Name: National Oilwell Varco Inc. (NYSE:NOV) | 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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National Oilwell Varco Inc., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Net income (loss)	(767)	2,507)	2,328)	2,483)	1,985)
Currency translation adjustments	(764)	(532)	(115)	64)	(65)
Derivative financial instruments	23)	(233)	(37)	99)	(63)
Change in defined benefit plans	22)	(65)	41)	(33)	14)
Other comprehensive income (loss), net of tax	(719)	(830)	(111)	130)	(114)
Comprehensive income (loss)	(1,486)	1,677)	2,217)	2,613)	1,871)
Comprehensive (income) loss attributable to noncontrolling interests	(2)	(5)	(1)	8)	9)
Comprehensive income (loss) attributable to Company	(1,488)	1,672)	2,216)	2,621)	1,880)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

The financial performance between 2011 and 2015 is characterized by a period of sustained profitability followed by a severe downturn in the final year. While net income remained robust and generally increased through 2014, comprehensive income experienced a more gradual decline starting in 2012, ending in a significant deficit by 2015.

Net Income Performance: Net income demonstrated a positive trend from 2011 to 2014, rising from 1,985 million US dollars to a peak of 2,507 million US dollars. This growth phase was abruptly reversed in 2015, when the company reported a net loss of 767 million US dollars, representing a sharp deviation from the previous four-year trajectory.
Comprehensive Income Trajectory: Comprehensive income attributable to the company peaked in 2012 at 2,621 million US dollars. From that point, a consistent downward trend is observed, with values falling to 2,216 million US dollars in 2013 and 1,672 million US dollars in 2014, before collapsing to a comprehensive loss of 1,488 million US dollars in 2015.
Currency Translation and Other Comprehensive Income (OCI): Other comprehensive income acted as a significant drag on overall performance, particularly in the latter half of the period. Currency translation adjustments showed a deteriorating trend, moving from a gain of 64 million US dollars in 2012 to substantial losses of 532 million US dollars in 2014 and 764 million US dollars in 2015. Consequently, net OCI reported heavy losses in both 2014 and 2015, totaling 830 million and 719 million US dollars, respectively.
Derivative and Pension Plan Volatility: Derivative financial instruments contributed inconsistently to the comprehensive income, with significant losses in 2014 (233 million US dollars) followed by a modest gain in 2015 (23 million US dollars). Changes in defined benefit plans remained relatively immaterial compared to other line items, fluctuating minimally between 14 million and -65 million US dollars over the five-year period.
Noncontrolling Interests: The portion of comprehensive income attributable to noncontrolling interests remained negligible throughout the analyzed period, with values ranging from 9 million US dollars in 2011 to -2 million US dollars in 2015. This indicates that the fluctuations in comprehensive income were almost entirely absorbed by the company's primary shareholders.

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