Name: Express Scripts Holding Co. (NASDAQ:ESRX) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

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.

Download chart

Express Scripts Holding Co., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Claims and rebates payable	10,188,500)	8,836,900)	9,397,700)	8,488,200)	6,767,800)
Accounts payable	3,755,700)	3,875,700)	3,451,800)	3,137,300)	2,900,000)
Accrued expenses	2,869,300)	2,993,200)	2,659,400)	2,836,100)	1,982,200)
Short-term debt and current maturities of long-term debt	1,032,900)	722,300)	1,646,400)	2,555,300)	1,584,000)
Current liabilities of discontinued operations	—)	—)	—)	—)	1,300)
Current liabilities	17,846,400)	16,428,100)	17,155,300)	17,016,900)	13,235,300)
Long-term debt, excluding current maturities	14,981,500)	14,846,000)	13,946,300)	11,012,700)	12,363,000)
Deferred taxes	2,562,400)	3,603,300)	4,069,800)	4,923,200)	5,440,600)
Other liabilities	740,200)	623,700)	691,400)	782,100)	664,400)
Noncurrent liabilities of discontinued operations	—)	—)	—)	—)	100)
Noncurrent liabilities	18,284,100)	19,073,000)	18,707,500)	16,718,000)	18,468,100)
Total liabilities	36,130,500)	35,501,100)	35,862,800)	33,734,900)	31,703,400)
Preferred stock, $0.01 par value per share; and no shares issued and outstanding	—)	—)	—)	—)	—)
Common stock, $0.01 par value per share	8,600)	8,600)	8,500)	8,500)	8,300)
Additional paid-in capital	23,537,800)	23,233,600)	22,204,700)	22,671,400)	21,809,900)
Accumulated other comprehensive income (loss)	(2,900)	(12,300)	(14,000)	2,100)	11,700)
Retained earnings	16,318,600)	11,801,200)	8,396,800)	5,920,400)	3,912,800)
Common stock in treasury at cost	(21,742,500)	(18,795,100)	(13,223,200)	(8,548,200)	(3,905,300)
Total Express Scripts stockholders’ equity	18,119,600)	16,236,000)	17,372,800)	20,054,200)	21,837,400)
Non-controlling interest	5,700)	7,800)	7,700)	9,800)	7,400)
Total stockholders’ equity	18,125,300)	16,243,800)	17,380,500)	20,064,000)	21,844,800)
Total liabilities and stockholders’ equity	54,255,800)	51,744,900)	53,243,300)	53,798,900)	53,548,200)

Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).

Total liabilities exhibited a steady upward trajectory from 2013 to 2017, increasing from 31.7 billion USD to 36.1 billion USD. This growth was primarily driven by an expansion in current liabilities, while noncurrent liabilities remained relatively stable over the five-year period. The total capital structure, comprising both liabilities and stockholders' equity, remained remarkably consistent, fluctuating within a narrow range between 51.7 billion USD and 54.2 billion USD.

Current Liabilities Trends: A significant increase is observed in current liabilities, which rose from 13.2 billion USD in 2013 to 17.8 billion USD in 2017. The primary driver of this growth was claims and rebates payable, which climbed from 6.7 billion USD to 10.1 billion USD. Accounts payable and accrued expenses also showed general growth, although the latter experienced more volatility between 2014 and 2017.
Noncurrent Liabilities and Debt Profile: Noncurrent liabilities remained stable, ending 2017 at 18.2 billion USD, nearly identical to the 18.4 billion USD reported in 2013. This stability resulted from offsetting trends: long-term debt, excluding current maturities, increased from 12.3 billion USD to 14.9 billion USD, while deferred taxes saw a substantial decline from 5.4 billion USD to 2.5 billion USD over the same period.
Equity Composition and Retained Earnings: Retained earnings demonstrated strong and consistent growth, increasing from 3.9 billion USD in 2013 to 16.3 billion USD in 2017. This suggests a consistent generation of net income that was not fully distributed to shareholders as dividends.
Treasury Stock and Total Equity Impact: Despite the growth in retained earnings, total stockholders' equity declined from 21.8 billion USD in 2013 to 18.1 billion USD in 2017. This contraction is attributed to an aggressive share repurchase program, evidenced by common stock in treasury at cost increasing from 3.9 billion USD to 21.7 billion USD. The scale of these buybacks exceeded the growth in retained earnings, leading to a reduction in the total equity base.
Capital Structure Shift: The balance sheet reflects a shift toward higher leverage. As total liabilities increased and total stockholders' equity decreased, the ratio of debt to equity rose, indicating a greater reliance on borrowed funds and liabilities to finance assets relative to shareholder investment.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?