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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Edwards Lifesciences Corp., consolidated statement of comprehensive income
US$ in thousands
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 reveals notable trends in net income and comprehensive income from 2017 through 2021. Net income demonstrated overall growth, increasing from $583.6 million in 2017 to $1.503 billion in 2021, despite a decline in 2020 compared to 2019. This reflects robust profitability with a temporary dip likely influenced by external or internal business factors during 2020.
Comprehensive income tracks closely with net income trends but exhibits more volatility due to fluctuations in other comprehensive income components. Comprehensive income rose from $649.3 million in 2017 to a peak of approximately $1.029 billion in 2019, then decreased in 2020 before surging again in 2021 to $1.507 billion, aligning closely with net income's recovery and growth.
- Foreign Currency Translation Adjustments
- This component showed significant variability, starting with a positive adjustment of $97.5 million in 2017, shifting to negative territory in 2018 (-$38.6 million) and 2019 (-$11.2 million), rebounding to a positive $32.4 million in 2020, and declining again to -$50.1 million in 2021. These fluctuations suggest exposure to currency risk affecting translation of foreign operations, contributing to comprehensive income volatility.
- Unrealized Gain (Loss) on Hedges
- These figures alternated between gains and losses over the years, with a loss of $30.6 million in 2017, followed by a gain of $40.4 million in 2018, losses in 2019 (-$11.1 million) and 2020 (-$40.2 million), then a gain again in 2021 ($57.4 million). Such swings indicate the company's hedging activities experienced varying effectiveness, impacting other comprehensive income.
- Unrealized Pension Credits (Costs)
- Relatively minor in magnitude, this line was slightly positive in 2017 ($3.5 million) and 2018 ($0.6 million), shifted to costs in 2019 (-$1.9 million) and 2020 (-$4.2 million), and returned to a positive $11.6 million in 2021. This illustrates some variability in pension-related expenses or gains that influences comprehensive income but not materially affects overall results.
- Unrealized Gain (Loss) on Available-for-Sale Investments
- The values ranged from negative to positive and back to negative, starting with -$7.8 million in 2017, improving to -$3.3 million in 2018, reaching a positive $6.3 million in 2019 and $6.6 million in 2020, before dropping sharply negative to -$24.1 million in 2021. This pattern indicates fluctuations in the market value of investment securities carried as available-for-sale, contributing to comprehensive income variability.
- Reclassification of Net Realized Investment Loss to Earnings
- This item remained relatively small but positive throughout, ranging between $300 thousand and $8.6 million, with the highest value registered in 2021. This suggests modest but consistent adjustments from investments realized gains or losses impacting income statements.
Overall, while net income exhibited steady and substantial growth highlighting operational profitability, other comprehensive income components were more volatile, influenced by currency translation, hedging effectiveness, pension valuations, and investment asset valuations. These non-operational factors introduce variability into total comprehensive income, which nonetheless demonstrated a growth trajectory consistent with net income over the five-year period.