Name: Hubbell Inc. (NYSE:HUBB) | 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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Hubbell Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income	551,400)	405,600)	356,000)	407,400)	366,100)
Foreign currency translation adjustments	(27,900)	(11,500)	12,300)	3,700)	(33,900)
Reclassification of currency translation (gains) losses included in net income	500)	—)	—)	(7,700)	—)
Currency translation adjustment	(27,400)	(11,500)	12,300)	(4,000)	(33,900)
Defined benefit pension and post-retirement plans, net of taxes	14,200)	9,200)	(8,800)	(14,500)	17,800)
Unrealized gain (loss) on investments, net of taxes	(1,400)	(400)	400)	2,600)	(1,400)
Unrealized gains (losses) on cash flow hedges, net of taxes	200)	1,100)	(200)	(1,300)	1,600)
Other comprehensive income (loss)	(14,400)	(1,600)	3,700)	(17,200)	(15,900)
Comprehensive income	537,000)	404,000)	359,700)	390,200)	350,200)
Comprehensive income attributable to noncontrolling interest	(5,500)	(6,100)	(4,800)	(6,500)	(5,900)
Comprehensive income attributable to Hubbell	531,500)	397,900)	354,900)	383,700)	344,300)

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 performance over the five-year period from 2018 to 2022 is characterized by a steady increase in core profitability, punctuated by volatility in other comprehensive income components.

Net Income and Comprehensive Income Growth: Net income demonstrated a general upward trend, increasing from 366,100 thousand US$ in 2018 to 551,400 thousand US$ in 2022. A temporary decline was observed in 2020, where net income fell to 356,000 thousand US$, followed by a strong recovery in 2021 and a significant surge in 2022. Comprehensive income attributable to the company followed a similar trajectory, growing from 344,300 thousand US$ in 2018 to 531,500 thousand US$ in 2022.
Foreign Currency and Translation Impacts: Foreign currency translation adjustments represent the most volatile element of the comprehensive income statement. These adjustments shifted from a loss of 33,900 thousand US$ in 2018 to a gain of 12,300 thousand US$ in 2020, before reverting to a loss of 27,400 thousand US$ by 2022. This volatility suggests a significant exposure to currency fluctuations that frequently offsets a portion of the operational net income.
Pension and Post-Retirement Plan Performance: Adjustments for defined benefit pension and post-retirement plans exhibited a cyclical pattern. Positive adjustments were recorded in 2018, followed by losses in 2019 and 2020. A recovery trend began in 2021, with the gain increasing to 14,200 thousand US$ by 2022, contributing positively to the total comprehensive income in the final two years of the analysis.
Other Comprehensive Income (OCI) and Noncontrolling Interests: Other comprehensive income remained negative in four of the five years analyzed, with 2020 being the sole exception. This indicates that non-operational items generally acted as a drag on total comprehensive income. Meanwhile, comprehensive income attributable to noncontrolling interests remained consistently negative, ranging from -4,800 thousand US$ to -6,500 thousand US$ throughout the period.

In summary, the growth in net income has been the primary driver of value creation, while currency translation adjustments and pension plan valuations have introduced periodic volatility into the overall comprehensive income.

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