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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Thermo Fisher Scientific Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 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).
The financial data reveals several notable trends and fluctuations in the annual performance over the five-year period.
- Net Income
- Net income increased from 6,377 million USD in 2020 to a peak of 7,728 million USD in 2021, indicating strong profitability growth. However, it subsequently declined to 6,960 million in 2022 and further to 5,955 million in 2023. The figure rebounded slightly to 6,338 million in 2024, though it did not return to the levels seen in 2021. This pattern suggests a period of volatility with a significant drop after 2021 followed by modest recovery.
- Currency Translation Adjustment, Net of Tax
- The currency translation adjustment showed considerable variability over the years. Starting with a negative adjustment of -118 million USD in 2020, it turned strongly positive to 373 million in 2021, then sharply dropped to -822 million in 2022. The adjustment remained slightly negative in 2023 (-69 million) before recovering to a positive 525 million in 2024. These fluctuations suggest significant foreign exchange impacts affecting reported earnings, possibly due to varying exchange rates or international operations exposure.
- Unrealized Gains (Losses) on Hedging Instruments
- Unrealized effects on hedging instruments were negative at -65 million USD in 2020, but no data appears for 2021 onward at the net of tax level. The reclassification adjustment for gains/losses included in net income remained relatively small and positive (ranging between 2 and 56 million USD), suggesting limited impact from hedging instruments on overall profitability in recent years.
- Pension and Other Postretirement Benefit Liability Adjustments
- This category showed some volatility, with positive adjustments from 10 million USD in 2020 increasing to 49 million in 2021 and remaining fairly steady at 43 million in 2022. However, there was a sharp negative swing to -69 million in 2023 and a smaller negative adjustment of -8 million in 2024. These fluctuations may reflect changes in actuarial assumptions or changes in pension obligations.
- Other Comprehensive Income (Loss)
- Other comprehensive income mirrored the currency translation adjustments, starting negative at -128 million USD in 2020, turning strongly positive to 478 million in 2021, plunging to -777 million in 2022, slightly negative at -133 million in 2023, and turning again positive at 520 million in 2024. This pattern highlights volatility mainly driven by foreign currency translation effects and pension liability adjustments.
- Comprehensive Income
- Total comprehensive income grew from 6,249 million USD in 2020 to a high of 8,206 million in 2021, followed by a significant decline to 6,183 million in 2022 and a more moderate fall to 5,822 million in 2023. It then rebounded markedly to 6,858 million in 2024. The comprehensive income attributable to the parent company closely tracks these movements, indicating consistent ownership interest performance.
- Comprehensive Income Attributable to Noncontrolling Interests
- The amounts attributable to noncontrolling interests showed minor negative values in the earlier years, but in 2023, a notable positive figure of 48 million USD appeared, followed by a smaller positive 4 million in 2024. This shift suggests increasing contributions or adjustments related to minority interests during the most recent periods.
In summary, the financial results exhibit a pattern of growth in 2021 followed by pressures in 2022 and 2023, with some recovery evident in 2024. Currency translation effects and pension-related adjustments have been significant contributors to fluctuations in other comprehensive income and overall comprehensive income. The variability in net income and comprehensive income signals exposure to external factors such as foreign exchange rates and actuarial assumptions impacting pension liabilities, which should be monitored closely going forward.