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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- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Northrop Grumman Corp., consolidated statement of comprehensive income
US$ in millions
Based on: 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), 10-K (reporting date: 2018-12-31).
The financial data reveals notable fluctuations in net earnings for the analyzed periods. Net earnings decreased from 3,229 million USD in 2018 to 2,248 million USD in 2019, indicating a decline in profitability. However, there was a recovery in 2020, with net earnings rising to 3,189 million USD. A significant increase occurred in 2021, where net earnings more than doubled from the previous year to 7,005 million USD, followed by a decrease to 4,896 million USD in 2022. Despite this decline, the 2022 figure remained well above the earlier years, indicating overall growth over the five-year span.
The change in unamortized prior service credit consistently trended upwards, moving from negative 60 million USD in 2018 to nearly neutral at negative 1 million USD in 2022. This indicates a reduction in service credit costs or adjustments over time, which could positively impact financial obligations in the future.
Movements in the cumulative translation adjustment and other comprehensive items exhibited inconsistent variability, with values oscillating between negative and positive figures. Starting from negative 14 million USD in 2018, it increased to 2 million in 2019, further improved to 10 million in 2020, but then declined to negative 7 million and negative 9 million in 2021 and 2022 respectively. This suggests fluctuating foreign currency or other comprehensive income impacts over the years.
Other comprehensive loss, net of tax, demonstrated a steady decline in magnitude, reducing from a loss of 74 million USD in 2018 to only 10 million USD in 2022. This decreasing trend indicates a gradual improvement in comprehensive losses, possibly reflecting better management of non-operating expenses and losses.
Comprehensive income mirrored the trend observed in net earnings, decreasing sharply from 3,155 million USD in 2018 to 2,203 million USD in 2019, followed by recovery and growth in 2020 and a significant peak in 2021 at 6,990 million USD. A decline followed in 2022 to 4,886 million USD, yet the overall level remained higher compared to the initial years. This pattern correlates with net earnings movements and suggests that comprehensive income was predominantly influenced by operational profitability.
- Summary of Trends:
- - Net earnings showed volatility with a major peak in 2021 before declining in 2022.
- - Prior service credit adjustments progressively lessened negative impact over time.
- - Cumulative translation and other adjustments fluctuated, showing foreign currency or other comprehensive income volatility.
- - Other comprehensive losses steadily decreased, indicating improved non-operating performance.
- - Comprehensive income generally tracked net earnings trends, reflecting the company's operational results.