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.
American Airlines Group Inc., consolidated statement of comprehensive income
US$ in millions
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).
The financial performance from 2019 to 2023 is characterized by a severe contraction followed by a multi-year recovery phase. A significant volatility in both net income and other comprehensive income is evident, reflecting a period of extreme operational instability and subsequent stabilization.
- Net Income Trajectory
- A precipitous decline in profitability occurred in 2020, with net income falling from 1,686 million USD in 2019 to a loss of 8,885 million USD. A gradual recovery followed, as losses narrowed to 1,993 million USD in 2021 before returning to positive territory in 2022 and 2023, reaching 822 million USD by the end of the period.
- Other Comprehensive Income (OCI) and Pension Obligations
- Other comprehensive income exhibited substantial volatility, primarily driven by pension and postretirement benefit adjustments. After losses in 2019 and 2020, significant positive adjustments were recorded in 2021 (1,161 million USD) and 2022 (1,360 million USD). This positive trend reversed in 2023, with OCI falling to a loss of 309 million USD.
- Comprehensive Income Performance
- Total comprehensive income mirrored the volatility of net income but was amplified by OCI fluctuations. The deepest deficit was recorded in 2020 at 9,657 million USD. The recovery in 2022 was particularly notable, as the combined effect of a positive net income and strong OCI gains resulted in a comprehensive income of 1,484 million USD, the highest value in the analyzed period.
- Investment Impact
- Investment values remained immaterial throughout the five-year period, with fluctuations between -3 million USD and 3 million USD, indicating that investment gains or losses had no significant impact on the overall comprehensive income.
Overall, the data indicates a successful return to profitability by 2023, although the comprehensive income for that year (513 million USD) remained lower than the 2022 peak due to the reversal of gains in pension and postretirement benefits.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?