Name: Amphenol Corp. (NYSE:APH) | 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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Amphenol Corp., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	1,945,500)	1,916,800)	1,601,500)	1,213,300)	1,164,000)
Foreign currency translation adjustments	(900)	(265,200)	(64,600)	155,000)	(40,800)
Unrealized gain (loss) on hedging activities	—)	(100)	—)	(200)	100)
Pension and postretirement benefit plan adjustment	1,100)	11,800)	57,800)	1,700)	(400)
Other comprehensive income (loss), net of tax	200)	(253,500)	(6,800)	156,500)	(41,100)
Comprehensive income	1,945,700)	1,663,300)	1,594,700)	1,369,800)	1,122,900)
Comprehensive income attributable to noncontrolling interests	(16,300)	(9,500)	(12,300)	(13,600)	(8,600)
Comprehensive income attributable to Amphenol Corporation	1,929,400)	1,653,800)	1,582,400)	1,356,200)	1,114,300)

Based on: 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), 10-K (reporting date: 2019-12-31).

A consistent upward trajectory in profitability is observed from 2019 through 2023, characterized by steady growth in net income and comprehensive income. While net income shows a linear increase, the total comprehensive income is subject to periodic volatility driven primarily by external macroeconomic factors.

Net Income Performance: Net income demonstrated uninterrupted growth over the five-year period, rising from 1,164,000 thousand US$ in 2019 to 1,945,500 thousand US$ in 2023. The most significant acceleration occurred between 2020 and 2022, where net income increased by approximately 58% in two years, reflecting strong operational expansion and profitability.
Other Comprehensive Income (OCI) Volatility: The components of other comprehensive income exhibited significant fluctuations, primarily influenced by foreign currency translation adjustments. A substantial negative impact was recorded in 2022, with a translation loss of 265,200 thousand US$, contributing to a total net OCI loss of 253,500 thousand US$ for that year. Conversely, 2020 saw a positive translation adjustment of 155,000 thousand US$. Pension and postretirement benefit plan adjustments provided a positive offset, peaking in 2021 at 57,800 thousand US$.
Comprehensive Income Trends: Comprehensive income followed a general growth pattern, increasing from 1,122,900 thousand US$ in 2019 to 1,945,700 thousand US$ in 2023. The gap between net income and comprehensive income was most pronounced in 2022, where OCI losses tempered the growth of the bottom line. By 2023, comprehensive income aligned closely with net income, as OCI adjustments became negligible.
Equity Attribution: The vast majority of comprehensive income is attributable to Amphenol Corporation. Comprehensive income attributable to noncontrolling interests remained minimal and consistently negative, ranging from -8,600 thousand US$ in 2019 to -16,300 thousand US$ in 2023, indicating that these interests had a negligible impact on the overall financial result.

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