Name: ON Semiconductor Corp. (NASDAQ:ON) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

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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ON Semiconductor Corp., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	2,185,600)	1,903,800)	1,011,200)	236,400)	213,900)
Foreign currency translation adjustments	(2,100)	(6,000)	(3,800)	1,800)	100)
Effects of cash flow hedges	(19,900)	23,400)	20,800)	(5,100)	(16,500)
Other comprehensive income (loss), net of tax	(22,000)	17,400)	17,000)	(3,300)	(16,400)
Comprehensive income	2,163,600)	1,921,200)	1,028,200)	233,100)	197,500)
Comprehensive income attributable to non-controlling interest	(1,900)	(1,600)	(1,600)	(2,200)	(2,200)
Comprehensive income attributable to ON Semiconductor Corporation	2,161,700)	1,919,600)	1,026,600)	230,900)	195,300)

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 trajectory from 2019 to 2023 is characterized by an exponential increase in profitability. Net income grew from US$ 213.9 million in 2019 to US$ 2.19 billion in 2023, reflecting a significant acceleration in earnings capacity, particularly between 2020 and 2022.

Net Income and Comprehensive Income Trends: A substantial upward trajectory is evident in both net income and comprehensive income. Net income experienced a sharp increase starting in 2021, rising from US$ 236.4 million in 2020 to US$ 1.01 billion in 2021, and further expanding to US$ 2.19 billion by 2023. Comprehensive income attributable to the corporation mirrors this growth, increasing from US$ 195.3 million in 2019 to US$ 2.16 billion in 2023, indicating a strong correlation between core operational results and overall comprehensive performance.
Other Comprehensive Income (OCI) Analysis: Other comprehensive income, net of tax, exhibits volatility but remains immaterial relative to the scale of net income. The effects of cash flow hedges showed significant swings, moving from losses in 2019 and 2020 to gains in 2021 and 2022, before returning to a loss of US$ 19.9 million in 2023. Foreign currency translation adjustments remained relatively low but shifted from modest gains in 2019 and 2020 to consistent losses between 2021 and 2023.
Non-Controlling Interest and Corporate Attribution: Comprehensive income attributable to non-controlling interests remained marginal and consistently negative throughout the five-year period, fluctuating between US$ -1.6 million and US$ -2.2 million. Consequently, nearly the entirety of the comprehensive income growth is attributable directly to the parent corporation.

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