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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Carrier Global Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2020
- Return on Assets (ROA) since 2020
- Price to Earnings (P/E) since 2020
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Carrier Global Corp., consolidated statement of comprehensive income
US$ in millions
Based on: 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 several notable trends and patterns over the three-year period. Net income from operations displayed a decline from 2006 million US dollars in 2020 to 1701 million in 2021, followed by a significant increase to 3584 million in 2022, indicating a recovery and strong growth in the most recent year.
Foreign currency translation adjustments experienced considerable volatility. Initially, there was a positive adjustment of 604 million in 2020, which reversed to a negative adjustment of -322 million in 2021 and further deteriorated to -551 million in 2022. When considering the combined foreign currency translation adjustments arising during the period, including reclassification and divestitures, the trend remains negative from 2021 onwards, reflecting adverse effects possibly linked to currency fluctuations and divestiture impacts.
The Chubb divestiture had no impact in 2020 and 2021, but in 2022 it resulted in a significant negative adjustment of -574 million, partially offset by a positive 329 million under a different actuarial or adjustment category. This indicates that the divestiture had a material one-time effect on the financial statements that year.
Actuarial gains and losses related to pension and post-retirement benefit plans showed improvement over time, moving from a loss of -94 million in 2020 to gains of 53 million and 63 million in 2021 and 2022, respectively. Additionally, amortization related to actuarial changes decreased over the period, suggesting reduced recognized expense in this category.
Tax expenses fluctuated slightly, with a small benefit in 2020 (22 million), followed by minor expenses in the subsequent years (-17 million in 2021 and -3 million in 2022), indicating relative stability without significant tax charge variances.
Other comprehensive income, net of tax, followed a declining trend, moving from a positive 521 million in 2020 to a negative 244 million in 2021, and further down to -725 million in 2022. This reflects increased accumulated losses in comprehensive income elements, potentially driven by the noted foreign currency losses and divestiture impacts.
Comprehensive income closely mirrors net income trends but with fluctuations influenced by other comprehensive income components. It decreased from 2527 million in 2020 to 1457 million in 2021, then increased substantially to 2859 million in 2022. The share attributable to common shareowners follows a similar pattern, with a reduction in 2021 and a strong rebound in 2022.
Comprehensive income attributable to non-controlling interests remains relatively stable and negative, with minor variations (-37 million in 2020 and 2021, -24 million in 2022), implying that non-controlling interests have a small but consistent negative effect on comprehensive income.