Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Allergan Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
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.