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.
Micron Technology Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29).
The financial data reveals fluctuating patterns in both net income and comprehensive income over the examined periods. Net income experienced an initial decline from a high point in 2019 to a notably lower figure in 2020, followed by a recovery and peak in 2022 before turning negative in 2023 and rebounding slightly in 2024. Specifically, net income fell from 6,358 million USD in 2019 to 2,710 million USD in 2020, then rose to 8,687 million USD in 2022, plummeted to a loss of 5,833 million USD in 2023, and improved to a modest profit of 778 million USD in 2024.
Gains and losses from derivative instruments were volatile, showing gains and losses across different years without a clear directional trend. After a minor loss in 2019, these gains peaked at 46 million USD in 2020, turned negative in 2021 and 2022, then improved to gains again in 2023 and 2024. This suggests exposure to fluctuating market conditions or hedging practices impacting financial results in different years.
Unrealized gains and losses on investments followed a downward trend through 2022 before recovering somewhat in the last two years. The item dropped from a small gain in 2019 and 2020 to losses in 2021 and 2022, then returned to positive values in 2023 and 2024. This indicates potential market valuation changes or portfolio adjustments influencing investment-related income components.
Pension liability adjustments remained relatively stable with minor fluctuations, generally hovering near zero with slight positive and negative variations. The figures indicate limited impact from pension-related changes on overall financial performance.
Foreign currency translation adjustments were sporadic and mostly minor, with occasional positive or negative amounts and some missing data, indicating currency effects were not a significant driver in the comprehensive income over the majority of periods.
Other comprehensive income, net of tax, exhibited significant volatility, with positive gains in 2020 and 2023 contrasting with notable losses especially in 2022. The pronounced negative impact in 2022 (-562 million USD) contributed heavily to the overall comprehensive income decline that year.
Overall comprehensive income closely mirrored the trends observed in net income, rising and falling in tandem except for the impact of other comprehensive income elements. Comprehensive income attributable to the parent company followed these patterns consistently, with losses reflecting the negative net income period in 2023 and a return to modest positive income in 2024.
- Summary of Key Trends:
- - Net income showed a recovery phase after 2020, peaking in 2022, followed by a sharp loss in 2023 and partial rebound in 2024.
- - Fluctuations in derivative gains/losses and unrealized investment gains indicate sensitivity to market conditions.
- - Pension and currency adjustments had a minimal effect on overall results.
- - Other comprehensive income displayed marked volatility, significantly influencing comprehensive income variations.
- - Comprehensive income followed net income trends closely, confirming the dominant influence of core operating results on overall financial performance.