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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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2011
- Analysis of Debt
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Marathon Petroleum Corp., 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).
The financial data reveals notable fluctuations in net income and comprehensive income over the five-year period from 2019 to 2023. The net income shows a strong positive figure in 2019, followed by a significant loss in 2020. Subsequently, there is a recovery with substantial gains in 2021 and 2022, before a decline, though still positive, in 2023.
- Net Income (Loss)
- Net income was $3,255 million in 2019 and dropped sharply to a loss of $9,977 million in 2020. This was followed by a robust recovery to $11,001 million in 2021, further increasing to $16,050 million in 2022. The figure then declined to $11,172 million in 2023, maintaining profitability but at a reduced level compared to the prior year.
- Other Comprehensive Income (Loss)
- Other comprehensive income/loss exhibited negative values in 2019 and 2020, with -$176 million and -$192 million respectively, before swinging to positive $445 million in 2021. This positive trend reversed in the subsequent years, decreasing to $69 million in 2022 and moving back to a negative position of -$133 million in 2023.
- Defined Benefit Plans and Related Items
- The combined impact of actuarial changes and prior service costs, components of defined benefit plans, mirrored the fluctuations seen in other comprehensive income. Negative values persisted in 2019 and 2020, shifted to positive contributions in 2021, and returned to negative territory in 2022 and 2023.
- Comprehensive Income (Loss)
- Comprehensive income, which includes net income and other comprehensive income, followed a pattern similar to that of net income. Starting at $3,079 million in 2019, it fell to a loss of $10,169 million in 2020, rebounded strongly to $11,446 million in 2021, peaked at $16,119 million in 2022, and then decreased to $11,039 million in 2023.
- Attribution to Noncontrolling Interests
- The portion of comprehensive income attributable to noncontrolling interests fluctuated but remained mostly negative after 2019’s -$618 million, with some variability including positive $151 million in 2020 but returning to negative values in the following years, reaching -$1,491 million in 2023.
- Comprehensive Income Attributable to the Company
- The comprehensive income attributable to the company closely tracked overall comprehensive income figures. Starting at $2,461 million in 2019, it declined sharply in 2020 to a negative $10,018 million. This was followed by recovery phases in 2021 and 2022, with $10,183 million and $14,585 million respectively, before decreasing to $9,548 million in 2023.
Overall, the data suggests that the company experienced significant volatility in financial performance, particularly marked by the 2020 downturn, likely indicating extraordinary or adverse market conditions in that year. Recovery in subsequent years was strong, with 2022 being the peak year for profitability and comprehensive income. However, some decline was observed in 2023, indicating possible emerging challenges or normalization after the peak. The other comprehensive income items, primarily related to defined benefit plans, contributed variably to the overall income fluctuations, reflecting changes in actuarial assumptions or pension plan valuations during this period.