Comprehensive Income

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Comprehensive Income

Comprehensive Income

Comprehensive income includes certain gains and losses that are excluded from net income under GAAP, as such amounts are recorded directly as an adjustment to total equity. The Company's comprehensive income is primarily comprised of net income, foreign currency translation loss, unrealized gain (loss) on foreign currency hedging activities and pension adjustment gain (loss).

The following table summarizes the accumulated other comprehensive loss, net of applicable taxes, as of:

	March 31,			December 29,
Dollars in millions	2019			2018
Attributable to redeemable noncontrolling interests:
Foreign currency translation adjustment	$	1		$	1
Attributable to the Company:
Foreign currency translation loss	(82		)	(83		)
Accumulated other comprehensive loss	(82		)	(83		)
Total accumulated other comprehensive loss	$	(81	)	$	(82	)

The following table summarizes the components of comprehensive income, net of applicable taxes, as follows:

	Three Months Ended
	March 31,			March 31,
Dollars in millions	2019			2018
Net income	$	(14	)	$	28
Foreign currency translation gain (loss)	1			12
Tax effect	—			—
Foreign currency translation gain (loss)	1			12
Comprehensive income	$	(13	)	$	40

During the three months ended March 31, 2019 and 2018, the Company recognized, as a component of comprehensive income, a foreign currency translation (loss) gain of $1 million and $12 million, respectively, due to changes in foreign exchange rates from the beginning of the period to the end of the period. The consolidated and combined financial statements are denominated in U.S. Dollars. Fluctuations in the value of foreign currencies as compared to the U.S. Dollar may have a significant impact on the comprehensive income.

The following table summarizes the components of total comprehensive income, net of applicable taxes, as follows:

	Three Months Ended
	March 31,			March 31,
Dollars in millions	2019			2018
Comprehensive income attributable to Covetrus	$	(12	)	$	34
Comprehensive income attributable to redeemable noncontrolling interests	(1		)	6
Comprehensive income	$	(13	)	$	40