Name: Marathon Petroleum Corp. (NYSE:MPC) | 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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Marathon Petroleum Corp., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	11,172)	16,050)	11,001)	(9,977)	3,255)
Actuarial changes, net of tax	(85)	122)	276)	(157)	(147)
Prior service, net of tax	(49)	(52)	175)	(34)	(27)
Defined benefit plans	(134)	70)	451)	(191)	(174)
Other, net of tax	1)	(1)	(6)	(1)	(2)
Other comprehensive income (loss)	(133)	69)	445)	(192)	(176)
Comprehensive income (loss)	11,039)	16,119)	11,446)	(10,169)	3,079)
Comprehensive (income) loss attributable to noncontrolling interests	(1,491)	(1,534)	(1,263)	151)	(618)
Comprehensive income (loss) attributable to MPC	9,548)	14,585)	10,183)	(10,018)	2,461)

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 performance between 2019 and 2023 is characterized by extreme volatility, marked by a severe contraction in 2020 followed by a robust recovery and a peak in 2022. Total comprehensive income closely tracks net income, suggesting that the primary drivers of total comprehensive results are core operational earnings rather than secondary adjustments in other comprehensive income.

Net Income and Comprehensive Income Trends: A significant reversal in profitability occurred in 2020, where net income dropped from US$ 3,255 million in 2019 to a loss of US$ 9,977 million. This was followed by a rapid recovery in 2021, with net income reaching US$ 11,001 million. Performance peaked in 2022 at US$ 16,050 million before moderating to US$ 11,172 million in 2023. Comprehensive income mirrored these movements, shifting from a loss of US$ 10,169 million in 2020 to a peak of US$ 16,119 million in 2022.
Analysis of Other Comprehensive Income (OCI): OCI remained relatively small compared to net income but exhibited fluctuations driven primarily by defined benefit plans. Gains were concentrated in 2021, where OCI reached US$ 445 million, largely due to positive actuarial changes (US$ 276 million) and prior service adjustments (US$ 175 million). Conversely, OCI recorded losses in 2019, 2020, and 2023, with the 2023 loss of US$ 133 million driven by negative actuarial changes and prior service costs.
Comprehensive Income Attribution: The portion of comprehensive income attributable to the parent company followed the overall trajectory of the business, reaching a high of US$ 14,585 million in 2022. Noncontrolling interests exerted a notable impact, particularly from 2021 onward, with comprehensive losses attributable to noncontrolling interests remaining consistently between US$ 1,263 million and US$ 1,534 million during the final three years of the period analyzed.

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