Stock Analysis on Net
Stock Analysis on Net

Allergan PLC (NYSE:AGN)

This company has been moved to the archive! The financial data has not been updated since May 7, 2020.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Accrued third-party rebates 2.11 1.80 1.45 1.24 0.94
Litigation-related reserves and legal fees 1.32 0.09 0.07 0.08 0.16
Accrued payroll and related benefits 0.88 0.68 0.54 0.42 0.30
Accrued returns and other allowances 0.63 0.52 0.39 0.23 0.21
Accrued R&D expenditures 0.20 0.21 0.14 0.12 0.28
Interest payable 0.20 0.19 0.21 0.23 0.23
Royalties payable 0.23 0.15 0.16 0.11 0.09
Accrued pharmaceutical fees 0.13 0.14 0.16 0.17 0.12
Accrued severance, retention and other shutdown costs 0.01 0.07 0.11 0.07 0.08
Accrued non-provision taxes 0.07 0.07 0.06 0.04 0.07
Accrued selling and marketing expenditures 0.06 0.06 0.04 0.07 0.09
Current portion of contingent consideration obligations 0.01 0.01 0.05 0.40 0.06
Dividends payable 0.00 0.00 0.02 0.02 0.02
Other accrued expenses 0.43 0.37 1.01 0.52 0.27
Accrued expenses 6.29% 4.36% 4.41% 3.72% 2.93%
Accounts payable 0.41 0.34 0.27 0.17 0.27
Accounts payable and accrued expenses 6.70% 4.70% 4.68% 3.89% 3.20%
Income taxes payable 0.07 0.07 0.06 0.04 0.04
Current portion of long-term debt and capital leases 4.79 0.85 3.58 2.17 1.79
Current portion of lease liability, operating 0.13 0.00 0.00 0.00 0.00
Current liabilities held for sale 0.00 0.00 0.00 0.00 1.10
Current liabilities 11.69% 5.63% 8.32% 6.11% 6.13%
Long-term debt and capital leases, excluding current portion 19.13 22.53 21.84 23.24 29.66
Lease liability, operating, excluding current portion 0.47 0.00 0.00 0.00 0.00
Acquisition related contingent consideration liabilities 0.40 0.33 0.36 0.51 0.58
Long-term pension and post retirement liability 0.15 0.16 0.14 0.16 0.16
Legacy Allergan deferred executive compensation 0.09 0.09 0.10 0.09 0.09
Accrued R&D milestone 0.08 0.07 0.00 0.00 0.00
Long-term contractual obligations 0.00 0.04 0.04 0.02 0.02
Deferred revenue 0.03 0.04 0.03 0.01 0.01
Product warranties 0.03 0.03 0.02 0.02 0.02
Long-term severance and restructuring liabilities 0.01 0.01 0.04 0.02 0.03
Other long-term liabilities 0.05 0.09 0.02 0.02 0.02
Other long-term liabilities 0.85% 0.87% 0.75% 0.84% 0.93%
Long-term liabilities held for sale 0.00 0.00 0.00 0.00 0.43
Other taxes payable 1.80 1.59 1.33 0.69 0.59
Deferred tax liabilities 4.61 5.41 5.37 10.05 5.88
Long-term liabilities 26.86% 30.39% 29.29% 34.82% 37.49%
Total liabilities 38.55% 36.01% 37.61% 40.92% 43.62%
Preferred shares, $0.0001 par value per share 0.00 0.00 4.17 3.82 3.63
Ordinary shares; $0.0001 par value per share 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 59.11 55.52 45.64 41.83 50.43
Retained earnings 1.05 7.13 10.95 14.22 2.69
Accumulated other comprehensive income (loss) 1.27 1.32 1.62 -0.81 -0.36
Shareholders’ equity 61.43% 63.97% 62.38% 59.07% 56.38%
Noncontrolling interest 0.02 0.02 0.01 0.01 0.00
Total equity 61.45% 63.99% 62.39% 59.08% 56.38%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

The capital structure of the organization exhibits a general transition toward a higher proportion of equity financing and a strategic reduction in long-term debt obligations over the five-year period from 2015 to 2019. While total liabilities decreased from 43.62% to 38.55% of the total balance sheet, there is a notable shift in the composition of these liabilities, with a move toward short-term obligations.

Liability Composition and Trends
Long-term liabilities experienced a sustained decline, falling from 37.49% in 2015 to 26.86% in 2019. This is primarily driven by a significant reduction in long-term debt and capital leases, which dropped from 29.66% to 19.13%. Conversely, current liabilities increased from 6.13% to 11.69%, peaking in 2019. This increase is largely attributable to a rise in accrued expenses, which grew from 2.93% to 6.29%, and an increase in the current portion of long-term debt and capital leases, which reached 4.79% in 2019.
Equity Dynamics
Total equity increased from 56.38% in 2015 to 61.45% in 2019. The internal composition of equity shifted dramatically; additional paid-in capital rose from 50.43% to 59.11%, indicating a reliance on contributed capital. In contrast, retained earnings showed a sharp downward trajectory, peaking at 14.22% in 2016 before declining to 1.05% by 2019. Additionally, preferred shares, which accounted for 4.17% of the balance sheet in 2017, were eliminated by 2018.
Operational Accruals and Contingencies
Several operational accruals show a steady upward trend. Accrued third-party rebates more than doubled, moving from 0.94% in 2015 to 2.11% in 2019. A significant spike is observed in litigation-related reserves and legal fees, which remained below 0.10% for most of the period but jumped to 1.32% in 2019. Other taxes payable also trended upward, increasing from 0.59% in 2015 to 1.80% in 2019.
Deferred Tax Liabilities
Deferred tax liabilities showed high volatility, peaking at 10.05% in 2016 before steadily declining to 4.61% by 2019. This suggests a realignment of temporary differences between accounting and tax treatments over the period.

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