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.

Chevron Corp., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss)	17,749)	21,411)	35,608)	15,689)	(5,561)
Unrealized net change arising during period	(67)	11)	(41)	(55)	35)
Currency translation adjustment	(67)	11)	(41)	(55)	35)
Net gain (loss) arising during period	(8)	1)	(1)	(1)	(2)
Unrealized holding gain (loss) on securities	(8)	1)	(1)	(1)	(2)
Net derivatives gain (loss) on hedge transactions	(50)	(11)	65)	(6)	—)
Reclassification to net income	25)	33)	(80)	6)	—)
Income tax benefit (cost) on derivatives transactions	6)	(5)	3)	—)	—)
Derivatives	(19)	17)	(12)	—)	—)
Amortization to net income of net actuarial loss and settlements	247)	244)	599)	1,069)	1,107)
Actuarial gain (loss) arising during period	228)	(550)	1,050)	1,244)	(2,004)
Actuarial gain (loss)	475)	(306)	1,649)	2,313)	(897)
Amortization to net income of net prior service costs and curtailments	(10)	(13)	(19)	(14)	(23)
Prior service (costs) credits arising during period	(48)	(29)	(96)	—)	—)
Prior service credits (cost)	(58)	(42)	(115)	(14)	(23)
Defined benefit plans sponsored by equity affiliates, benefit (cost)	(19)	6)	100)	127)	(104)
Income tax benefit (cost) on defined benefit plans	(104)	151)	(489)	(647)	369)
Defined benefit plans	294)	(191)	1,145)	1,779)	(655)
Other comprehensive gain (loss), net of tax	200)	(162)	1,091)	1,723)	(622)
Comprehensive income (loss)	17,949)	21,249)	36,699)	17,412)	(6,183)
Comprehensive (income) loss attributable to noncontrolling interests	(88)	(42)	(143)	(64)	18)
Comprehensive income (loss) attributable to Chevron Corporation	17,861)	21,207)	36,556)	17,348)	(6,165)

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 demonstrates significant fluctuations in net income and other comprehensive income over the analyzed five-year period.

Net Income: Net income exhibited a drastic turnaround from a substantial loss of US$5,561 million in 2020 to substantial profits in subsequent years, peaking at US$35,608 million in 2022. However, there was a decline in net income following this peak, with figures of US$21,411 million in 2023 and US$17,749 million in 2024, indicating some volatility yet maintaining profitability.
Unrealized Net Changes and Currency Translation Adjustments: Unrealized net changes, represented predominantly by currency translation adjustments, fluctuated between minor gains and losses across the years, with losses in 2021, 2022, and 2024, and gains in 2020 and 2023. The values were relatively small compared to net income, indicating limited impact on overall financial results.
Net Gain/Loss on Securities and Derivatives: Net derivatives gains and losses showed considerable variability. After a loss of US$6 million in 2021, a notable gain of US$65 million in 2022 was followed by losses in 2023 and 2024. Reclassification to net income similarly shifted from a positive impact in 2022 to a smaller positive in 2024. The company also recorded a small income tax benefit related to derivative transactions in some years. Overall, derivatives introduced a degree of volatility but were not the primary drivers of total income.
Actuarial and Prior Service Costs: Actuarial gains and losses demonstrated mixed trends. After a loss in 2020, substantial gains occurred in 2021 and 2022, followed by losses in 2023 and a smaller gain in 2024. The amortization to net income of actuarial losses decreased steadily over time, implying less impact on income statement over the years. Prior service costs also became more negative over time, with larger costs recorded in later years, which negatively affected income.
Defined Benefit Plans and Related Tax Effects: Developments in defined benefit plans varied considerably. Positive effects were evident in 2021 and 2022, followed by a negative impact in 2023 and a moderate recovery in 2024. Income tax benefits (costs) on these plans also fluctuated notably, with a significant cost in 2021 and 2022, then a benefit in 2023, and cost again in 2024. These fluctuations suggest varying impacts from pension or similar obligations on financial performance.
Other Comprehensive Income: The overall comprehensive income followed a pattern similar to net income, with a pronounced loss in 2020 (-US$6,183 million), a peak gain in 2022 (US$36,699 million), and subsequent declines in 2023 and 2024. This reflects that comprehensive income is heavily influenced by net income, with other comprehensive gains/losses playing a lesser but noticeable role.
Attributable Comprehensive Income: Comprehensive income attributable to the corporation closely mirrors the total comprehensive income, showing substantial improvement after 2020 but some reduction after the 2022 peak. The amounts attributable to noncontrolling interests were relatively minor and fluctuated slightly, with small negative values in recent years.

Overall, the company experienced a significant recovery after a large loss in 2020, reaching peak earnings and comprehensive income in 2022, followed by a moderate decline in profitability and comprehensive income in the subsequent two years. Financial results were influenced by various factors, including derivative transactions, actuarial adjustments, and defined benefit plan valuations, which introduced volatility but did not override the central trend of earnings recovery and subsequent moderation.

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Chevron Corp. (NYSE:CVX)

Statement of Comprehensive Income