Name: Texas Pacific Land Corp. (NYSE:TPL) | 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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Texas Pacific Land Corp., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	405,645)	446,362)	269,980)	176,049)	318,728)
Amortization of net actuarial costs, net of income taxes	(103)	32)	114)	53)	36)
Net actuarial gain (loss) on pension plan, net of income taxes	(582)	3,491)	1,572)	(1,285)	(419)
Other comprehensive income (loss)	(685)	3,523)	1,686)	(1,232)	(383)
Comprehensive income	404,960)	449,885)	271,666)	174,817)	318,345)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The financial performance over the five-year period ending December 31, 2023, is characterized by significant volatility in net income and marginal fluctuations in other comprehensive income. A notable contraction occurred in 2020, followed by a multi-year recovery that peaked in 2022 before experiencing a slight moderation in 2023.

Net Income Trends: Net income experienced a sharp decline of approximately 44.8% between 2019 and 2020, falling from US$ 318.7 million to US$ 176.0 million. This was followed by a strong upward trajectory, with figures rising to US$ 269.9 million in 2021 and peaking at US$ 446.3 million in 2022. The 2023 period saw a modest decrease to US$ 405.6 million, though the figure remains substantially higher than the 2019 and 2020 levels.
Analysis of Other Comprehensive Income (OCI): Other comprehensive income exhibits high volatility but remains immaterial relative to net income. Negative OCI was recorded in 2019, 2020, and 2023, with the most significant loss occurring in 2020 at US$ 1.2 million. Conversely, positive OCI was realized in 2021 and 2022, peaking at US$ 3.5 million in 2022. This volatility is primarily driven by net actuarial gains and losses on pension plans, which fluctuated from a loss of US$ 1.2 million in 2020 to a gain of US$ 3.4 million in 2022.
Amortization of Net Actuarial Costs: Amortization costs remained low and relatively stable from 2019 through 2022, ranging between US$ 32 thousand and US$ 114 thousand. A reversal occurred in 2023, where the figure transitioned to a negative value of US$ 103 thousand, contributing to the overall decrease in OCI for that year.
Comprehensive Income Correlation: Comprehensive income closely mirrors the trajectory of net income, as the magnitude of OCI components is insufficient to significantly alter the bottom line. The comprehensive income followed the same V-shaped recovery pattern, dipping to US$ 174.8 million in 2020 and reaching a maximum of US$ 449.8 million in 2022, before settling at US$ 404.9 million at the end of 2023.

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