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.
Procter & Gamble Co., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 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).
- Net Earnings
- Net earnings showed substantial growth from 2019 through 2020, increasing from 3,966 million US dollars to 13,103 million US dollars. From 2020 onwards, net earnings continued to rise steadily but at a slower pace, reaching 14,974 million US dollars by 2024. This indicates a strong profitability improvement initially, followed by stabilization at a higher earnings level.
- Foreign Currency Translation, Net of Tax
- Foreign currency translation effects exhibited negative values in most years, with notable fluctuations. The impact was most adverse in 2022 at -1,450 million US dollars. Positive translation gains occurred only in 2021. This suggests considerable exchange rate volatility affecting reported results, with predominantly unfavorable currency translation adjustments over the analyzed period.
- Unrealized Gains (Losses) on Investment Securities, Net of Tax
- This category showed minor fluctuations around zero, with small gains and losses occurring alternately over the years. The amounts remained relatively insignificant compared to earnings figures, suggesting limited impact from investment securities’ market value changes on overall financial performance.
- Unrealized Gains (Losses) on Defined Benefit Postretirement Plans, Net of Tax
- Notable volatility characterized this item. After a negative figure in 2020 (-150 million US dollars), unrealized gains surged significantly in 2021 and 2022, peaking at 2,992 million US dollars in 2022. The amount then decreased substantially in subsequent years but remained positive, indicating large actuarial revaluations or changes in postretirement plan assumptions affecting comprehensive income.
- Other Comprehensive Income (Loss), Net of Tax
- Other comprehensive income followed a pattern aligned with combined effects of foreign currency translation, unrealized gains/losses on investment securities, and defined benefit plans. It was negative in 2020 but improved markedly in 2021 and remained positive until 2022, before declining sharply again in 2023, then partially recovering in 2024. This underscores the volatility of components outside net earnings influencing overall comprehensive income.
- Comprehensive Income
- Comprehensive income increased significantly from 2019 to 2021, reflecting strong net earnings growth and favorable other comprehensive income items. It slightly decreased in 2023 relative to prior years but showed a mild recovery in 2024. This trend reflects an overall robust financial performance with some fluctuations driven by non-operational factors like currency translation and benefits plan adjustments.
- Comprehensive Income Attributable to Noncontrolling Interests
- Amounts attributable to noncontrolling interests remained negative throughout the period, ranging between -43 and -92 million US dollars. The slight increase in magnitude over time indicates stable but small losses attributed to minority interests.
- Comprehensive Income Attributable to Procter & Gamble
- The portion attributable to the parent company closely mirrored the total comprehensive income pattern. It rose sharply from 2019 to 2021, plateaued through 2022, then slightly decreased in 2023 before recovering in 2024. This confirms that the majority of comprehensive income movements stemmed from the company’s own operations and related adjustments rather than minority interests.