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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Cummins Inc., consolidated statement of comprehensive income
US$ in millions
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).
- Consolidated net income
- The net income shows a fluctuating trend over the five-year period. It decreased from 2,268 million USD in 2019 to 1,811 million USD in 2020, followed by a recovery to 2,164 million USD in 2021 and a slight increase to 2,183 million USD in 2022. However, there was a significant decline to 840 million USD in 2023.
- Change in pension and other postretirement defined benefit plans
- This item exhibits considerable variability, with a negative impact of -63 million USD in 2019, almost neutral at -1 million USD in 2020, a positive peak of 389 million USD in 2021, then reverting to negative figures of -81 million USD in 2022 and -421 million USD in 2023. This volatility suggests changes in actuarial assumptions or plan adjustments over the years.
- Foreign currency translation adjustments
- There is notable inconsistency in foreign currency translation adjustments. The value was negative (-152 million USD) in 2019, switched to a positive 71 million USD in 2020, again slightly negative (-9 million USD) in 2021, substantially negative in 2022 (-384 million USD), and returned to positive 92 million USD in 2023. Such fluctuations likely reflect foreign exchange rate movements affecting international operations.
- Unrealized gain (loss) on derivatives
- This component experienced losses in 2019 (-11 million USD) and 2020 (-34 million USD), followed by gains in 2021 (26 million USD), 2022 (106 million USD), then a reduced gain in 2023 (10 million USD). The pattern indicates changing market conditions impacting derivative instruments.
- Other comprehensive (loss) income, net of tax
- The net other comprehensive income/loss shows significant swings: a loss of -226 million USD in 2019, a positive 36 million USD in 2020, a substantial gain of 406 million USD in 2021, and losses again in 2022 (-359 million USD) and 2023 (-319 million USD). This variation corresponds with the combined effects of pension changes, foreign currency translation, and derivative adjustments.
- Comprehensive income
- The total comprehensive income follows a fluctuating pattern but generally reflects a downward trend after peaking in 2021 at 2,570 million USD. After 2021, it declined to 1,824 million USD in 2022 and further to 521 million USD in 2023, indicating reduced overall profitability when accounting for all comprehensive gains and losses.
- Comprehensive (income) loss attributable to noncontrolling interests
- This figure remains relatively small in magnitude compared to other items but shows some variability, starting with a small loss (-3 million USD) in 2019, increasing in losses to -12 million USD and -28 million USD in 2020 and 2021 respectively, a reversal to a gain of 8 million USD in 2022, and then a substantial loss of -102 million USD in 2023.
- Comprehensive income attributable to Cummins Inc.
- The comprehensive income attributable to the company closely mirrors the overall comprehensive income trend. After declining in 2020 from 2,039 million USD to 1,835 million USD, it rose to a peak of 2,542 million USD in 2021 before dropping to 1,832 million USD in 2022 and notably to 419 million USD in 2023, indicating reduced comprehensive profitability attributable to the company in recent periods.