Name: Best Buy Co. Inc. (NYSE:BBY) | 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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Best Buy Co. Inc., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Net earnings	2,454)	1,798)	1,541)	1,464)	1,000)	1,228)
Foreign currency translation adjustments, net of tax	1)	(4)	1)	(20)	35)	10)
Cash flow hedges	—)	(2)	—)	—)	—)	—)
Reclassification of cumulative translation adjustments into earnings due to exit of business	—)	39)	—)	—)	—)	(2)
Other comprehensive income (loss)	1)	33)	1)	(20)	35)	8)
Comprehensive income	2,455)	1,831)	1,542)	1,444)	1,035)	1,236)

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

Net earnings exhibited a general upward trajectory over the six-year period, characterized by a brief contraction in 2018 followed by consistent annual growth. The most significant acceleration in profitability occurred between January 2021 and January 2022, where net earnings increased by approximately 36% to reach a peak of 2,454 million US$.

Net Earnings Performance: After a decline from 1,228 million US$ in 2017 to 1,000 million US$ in 2018, net earnings grew steadily for four consecutive years. This growth trend culminated in 2022, marking the highest earnings level in the reported period and representing a total increase of approximately 100% compared to 2017 levels.
Other Comprehensive Income (OCI) Volatility: Other comprehensive income demonstrated significant volatility and lacked a consistent directional trend. Gains were observed in 2018 (35 million US$) and 2021 (33 million US$), while a notable loss of 20 million US$ was recorded in 2019. The volatility is primarily attributed to foreign currency translation adjustments, which fluctuated between 35 million US$ in 2018 and negative 20 million US$ in 2019.
Non-Operational Adjustments: Specific accounting events influenced the 2021 results, most notably a 39 million US$ reclassification of cumulative translation adjustments resulting from a business exit. This positive adjustment was partially offset by a 2 million US$ loss from cash flow hedges, contributing to the overall OCI for that period.
Comprehensive Income Correlation: Comprehensive income closely mirrored the movements of net earnings throughout the period. Because the values of other comprehensive income remained relatively small in proportion to net earnings, the variance between the two metrics was marginal, with comprehensive income increasing from 1,236 million US$ in 2017 to 2,455 million US$ in 2022.

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