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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 | $ 845 | $ 675 | $ 530 |
Other comprehensive income: | |||
Change in net unrealized gains on AFS investments, net of tax of $17, ($15), and $15 in 2024, 2023, and 2022, respectively | 28 | (22) | 25 |
Other | (2) | (2) | 1 |
Total comprehensive income | $ 871 | $ 651 | $ 556 |
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 | $ 325 | $ 325 |
Additional paid-in capital | 8,070 | 8,070 |
Retained earnings | 7,150 | 6,594 |
Accumulated other comprehensive income | 96 | 70 |
Total shareholders equity | $ 15,641 | $ 15,059 |
Required:
3. From the information provided, determine how Kaufman calculated the $96 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).
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