Stock Analysis on Net
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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.

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Allergan Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011 Mar 31, 2011 Dec 31, 2010 Sep 30, 2010 Jun 30, 2010 Mar 31, 2010
Net earnings (loss) 539,100 313,400 418,400 257,900 312,300 300,800 361,200 14,400 325,200 250,600 296,400 230,300 279,700 251,000 248,600 158,800 263,100 (668,700) 241,500 169,000
Depreciation and amortization 63,100 64,000 60,400 60,600 59,500 60,700 61,300 73,100 65,200 64,500 64,200 62,700 64,000 63,500 62,500 63,400 63,200 61,300 66,300 66,300
Amortization of original issue discount and debt issuance costs 700 700 700 700 700 700 700 500 500 400 500 500 500 400 1,300 7,500 7,400 7,100 7,000 6,900
Amortization of net realized gain on interest rate swap (3,800) (3,800) (3,700) (3,700) (3,600) (3,600) (3,600) (3,600) (3,500) (3,500) (400) (300) (300) (300) (400) (300) (300) (300) (400) (300)
Deferred income tax provision (benefit) (66,400) (17,300) — 3,900 (58,100) (32,800) (12,600) (88,700) (47,700) (28,300) (9,700) (2,600) (18,100) (6,600) (17,600) (26,600) (98,500) (144,700) 6,200 (12,100)
Acquired in-process research and development technology — — (10,000) 10,000 — — — — — — — — — — — — — — — —
(Gain) loss on disposal and impairment of assets 21,100 8,000 500 200 1,900 2,700 700 500 700 5,000 (100) 100 2,100 — (600) (1,500) 5,800 11,400 300 400
Unrealized (gain) loss on derivative instruments (18,200) (34,100) 10,900 4,200 (6,100) 7,600 (10,600) (1,300) 100 7,100 (4,400) 12,500 900 (16,800) (2,100) 6,900 600 15,200 (8,900) 700
Expense of share-based compensation plans 52,600 41,000 31,400 34,700 29,800 27,800 27,800 29,000 29,400 26,900 26,800 26,000 22,000 22,400 21,100 20,800 20,500 18,100 17,100 18,200
Loss on sale of discontinued operations — — — — 3,300 58,700 — 346,200 — — — — — — — — — — — —
Legal settlement — — — — — — — — — — — — — — — — (594,700) 609,900 — —
Impairment of intangible assets and related costs — — — — 11,400 — — — 22,300 — — — — 4,300 — 16,100 — 369,100 — —
(Income) expense from changes in fair value of contingent consideration 400 (18,900) 3,700 (300) 65,900 1,500 (2,500) 5,800 (10,400) 2,400 12,800 600 9,600 — 2,300 — 7,900 — — —
Provision for losses on trade receivables in Venezuela — 37,300 — — — — — — — — — — — — — — — — — —
Restructuring charges 38,100 185,500 (1,500) 24,300 600 600 — 4,300 1,000 3,800 900 — — (100) 100 4,600 (500) 100 100 600
(Gain) loss on investments, net 3,100 — — — — — — 3,700 — — — — 2,700 (500) (900) — — — — —
Pension and other post-retirement benefit plans settlements and curtailments 12,100 — — — — — — — — — — — — — — — — — — —
Non-cash items included in net earnings (loss) 102,800 262,400 92,400 134,600 105,300 123,900 61,200 369,500 57,600 78,300 90,600 99,500 83,400 66,300 65,700 90,900 (588,600) 947,200 87,700 80,700
Trade receivables 28,500 14,300 (55,000) (103,500) 33,800 19,600 (40,200) (152,800) 116,800 1,100 (28,100) (124,100) (23,900) (1,900) (65,600) (14,200) (60,000) 36,500 (59,500) 11,600
Inventories (18,900) (14,100) 1,400 (12,200) (4,300) (3,000) (19,700) 100 4,900 (2,200) (5,500) (4,500) (4,600) (14,200) 1,500 (6,700) (6,500) (7,500) 11,500 (3,100)
Other current assets (13,800) (13,700) (2,600) 6,800 (24,000) (5,500) 20,900 7,800 3,400 (20,400) (7,300) 8,300 (6,700) (13,900) (7,800) (4,700) 4,200 (11,500) 37,500 (22,900)
Other non-current assets (16,200) 3,300 (12,100) (4,700) (7,300) 400 (5,300) (3,300) (2,400) 49,900 2,500 (5,900) — (6,900) (1,100) (5,400) (8,100) (8,000) 200 (2,700)
Accounts payable 7,000 (21,100) (7,400) 23,400 14,800 29,000 22,100 (28,500) 19,100 9,600 (500) 4,500 12,800 (3,100) (7,400) (21,600) 32,000 (1,200) (56,300) 34,100
Accrued expenses 12,900 67,400 82,400 (46,800) 52,100 76,900 47,500 (66,300) (40,900) 80,800 51,800 (18,600) 17,200 19,100 56,500 (53,700) 1,000 31,900 60,800 (59,300)
Income taxes 9,500 (19,100) (30,900) (83,500) 44,500 34,500 22,500 (36,600) 14,000 4,300 22,900 11,200 18,100 30,000 (51,800) (16,100) 3,900 (22,200) 22,500 (21,800)
Other liabilities 43,300 1,700 (13,300) (6,200) (11,900) 2,400 11,300 15,300 2,200 9,700 6,600 8,200 4,400 (6,200) 4,500 10,900 2,000 13,100 (7,900) (12,300)
