Name: Parker-Hannifin Corp. (NYSE:PH) | 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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Parker-Hannifin Corp., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018	Jun 30, 2017
Net income	1,316,186)	1,746,861)	1,206,703)	1,512,931)	1,061,315)	983,844)
Foreign currency translation adjustment and other, net of tax	(284,732)	328,792)	(182,957)	(66,392)	(18,575)	(80,865)
Retirement benefits plan activity, net of tax	306,735)	664,076)	(317,546)	(227,783)	179,253)	384,784)
Other comprehensive income (loss), net of tax	22,003)	992,868)	(500,503)	(294,175)	160,678)	303,919)
Comprehensive income	1,338,189)	2,739,729)	706,200)	1,218,756)	1,221,993)	1,287,763)
Comprehensive (income) loss for noncontrolling interests	945)	(1,481)	314)	(620)	(74)	(790)
Comprehensive income attributable to common shareholders	1,339,134)	2,738,248)	706,514)	1,218,136)	1,221,919)	1,286,973)

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 financial performance from June 30, 2017, to June 30, 2022, is characterized by growth in net income offset by significant volatility in other comprehensive income components. While net income exhibited a general upward trajectory with periodic fluctuations, comprehensive income experienced more extreme swings due to external market factors and actuarial adjustments.

Net Income Trends: Net income demonstrated a growth trend over the analyzed period, rising from 983.8 million USD in 2017 to a peak of 1.75 billion USD in 2021. A temporary contraction occurred in 2020, where income fell to 1.21 billion USD, followed by a recovery and a subsequent correction to 1.32 billion USD in 2022. The overall movement indicates a resilient core earning capacity despite intermittent volatility.
Other Comprehensive Income (OCI) Volatility: OCI components introduced substantial variance into the total comprehensive income. Other comprehensive income, net of tax, shifted from a positive 303.9 million USD in 2017 to a significant loss of 500.5 million USD in 2020. This was followed by a sharp reversal to a gain of 992.9 million USD in 2021, before normalizing to 22.0 million USD in 2022.
Foreign Currency and Retirement Benefit Impacts: Two primary drivers contributed to OCI fluctuations: foreign currency translation adjustments and retirement benefit plan activity. Foreign currency adjustments remained predominantly negative from 2017 through 2020, peaking in a negative direction at 183.0 million USD in 2020, before swinging to a positive 328.8 million USD in 2021 and reverting to a negative 284.7 million USD in 2022. Retirement benefit plan activity showed similar instability, moving from a loss of 317.5 million USD in 2020 to a gain of 664.1 million USD in 2021.
Comprehensive Income Attributable to Common Shareholders: Comprehensive income for common shareholders mirrored the volatility of OCI more closely than the stability of net income. The lowest point occurred in 2020 at 706.5 million USD, representing a significant decline from the 1.29 billion USD reported in 2017. A historical peak was reached in 2021 at 2.74 billion USD, driven by the simultaneous convergence of record net income and substantial gains in both currency translation and retirement plan valuations. By 2022, this figure moderated to 1.34 billion USD.

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