Name: Air Products & Chemicals Inc. (NYSE:APD) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

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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Air Products & Chemicals Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016	Sep 30, 2015
Net income	1,931,100)	1,809,400)	1,532,900)	3,021,200)	661,500)	1,317,600)
Translation adjustments, net of tax	233,400)	(356,200)	(244,600)	101,900)	9,900)	(699,300)
Net gain (loss) on derivatives, net of tax	43,500)	(44,100)	45,900)	(12,600)	13,700)	(35,000)
Pension and postretirement benefits, net of tax	(68,200)	(326,200)	179,400)	251,600)	(335,100)	(278,500)
Currency translation adjustment	—)	(2,600)	3,100)	57,300)	2,700)	—)
Derivatives, net of tax	(57,700)	12,300)	(30,400)	24,200)	(36,000)	20,800)
Pension and postretirement benefits, net of tax	82,500)	63,200)	133,100)	110,700)	87,200)	97,000)
Reclassification adjustments	24,800)	72,900)	105,800)	192,200)	53,900)	117,800)
Other comprehensive income (loss), net of tax	233,500)	(653,600)	86,500)	533,100)	(257,600)	(895,000)
Comprehensive income	2,164,600)	1,155,800)	1,619,400)	3,554,300)	403,900)	422,600)
Comprehensive income attributable to noncontrolling interests	(42,400)	(29,500)	(16,100)	(24,500)	(35,200)	(28,700)
Comprehensive income attributable to Air Products	2,122,200)	1,126,300)	1,603,300)	3,529,800)	368,700)	393,900)

Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).

The financial performance from 2015 to 2020 is characterized by significant volatility in both net income and other comprehensive income, leading to substantial fluctuations in total comprehensive income attributable to the company.

Net Income Trends: Net income demonstrated a non-linear trajectory, starting at US$ 1.32 billion in 2015 and experiencing a sharp decline to US$ 661.5 million in 2016. A substantial peak occurred in 2017, with net income rising to US$ 3.02 billion. Following this peak, values moderated to US$ 1.53 billion in 2018 and showed a gradual recovery, reaching US$ 1.93 billion by 2020.
Analysis of Other Comprehensive Income (OCI): Other comprehensive income exhibited extreme variability, alternating between significant losses and gains. Negative impacts were most pronounced in 2015 (US$ -895 million) and 2019 (US$ -653.6 million), while positive contributions were noted in 2017 (US$ 533.1 million) and 2020 (US$ 233.5 million).
Primary Drivers of OCI Volatility: Translation adjustments emerged as the primary driver of OCI fluctuations. A significant negative adjustment of US$ 699.3 million in 2015 was followed by a positive swing to US$ 101.9 million in 2017, and later a positive adjustment of US$ 233.4 million in 2020. Pension and postretirement benefits also contributed inconsistent results, alternating between losses in 2015, 2016, and 2019 and gains in 2017 and 2018.
Comprehensive Income Performance: Comprehensive income attributable to the company mirrored the volatility of its components, peaking at US$ 3.53 billion in 2017. This peak was the result of both the highest recorded net income and a positive OCI contribution. While 2015 and 2016 saw relatively low comprehensive income levels (below US$ 400 million), the period from 2018 to 2020 showed a more stabilized, albeit fluctuating, range between US$ 1.13 billion and US$ 2.12 billion.
Noncontrolling Interests: Comprehensive income attributable to noncontrolling interests remained consistently negative throughout the observed period, ranging from a low of US$ -42.4 million in 2020 to a high of US$ -16.1 million in 2018, indicating a steady marginal drag on total comprehensive income.

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