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Stock Analysis on Net

Allergan Inc. (NYSE:AGN.)

This company has been moved to the archive! The financial data has not been updated since February 19, 2015.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Allergan Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Notes payable 0.58 0.53 0.53 0.99 0.34
Convertible notes 0.00 0.00 0.00 0.00 7.73
Accounts payable 2.31 2.68 2.54 2.36 2.68
Accrued compensation 2.36 2.54 2.44 2.36 2.20
Sales rebates and other incentive programs 3.00 2.64 2.95 2.93 2.24
Royalties 0.22 0.25 0.28 0.32 0.42
Interest 0.18 0.21 0.20 0.18 0.21
Sales returns, specialty pharmaceutical products 0.49 0.53 0.54 0.44 0.35
Legal settlement expenses 0.00 0.00 0.00 0.00 0.18
Product warranties, breast implant products 0.06 0.07 0.07 0.08 0.08
Contingent consideration 0.43 0.09 0.64 0.06 0.00
Investment bank advisory fees 0.19 0.00 0.00 0.00 0.00
Annual branded prescription drug fee 0.27 0.06 0.00 0.00 0.00
Restructuring charges 0.88 0.00 0.00 0.00 0.00
Other 1.56 1.80 1.73 1.53 1.77
Other accrued expenses 7.29% 5.65% 6.42% 5.52% 5.26%
Income taxes 0.00 0.37 0.00 0.00 0.19
Current liabilities 12.54% 11.77% 11.93% 11.22% 18.40%
Long-term debt, excluding current maturities 16.80 19.84 16.48 17.81 18.47
Postretirement benefit plan 0.46 0.42 0.51 0.49 0.68
Qualified and non-qualified pension plans 2.15 1.84 2.38 2.40 1.83
Deferred executive compensation 0.94 1.00 0.93 0.88 0.83
Deferred income 0.59 0.63 0.82 0.95 1.06
Contingent consideration 2.51 2.04 1.80 2.46 0.50
Product warranties, breast implant products 0.23 0.25 0.30 0.31 0.28
Unrecognized tax benefit liabilities 0.67 0.64 0.59 0.46 0.19
Other 0.60 0.40 0.40 0.34 0.22
Other liabilities 8.14% 7.21% 7.72% 8.30% 5.59%
Non-current liabilities 24.93% 27.05% 24.20% 26.11% 24.06%
Total liabilities 37.47% 38.82% 36.13% 37.33% 42.45%
Preferred stock, $.01 par value; none issued 0.00 0.00 0.00 0.00 0.00
Common stock, $.01 par value 0.02 0.03 0.03 0.04 0.04
Additional paid-in capital 27.01 28.68 31.60 32.46 33.89
Accumulated other comprehensive loss -3.29 -2.14 -2.66 -2.84 -1.84
Retained earnings 47.48 43.94 41.75 34.90 26.79
Treasury stock, at cost -8.78 -9.39 -7.13 -2.15 -1.61
Total Allergan, Inc. stockholders’ equity 62.45% 61.12% 63.59% 62.40% 57.27%
Noncontrolling interest 0.08 0.06 0.28 0.27 0.28
Total equity 62.53% 61.18% 63.87% 62.67% 57.55%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

Between 2010 and 2014, the overall capital structure reflects a strategic shift toward a higher proportion of equity financing. Total liabilities decreased from 42.45% of total liabilities and equity in 2010 to 37.47% in 2014, while total equity increased from 57.55% to 62.53% over the same period. This indicates a strengthening of the solvency position and a reduction in overall leverage.

Liability Structure and Trends
Current liabilities experienced a notable decline, falling from 18.40% in 2010 to 12.54% in 2014, with the most significant drop occurring between 2010 and 2011. Non-current liabilities remained relatively stable, fluctuating between 24.06% and 27.05%. Long-term debt, excluding current maturities, showed a slight overall decrease from 18.47% in 2010 to 16.80% in 2014, although a peak of 19.84% was observed in 2013.
Equity Composition and Growth
The most prominent trend within the equity section is the consistent and substantial growth of retained earnings, which rose from 26.79% in 2010 to 47.48% in 2014. This suggests a strong capacity for profit retention. Concurrently, additional paid-in capital decreased from 33.89% to 27.01%. There is also a marked increase in the magnitude of treasury stock, moving from -1.61% in 2010 to -8.78% in 2014, indicating an aggressive share repurchase strategy.
Specific Liability Obligations
Long-term contingent consideration showed a steady increase from 0.50% in 2010 to 2.51% in 2014, suggesting an increase in obligations related to acquisitions. Other accrued expenses remained a significant component of current liabilities, ending the period at 7.29% in 2014, up from 5.26% in 2010. Conversely, deferred income saw a gradual decline from 1.06% to 0.59%.

The analysis demonstrates a transition toward a more equity-heavy balance sheet, driven primarily by the accumulation of retained earnings and offset by significant treasury stock acquisitions. The reduction in current liabilities relative to total assets suggests improved short-term financial flexibility.

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