Name: Newmont Corp. (NYSE:NEM) | 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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Newmont Corp., 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)	(2,467)	(369)	233)	2,791)	2,884)
Change in marketable securities, net of tax	—)	(3)	2)	(5)	5)
Foreign currency translation adjustments	(5)	7)	2)	(2)	1)
Change in pension and other post-retirement benefits, net of tax	(9)	139)	71)	44)	(19)
Change in cash flow hedges, net of tax	(1)	19)	8)	12)	32)
Other comprehensive income (loss)	(15)	162)	83)	49)	19)
Comprehensive income (loss)	(2,482)	(207)	316)	2,840)	2,903)
Comprehensive (income) loss attributable to noncontrolling interests	(27)	(60)	933)	38)	(79)
Comprehensive income (loss) attributable to Newmont stockholders	(2,509)	(267)	1,249)	2,878)	2,824)

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).

A severe downward trajectory is observed in the financial performance over the five-year period ending December 31, 2023. The company transitioned from a state of high profitability in 2019 and 2020 to substantial net losses by the end of 2023, indicating a significant deterioration in earnings capacity.

Net Income and Comprehensive Loss Trends: Net income exhibited a precipitous decline, falling from 2,884 million USD in 2019 to a loss of 2,467 million USD in 2023. A critical inflection point occurred between 2020 and 2021, where net income dropped by approximately 91.7%, followed by a shift into negative territory in 2022. The loss accelerated sharply in 2023, representing the most significant annual decrease in the analyzed period.
Analysis of Other Comprehensive Income (OCI): Other comprehensive income showed an upward trend from 2019 through 2022, increasing from 19 million USD to a peak of 162 million USD. This growth was primarily driven by positive changes in pension and other post-retirement benefits, which rose from -19 million USD in 2019 to 139 million USD in 2022. However, this trend reversed in 2023, with OCI shifting to a loss of 15 million USD, coinciding with negative movements in pension benefits and cash flow hedges.
Comprehensive Income Attributable to Stockholders: The comprehensive income attributable to Newmont stockholders mirrors the overall decline of the entity, moving from 2,824 million USD in 2019 to a loss of 2,509 million USD in 2023. While noncontrolling interests provided a substantial positive offset in 2021 (933 million USD), this was insufficient to counteract the broader trend of diminishing returns and increasing losses in subsequent years.
Impact of Hedging and Currency Translation: Cash flow hedges provided modest positive contributions between 2019 and 2022, peaking at 19 million USD, but turned negative in 2023. Foreign currency translation adjustments remained relatively volatile and immaterial compared to net income, fluctuating between 7 million USD and -5 million USD over the period.

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