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.

Moderna Inc., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	(4,714)	8,362)	12,202)	(747)	(514)
Unrealized gains (losses) on available-for-sale debt securities	210)	(348)	(42)	3)	3)
Net realized (gains) losses on available-for-sale securities reclassified to net income (loss)	38)	26)	(1)	(1)	—)
Net increase (decrease) from available-for-sale debt securities	248)	(322)	(43)	1)	3)
Unrealized gains (losses) on derivative instruments	—)	130)	74)	—)	—)
Net realized (gains) losses on derivative instruments reclassified to net income (loss)	8)	(154)	(58)	—)	—)
Net increase (decrease) from derivatives designated as hedging instruments	8)	(24)	16)	—)	—)
Pension and postretirement obligation adjustments	(9)	—)	—)	—)	—)
Pension and postretirement benefit plans	(9)	—)	—)	—)	—)
Other comprehensive income (loss), net of tax	247)	(346)	(27)	1)	3)
Comprehensive income (loss)	(4,467)	8,016)	12,175)	(746)	(511)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The financial data exhibits significant fluctuations in net income (loss) over the five-year period. The company experienced negative net income of -514 million USD in 2019, which further declined to -747 million USD in 2020. This was followed by a sharp reversal to a substantial profit of 12,202 million USD in 2021. However, net income decreased again to 8,362 million USD in 2022 and turned negative at -4,714 million USD in 2023. This pattern indicates volatility in profitability with notable peaks and troughs within the given timeframe.

Unrealized gains (losses) on available-for-sale debt securities: These gains and losses remained relatively small and positive in 2019 and 2020, at 3 million USD each year, followed by a loss of 42 million USD in 2021 and a larger loss of 348 million USD in 2022. In 2023, a recovery is observed with unrealized gains rising to 210 million USD.
Net realized (gains) losses on available-for-sale securities reclassified to net income (loss): The realized losses were minimal from 2019 through 2021, with -0, -1, and -1 million USD respectively, indicating negligible impact. In 2022 and 2023, realized gains increased to 26 million USD and 38 million USD, showing improved outcomes from security sales or reclassifications.
Net increase (decrease) from available-for-sale debt securities: The overall impact from these securities shifted from small increases of 3 and 1 million USD in 2019 and 2020 to more significant decreases of -43 million USD in 2021 and -322 million USD in 2022. A positive swing to 248 million USD occurred in 2023, consistent with the uptick in unrealized gains for that year.
Unrealized gains (losses) on derivative instruments: Data is unavailable for 2019 and 2020. Gains are recorded at 74 million USD in 2021, rising to 130 million USD in 2022, reflecting improved value of derivatives held. No value is reported for 2023.
Net realized (gains) losses on derivative instruments reclassified to net income (loss): There were no reported values in 2019 and 2020. Negative realized gains of -58 million USD and -154 million USD are shown in 2021 and 2022 respectively, indicative of losses when derivatives were settled or reclassified. In 2023, a small gain of 8 million USD is observed.
Net increase (decrease) from derivatives designated as hedging instruments: The values available show a positive change of 16 million USD in 2021, a negative change of -24 million USD in 2022, and a slight positive change of 8 million USD in 2023, demonstrating some variability in hedging effectiveness or market conditions.
Pension and postretirement obligation adjustments: Data is reported only for 2023, with a negative adjustment of -9 million USD, reflecting incremental pension and benefit plan costs or reevaluations impacting comprehensive income.
Pension and postretirement benefit plans: This item matches the above, also showing a negative value of -9 million USD in 2023, confirming its contribution to the overall adjustments in that year.
Other comprehensive income (loss), net of tax: This component follows the trend of available-for-sale securities adjustments, recording small gains of 3 and 1 million USD in 2019 and 2020, losses of -27 and -346 million USD in 2021 and 2022, and a substantial gain of 247 million USD in 2023, consistent with fluctuations in unrealized gains and losses.
Comprehensive income (loss): Comprehensive income aligns closely with net income, showing negative results of -511 million USD and -746 million USD in 2019 and 2020, very strong positive results of 12,175 million USD in 2021, followed by a decline to 8,016 million USD in 2022, and a return to negative comprehensive income of -4,467 million USD in 2023. These figures underscore the high volatility in overall financial performance.

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Moderna Inc. (NASDAQ:MRNA)

Statement of Comprehensive Income