Changes in operating assets and liabilities 52,300 18,700 (37,500) (226,700) 97,700 154,300 59,100 (264,300) 117,100 132,800 42,400 (120,900) 17,300 2,900 (71,200) (111,500) (31,500) 31,100 8,800 (76,400)
Net cash provided by operating activities 694,200 594,500 473,300 165,800 515,300 579,000 481,500 119,600 499,900 461,700 429,400 208,900 380,400 320,200 243,100 138,200 (357,000) 309,600 338,000 173,300
Purchases of short-term investments — (159,900) (445,600) (664,300) (381,100) (459,700) (134,800) (50,000) (160,600) (199,900) (284,800) (219,900) (179,900) (66,400) (174,900) (149,900) (324,800) (499,300) — —
Purchase of non-marketable equity investment (10,300) — — (10,000) — — — — — — — — — — — — — — — —
Acquisitions, net of cash acquired — (67,500) — — — — (20,700) (871,400) (346,100) — — (3,100) (2,500) (91,900) (7,000) — — (6,100) — (63,700)
Additions to property, plant and equipment (58,500) (75,500) (63,500) (46,400) (74,500) (35,000) (38,700) (23,700) (45,200) (40,800) (34,200) (23,100) (43,200) (29,100) (29,200) (17,100) (52,500) (20,300) (17,500) (12,500)
Additions to capitalized software (6,400) (4,000) (5,000) (3,600) (3,200) (3,000) (2,900) (2,700) (6,400) (3,800) (2,000) (1,700) (3,300) (1,800) (2,800) (3,300) (3,100) (3,500) (3,800) (2,900)
Additions to intangible assets — (5,000) (10,000) — — — — (300) — (600) (3,500) — — (300) — — (22,400) (18,500) — —
Contractual purchase price adjustment to prior acquisition — — — — — — — — — — — — — — — — — — — (1,700)
Proceeds from maturities of short-term investments 219,600 410,900 719,800 465,600 302,700 119,900 — 260,600 179,900 224,900 329,800 50,000 66,400 299,800 124,800 649,300 75,000 — — —
Proceeds from sale of business — — — 1,800 42,700 — — — — — — — — — — — — — — —
Proceeds from sale of equity investments — — — — — — — — — — — — 500 500 900 — — — — —
Proceeds from sale of property, plant and equipment 200 100 100 100 100 300 — 100 500 700 300 300 100 300 600 200 400 — — —
Net cash (used in) provided by investing activities 144,600 99,100 195,800 (256,800) (113,300) (377,500) (197,100) (687,400) (377,900) (19,500) 5,600 (197,500) (161,900) 111,100 (87,600) 479,200 (327,400) (547,700) (21,300) (80,800)
Repayments of convertible borrowings — — — — — — — — — — — — — — (808,900) — — — — —
Dividends to stockholders (14,900) (14,900) (14,900) (14,900) (14,800) (14,900) (14,800) (14,900) (15,000) (15,000) (15,200) (15,200) (15,300) (15,200) (15,300) (15,300) (15,200) (15,100) (15,200) (15,100)
Payments to acquire treasury stock (4,100) (1,100) (436,000) (398,000) (1,400) (200) (700) (648,400) (185,700) (174,300) (332,100) (216,900) (87,700) (75,000) (136,100) (162,900) (87,100) (63,200) (76,100) (59,600)
Purchase of noncontrolling interest in a subsidiary — — — — (18,000) — — — — — — — — — — — — — — —
Payments of contingent consideration — — (2,600) (7,600) (50,100) — (1,000) (10,100) — — — (5,100) — — (100) (2,900) — — — —
Net borrowings (repayments) of notes payable 16,300 (5,100) (100) 5,400 18,400 (14,400) (5,600) 8,400 8,000 (1,600) (45,300) 3,800 5,000 2,800 14,700 8,200 9,600 5,400 (4,900) (3,500)
Sale of stock to employees 132,700 52,500 118,200 217,600 19,200 19,500 28,400 112,200 92,500 26,800 40,000 87,100 58,300 27,500 97,800 80,400 143,400 33,800 20,800 36,000
Excess tax benefits from share-based compensation 53,400 16,200 38,900 59,000 4,100 1,800 1,000 30,800 21,200 3,500 6,100 14,900 16,900 3,100 13,100 4,600 22,400 3,700 1,000 —
Debt issuance costs — — — — — — (1,100) (3,700) — — — — — — — — (100) (6,000) — —
Proceeds from issuance of senior notes, net of discount — — — — — — — 598,500 — — — — — — — — — 648,000 — —
Net cash provided by (used in) financing activities 183,400 47,600 (296,500) (138,500) (42,600) (8,200) 6,200 72,800 (79,000) (160,600) (346,500) (131,400) (22,800) (56,800) (834,800) (87,900) 73,000 606,600 (74,400) (42,200)
Effect of exchange rate changes on cash and equivalents (21,600) (20,300) 2,000 (1,300) 400 9,000 (5,400) (8,000) 3,800 4,700 (11,500) 5,600 (1,600) (19,000) 5,000 10,100 (700) 15,200 (12,400) (7,700)
Net increase (decrease) in cash and equivalents 1,000,600 720,900 374,600 (230,800) 359,800 202,300 285,200 (503,000) 46,800 286,300 77,000 (114,400) 194,100 355,500 (674,300) 539,600 (612,100) 383,700 229,900 42,600

