Name: Boston Scientific Corp. (NYSE:BSX) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

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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Boston Scientific Corp., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss)	698)	1,041)	(82)	4,700)	1,671)
Foreign currency translation adjustment	(94)	(125)	76)	195)	(21)
Net change in derivative financial instruments	63)	170)	(138)	62)	110)
Net change in defined benefit pensions and other items	37)	10)	(1)	(20)	2)
Other comprehensive income (loss), net of tax	6)	55)	(63)	237)	91)
Comprehensive income (loss)	704)	1,096)	(145)	4,937)	1,762)

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 comprehensive income exhibits significant volatility between 2018 and 2022, characterized by a substantial peak in 2019, a contraction into negative territory in 2020, and a subsequent partial recovery in the following two years.

Net Income Performance: Net income demonstrated extreme fluctuation over the five-year period. After increasing from US$ 1,671 million in 2018 to a peak of US$ 4,700 million in 2019, the figure dropped sharply to a net loss of US$ 82 million in 2020. Although profitability returned in 2021 and 2022 with US$ 1,041 million and US$ 698 million respectively, these values represent a diminished level of earnings compared to the 2018 and 2019 benchmarks.
Foreign Currency Translation Adjustments: Currency-related adjustments have introduced inconsistent impacts on the total comprehensive income. Positive translation adjustments peaked in 2019 at US$ 195 million and remained positive in 2020. However, a reversal occurred in 2021 and 2022, with losses of US$ 125 million and US$ 94 million, indicating an increase in adverse currency exposure in the later years of the analysis.
Derivative Financial Instruments: The net change in derivative instruments shows a cyclical pattern. A decline was observed from 2018 through 2020, with the latter year recording a loss of US$ 138 million. A significant recovery occurred in 2021, reaching US$ 170 million, before moderating to US$ 63 million in 2022.
Pensions and Other Comprehensive Items: Adjustments related to defined benefit pensions and other items have maintained a relatively marginal impact on the financial statements. Following minor losses in 2019 and 2020, a consistent upward trend emerged in 2021 and 2022, ending the period at US$ 37 million.

Overall, comprehensive income closely mirrors the trajectory of net income. While other comprehensive income components fluctuate—driven primarily by currency translation and derivative changes—they do not fundamentally alter the primary profitability trends established by the net income figures.

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