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Changes in consolidated statements of comprehensive income | 12 Months Ended
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Dec. 31, 2022
Comprehensive income [abstract] |
Changes in consolidated statements of comprehensive income | 8. Changes in consolidated statements of comprehensive income The consolidated statements of comprehensive income include the Group’s net income for the year as well as all other valuation adjustments recorded in the Group’s consolidated balance sheet, which under IFRS are not recorded in the consolidated income statement. These include fair value adjustments on financial instruments, actuarial gains or losses on defined benefit pension plans, and currency translation effects, net of taxes.
(USD millions) |  | Note |  | Fair value adjustments on financial instruments |  | Actuarial gains/(losses) from defined benefit plans |  | Cumulative currency translation effects |  | Total value adjustments attributable to Novartis AG shareholders |  | Non- controlling interest |  | Total value adjustments |
Value adjustments at December 31, 2019 |  |  |  | 120 |  | -5 919 |  | 1 142 |  | -4 657 |  | -29 |  | -4 686 |
Fair value adjustments on equity securities, net of taxes of USD -36 million 1 |  |  |  | 250 |  |  |  |  |  | 250 |  |  |  | 250 |
Net investment hedge |  |  |  |  |  |  |  | -201 |  | -201 |  |  |  | -201 |
Defined benefit plans, net of taxes of USD -3 million |  |  |  |  |  | 145 |  |  |  | 145 |  | -2 |  | 143 |
Currency translation effects, net of taxes of USD 10 million |  | 8.1 |  |  |  |  |  | 3 193 |  | 3 193 |  | 1 |  | 3 194 |
Total value adjustments in 2020 |  |  |  | 250 |  | 145 |  | 2 992 |  | 3 387 |  | -1 |  | 3 386 |
Fair value adjustments on equity securities sold, reclassified to retained earnings |  |  |  | -150 |  |  |  |  |  | -150 |  |  |  | -150 |
Value adjustments related to divestments |  |  |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Impact of change in ownership of consolidated entities |  |  |  |  |  | -1 |  |  |  | -1 |  | 1 |  |  |
Value adjustments at December 31, 2020 |  |  |  | 220 |  | -5 773 |  | 4 134 |  | -1 419 |  | -29 |  | -1 448 |
Fair value adjustments on equity securities, net of taxes of USD -44 million 1 |  |  |  | 194 |  |  |  |  |  | 194 |  |  |  | 194 |
Net investment hedge, net of taxes of USD 33 million |  |  |  |  |  |  |  | 216 |  | 216 |  |  |  | 216 |
Defined benefit plans, net of taxes of USD -323 million |  |  |  |  |  | 1 808 |  |  |  | 1 808 |  | 1 |  | 1 809 |
Currency translation effects, net of taxes of USD 17 million |  | 8.1 |  |  |  |  |  | -4 757 |  | -4 757 |  | -5 |  | -4 762 |
Total value adjustments in 2021 |  |  |  | 194 |  | 1 808 |  | -4 541 |  | -2 539 |  | -4 |  | -2 543 |
Fair value adjustments on equity securities sold, reclassified to retained earnings net of taxes of USD 48 million |  |  |  | -164 |  |  |  |  |  | -164 |  |  |  | -164 |
Value adjustments related to divestments |  |  |  | -62 |  | -3 |  |  |  | -65 |  |  |  | -65 |
Value adjustments at December 31, 2021 |  |  |  | 188 |  | -3 968 |  | -407 |  | -4 187 |  | -33 |  | -4 220 |
Fair value adjustments on equity securities, net of taxes of USD 81 million 1 |  |  |  | -382 |  |  |  |  |  | -382 |  |  |  | -382 |
Net investment hedge, net of taxes of USD -30 million |  |  |  |  |  |  |  | 91 |  | 91 |  |  |  | 91 |
Defined benefit plans, net of taxes of USD -104 million |  |  |  |  |  | -104 |  |  |  | -104 |  | 1 |  | -103 |
Currency translation effects, net of taxes of USD 18 million |  | 8.1 |  |  |  |  |  | -444 |  | -444 |  | -6 |  | -450 |
Total value adjustments in 2022 |  |  |  | -382 |  | -104 |  | -353 |  | -839 |  | -5 |  | -844 |
Fair value adjustments on equity securities sold, reclassified to retained earnings net of taxes of nil |  |  |  | -4 |  |  |  |  |  | -4 |  |  |  | -4 |
Value adjustments related to divestments, net of taxes of USD -4 million |  |  |  |  |  | 34 |  |  |  | 34 |  |  |  | 34 |
Value adjustments at December 31, 2022 |  |  |  | -198 |  | -4 038 |  | -760 |  | -4 996 |  | -38 |  | -5 034 |
1 Includes fair value adjustments on equity securities designated as financial assets valued at fair value through other comprehensive income with no subsequent recycling into the consolidated income statement
8.1) In 2022, net cumulative currency translation gains of USD 13 million were recycled through the income statement as a result of the divestments of subsidiaries. In 2021, net cumulative currency translation gains of USD 3.2 billion were recycled through the income statement as a result of the divestment of the investment in Roche. See Notes 2 and 4. In 2020, there were no currency translation losses or gains recycled through the income statement.

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