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.
United Rentals Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 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), 10-K (reporting date: 2018-12-31).
Comprehensive income demonstrated a general upward trajectory between 2018 and 2022, despite a notable contraction in 2020. The overall growth was primarily driven by a significant surge in net income toward the end of the period, which effectively offset recurring volatility in other comprehensive income components.
- Net Income Performance
- Net income exhibited a volatile but ultimately positive trend, starting at 1,096 million USD in 2018 and reaching 2,105 million USD by 2022. A temporary decline occurred in 2020, where income fell to 890 million USD, marking the lowest point in the five-year sequence. This was followed by a strong recovery in 2021 and a substantial acceleration in 2022, during which net income increased by approximately 52% compared to the prior year.
- Other Comprehensive Income and Currency Volatility
- Other comprehensive income was characterized by inconsistency, largely driven by foreign currency translation adjustments. These adjustments shifted from a loss of 84 million USD in 2018 to gains of 49 million USD and 40 million USD in 2019 and 2020, before returning to losses of 26 million USD in 2021 and 93 million USD in 2022. Fixed price diesel swaps maintained a negligible impact on the total financial outcome, with minimal values reported in 2018, 2019, and 2021, and no recorded values in 2020 and 2022.
- Comprehensive Income Correlation
- Comprehensive income closely mirrored the trajectory of net income, confirming that operating profitability was the primary driver of total comprehensive results. While other comprehensive income created periodic variances—most notably in 2018 and 2022 where translation losses reduced the total—the momentum of net income growth ensured that comprehensive income rose from 1,010 million USD in 2018 to 2,012 million USD in 2022.
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