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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Eaton Corp. plc, 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).
- Net income
- The net income has shown a consistent upward trend over the five-year period. Starting from 1,415 million US dollars in 2020, it increased steadily each year, reaching 3,798 million US dollars by 2024. This indicates robust growth in profitability.
- Currency translation and related hedging instruments
- This item exhibited considerable volatility. It was positive in 2020 and 2021, with values of 201 and 30 million US dollars respectively, then sharply declined to -647 million in 2022. The figure rebounded to 235 million in 2023 before declining again to -370 million in 2024. These fluctuations suggest exposure to significant foreign exchange risks and hedging adjustments.
- Pensions and other postretirement benefits
- Values related to pensions and other postretirement benefits fluctuated over the years. It was negative in 2020 (-73 million) and in both 2023 (-185 million) and 2024 (-49 million), while positive in 2021 (495 million) and 2022 (175 million). This pattern suggests variability in pension-related gains or losses, possibly linked to changes in actuarial assumptions or funding status.
- Cash flow hedges
- Cash flow hedge amounts showed variability with generally small magnitudes. Starting negative at -33 million in 2020, shifting positive in 2021 and 2022 (37 million and 159 million), and returning to negative values in 2023 and 2024 (-11 million and -17 million). The fluctuations may reflect changing effectiveness or valuation of hedge instruments impacting comprehensive income.
- Other comprehensive income (loss), net of tax
- This figure experienced significant swings. It was a modest gain of 95 million in 2020, rose sharply to 562 million in 2021, then turned negative with -313 million in 2022. It recovered slightly to a positive 39 million in 2023 but dropped again to -436 million in 2024. This indicates substantial volatility in factors affecting other comprehensive income items, likely influenced by the aforementioned currency and pension-related components.
- Comprehensive income
- Comprehensive income generally increased from 1,510 million in 2020 to 3,362 million in 2024, despite the fluctuations in other comprehensive income components. The rise reflects overall growth in profitability and earnings extending beyond net income.
- Comprehensive income for noncontrolling interests
- This component remained relatively stable and minor in absolute terms, fluctuating slightly between -2 million and -5 million, indicating negligible impact on total comprehensive income.
- Comprehensive income attributable to Eaton ordinary shareholders
- The comprehensive income attributable to ordinary shareholders followed a trend closely mirroring total comprehensive income, increasing from 1,505 million in 2020 to 3,358 million in 2024. This steady increase underscores the improving financial performance available to shareholders overall.