Name: Allergan Inc. (NYSE:AGN.) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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Allergan Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010
Net earnings	1,528,800)	988,700)	1,102,500)	938,100)	4,900)
Foreign currency translation adjustments	(119,600)	(8,600)	9,600)	(42,600)	(3,200)
Reclassification adjustment for foreign currency translation gains included in net earnings from the substantially complete liquidation of an investment in a foreign subsidiary	—)	—)	—)	(9,400)	—)
Unrealized holding gain on available-for-sale securities, net of tax	5,800)	—)	—)	—)	—)
Amortization of deferred holding gains on derivatives designated as cash flow hedges included in net earnings, net of tax	(800)	(800)	(700)	(800)	(800)
Net gain (loss), net of tax	(72,000)	9,100)	(35,900)	(62,700)	(53,500)
Net gain on remeasurement of postretirement benefit plan liability, net of tax	—)	—)	—)	13,100)	—)
Additional net prior service cost due to plan amendments, net of tax	(17,800)	—)	—)	—)	—)
Amortization, net of tax	22,100)	14,200)	25,100)	12,700)	8,200)
Pension and postretirement benefit plan adjustments	(67,700)	23,300)	(10,800)	(36,900)	(45,300)
Other comprehensive income (loss), net of tax	(182,300)	13,900)	(1,900)	(89,700)	(49,300)
Comprehensive income (loss)	1,346,500)	1,002,600)	1,100,600)	848,400)	(44,400)
Comprehensive income attributable to noncontrolling interest	(4,300)	(2,800)	(5,000)	(2,400)	(5,100)
Comprehensive income (loss) attributable to Allergan, Inc.	1,342,200)	999,800)	1,095,600)	846,000)	(49,500)

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).

The financial performance from 2010 to 2014 is characterized by a substantial increase in net earnings and overall comprehensive income, despite significant volatility in other comprehensive income components. The most notable shift occurred between 2010 and 2011, where net earnings escalated from 4.9 million US$ to 938.1 million US$, establishing a high baseline for subsequent growth.

Net Earnings and Comprehensive Income Trends: Net earnings exhibited a strong upward trajectory, peaking at 1,528.8 million US$ in 2014. Comprehensive income followed a similar pattern, recovering from a loss of 44.4 million US$ in 2010 to reach 1,346.5 million US$ by 2014. This indicates that the primary drivers of value creation were operational earnings rather than peripheral accounting adjustments.
Analysis of Other Comprehensive Income (OCI): OCI displayed high volatility throughout the period, fluctuating between losses and modest gains. A significant deficit was recorded in 2014, with OCI falling to -182.3 million US$. This volatility was primarily driven by two factors: foreign currency translation adjustments and pension-related adjustments.
Foreign Currency and Market Volatility: Foreign currency translation adjustments were inconsistent, with a sharp negative impact of 119.6 million US$ in 2014. This suggests increased exposure to currency fluctuations in the final year of the analyzed period. Conversely, available-for-sale securities provided a minor positive offset of 5.8 million US$ in 2014.
Pension and Postretirement Benefit Adjustments: Pension and postretirement benefit plan adjustments were largely negative, contributing to the overall OCI losses. A significant decline was observed in 2014, where these adjustments reached -67.7 million US$, compounded by additional net prior service costs of 17.8 million US$ due to plan amendments.
Attribution to Noncontrolling Interests: Comprehensive income attributable to noncontrolling interests remained consistently negative and relatively stable, ranging from -2.4 million US$ to -5.1 million US$ across the five-year period. Consequently, the vast majority of the comprehensive income was attributable directly to Allergan, Inc.

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