Name: Cummins Inc. (NYSE:CMI) | 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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Cummins Inc., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Consolidated net income	840)	2,183)	2,164)	1,811)	2,268)
Change in pension and other postretirement defined benefit plans	(421)	(81)	389)	(1)	(63)
Foreign currency translation adjustments	92)	(384)	(9)	71)	(152)
Unrealized gain (loss) on derivatives	10)	106)	26)	(34)	(11)
Other comprehensive (loss) income, net of tax	(319)	(359)	406)	36)	(226)
Comprehensive income	521)	1,824)	2,570)	1,847)	2,042)
Comprehensive (income) loss attributable to noncontrolling interests	(102)	8)	(28)	(12)	(3)
Comprehensive income attributable to Cummins Inc.	419)	1,832)	2,542)	1,835)	2,039)

Based on: 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), 10-K (reporting date: 2019-12-31).

The financial performance from 2019 to 2023 is characterized by significant volatility in both net income and comprehensive income, culminating in a sharp decline during the final year of the period.

Consolidated Net Income Trends: Net income remained relatively resilient between 2019 and 2022, fluctuating between 1,811 million and 2,268 million. However, a substantial contraction occurred in 2023, where net income fell to 840 million, representing a decrease of approximately 61.5% compared to the previous year.
Other Comprehensive Income (OCI) Volatility: OCI exhibited extreme instability, driven primarily by pension adjustments and foreign currency translation. Pension and postretirement benefit plan adjustments shifted from a gain of 389 million in 2021 to a loss of 421 million in 2023. Similarly, foreign currency translation adjustments showed high variance, with a significant loss of 384 million in 2022 partially offsetting a gain of 92 million in 2023.
Comprehensive Income Analysis: Total comprehensive income peaked in 2021 at 2,570 million before entering a downward trajectory. By 2023, comprehensive income dropped to 521 million, the lowest point in the five-year period. This decline was exacerbated by the simultaneous drop in consolidated net income and negative contributions from OCI.
Attributable Comprehensive Income: Comprehensive income attributable to Cummins Inc. mirrored the overall trend, peaking at 2,542 million in 2021 and falling sharply to 419 million in 2023. This downward shift was further influenced by a notable increase in the loss attributable to noncontrolling interests, which reached 102 million in 2023.

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