Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

GlaxoSmithKline PLC, consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions, translated from GBP £

	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010
Short-term borrowings	4,970)	4,622)	5,905)	4,192)	448)
Trade payables	4,712)	4,539)	4,336)	3,990)	3,295)
Wages and salaries	1,616)	1,738)	1,488)	1,513)	1,433)
Social security	154)	181)	182)	174)	177)
Other payables	508)	1,501)	1,433)	472)	456)
Deferred income	105)	277)	263)	59)	108)
Customer return and rebate accruals	2,996)	2,650)	2,667)	2,593)	2,512)
Contingent consideration	177)	5)	—)	—)	—)
Other accruals	3,172)	2,892)	2,729)	2,632)	2,621)
Trade and other payables	13,440)	13,784)	13,098)	11,434)	10,602)
Derivative financial instruments	682)	210)	102)	272)	289)
Current tax payable	1,596)	2,406)	2,235)	2,553)	1,612)
Short-term provisions	1,765)	1,644)	1,127)	4,871)	6,742)
Current liabilities	22,454)	22,667)	22,467)	23,322)	19,692)
Long-term borrowings	26,754)	25,615)	23,859)	18,961)	22,794)
Deferred tax liabilities	752)	1,148)	1,633)	1,277)	1,088)
Pensions and other post-employment benefits	5,369)	3,628)	5,050)	4,803)	4,113)
Other provisions	920)	915)	1,137)	775)	1,391)
Derivative financial instruments	15)	5)	3)	3)	8)
Accruals and deferred income	155)	167)	119)	199)	159)
Contingent consideration	2,734)	1,588)	—)	—)	—)
Other payables	1,165)	1,069)	2,210)	774)	756)
Other non-current liabilities	4,055)	2,824)	2,329)	973)	914)
Non-current liabilities	37,865)	34,135)	34,010)	26,791)	30,308)
Total liabilities	60,319)	56,801)	56,477)	50,113)	50,000)
Share capital	2,261)	2,214)	2,194)	2,155)	2,183)
Share premium account	4,660)	4,301)	3,288)	2,599)	2,198)
Retained earnings	(3,503)	1,513)	1,060)	5,236)	7,356)
Other reserves	3,781)	3,568)	2,906)	2,489)	1,942)
Shareholders’ equity	7,200)	11,596)	9,449)	12,480)	13,679)
Non-controlling interests	1,137)	1,351)	1,524)	1,235)	1,321)
Total equity	8,336)	12,947)	10,973)	13,715)	14,999)
Total liabilities and equity	68,656)	69,748)	67,450)	63,828)	64,999)

Based on: 20-F (reporting date: 2014-12-31), 20-F (reporting date: 2013-12-31), 20-F (reporting date: 2012-12-31), 20-F (reporting date: 2011-12-31), 20-F (reporting date: 2010-12-31).

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Balance sheet item	Description	The company
Current liabilities	Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.	GlaxoSmithKline PLC current liabilities increased from 2012 to 2013 but then decreased significantly from 2013 to 2014.
Non-current liabilities	Amount of obligation due after one year or beyond the normal operating cycle, if longer.	GlaxoSmithKline PLC non-current liabilities increased from 2012 to 2013 and from 2013 to 2014.
Total liabilities	Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.	GlaxoSmithKline PLC total liabilities increased from 2012 to 2013 and from 2013 to 2014.
Shareholders’ equity	Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.	GlaxoSmithKline PLC shareholders’ equity increased from 2012 to 2013 but then decreased significantly from 2013 to 2014.

GlaxoSmithKline PLC (NYSE:GSK)

Balance Sheet: Liabilities and Stockholders’ Equity