The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income...

 

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The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Net income 2024 $ 834 Years Ended December 31 2023 $ 664 2022 $ 519 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $16, ($14), and $14 in 2024, 2023, and 2022, respectively Other 28 (3) (2) 22 3 $ 859 $ 641 $ 544 (21) Total comprehensive income Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2024 2023 Shareholders' equity: Common stock $ 320 $ 320 Additional paid-in capital 7,969 7,969 Retained earnings 7,049 6,493 Accumulated other comprehensive income 93 68 Total shareholders' equity $ 15,431 $ 14,850 Required: 3. From the information provided, determine how Kaufman calculated the $93 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). ($ in millions) Accumulated other comprehensive income, 2023 Accumulated other comprehensive income, 2024 The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Net income 2024 $ 834 Years Ended December 31 2023 $ 664 2022 $ 519 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $16, ($14), and $14 in 2024, 2023, and 2022, respectively Other 28 (3) (2) 22 3 $ 859 $ 641 $ 544 (21) Total comprehensive income Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2024 2023 Shareholders' equity: Common stock $ 320 $ 320 Additional paid-in capital 7,969 7,969 Retained earnings 7,049 6,493 Accumulated other comprehensive income 93 68 Total shareholders' equity $ 15,431 $ 14,850 Required: 3. From the information provided, determine how Kaufman calculated the $93 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). ($ in millions) Accumulated other comprehensive income, 2023 Accumulated other comprehensive income, 2024

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3 To determine how Kaufman calculated the 93 million accumulated other comprehensive income in 2024 ... View the full answer