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The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Years Ended December 31 2024 2023 2022 Net income
The following is from the 2024 annual report of Kaufman Chemicals, Incorporated:
Statements of Comprehensive Income | Years Ended December 31 | ||
---|---|---|---|
2024 | 2023 | 2022 | |
Net income | $ 955 | $ 785 | $ 640 |
Other comprehensive income: | |||
Change in net unrealized gains on AFS investments, net of tax of $28, ($16), and $25 in 2024, 2023, and 2022, respectively | 38 | (26) | 32 |
Other | (2) | (2) | 1 |
Total comprehensive income | $ 991 | $ 757 | $ 673 |
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 | $ 380 | $ 380 |
Additional paid-in capital | 9,080 | 9,080 |
Retained earnings | 8,160 | 7,604 |
Accumulated other comprehensive income | 126 | 90 |
Total shareholders equity | $ 17,746 | $ 17,154 |
Required:
3. From the information provided, determine how Kaufman calculated the $126 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).
\begin{tabular}{|l|l|} \hline Accumulated other comprehensive income, 2023 & \\ \hline & (\$ in millions) \\ \hline & \\ \hline Accumulated other comprehensive income, 2024 & \\ \hline \end{tabular}
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