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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- Income Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Fiserv Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 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), 10-K (reporting date: 2017-12-31).
The financial data indicates several notable trends over the five-year period from 2017 to 2021.
- Net Income
- Net income exhibited fluctuation, starting at $1,246 million in 2017, decreasing consistently through 2019 to $914 million, then slightly rising in 2020 to $975 million, and finally increasing significantly to $1,403 million in 2021. This suggests a recovery and strong growth in profitability in the latest year after a period of decline.
- Fair Market Value Adjustments on Cash Flow Hedges
- This component showed volatility. The figure started slightly positive at $4 million in 2017, turned negative to -$5 million in 2018, significantly dropped to -$134 million in 2019, then rebounded to positive adjustments of $5 million and $6 million in 2020 and 2021 respectively. This suggests considerable market-related valuation changes had adverse effects around 2019, stabilizing thereafter.
- Reclassification Adjustments for Net Realized Gains/Losses on Cash Flow Hedges
- Adjustments included in cost of processing and services remained consistently small and negative from 2018 (-$1 million) through 2021 (-$8 million), indicating minor recurring losses. Adjustments included in net interest expense showed a steady increase over the years, from $6 million in 2017 to $16 million in both 2020 and 2021, reflecting an increasing recognition of realized gains or losses in interest-related items.
- Unrealized Gains/Losses on Defined Benefit Pension Plans
- There were no reported amounts in the first two years. Beginning in 2019, small negative amounts were recorded (-$4 million and -$6 million in 2019 and 2020 respectively), followed by a significant positive gain of $50 million in 2021. This sudden positive swing likely reflects actuarial or market changes impacting pension plan valuations favorably in the latest year.
- Foreign Currency Translation
- The foreign currency translation effect was positive in 2017 ($12 million) and 2019 ($8 million), but significantly negative in 2018 (-$11 million), 2020 (-$186 million), and worsened in 2021 (-$461 million). This indicates increasing foreign exchange translation headwinds impacting comprehensive income substantially during recent years.
- Other Comprehensive Income (Loss)
- This line, which aggregates various other comprehensive income components, was positive in 2017 ($22 million), turned negative in 2018 (-$13 million), and further declined sharply in 2019 (-$121 million), 2020 (-$172 million), and 2021 (-$397 million). This downward trend is largely influenced by the increasing foreign currency losses and fair value adjustments, reflecting wider market and operational challenges.
- Comprehensive Income
- Comprehensive income closely followed the trends in net income and other comprehensive items. It decreased from $1,268 million in 2017 to a low of $793 million in 2019, remained relatively flat in 2020 at $803 million, then rose to $1,006 million in 2021. The recovery in 2021 suggests an improvement in net results, albeit dampened by negative comprehensive income components.
- Comprehensive Income Attributable to Noncontrolling Interests
- Starting from no data in 2017 and 2018, this figure became increasingly negative, from -$13 million in 2019 to -$52 million in 2020, and then improved slightly to -$30 million in 2021. These figures show some variability in the share of income attributable to noncontrolling interests, although they represent a relatively minor portion of total comprehensive income.
- Comprehensive Income Attributable to the Company
- Comprehensive income attributable to the company declined from $1,268 million in 2017 to $780 million in 2019, further to $751 million in 2020, then rose to $976 million in 2021. This progression aligns with the overall comprehensive income trend, indicating the company's core earnings faced pressure during 2018-2020 but improved in 2021.
Overall, the data reveals a period of earnings pressure and negative foreign currency impacts between 2018 and 2020, followed by a recovery in net income and some other comprehensive income components in 2021. The volatility in fair market value adjustments and pension plan valuations highlights exposure to market and actuarial risks. The company's improved net income in 2021 partially offset by persistent negative currency translation effects suggests mixed but improving financial performance heading into the last reported year.