Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The financial data reveals a declining trend in net income over the four-year period, culminating in a loss in the most recent year. The net income amounted to 6,328 million US dollars in 2021, decreased to 4,936 million in 2022, further declined to 2,419 million in 2023, and turned negative at -714 million in 2024. This indicates a significant deterioration in profitability.
The comprehensive income follows the same pattern as net income, given the minimal adjustments for other comprehensive income. Notably, the reclassification of losses on settled derivative instruments and other comprehensive income net of income tax were recorded only in 2021 in small amounts (3 million US dollars each) and are absent in subsequent years. This suggests that these items did not materially impact the overall comprehensive income during the later periods.
The sharp drop from a positive net income in 2023 to a loss in 2024 is particularly noteworthy, indicating potential challenges the company faced in the most recent year. The continuous decrease over the years highlights a need for attention to underlying operational, market, or financial factors impacting profitability.