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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Twenty-First Century Fox Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).
The financial data reveals several notable trends over the six-year period ending June 30, 2018.
- Net Income
- Net income fluctuated considerably, peaking in 2015 at 8,537 million US dollars, followed by a sharp decline in 2016 to 3,016 million US dollars. After this drop, net income gradually increased again, reaching 4,762 million US dollars by 2018. The initial decrease after 2015 suggests a period of reduced profitability or increased expenses.
- Foreign Currency Translation Adjustments
- These adjustments showed volatility with negative values in 2013, 2015, 2016, and 2018, and positive adjustments in 2014 and 2017. The most significant negative impact occurred in 2015 with -1,453 million US dollars, indicating exchange rate fluctuations had a considerable adverse effect on earnings that year.
- Cash Flow Hedges
- Cash flow hedges generally showed minor fluctuations, mostly negative or near zero, except for 2017, when a positive adjustment of 28 million US dollars occurred. The values indicate that hedging activities had a relatively limited but occasionally positive effect on comprehensive income.
- Unrealized Holding Gains (Losses) on Securities
- This category showed inconsistent movements, with notable negative values in 2013 and 2014 and positive gains in 2018. The positive 132 million US dollars in 2018 suggests improved valuation or market conditions for investments held by the company.
- Benefit Plan Adjustments
- Benefit plan adjustments were erratic, swinging from a positive 303 million US dollars in 2013 to negative values in 2014 and 2016, then recovering to positive adjustments near 100 million US dollars in later years. This suggests that changes in pension or other benefit obligations had varying impacts on the company's comprehensive income.
- Equity Method Investments
- The impact of equity method investments was generally negative since 2014, with the largest losses appearing in 2015 and 2016 at -394 and -321 million US dollars respectively. The decreasing magnitude of these losses towards 2018 indicates some stabilization or reduced losses linked to investments accounted for under the equity method.
- Other Comprehensive Income (Loss), Net of Tax
- This item showed large negative losses in 2013 and 2015, followed by smaller deficits and eventually small positive figures in 2017 and 2018. This trend signifies fluctuating impacts from various comprehensive income components net of tax, moving towards a more neutral or slightly positive effect in recent years.
- Comprehensive Income
- Comprehensive income broadly mirrored net income trends, with a peak in 2015 at 6,787 million US dollars, a significant drop in 2016 to 2,434 million US dollars, and a recovery by 2018 to 4,782 million US dollars. This confirms that the downturn in net income was a primary driver of the overall comprehensive income fluctuation.
- Comprehensive Income Attributable to Noncontrolling Interests
- Values for noncontrolling interests were consistently negative across all years, ranging between -17 and -301 million US dollars. This indicates that portions of comprehensive income attributable to minority interests were a consistent detractor from total comprehensive income attributable to the company’s stockholders.
- Comprehensive Income Attributable to Stockholders
- This measure followed a pattern similar to total comprehensive income, with a peak in 2015 at 6,770 million US dollars and a trough in 2016 at 2,181 million US dollars, then gradually rising to 4,481 million US dollars in 2018. The recovery towards the end of the period reflects improved financial performance attributable to equity holders.
Overall, the data demonstrates periods of volatility in earnings and comprehensive income components, with 2015 representing an earnings high point before a notable reduction in 2016. Subsequent years show signs of recovery, though not reaching earlier peak levels by 2018. Foreign currency impacts and equity method investments appear as significant variables influencing variability. Comprehensive income attributable to stockholders consistently mirrors the trends in net income, confirming income attributable to owners as the principal driver of overall performance.