Stock Analysis on Net
Stock Analysis on Net

Express Scripts Holding Co. (NASDAQ:ESRX)

This company has been moved to the archive! The financial data has not been updated since October 31, 2018.

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.

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

US$ in thousands

Microsoft Excel
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).

Liabilities Trends
The total liabilities showed a general upward trend, increasing from approximately 31.7 billion USD at the end of 2013 to around 36.1 billion USD at the end of 2017. Current liabilities fluctuated within the period but increased overall, peaking in 2017 at about 17.8 billion USD. Claims and rebates payable consistently rose, reaching a high of nearly 10.2 billion USD in 2017, reflecting growing obligations in this category. Accounts payable and accrued expenses also saw increases, though with some year-to-year variability.
Short-term debt and current maturities of long-term debt experienced volatility, rising sharply in 2014, then decreasing significantly by 2016, followed by a modest increase in 2017. Long-term debt excluding current maturities generally increased over the period, reaching nearly 15 billion USD in 2017. Deferred taxes declined steadily from 5.4 billion USD in 2013 to 2.6 billion USD in 2017, indicating changes in tax obligations or timing differences.
Other liabilities remained relatively stable, with minor fluctuations around 0.6 to 0.7 billion USD. The aggregate noncurrent liabilities showed a rise through 2016 before a slight decline in 2017.
Equity Trends
Stockholders' equity declined from about 21.8 billion USD in 2013 to a low of approximately 16.2 billion USD in 2016, before rebounding to around 18.1 billion USD in 2017. This decline corresponds with increasing treasury stock holdings, which grew significantly over the period from -3.9 billion USD to -21.7 billion USD, indicating substantial stock repurchases by the company.
Retained earnings exhibited strong growth, rising from about 3.9 billion USD in 2013 to over 16.3 billion USD in 2017, signaling profitable operations and accumulation of earnings. Additional paid-in capital fluctuated slightly but remained relatively stable around 22 to 23 billion USD. The common stock balance increased marginally, reflecting minor changes in issued shares. Accumulated other comprehensive income showed fluctuations around zero, with a net negative position developing from 2015 through 2017.
Overall Financial Position
The total assets, as implicit from the balanced total of liabilities and stockholders’ equity, remained fairly stable, with minor fluctuations around the 53 to 54 billion USD range during 2013-2017. The company's capital structure evidences increased leverage through growing liabilities, particularly in claims and rebates payable and long-term debt balances, while simultaneously executing significant treasury stock transactions to affect equity composition.
The steady increase in retained earnings amidst rising liabilities suggests ongoing profitable performance, while the large increase in treasury stock indicates a strategic approach to managing shareholder equity. The decline in deferred taxes may reflect favorable tax position changes or reduced deferred tax liabilities over the period. Overall, the financial data demonstrates management's active balancing of debt and equity components to support the company's operational and financial strategies.