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.
Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).
The financial data reveals a fluctuating pattern in net earnings including noncontrolling interests over the analyzed periods. The net earnings dipped significantly in the year ending September 27, 2020, reaching a low of 924,700 thousand US dollars, likely reflecting unfavorable conditions during that period. Subsequently, there was a strong recovery to over 4.2 million US dollars in the year ending October 3, 2021. However, a decline followed in the year ending October 2, 2022, with net earnings decreasing to approximately 3.28 million, before increasing again in the subsequent years, stabilizing above 3.7 million US dollars in the most recent period.
Unrealized holding gains and losses on available-for-sale debt securities exhibit a minor magnitude relative to net earnings, fluctuating between positive and negative values without a clear directional trend, suggesting limited impact on overall financial performance. Notably, these gains and losses turned negative in the 2021 and 2022 periods before reverting to positive figures by 2024.
The unrealized gains and losses on cash flow hedging instruments demonstrate much greater volatility with substantial swings noted. In particular, a sharp loss occurred in 2020 (-95,000 thousand US dollars), followed by a significant unrealized gain of 240,200 thousand in 2021. These values then alternated again, showing a pronounced loss in 2023 and a rebound to a positive 89,800 thousand in 2024. This high variability indicates sensitivity to underlying market or operational variables influencing hedging effectiveness.
Similarly, unrealized gains and losses on net investment hedging instruments generally trended upward from a negative position in 2019 (-29,700 thousand) to consistent positive values in later years, peaking at 171,100 thousand in 2022 before moderating somewhat. This pattern suggests an improving position in hedged investments though some volatility remains.
Translation adjustments and other net tax items show significant fluctuations. After a positive adjustment in 2020 and 2021, a large negative adjustment of -794,700 thousand occurred in 2022, which notably impacted other comprehensive income. This adverse movement partially reversed in the last two periods, indicating sensitivity to currency fluctuations or other global factors impacting earnings.
The reclassification adjustments related to realized net gains or losses also display volatile movements. After negative adjustments in 2020 and 2022, there was an improvement though the figures remained negative in the latest period, reflecting ongoing reclassification activities impacting comprehensive income calculations.
Other comprehensive income exhibits substantial variability, swinging from a loss of 173,000 thousand in 2019 to gains exceeding 511,800 thousand in 2021, followed by a sharp decline to a loss of 610,400 thousand in 2022. The negative impact lessened in subsequent periods with a return to a positive comprehensive income figure of 349,400 thousand by 2024, highlighting the pronounced influence of financial instruments and foreign currency effects during this timeframe.
Overall comprehensive income including noncontrolling interests mirrors the trends in net earnings but with amplified volatility, especially in the years 2020 and 2022, when comprehensive income dropped significantly compared to other periods. Despite these fluctuations, the recent two years show a recovery to levels above 3.8 million thousand US dollars, reflecting overall positive comprehensive performance.
Comprehensive income attributable to the company closely follows the consolidated comprehensive income patterns, indicating the majority interest drives these results. Noncontrolling interests contribute marginally to comprehensive income, with small absolute values and no clear trend over time.
- Summary
- Net earnings and comprehensive income show cyclical volatility with notable dips in 2020 and 2022, followed by strong recoveries. Financial instruments and currency translation adjustments are major contributors to variability in comprehensive income. The trends suggest resilience but also exposure to market, hedging, and foreign exchange risks, requiring ongoing management focus.