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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Sysco Corp., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).
The financial data over the analyzed periods reveals several notable trends and fluctuations in both net earnings and components of comprehensive income.
- Net Earnings
- Net earnings experienced significant volatility, starting at US$1,674 million in mid-2019, sharply declining to US$215 million in 2020, likely due to extraordinary factors during that period. Thereafter, net earnings showed a recovery trend, increasing steadily to US$524 million in 2021, US$1,359 million in 2022, and reaching a peak of US$1,955 million by mid-2024. This reflects improved operational performance or favorable market conditions over time.
- Foreign Currency Translation Adjustment
- This component showed fluctuations between moderate negative and positive values with no clear long-term trend. It swung from negative US$119 million in 2019 to a positive US$362 million in 2021, followed by a sharp negative adjustment of US$461 million in 2022, and smaller adjustments thereafter. Such variability suggests exposure to foreign exchange risk with varying impacts year to year.
- Hedging Activities
- Amortization of cash flow hedges remained relatively stable at around US$7–9 million until a slight decline to US$7 million in 2024. Changes in net investment hedges and cash flow hedges exhibited considerable fluctuation, with occasional reversals in sign and magnitude, indicating active management of hedge positions and market volatility affecting these components.
- Pension and Actuarial Items
- Amortization of actuarial loss rose from US$26 million in 2019 to a peak of US$59 million in 2022 before declining to US$20 million in 2024. Pension settlement charges were only observed in 2022 with a large one-time charge of US$237 million, which likely contributed to the variations in pension-related costs. The net actuarial gain/loss fluctuated between negative and positive values, with notable negative impacts in 2019, 2023, and 2024, reflecting changes in actuarial assumptions or plan performance.
- Other Comprehensive Income and Related Items
- Other comprehensive income (loss) showed a volatile pattern, with negative contributions in 2019 (-US$190 million) and 2022 (-US$333 million), but positive spikes in 2021 (US$562 million) and 2023 (US$229 million). The changes in items presented net of tax also varied considerably, peaking at US$200 million in 2021 but falling to a negative US$53 million by 2024. These fluctuations indicate variable impacts from non-operational comprehensive income elements.
- Comprehensive Income
- Despite fluctuations in specific components, comprehensive income displayed an overall upward trajectory, starting from US$1,484 million in 2019, dipping substantially in 2020 to US$104 million, then recovering strongly to peak at US$2,000 million in 2023 before a small decline in 2024 to US$1,869 million. This suggests that despite short-term disruptions, the overall financial performance and equity position improved materially over the six-year span.
In summary, the data reflect a recovery from a difficult 2020 period, followed by consistent growth in net earnings and comprehensive income, tempered by variable foreign exchange and actuarial impacts. The pension-related charges in 2022 and fluctuations in hedging activities highlight areas of financial risk management. Overall, the trend indicates strengthening profitability and comprehensive gains over the reported periods.