Stock Analysis on Net
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).

Current liabilities
Current liabilities decreased substantially from 18.4% in 2010 to around 11-12% in the subsequent years, stabilizing near 12.5% by 2014. This suggests a reduction in short-term obligations relative to total liabilities and equity after 2010.
Long-term debt
Long-term debt, excluding current maturities, fluctuated between approximately 16.5% and 19.8% over the period, peaking in 2013 at 19.84% but generally trending downward to 16.8% in 2014, indicating some reduction of long-term debt load toward the end of the period.
Notes payable
The proportion of notes payable remained relatively low, fluctuating between 0.34% and 0.99%, with a slight upward trend after 2012, ending at 0.58% in 2014.
Convertible notes
Convertible notes were significant in 2010 at 7.73% of total liabilities and equity but were absent in the following years, suggesting their complete repayment or reclassification after 2010.
Accounts payable and accrued compensation
Accounts payable stayed fairly stable, oscillating between about 2.3% and 2.7%. Accrued compensation showed a slight increase to 2.54% by 2013 before dipping back to 2.36% in 2014, indicating steady liabilities related to employee compensation.
Sales rebates and other incentive programs
These liabilities increased from 2.24% in 2010 to 3.0% in 2014, reflecting a growing provision for rebates and incentives over time.
Royalties and interest
Royalties decreased gradually from 0.42% to 0.22%, indicating a declining share of liabilities associated with royalties. Interest liabilities remained fairly stable, fluctuating narrowly around 0.18% to 0.21%.
Sales returns and product warranties
Sales returns for specialty pharmaceutical products increased from 0.35% to 0.54% in 2012, then slightly decreased to 0.49% in 2014. Product warranties related to breast implant products slightly decreased from 0.08% to 0.06% for current liabilities and from 0.28% to 0.23% for non-current liabilities, showing a modest reduction in warranty obligations.
Contingent consideration
Contingent consideration appeared from 2011 at 0.06%, fluctuated notably over the years, and increased substantially to 2.51% by 2014 under non-current liabilities, suggesting growing potential future obligations related to acquisitions or agreements.
Other accrued expenses and other liabilities
Other accrued expenses increased from 5.26% to 7.29% by 2014, indicating rising accrued liabilities. Other liabilities showed fluctuations but increased overall from 5.59% to 8.14%, reflecting an increased share of miscellaneous liabilities.
Income taxes
Income tax liabilities were present intermittently, peaking at 0.37% in 2013, then not reported in 2014.
Restructuring charges and fees
Restructuring charges appeared only in 2014 at 0.88%, while annual branded prescription drug fees increased from 0.06% in 2013 to 0.27% in 2014. Investment bank advisory fees also appeared in 2014 at 0.19%, indicating incidental or new liabilities in that year.
Pension and postretirement benefits
Liabilities related to qualified and non-qualified pension plans fluctuated, peaking at 2.4% in 2011 and ending at 2.15% in 2014. Postretirement benefit plan liabilities decreased from 0.68% to 0.46%, showing moderate declines in these long-term employee benefit obligations.
Deferred executive compensation and deferred income
Deferred executive compensation rose gradually from 0.83% to 0.94%, while deferred income decreased from 1.06% to 0.59%, indicating changes in timing of compensation and revenue recognition.
Unrecognized tax benefit liabilities
Unrecognized tax benefit liabilities increased steadily from 0.19% in 2010 to 0.67% in 2014, reflecting higher potential tax contingencies.
Total liabilities
Total liabilities as a proportion of total liabilities and equity declined from 42.45% in 2010 to a low of 36.13% in 2012, then climbed back up to around 37.5% by 2014, signaling an overall reduction followed by stabilization of obligations relative to equity.
Stockholders’ equity
Equity increased from 57.27% in 2010 to a peak of 63.87% in 2012, then declined slightly to about 62.5% in 2014. This indicates growth in the equity base during the period, accounting for a larger share of total capital post-2010.
Common stock and additional paid-in capital
The proportion related to common stock remained very low and declined slightly over time, from 0.04% to 0.02%. Additional paid-in capital fell steadily from 33.89% to 27.01%, suggesting returns of capital or other equity adjustments.
Retained earnings and treasury stock
Retained earnings rose markedly from 26.79% to 47.48%, signifying accumulation of profits and reinvestments. In contrast, treasury stock at cost increased as a negative percentage, indicating more repurchases of shares, peaking at -9.39% in 2013 before moderating slightly in 2014.
Accumulated other comprehensive loss
This increased negatively from -1.84% to -3.29%, indicating growing accumulated losses or expenses excluded from net income but affecting equity.
Noncontrolling interest
Noncontrolling interest remained marginal throughout, declining to 0.06% in 2013 before a slight rebound to 0.08% in 2014, having minimal impact on total equity.