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.

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).

Net Income (Loss): The net income experienced growth from 2011 through 2014, rising from $1,985 million to $2,507 million. However, in 2015, the company reported a significant net loss of $767 million, indicating a sharp downturn after four consecutive years of profitability.
Currency Translation Adjustments: Currency translation adjustments fluctuated considerably over the period. Positive adjustment was recorded in 2012 at $64 million, but otherwise the adjustments were negative, with a notable decline reaching -$764 million in 2015, suggesting adverse effects from exchange rate movements in the latest year.
Derivative Financial Instruments: The values related to derivative financial instruments were volatile, with negative impacts in 2011, 2013, and 2014 (-$63 million, -$37 million, and -$233 million respectively). Positive changes occurred in 2012 and 2015 ($99 million and $23 million), showing inconsistent performance in managing these financial instruments.
Change in Defined Benefit Plans: This item showed minor fluctuations throughout the period. It was positive in 2011, 2013, and 2015 ($14 million, $41 million, and $22 million respectively) and negative in 2012 and 2014 (-$33 million and -$65 million). The values remained relatively small, indicating limited impact on overall financial results.
Other Comprehensive Income (Loss), Net of Tax: This category displayed significant volatility, with positive results only in 2012 ($130 million). The other years showed negative comprehensive losses, most notably in 2014 and 2015 (-$830 million and -$719 million), aligning with adverse currency translation and derivative instrument effects.
Comprehensive Income (Loss): Comprehensive income followed the pattern of net income through 2014, rising from $1,871 million in 2011 to $2,613 million in 2012, before declining gradually to $1,677 million in 2014. In 2015, comprehensive income turned into a loss of $1,486 million, reflecting the combined impact of net losses and negative comprehensive adjustments.
Comprehensive (Income) Loss Attributable to Noncontrolling Interests: These amounts were relatively small and stable, fluctuating modestly between $9 million and -$5 million over the period, showing minimal influence on overall comprehensive income or loss.
Comprehensive Income (Loss) Attributable to Company: The company's attributable comprehensive income corresponded closely with overall comprehensive figures, increasing from $1,880 million in 2011 to $2,621 million in 2012, then decreasing steadily to a loss of $1,488 million in 2015. This confirms that the negative financial performance in 2015 was largely borne by the company itself.

Download chart

National Oilwell Varco Inc. (NYSE:NOV)

Statement of Comprehensive Income