Based on: 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31), 10-K (reporting date: 2010-12-31), 10-Q (reporting date: 2010-09-30), 10-Q (reporting date: 2010-06-30), 10-Q (reporting date: 2010-03-31).

The financial trajectory from early 2010 through late 2014 is characterized by a significant expansion in operational cash generation and a strategic shift toward aggressive capital return and inorganic growth. Net earnings exhibited volatility in the early period, notably during the third quarter of 2010, but transitioned into a period of sustained growth, culminating in a peak of 539.1 million dollars by the final quarter of 2014.

Operating Cash Flow Trends
Net cash provided by operating activities demonstrates a strong long-term upward trend, rising from 173.3 million dollars in March 2010 to 694.2 million dollars by December 2014. While a significant deficit occurred in December 2010, the subsequent years show a steady increase in the company's ability to generate cash from core operations. This growth is supported by consistent non-cash adjustments, primarily depreciation and amortization, which remained stable between 60 million and 73 million dollars per quarter. Changes in operating assets and liabilities introduced periodic volatility, with a notable negative impact in March 2013, though these were generally offset by the growth in net earnings.
Investment and Capital Expenditure Patterns
Investing activities were characterized by high volatility, driven by strategic acquisitions and the management of short-term investments. Substantial cash outflows for acquisitions were observed in December 2012 and March 2013, with the latter reaching 871.4 million dollars. Capital expenditures for property, plant, and equipment showed a gradual and consistent increase, growing from 12.5 million dollars per quarter in early 2010 to 58.5 million dollars by the end of 2014, indicating a steady expansion of physical infrastructure. The company actively managed liquidity through a cycle of purchasing and maturing short-term investments to balance its cash position.
Financing and Capital Allocation Strategy
The financing strategy reflects a strong commitment to shareholder returns through aggressive treasury stock repurchases and consistent dividend payments. Payments to acquire treasury stock peaked significantly in March 2013 at 648.4 million dollars and remained high through mid-2014. These outflows, along with dividend payments that remained stable at approximately 15 million dollars per quarter, were funded through a combination of operational cash flow and the issuance of debt. Notably, senior notes were issued in September 2010 and March 2013 to provide the necessary capital for acquisitions and buybacks. A major deleveraging event occurred in June 2011 with the repayment of 808.9 million dollars in convertible borrowings.
Liquidity and Net Cash Position
The net increase or decrease in cash and equivalents fluctuated sharply due to the timing of large-scale acquisitions and financing activities. However, the period concluded with a robust strengthening of the cash position, as evidenced by the net increases of 720.9 million dollars in September 2014 and 1.0 billion dollars in December 2014. This suggests a transition from a phase of heavy capital deployment to a phase of high liquidity accumulation toward the end of the analyzed period.

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