In 2015, Corning Incorporated began communicating to theinvestment community about its new Capital Allocation Framework, astrategic plan designed to reduce the cash on the company's balancesheet and increase the returns it was earning on invested capital.Previously, Corning had about $5.5 billion worth of cash on itsbooks worldwide. The Capital Allocation Framework aimed to reducethat by more than half.
"In order to do that, we needed to be able to access all ourcash globally, wherever it was," explains Steve Propper, Corning'svice president and corporate treasurer. "The more fungible our cashis, the more liquidity we have on a global basis."
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Meg Waters
Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.
