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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- Income Statement
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Hess 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The financial data reveals significant fluctuations in both net income and comprehensive income over the five-year period. The company experienced net losses from 2018 through 2020, with a sharp increase in net loss peaking in 2020 at -$2,839 million. This was followed by a substantial recovery in 2021 and 2022, with net income turning positive and increasing to $890 million and $2,447 million, respectively.
The net effect of hedge gains and losses reclassified to income shows considerable volatility. There was a strong positive impact in 2018, a near neutral effect in 2019, a substantial negative impact in 2020, and then positive effects again in 2021 and 2022. This pattern indicates considerable variability in the company's hedging strategy outcomes or market conditions affecting hedge performance.
The net change in fair value of cash flow hedges also exhibits notable fluctuations. A positive value in 2018 was followed by negative and positive swings in the subsequent years, ending with notable negative amounts in 2021 and 2022. The related change in derivatives designated as cash flow hedges, after taxes, follows a similar volatile pattern, suggesting ongoing adjustments in hedge valuations and derivative positions impacting equity.
Pension and postretirement plans adjustments display movement from moderate positive changes in 2018 to negative impacts in 2019 and 2020, then a rebound in 2021 and 2022. The separate components, including increases or reductions in unrecognized actuarial losses and the amortization of net actuarial losses, reflect these fluctuations. This trend demonstrates variability in liability assessments or actuarial assumptions over the period.
Other comprehensive income swings widely, from a strong positive in 2018 to significant negative in 2019, minimal negative in 2020, then returning to positive in 2021 and 2022. Comprehensive income, reflecting both net income and other comprehensive income, mirrors the net income trend with deep losses in 2020 transitioning to robust gains in 2021 and 2022.
Comprehensive income attributable to noncontrolling interests remains consistently negative and relatively stable over the years, indicating ongoing minority interests' losses or payouts. As a result, comprehensive income attributable to the company closely tracks overall comprehensive income trends, with a pronounced loss in 2020 and recovery in the following two years.
Overall, the data indicates a period of financial difficulty culminating in 2020, followed by a strong recovery phase. The fluctuations in hedge-related items and pension adjustments suggest active financial management and exposure to market volatility. The company’s ability to return to positive net and comprehensive income demonstrates resilience amid challenging conditions.
- Net Income (Loss)
- Significant deterioration reaching a nadir in 2020, followed by recovery and growth in 2021 and 2022.
- Hedge Gains and Losses Reclassified to Income
- Volatile across the period, indicating changing hedge effectiveness and market impacts.
- Fair Value of Cash Flow Hedges and Derivative Changes
- Marked fluctuations reflecting adjustments in hedge valuations impacting equity.
- Pension and Postretirement Plan Adjustments
- Variable impacts with negative effects centered in 2019-2020, offset by positive changes later.
- Other Comprehensive Income
- Wide swings, often aligning inversely with net income losses and gains.
- Comprehensive Income
- Tracked net income trends with a large loss in 2020 and strong positive results thereafter.
- Comprehensive Income Attributable to Noncontrolling Interests
- Persistently negative, with a stable pattern over the period.