Which of the following is excluded from the definition of comprehensive income?

Comprehensive income is defined as the total change in equity of a company from transactions and other events, excluding those changes resulting from investments by owners and distributions to owners. This definition is essential in distinguishing between what constitutes comprehensive income and other equity transactions.

Investments made by owners, such as capital contributions, are excluded from the comprehensive income because they represent transactions that directly change the ownership interest in the entity rather than events that result in a change in the company's net assets due to operations or other comprehensive income items. Therefore, contributions by owners do not reflect the company’s performance or the economic reality of its operations during a specific period.

In contrast, changes in the fair value of hedging instruments and net income from ongoing operations are directly related to the performance and risk management activities of the entity and thus form part of comprehensive income. Additionally, dividends paid to shareholders represent a distribution of profits and not an outcome of the company's operational performance, aligning them outside of the measure of comprehensive income, but they share the same treatment as owner distributions.

In summary, the correct choice reflects the nature of comprehensive income, which emphasizes performance and outcomes arising from the company’s operations rather than contributions or distributions that affect equity.