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: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Aggregate Accruals
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Parker-Hannifin Corp., consolidated statement of comprehensive income
US$ in thousands
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
The analysis of the annual financial data reveals several notable trends in the company's income and comprehensive income components over the six-year period ending June 30, 2022.
- Net Income
- Net income shows a generally positive trajectory from 2017 through 2021, rising from $983.8 million to a peak of $1.75 billion in 2021. There is, however, a decline in 2022 to approximately $1.32 billion, indicating a decrease after the peak year.
- Foreign Currency Translation Adjustment and Other, Net of Tax
- This item exhibits significant volatility and fluctuation. It starts with a negative adjustment of approximately -$80.9 million in 2017, fluctuates with negative values in most years, and reverses to a positive $328.8 million in 2021 before turning sharply negative again in 2022 at about -$284.7 million. This suggests considerable foreign exchange or other translation-related impacts that affect comprehensive income inconsistently year over year.
- Retirement Benefits Plan Activity, Net of Tax
- Retirement benefits related adjustments also show strong variability. After a positive impact of $384.8 million in 2017, the amounts decline to negative figures in 2019 and 2020 (-$227.8 million and -$317.5 million respectively), indicating burdens or losses in those years. Subsequently, the figures recover markedly to positive values again in 2021 ($664.1 million) and 2022 ($306.7 million), implying recovery or favorable changes in retirement plan valuations or assumptions.
- Other Comprehensive Income (Loss), Net of Tax
- Other comprehensive income/loss mirrors the volatility in the foreign currency and retirement plan activities, with positive results in 2017 and 2018 ($303.9 million and $160.7 million), turning sharply negative in 2019 and 2020 (-$294.2 million and -$500.5 million), then strongly positive in 2021 at $992.9 million before decreasing dramatically to a marginal positive $22.0 million in 2022. This component significantly influences the total comprehensive income, reflecting large swings primarily driven by the aforementioned components.
- Comprehensive Income
- Total comprehensive income exhibits growth from $1.29 billion in 2017 to $2.74 billion in 2021, highlighting a peak in overall earnings including other comprehensive components. However, it falls substantially to $1.34 billion in 2022, suggesting reduced overall profitability and other comprehensive gains compared to the previous year.
- Comprehensive Income Attributable to Common Shareholders
- Attributable comprehensive income closely follows the total comprehensive income pattern, indicating minimal noncontrolling interest impact. The values increase from approximately $1.29 billion in 2017 to a peak of $2.74 billion in 2021, then decline to about $1.34 billion in 2022. This consistency confirms that the fluctuations in comprehensive income primarily affect common shareholders.
- Comprehensive (Income) Loss for Noncontrolling Interests
- This component remains relatively small and volatile, oscillating around zero with both minor positive and negative values throughout the period. Its impact on total comprehensive income is minimal compared with other items.
In summary, the company demonstrates growth in net income and comprehensive income through 2021, with a marked decline in 2022. The comprehensive income components show significant volatility driven mainly by foreign currency translation adjustments and retirement benefits plan activities, contributing to considerable swings in other comprehensive income. These factors strongly influence overall profitability measures beyond net income and point to exposure to currency and pension-related risks over the analyzed period.