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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Celgene Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Celgene Corp., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Net Income
- Net income exhibited fluctuations over the five-year period, declining from 2000 million USD in 2014 to 1602 million USD in 2015, then increasing steadily to 1999 million USD in 2016, 2940 million USD in 2017, and reaching a peak of 4046 million USD in 2018. The overall trend indicates significant growth in net income, especially after 2015.
- Foreign Currency Translation Adjustments
- Foreign currency translation adjustments were mainly negative, with small losses recorded in 2014 (-50 million USD), 2015 and 2016 (-26 million USD each), and 2018 (-28 million USD). A notable positive change occurred in 2017 with a gain of 70 million USD, indicating some currency effects varying year to year.
- Pension Liability Adjustment
- This item showed volatility, with negative adjustments in 2014 (-9 million USD) and 2016 (-24 million USD), and positive adjustments in 2015 (2 million USD) and 2017 (16 million USD). In 2018, it returned to a small negative figure (-6 million USD), suggesting fluctuating pension-related impacts on other comprehensive income.
- Unrealized Holding Gains (Losses), Net of Tax
- The unrealized holding gains/losses experienced considerable variation. Starting with a high positive value of 580 million USD in 2014, gains declined over the next two years to 132 million USD in 2016 and turned negative at -428 million USD in 2017, before recovering to 246 million USD in 2018. This pattern indicates sensitivity to market conditions or valuation changes.
- Reclassification Adjustment for Gains (Losses) Included in Net Income, Net of Tax
- This adjustment was consistently negative from 2014 through 2017, with values from -25 million USD to -351 million USD, before turning slightly positive (6 million USD) in 2018. The negative figures suggest prior gains or losses recognized in net income were being adjusted downward until 2018.
- Net Unrealized Gains (Losses) Related to Cash Flow Hedges
- Net unrealized gains/losses related to cash flow hedges displayed great volatility. After a high gain of 556 million USD in 2014, values sharply declined to 67 million USD in 2015, then turned negative in 2016 (-171 million USD) and further decreased in 2017 (-609 million USD). A strong recovery occurred in 2018 with a gain of 252 million USD, indicating variable hedging effectiveness over the years.
- Excluded Component Related to Cash Flow Hedges
- This item appeared only in the last two years with minor positive values (3 and 8 million USD), implying a recognition or reclassification of components linked to cash flow hedges that were not previously included.
- Unrealized Holding Gains (Losses), Net of Tax (Second Instance)
- The second reporting of unrealized holding gains/losses (net of tax) indicated negative trends between 2014 and 2016 (from 320 million USD positive to -360 million USD negative), followed by a rebound to 395 million USD positive in 2017 and a near-neutral value in 2018 (-7 million USD). This reflects another category of unrealized gains/losses with considerable fluctuation.
- Reclassification Adjustment for Gains (Losses) Included in Net Income, Net of Tax (Second Instance)
- This adjustment shifted from small positive values in 2014 and 2015 to a large positive adjustment of 232 million USD in 2016, moderating in subsequent years to 23 million USD in 2017 and 14 million USD in 2018. This suggests significant reclassification activities, particularly in 2016.
- Net Unrealized Gains (Losses) on Available for Sale Debt Marketable Securities
- Net unrealized gains on available-for-sale debt securities were positive in 2014 (324 million USD) but turned negative in 2015 (-189 million USD) and 2016 (-128 million USD). The position improved markedly in 2017 to 418 million USD positive and nearly neutral in 2018 (7 million USD), revealing sensitivity to market valuation changes.
- Other Comprehensive Income (Loss)
- Other comprehensive income/loss fluctuated significantly, starting with a substantial gain of 821 million USD in 2014, dropping to a loss of -147 million USD in 2015, worsening to -349 million USD in 2016, slightly improving but still negative in 2017 (-102 million USD), before rebounding to a positive 233 million USD in 2018. This pattern demonstrates the impact of various components of comprehensive income reacting to market and operational factors.
- Comprehensive Income
- Comprehensive income closely followed the trends in net income and other comprehensive income, decreasing from 2821 million USD in 2014 to 1455 million USD in 2015, then gradually increasing to 1651 million USD in 2016 and 2838 million USD in 2017. It peaked at 4279 million USD in 2018, indicating overall strong financial performance when considering all income components.