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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RTX Corp., 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).
- Net income (loss)
- The net income showed significant volatility over the period. It started with a substantial loss of 3,295 million US dollars in 2020, followed by a strong recovery to positive earnings of 4,112 million in 2021 and further increased to 5,308 million in 2022. However, the net income decreased markedly to 3,380 million in 2023 before rising again to 5,013 million in 2024, indicating fluctuations but an overall positive trend after the initial loss.
- Pension and postretirement benefit plans adjustments
- This item exhibited a decreasing trend over the years. Starting from 1,705 million in 2020, it peaked at 2,655 million in 2021, followed by a sharp decline to 1,046 million in 2022. The figure turned negative in the last two years, reaching -1,244 million in 2023 and -653 million in 2024, reflecting increasing adjustments that detracted from comprehensive income.
- Change in unrealized cash flow hedging
- The change in unrealized cash flow hedging fluctuated throughout the period with no clear trend. The movement started positive at 201 million in 2020 but turned negative in 2021 and 2022 at -175 million and -95 million respectively. It rebounded to a positive 278 million in 2023, before declining again to -174 million in 2024, indicating volatility potentially linked to market hedging dynamics.
- Foreign currency translation adjustments
- Foreign currency translation adjustments showed volatility with a negative overall pattern. Beginning with a positive 634 million in 2020, the adjustments swung to negative values in 2021 (-661 million) and 2022 (-1,054 million). The trend reversed in 2023 with a positive 565 million, only to decline again to -509 million in 2024, suggesting exposure to currency fluctuations impacting the company's reported figures.
- Other comprehensive income (loss), net of tax
- Other comprehensive income demonstrated a declining trend with increasing losses. It began at a positive 2,540 million in 2020, falling to 1,819 million in 2021. This was followed by losses of 103 million in 2022, 401 million in 2023, and a further deepened loss of 1,336 million in 2024, indicating deteriorating gains outside of net income that adversely affected total comprehensive income.
- Comprehensive income (loss)
- Overall comprehensive income mirrored the net income trends but with more variability. It started with a loss of 755 million in 2020, followed by a significant increase to 5,931 million in 2021 and a slight decrease to 5,205 million in 2022. The value declined further to 2,979 million in 2023 but rose again to 3,677 million in 2024, highlighting substantial overall profitability improvement since the initial loss.
- Comprehensive income attributable to noncontrolling interest
- The comprehensive income attributable to noncontrolling interests consistently remained negative, ranging between -111 million and -248 million throughout the period. Although the amounts varied somewhat, the figure stayed relatively stable, indicating consistent losses attributable to noncontrolling interests.
- Comprehensive income (loss) attributable to common shareowners
- The comprehensive income attributable to common shareowners followed the broad comprehensive income pattern. It showed a large loss of 979 million in 2020, succeeded by marked positive values from 2021 onwards, peaking at 5,683 million in 2021 and remaining above 2,700 million in subsequent years. This illustrates substantial recovery and sustained profitability attributable to shareholders after the initial loss.