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).
The financial data reveals several key trends in the company's performance over the five-year period from 2018 to 2022.
- Net Income
- There is a generally upward trend in net income, starting at $1,096 million in 2018, increasing to $1,174 million in 2019, before experiencing a decline to $890 million in 2020. After this dip, net income rose significantly in the following years, reaching $1,386 million in 2021 and peaking at $2,105 million in 2022. This indicates strong recovery and growth in profitability, especially post-2020.
- Foreign Currency Translation Adjustments
- Foreign currency translation adjustments show volatility throughout the years. Starting with a negative adjustment of $-84 million in 2018, the item turned positive in 2019 ($49 million) and 2020 ($40 million), then returned to negative values in 2021 (-$26 million) and worsened further to -$93 million in 2022. This suggests exposure to foreign exchange fluctuations impacting the company’s results variably.
- Fixed Price Diesel Swaps
- Fixed price diesel swaps exhibit minor and inconsistent amounts, with -$2 million in 2018, $2 million in 2019, a missing value for 2020, a small positive amount of $1 million in 2021, and no data available for 2022. This suggests that this item has a limited and irregular impact on overall financial outcomes.
- Other Comprehensive Income (Loss)
- Other comprehensive income/loss closely follows the pattern of foreign currency adjustments, being negative in 2018 (-$86 million), positive in 2019 ($51 million) and 2020 ($40 million), then negative again in 2021 (-$25 million) and 2022 (-$93 million). This alignment indicates that foreign currency effects are a significant component of other comprehensive income.
- Comprehensive Income
- Comprehensive income mirrors the net income trend with a steady rise from $1,010 million in 2018 to $1,225 million in 2019, a dip to $930 million in 2020, followed by growth to $1,361 million in 2021 and a strong increase to $2,012 million in 2022. This suggests that despite fluctuations in other comprehensive income, the overall comprehensive financial results improved markedly, reflecting solid operational performance.