the first quarter, the largest differences between our GAAP and core results stem from noncash mark-to-market gains associated with the company's currency hedging contracts and noncash impairment charges. With respect to mark-to-market adjustments, GAAP accounting requires earnings translation hedge contracts and foreign debt settling in future periods to be mark-to-market and recorded at current value at the end of each quarter, even though those contracts will not be settled in the current quarter. For us, this increased GAAP earnings in the first quarter by $138 million. To be clear, this mark-to-market accounting has no impact on our cash flow.
Our currency hedges protect us economically from foreign exchange rate fluctuations and provide higher certainty for our earnings and cash flow, our ability to invest for growth and our future shareholder distributions. Our non-GAAP record results provide additional transparency into operations by using a constant currency rate aligned with the economics of our underlying transactions. We're very pleased with our hedging program and the economic certainty it provides. We've received more than $1.9 billion in cash under our hedge contracts since their inception almost 10 years ago.
A reconciliation of core results to the comparable GAAP value can be found in the investor relations section of our website at corning.com. You may also access core results on our website with downloadable financials in the Interactive Analyst Center. Supporting slides are being shown live on our webcast. We encourage you to follow along.