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.

AT&T Inc., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss)	12,253)	15,623)	(7,055)	21,479)	(3,821)
Translation adjustment, net of taxes	(545)	463)	346)	(127)	(929)
Reclassification adjustment included in net income (loss), net of taxes	127)	—)	—)	2,087)	—)
Distributions of WarnerMedia, net of taxes	—)	—)	(182)	—)	—)
Foreign currency	(418)	463)	164)	1,960)	(929)
Net unrealized gains (losses), net of taxes	(19)	22)	(143)	(63)	78)
Reclassification adjustment included in net income (loss), net of taxes	30)	11)	8)	(3)	(15)
Securities	11)	33)	(135)	(66)	63)
Net unrealized gains (losses), net of taxes	380)	922)	(648)	(715)	(811)
Reclassification adjustment included in net income (loss), net of taxes	45)	47)	96)	72)	69)
Distributions of WarnerMedia, net of taxes	—)	—)	(24)	—)	—)
Derivative instruments	425)	969)	(576)	(643)	(742)
Net prior service credit (cost) arising during period, net of taxes	—)	32)	1,787)	(34)	2,250)
Amortization of net prior service credit included in net income (loss), net of taxes	(1,523)	(1,963)	(2,028)	(2,020)	(1,841)
Distributions of WarnerMedia, net of taxes	—)	—)	25)	—)	—)
Defined benefit postretirement plans	(1,523)	(1,931)	(216)	(2,054)	409)
Other comprehensive loss, net of tax	(1,505)	(466)	(763)	(803)	(1,199)
Comprehensive income (loss)	10,748)	15,157)	(7,818)	20,676)	(5,020)
Comprehensive income attributable to noncontrolling interest	(1,305)	(1,223)	(1,469)	(1,396)	(1,296)
Comprehensive income (loss) attributable to AT&T	9,443)	13,934)	(9,287)	19,280)	(6,316)

Based on: 10-K (reporting date: 2024-12-31), 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).

The financial data reveals notable volatility in key income metrics over the presented periods.

Net Income (Loss): The net income shows significant fluctuations, with a substantial loss of -$3,821 million in 2020, followed by a strong rebound to a profit of $21,479 million in 2021. Subsequently, the company reverted to a loss of -$7,055 million in 2022, then recovered again to positive results of $15,623 million in 2023 and $12,253 million in 2024. This indicates a highly cyclical pattern or the impact of extraordinary items across the years.
Translation Adjustment, Net of Taxes: This item fluctuates between negative and positive values, starting with -$929 million in 2020, improving slightly in 2021 and 2022, and peaking at $463 million in 2023 before turning negative again to -$545 million in 2024. This demonstrates continuous currency translation effects impacting the financial results, with no consistent directional trend.
Foreign Currency and Related Adjustments: Foreign currency impacts reflect variability similar to translation adjustments, with a major positive spike of $1,960 million in 2021, then declining and becoming negative at -$418 million by 2024. Unrealized gains and losses on securities and derivative instruments also swing between negative and positive values, with significant negative values in early years shifting to positive in more recent years, suggesting changing market conditions affecting investment valuations.
Net Prior Service Credit (Cost) and Defined Benefit Postretirement Plans: The net prior service credit shows substantial volatility with a notable positive value of $2,250 million in 2020, dropping sharply to -$34 million in 2021, then increasing again to $1,787 million in 2022 before settling near zero thereafter. Correspondingly, amortization of these credits consistently reduces income, with amounts decreasing moderately from -$1,841 million in 2020 to -$1,523 million in 2024. The defined benefit postretirement plans item reflects mostly negative values, indicating ongoing costs or liabilities related to pension and postretirement benefits.
Other Comprehensive Loss, Net of Tax: This measure shows a pattern of sustained losses, beginning at -$1,199 million in 2020, improving marginally over the mid-periods but deteriorating sharply again to -$1,505 million by 2024. This suggests ongoing pressures from comprehensive loss elements, potentially related to market and actuarial assumptions or revaluation impacts.
Comprehensive Income (Loss): Comprehensive income mirrors the trends seen in net income but with amplified volatility, ranging from a loss of -$5,020 million in 2020, a strong profit of $20,676 million in 2021, a loss again in 2022, and profits in 2023 and 2024. The comprehensive income attributable to noncontrolling interests remains relatively stable with consistent moderate losses, while the portion attributable to the company shows the pronounced fluctuations aligning with the overall company's performance trends.

Overall, the data illustrates a pattern of strong cyclical changes in profitability, influenced by foreign currency effects, comprehensive income adjustments, and pension-related accounting impacts. The comprehensive income figures confirm that non-operating items, including translation adjustments and derivative valuations, materially influence the company's financial results over time.

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AT&T Inc. (NYSE:T)

Statement of Comprehensive Income