Name: Sysco Corp. (NYSE:SYY) | 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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Sysco Corp., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Net earnings	1,955)	1,770)	1,359)	524)	215)	1,674)
Foreign currency translation adjustment	(33)	127)	(461)	362)	(112)	(119)
Amortization of cash flow hedges	7)	9)	9)	9)	9)	9)
Change in net investment hedges	(3)	(21)	54)	(24)	44)	44)
Change in cash flow hedges	16)	(55)	24)	14)	(7)	(4)
Changes in excluded components of fair value hedge	2)	—)	—)	—)	—)	—)
Amortization of prior service cost	—)	—)	—)	1)	6)	6)
Amortization of actuarial loss	20)	24)	59)	47)	39)	26)
Pension settlement charge	—)	237)	—)	—)	—)	—)
Net actuarial gain (loss) arising in current year	(97)	(89)	(9)	156)	(93)	(155)
Change in marketable securities	2)	(2)	(9)	(3)	4)	3)
Items presented net of tax	(53)	102)	128)	200)	1)	(71)
Other comprehensive income (loss)	(86)	229)	(333)	562)	(111)	(190)
Comprehensive income	1,869)	2,000)	1,025)	1,086)	104)	1,484)

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).

Net earnings exhibited significant volatility between 2019 and 2024, characterized by a sharp contraction in 2020 followed by a sustained multi-year recovery. Comprehensive income followed a similar trajectory, though it remained subject to additional fluctuations driven by components of other comprehensive income.

Net Earnings Trajectory: A severe decline in profitability is observed between 2019 and 2020, with net earnings falling from 1,674 million USD to 215 million USD. This was followed by a consistent recovery phase, with earnings increasing to 524 million USD in 2021, 1,359 million USD in 2022, 1,770 million USD in 2023, and peaking at 1,955 million USD in 2024.
Other Comprehensive Income (OCI) Volatility: Other comprehensive income has demonstrated high variance, fluctuating from a peak of 562 million USD in 2021 to a low of -333 million USD in 2022. This volatility is primarily linked to foreign currency translation adjustments, which swung from a gain of 362 million USD in 2021 to a loss of 461 million USD in 2022, before recovering to 127 million USD in 2023.
Pension and Actuarial Performance: Pension-related items have provided inconsistent contributions to the financial totals. A notable pension settlement charge of 237 million USD occurred in 2023. Net actuarial results were predominantly negative throughout the period, with the exception of a 156 million USD gain in 2021. Amortization of actuarial losses generally trended upward from 2019 to 2022 before stabilizing at lower levels in 2023 and 2024.
Comprehensive Income Integration: Comprehensive income reached its maximum value of 2,000 million USD in 2023, supported by both strong net earnings and a positive OCI of 229 million USD. In 2024, despite net earnings reaching their highest point of 1,955 million USD, comprehensive income declined to 1,869 million USD due to an OCI loss of 86 million USD, illustrating the impact of non-operational adjustments on total comprehensive performance.

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