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.
Bristol-Myers Squibb Co., 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 significant fluctuations in net earnings over the five-year period. The company experienced substantial net losses in 2020 and 2024, with values of -8,995 million USD and -8,933 million USD respectively. In contrast, 2021, 2022, and 2023 showed positive net earnings, peaking at 8,040 million USD in 2023. This pattern indicates considerable volatility in profitability.
Derivatives qualifying as cash flow hedges demonstrate variable outcomes, with positive values in 2021, 2022, and 2024 and negative results in 2020 and 2023. The magnitude of these values is generally much smaller compared to net earnings but still indicates some fluctuation in the effectiveness or use of financial instruments for hedging purposes.
Pension and postretirement benefits also show variability, with gains in 2021, 2022, and 2024, and losses in 2020 and 2023. The values are relatively modest, ranging approximately between -115 million USD and 206 million USD, suggesting a moderate impact on overall financial results from these obligations or related adjustments.
Marketable debt securities data is limited and fluctuates near zero, indicating minimal or inconsistent holdings or valuation changes in this asset category over the considered periods.
Foreign currency translation effects are irregular, featuring both positive and negative contributions across periods. Particularly notable is the negative translation loss of -210 million USD in 2022, while positive translation gains were recorded in 2023. Such fluctuations reflect exposure to currency risks and their varying impact on comprehensive income.
Other comprehensive income/(loss), net of taxes and reclassifications, follows an inconsistent trend with periods of gains and losses. The largest positive value of 571 million USD occurred in 2021, and the largest negative amount of -319 million USD in 2020. This indicates volatility in items that bypass the income statement but affect equity, such as unrealized gains or losses on certain investments or hedges.
Comprehensive income mirrors the trends seen in net earnings and other comprehensive income components, with substantial losses in 2020 and 2024 and gains in the intervening years. The comprehensive income attributable to the parent company (BMS) closely aligns with total comprehensive income, reflecting consistent attribution of results with very minor amounts attributable to noncontrolling interests, which themselves show a slight decreasing loss trend.
Overall, the data portrays a company with marked earnings volatility, affected by fluctuations in hedging activities, pension-related items, foreign currency translation adjustments, and other comprehensive income elements. This volatility presents challenges for predictability and might indicate exposure to external risks including market, currency, and postretirement-related factors.
- Net Earnings/Loss
- Highly volatile with significant losses in 2020 and 2024, positive earnings in the intermediate years, peaking in 2023.
- Derivatives Qualifying as Cash Flow Hedges
- Variable impact with no consistent trend, alternating between gains and losses.
- Pension and Postretirement Benefits
- Moderate fluctuations around zero, alternating positive and negative impacts.
- Marketable Debt Securities
- Minimal and inconsistent impact, with values close to zero.
- Foreign Currency Translation
- Irregular effects, with notable negative impact in 2022 and positive gains in 2023, reflecting exchange rate exposure.
- Other Comprehensive Income/(Loss)
- Inconsistent pattern with a significant gain in 2021 and losses in 2020 and 2023, indicating volatility in non-net income equity components.
- Comprehensive Income
- Mirrors net earnings trend with major losses in 2020 and 2024 and gains in other years, mainly attributable to the parent company.