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.

Biogen Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Current portion of notes payable	999,100)	—)	1,495,800)	—)	3,200)
Taxes payable	174,700)	142,000)	71,400)	63,500)	68,200)
Accounts payable	589,200)	454,900)	530,800)	370,500)	395,500)
Revenue-related reserves for discounts and allowances	802,100)	1,080,600)	1,001,100)	874,700)	572,000)
Collaboration expenses	324,700)	389,900)	281,600)	261,600)	183,700)
Employee compensation and benefits	345,100)	333,800)	309,100)	320,900)	297,700)
Royalties and licensing fees	234,700)	218,500)	220,900)	224,700)	206,700)
Derivative liabilities	10,800)	181,500)	6,700)	—)	—)
Current portion of contingent consideration obligations	—)	149,600)	148,400)	444,800)	844,600)
Other	817,800)	791,400)	798,000)	734,500)	796,600)
Accrued expense and other	2,535,200)	3,145,300)	2,765,800)	2,861,200)	2,901,300)
Current liabilities	4,298,200)	3,742,200)	4,863,800)	3,295,200)	3,368,200)
Notes payable, excluding current portion	6,274,000)	7,426,200)	4,459,000)	5,936,500)	5,935,000)
Deferred tax liability	694,500)	1,032,800)	2,810,800)	1,636,200)	122,600)
Long-term operating lease liabilities	330,400)	402,000)	412,700)	—)	—)
Other long-term liabilities	1,320,500)	1,329,600)	1,348,900)	1,389,400)	1,628,700)
Long-term liabilities	8,619,400)	10,190,600)	9,031,400)	8,962,100)	7,686,300)
Total liabilities	12,917,600)	13,932,800)	13,895,200)	12,257,300)	11,054,500)
Preferred stock, par value $0.001 per share	—)	—)	—)	—)	—)
Common stock, par value $0.0005 per share	100)	100)	100)	100)	100)
Additional paid-in capital	68,200)	—)	—)	—)	97,800)
Accumulated other comprehensive loss	(106,700)	(299,000)	(135,200)	(240,400)	(318,400)
Retained earnings	13,911,700)	13,976,300)	16,455,400)	16,257,000)	15,810,400)
Treasury stock, at cost	(2,977,100)	(2,977,100)	(2,977,100)	(2,977,100)	(2,977,100)
Total Biogen Inc. shareholders’ equity	10,896,200)	10,700,300)	13,343,200)	13,039,600)	12,612,800)
Noncontrolling interests	63,500)	(14,200)	(4,100)	(8,000)	(14,700)
Total equity	10,959,700)	10,686,100)	13,339,100)	13,031,600)	12,598,100)
Total liabilities and equity	23,877,300)	24,618,900)	27,234,300)	25,288,900)	23,652,600)

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 analysis of the financial data over the five-year period reveals several key trends and fluctuations in the liabilities and equity components.

Current Liabilities: The current portion of notes payable shows significant fluctuation, with a large increase in 2019 and a notable amount again in 2021, while absent in other years. Taxes payable have steadily increased from 68,200 thousand USD in 2017 to 174,700 thousand USD in 2021. Accounts payable exhibits volatility, rising sharply in 2019, dipping in 2020, and increasing again by 2021. Revenue-related reserves for discounts and allowances grew considerably from 572,000 thousand USD in 2017 to a high of over 1,080,600 thousand USD in 2020 before declining to 802,100 thousand USD in 2021.
Expenses and Compensation: Collaboration expenses increased steadily from 183,700 thousand USD in 2017 to a peak in 2020 at 389,900 thousand USD, followed by a decrease in 2021. Employee compensation and benefits have shown a gradual increase over the years, reaching 345,100 thousand USD in 2021. Royalties and licensing fees remained relatively stable with minor fluctuations throughout the period.
Liabilities Components: Derivative liabilities appear only from 2019 onwards, peaking significantly in 2020 at 181,500 thousand USD before falling sharply in 2021. The current portion of contingent consideration obligations decreased notably from 844,600 thousand USD in 2017 to no recorded value in 2021. "Other" current liabilities have maintained a fairly consistent level around the 790,000 to 820,000 thousand USD range. Accrued expenses and other current liabilities show an overall downward trend after peaking in 2020.
Long-Term Liabilities: Notes payable excluding the current portion decreased substantially in 2019 compared to prior years, then surged in 2020 to 7,426,200 thousand USD, before reducing again in 2021. Deferred tax liability exhibited an extraordinary spike in 2018 and 2019, reaching nearly 2,810,800 thousand USD, before dropping significantly in the following years. Long-term operating lease liabilities emerged in 2019 and have gradually declined since. Other long-term liabilities have seen a slight decrease over the period but remain fairly stable.
Total Liabilities and Equity: Total liabilities increased steadily from 11,054,500 thousand USD in 2017 to a peak at nearly 13,933,000 thousand USD in 2020, then declined somewhat in 2021. Total shareholders' equity rose marginally through 2019, then sharply declined in 2020, and showed a slight recovery in 2021. Retained earnings increased from 2017 through 2019 but dropped significantly in 2020 and have remained relatively stable since. The accumulated other comprehensive loss fluctuated, showing improvement in 2019, deterioration in 2020, and partial recovery in 2021. Treasury stock remained constant at a negative 2,977,100 thousand USD throughout the period.
Noncontrolling Interests: Noncontrolling interests were negative and slightly reduced between 2017 and 2019, spiked down in 2020, then became positive in 2021, indicating a change in ownership interests or accounting classifications.

Overall, the company exhibits variability in both current and long-term liabilities, with notable changes in notes payable and tax liability. Equity components reflect considerable volatility, particularly in retained earnings and comprehensive loss, which impacted total equity markedly in 2020. The data suggest financial restructuring activities, shifts in liability management, and fluctuations in profitability or comprehensive income over the reviewed periods.

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Biogen Inc. (NASDAQ:BIIB)

Balance Sheet: Liabilities and Stockholders’ Equity