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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KLA Corp., consolidated statement of comprehensive income
US$ in thousands
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
The financial data reveals several notable trends over the review periods, demonstrating fluctuations in net income, comprehensive income, and components of other comprehensive income.
- Net Income
- Net income showed a general upward trend from June 30, 2019, reaching a peak in June 30, 2023, followed by a decline in the period ending June 30, 2024. Starting at approximately 1.18 billion USD in 2019, net income increased steadily, more than doubling by 2022 to around 3.32 billion USD, with a slight increase to 3.39 billion USD in 2023, before dropping to approximately 2.76 billion USD in 2024.
- Cumulative Currency Translation Adjustments
- This item fluctuated throughout the periods, with negative values predominantly observed in the later years, reaching a low of -22.3 million USD in 2023 and slightly recovering to -11.8 million USD in 2024, indicating ongoing exposure to currency translation risks affecting equity.
- Income Tax (Provision) Benefit Related to Currency Translation Adjustments
- The tax impact related to currency translation adjustments varied, showing small values near zero in earlier years, but more pronounced fluctuations occurred in the middle years, including a negative figure of -842 thousand USD in 2021 and a high of 4.6 million USD in 2022, then declining sharply afterward.
- Net Change Related to Cash Flow Hedges
- The net changes linked to cash flow hedges revealed considerable volatility, with significant negative amounts in 2019 and 2020, followed by a substantial positive spike in 2022 exceeding 76 million USD. However, this positive movement reversed to a relatively minor positive value in 2023 and then back to a negative figure of approximately -13.7 million USD in 2024, reflecting fluctuating effectiveness or market conditions of hedging activities.
- Net Unrealized Gains and Losses
- The unrealized gains and losses exhibit significant swings. For the period ending June 30, 2022, a considerable positive gain of over 104 million USD was recorded, contrasting with prior negative values in 2019 and 2020. Subsequent years show diminishing gains, indicating variability in market valuations or asset valuations over time.
- Other Comprehensive Income (Loss)
- Other comprehensive income experienced marked variability, ranging from negative values in 2019 and 2020, peaking positively at nearly 48 million USD in 2022, and then turning negative again in the final two periods, with -8.9 million USD in 2023 and -12.7 million USD in 2024. This indicates substantial swings in items not included in net income but affecting overall equity.
- Comprehensive Income
- Comprehensive income closely tracks the trend in net income, increasing from approximately 1.17 billion USD in 2019 to a peak of nearly 3.38 billion USD in 2023. This figure decreased to roughly 2.75 billion USD in 2024. The attribution to the company's owners follows the same pattern with minimal impact from non-controlling interests, which are relatively small in scale.
Overall, the company experienced strong growth in net and comprehensive income through 2022 and 2023, supported by favorable unrealized gains and positive operating results. However, the downward adjustment in net income and comprehensive income in 2024 suggests emerging challenges potentially related to market conditions, currency effects, or other comprehensive income components such as cash flow hedges. Volatility in currency translation adjustments and other comprehensive income items indicates exposure to foreign currency and market risks that impacted equity fluctuations during the periods analyzed.