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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International Business Machines Corp., 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 exhibited volatility over the analyzed period. It started at 5,612 million USD in 2020, increased slightly to 5,762 million USD in 2021, but then sharply dropped to 1,659 million USD in 2022. This was followed by a significant recovery to 7,518 million USD in 2023, before decreasing again to 6,040 million USD in 2024. These fluctuations indicate variable profitability across the years.
- Foreign Currency Translation Adjustments, Net of Tax
- The adjustments related to foreign currency translation showed a mixed pattern with negative and positive values alternating across the years. The item started with a negative valuation of -965 million USD in 2020, moved to 573 million USD in 2021, then reverted to negative in 2022 at -229 million USD, followed by a positive 103 million USD in 2023, and finally a small negative amount of -23 million USD in 2024. This suggests changing impacts from currency fluctuations on the financials.
- Unrealized Gains (Losses) Arising During the Period
- Two related entries provide insight into unrealized gains and losses. One category showed a slightly positive trend from -261 million USD in 2020 to 276 million USD in 2024, with fluctuations in between. Another line, related to available-for-sale securities, is generally minimal or absent, with small movements noted in 2022 and 2024. Overall, unrealized gains or losses demonstrate some improvement over time despite irregularities.
- Reclassification of Gains (Losses) to Net Income
- The reclassification amounts were highly variable, starting at -15 million USD in 2020, rising to 182 million USD in 2021, then declining sharply to -294 million USD in 2022, and staying negative in 2023 at -116 million USD, before turning positive at 67 million USD in 2024. This pattern reflects active adjustments shifting between comprehensive income and net income.
- Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax
- Cash flow hedges showed recovery after a tough start. The value was negative at -276 million USD in 2020, turned positive at 438 million USD in 2021, then negative again at -116 million USD in 2022, before rising to positive amounts in 2023 and 2024 (28 and 343 million USD, respectively). This indicates an overall improvement in the hedging position.
- Prior Service Costs (Credits)
- Prior service costs fluctuated throughout the period, starting with negative values (-29 and -52 million USD) in 2020 and 2021, sharply increasing to 364 million USD in 2022, then falling back close to zero in 2023, and decreasing again to -45 million USD in 2024. These fluctuations denote inconsistent changes in pension or retirement service costs.
- Net Gains (Losses) Arising During the Period
- This item saw high volatility, starting with a large negative value (-1,383 million USD) in 2020, turning strongly positive (1,832 million USD) in 2021, declining to 695 million USD in 2022, and then plummeting to a substantial negative figure (-2,579 million USD) in 2023, recovering to a negligible positive 6 million USD in 2024. This dramatic swing suggests volatility in the sources impacting net gains or losses.
- Curtailments and Settlements
- There was a significant spike in this category during 2022 and 2024, with values of 4,480 million USD and 2,440 million USD respectively, compared to smaller amounts in other years. This points to major one-time adjustments or settlements in those years.
- Amortization of Prior Service (Credits) Costs
- This cost remained relatively stable but low, beginning with 12 million USD in 2020 and gradually decreasing to -5 million USD by 2024, suggesting a minor and declining amortization burden.
- Amortization of Net (Gains) Losses
- Amortization of net gains or losses trended downwards from 1,863 million USD in 2020 to a low of 427 million USD in 2023, before rising to 775 million USD in 2024. Despite fluctuations, this trend indicates a decline in amortization of such amounts with some recovery in the last year.
- Retirement-Related Benefit Plans, Net of Tax
- This line showed pronounced variability, increasing sharply from 501 million USD in 2020 to a peak of 6,841 million USD in 2022, then plummeting to a negative amount (-2,152 million USD) in 2023, before recovering to 3,171 million USD in 2024. The large swings imply considerable changes in retirement benefit obligations or valuations.
- Other Comprehensive Income (Loss)
- The overall other comprehensive income follows a similar pattern to retirement benefits and gains/losses, with a negative value of -740 million USD in 2020, a peak at 4,839 million USD in 2021 and 6,495 million USD in 2022, a sharp drop to -2,021 million USD in 2023, followed by a recovery to 3,492 million USD in 2024. These figures indicate considerable fluctuations in comprehensive income components beyond net income.
- Comprehensive Income
- Comprehensive income more than doubled from 4,872 million USD in 2020 to 10,601 million USD in 2021, then decreased to 8,154 million USD in 2022, further declined to 5,497 million USD in 2023, and again rose to 9,532 million USD in 2024. This pattern shows cyclical changes in the total comprehensive income, reflecting volatility in both net income and other comprehensive income components.
- Comprehensive Income Attributable to Noncontrolling Interest
- This portion remained relatively stable and minor in magnitude, fluctuating slightly between -22 million USD and -16 million USD over the years, indicating minimal impact from noncontrolling interests.
- Comprehensive Income Attributable to IBM
- The vast majority of comprehensive income is attributable to the company, closely mirroring the total comprehensive income trends with increases and decreases following the pattern noted previously. Values ranged from 4,850 million USD in 2020 to a peak of 10,582 million USD in 2021 before fluctuating in subsequent years and ending at 9,516 million USD in 2024.