Name: Altria Group Inc. (NYSE:MO) | 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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Altria Group 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 earnings (losses)	8,130)	5,764)	2,475)	4,454)	(1,298)
Benefit plans	(57)	176)	808)	(228)	(24)
ABI	174)	143)	426)	(1,245)	(319)
Currency translation adjustments and other	(19)	(34)	51)	(4)	26)
Other comprehensive earnings (losses), net of deferred income taxes	98)	285)	1,285)	(1,477)	(317)
Comprehensive earnings (losses)	8,228)	6,049)	3,760)	2,977)	(1,615)
Comprehensive losses attributable to noncontrolling interests	—)	—)	—)	13)	5)
Comprehensive earnings (losses) attributable to Altria	8,228)	6,049)	3,760)	2,990)	(1,610)

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).

Comprehensive earnings exhibit a strong and consistent upward trajectory over the five-year period ending December 31, 2023. After a comprehensive loss of US$ 1,615 million in 2019, the figure transitioned to a positive balance and grew steadily each subsequent year, reaching US$ 8,228 million by the end of 2023.

Net Earnings Trends: A significant recovery in net earnings is observed, moving from a net loss of US$ 1,298 million in 2019 to a peak of US$ 8,130 million in 2023. Although a moderate contraction occurred in 2021, where earnings fell to US$ 2,475 million from the previous year's US$ 4,454 million, the growth accelerated sharply in 2022 and 2023.
Other Comprehensive Income (OCI) Components: The components of other comprehensive earnings demonstrate high volatility. Benefit plans shifted from a loss of US$ 228 million in 2020 to a gain of US$ 808 million in 2021, before returning to a loss of US$ 57 million in 2023. Similarly, ABI figures recorded a substantial loss of US$ 1,245 million in 2020 but shifted to positive territory from 2021 through 2023. Currency translation adjustments remained relatively immaterial, fluctuating between modest gains and losses.
Comprehensive Earnings Attribution: The vast majority of comprehensive earnings are attributable directly to Altria. Noncontrolling interests had a negligible impact, with small losses recorded in 2019 and 2020, and no reported impact in the final three years of the period. Consequently, comprehensive earnings attributable to Altria almost mirror the total comprehensive earnings, reflecting a concentrated equity interest in the generated value.
Overall Financial Momentum: The data indicates a shift from a period of instability and losses in 2019-2020 toward a period of robust and accelerating profitability. The growth in comprehensive earnings is primarily driven by the substantial increase in net earnings, which outweighed the volatility observed in other comprehensive income items.

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