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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AbbVie Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Selected Financial Data since 2012
- Net Profit Margin since 2012
- Return on Assets (ROA) since 2012
- Price to Earnings (P/E) since 2012
- Analysis of Revenues
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AbbVie Inc., consolidated statement of comprehensive income
US$ in millions
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 fluctuations and trends in net earnings and comprehensive income over the five-year period from 2020 to 2024. Net earnings experienced a significant increase from 4,622 million US dollars in 2020 to a peak of 11,845 million US dollars in 2022, followed by a sharp decline to 4,286 million US dollars by 2024. This pattern suggests a period of strong profitability that was not sustained in the subsequent years.
Foreign currency translation adjustments showed considerable volatility, with a positive value of 1,511 million US dollars in 2020, turning negative in 2021 and 2022, then rebounding in 2023, before declining again in 2024 to -1,008 million US dollars. This indicates currency exchange impacts that substantially influenced the financial outcomes and introduced variability in foreign operations’ results.
Net investment hedging activities similarly displayed fluctuations, starting with a negative value of -799 million US dollars in 2020, turning positive in 2021 and 2022, then negative again in 2023, and positive in 2024. Such oscillations suggest active hedging strategies with varying effectiveness or changes in exposure over time.
Pension and post-employment benefits showed an upward trend from a negative impact of -102 million US dollars in 2020 to positive contributions peaking at 1,088 million in 2022, with a minor negative adjustment in 2023 before rising again in 2024. This could indicate changes in actuarial assumptions or plan changes that benefited the company in most years.
Cash flow hedging activities were generally minor in magnitude and inconsistent, with a negative value in 2020, followed by a positive adjustment in 2021, missing data in 2022, and then fluctuating modestly in 2023 and 2024. This pattern may reflect irregular activity or valuation changes relating to cash flow hedges.
Other comprehensive income (loss) presented positive values in most years except for a loss in 2023. The range from 218 million US dollars in 2021 to 700 million US dollars in 2022 reflects periodic gains contributing favorably to total comprehensive income.
Comprehensive income generally followed the trend of net earnings, rising substantially from 5,101 million US dollars in 2020 to a high of 12,545 million in 2022, then decreasing to 4,666 million by 2024. Comprehensive income attributable to AbbVie Inc. closely mirrors these figures, showing slightly lower amounts due to the minor deductions for noncontrolling interests.
In summary, the data depicts a period of strong financial performance up to 2022, with significant earnings growth and comprehensive income gains. However, the subsequent years are marked by declines in net earnings and total comprehensive income. Currency translation and hedging impacts contributed to variability in results, while pension benefits positively influenced the overall comprehensive income in most years. Fluctuations in cash flow hedging and other comprehensive income indicate variable financial exposures and adjustments affecting the overall financial outcomes.