Name: Phillips 66 (NYSE:PSX) | 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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Phillips 66, consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income	3,377)	5,873)	5,248)	1,644)	4,280)
Defined benefit plans, net of income taxes	(91)	126)	115)	(51)	34)
Foreign currency translation adjustments, net of income taxes	95)	(202)	259)	(296)	(156)
Hedging activities, net of income taxes	(11)	1)	4)	5)	—)
Other comprehensive income (loss), net of income taxes	(7)	(75)	378)	(342)	(122)
Comprehensive income	3,370)	5,798)	5,626)	1,302)	4,158)
Comprehensive income attributable to noncontrolling interests	(301)	(278)	(142)	(89)	(53)
Comprehensive income attributable to Phillips 66	3,069)	5,520)	5,484)	1,213)	4,105)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

Financial performance between 2015 and 2019 is characterized by significant volatility in both net income and comprehensive income. A cyclical pattern is evident, with a substantial decline in 2016, a strong recovery peaking in 2018, and a subsequent contraction in 2019.

Net Income and Comprehensive Income Trends: Net income experienced a sharp contraction of approximately 61.6% in 2016, falling to 1,644 million US$. This was followed by a robust recovery in 2017 and 2018, where net income reached a five-year peak of 5,873 million US$. By 2019, net income declined by 42.5% to 3,377 million US$. Comprehensive income closely mirrored these fluctuations, reflecting the primary influence of operating results over other comprehensive income components.
Other Comprehensive Income (OCI) Volatility: OCI exhibited inconsistent swings, alternating between net gains and losses. The most significant negative impact occurred in 2016 with a loss of 342 million US$, while the most significant gain was recorded in 2017 at 378 million US$. This volatility was primarily driven by two factors: foreign currency translation adjustments and defined benefit plan valuations.
Foreign Currency and Pension Plan Impacts: Foreign currency translation adjustments showed high variance, ranging from a loss of 296 million US$ in 2016 to a gain of 259 million US$ in 2017. Defined benefit plans also contributed to OCI volatility, shifting from a gain of 126 million US$ in 2018 to a loss of 91 million US$ in 2019. Hedging activities remained a negligible factor in overall comprehensive income throughout the period.
Noncontrolling Interests Attribution: A consistent downward trend is observed in the comprehensive income attributable to noncontrolling interests. These figures moved from -53 million US$ in 2015 to -301 million US$ in 2019. The steady increase in these negative values indicates a growing portion of comprehensive losses or adjustments allocated to noncontrolling stakeholders over the five-year span.

The overall financial trajectory indicates that while the entity achieved significant growth in profitability between 2017 and 2018, the results remain sensitive to external macroeconomic pressures, particularly currency fluctuations and pension liabilities, which periodically offset net gains.

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