Name: AutoZone Inc. (NYSE:AZO) | 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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AutoZone Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Aug 26, 2023	Aug 27, 2022	Aug 28, 2021	Aug 29, 2020	Aug 31, 2019	Aug 25, 2018
Net income	2,528,426)	2,429,604)	2,170,314)	1,732,972)	1,617,221)	1,337,536)
Pension liability adjustments, net of taxes	—)	—)	—)	—)	—)	72,376)
Foreign currency translation adjustments	103,633)	7,448)	44,683)	(66,723)	(36,699)	(53,085)
Unrealized gains (losses) on marketable debt securities, net of taxes	320)	(2,760)	(1,256)	1,254)	1,464)	(862)
Net derivative activities, net of taxes	5,747)	2,762)	2,839)	(19,461)	1,718)	323)
Other comprehensive income (loss)	109,700)	7,450)	46,266)	(84,930)	(33,517)	18,752)
Comprehensive income	2,638,126)	2,437,054)	2,216,580)	1,648,042)	1,583,704)	1,356,288)

Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).

Financial performance from August 2018 through August 2023 is characterized by a consistent and significant increase in profitability. Net income grew steadily each year, rising from 1.33 billion US dollars in 2018 to 2.52 billion US dollars in 2023, representing a substantial expansion of the bottom line over the six-year period.

Net Income Trends: A continuous upward trajectory is observed in net income, with the most pronounced year-over-year increase occurring between 2020 and 2021, where earnings grew from 1.73 billion US dollars to 2.17 billion US dollars. This growth pattern indicates a strong and sustained improvement in operational profitability.
Other Comprehensive Income (OCI) Volatility: OCI exhibits significant volatility and is primarily driven by foreign currency translation adjustments. These adjustments were negative from 2018 to 2020, peaking at a loss of 66.7 million US dollars in 2020, before shifting to positive territory from 2021 through 2023, reaching 103.6 million US dollars in the final period. Other components, including unrealized gains or losses on marketable debt securities and net derivative activities, remained relatively immaterial compared to total net income.
Comprehensive Income Analysis: Comprehensive income follows the general growth pattern of net income, increasing from 1.35 billion US dollars in 2018 to 2.63 billion US dollars in 2023. While OCI created minor fluctuations in the total, the overwhelming driver of comprehensive income is the steady growth in net earnings. The divergence between net income and comprehensive income was most notable in 2020, where OCI losses slightly offset the gains in net income.

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