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Allergan PLC (NYSE:AGN)


Cash Flow Statement

Beginner level

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s 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 PLC, consolidated cash flow statement

US$ in thousands

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12 months ended Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income (loss) (5,265,100) (5,086,200) (4,118,900) 14,979,500  3,919,400 
Depreciation 204,500  196,300  171,500  155,800  218,300 
Amortization 5,856,600  6,552,300  7,197,100  6,475,200  5,777,000 
Provision for inventory reserve 160,200  96,400  102,200  181,400  140,900 
Share-based compensation 214,300  239,800  293,300  334,500  690,400 
Deferred income tax benefit (660,900) (1,255,700) (7,783,100) (1,443,900) (7,380,100)
Pre-tax gain on sale of businesses to Teva —  —  —  (24,511,100) — 
Non-cash tax effect of gain on sale of businesses to Teva —  —  —  5,285,200  — 
Goodwill impairments 3,552,800  2,841,100  —  —  — 
In-process research and development impairments 436,000  804,600  1,452,300  743,900  511,600 
Loss on asset sales and impairments, net 440,200  2,857,600  3,927,700  5,000  334,400 
Net income impact of other-than-temporary loss on investment in Teva securities —  —  3,273,500  —  — 
Charge to settle Teva related matters —  —  387,400  —  — 
Loss on forward sale of Teva shares —  —  62,900  —  — 
Gain on sale of Teva securities, net —  (60,900) —  —  — 
Amortization of inventory step-up —  —  131,700  42,400  1,192,900 
Gain on sale of businesses —  (182,600) —  —  — 
Non-cash extinguishment of debt 200  30,000  (15,700) —  — 
Cash discount related to extinguishment of debt —  (45,600) —  —  — 
Amortization of deferred financing costs 17,500  22,600  27,800  51,000  298,300 
Amortization of right of use assets 130,900  —  —  —  — 
Contingent consideration adjustments, including accretion 54,100  (106,500) (133,200) (66,800) 108,800 
Excess tax benefit from stock-based compensation —  —  —  (20,400) (76,100)
Other, net (5,500) 29,000  (37,000) (59,900) 66,400 
(Increase) decrease in accounts receivable, net (358,800) (37,000) (188,300) (191,000) (1,034,300)
(Increase) decrease in inventories (393,400) (145,700) (144,800) (268,400) (226,200)
(Increase) decrease in prepaid expenses and other current assets (78,100) 4,300  27,900  29,900  70,900 
Increase (decrease) in accounts payable and accrued expenses 1,434,400  151,600  95,900  313,500  142,500 
Increase (decrease) in income and other taxes payable 1,697,900  (1,191,600) 1,114,100  (326,600) (87,800)
Increase (decrease) in other assets and liabilities (199,100) (73,700) 29,100  (283,900) (137,300)
Changes in assets and liabilities, net of effects of acquisitions 2,102,900  (1,292,100) 933,900  (726,500) (1,272,200)
Reconciliation to net cash provided by operating activities 12,503,800  10,726,300  9,992,300  (13,554,200) 610,600 
Net cash provided by operating activities 7,238,700  5,640,100  5,873,400  1,425,300  4,530,000 
Additions to property, plant and equipment (375,200) (253,500) (349,900) (331,400) (454,900)
Additions to product rights and other intangibles (58,300) —  (614,300) (2,000) (154,700)
Sale of businesses to Teva —  —  —  33,804,200  — 
Additions to investments (3,938,000) (2,471,700) (9,783,800) (15,743,500) (24,300)
Proceeds from sale of investments and other assets 1,569,600  6,259,300  15,153,300  7,771,600  883,000 
Payments to settle Teva related matters —  (466,000) —  —  — 
Proceeds from sales of property, plant and equipment 23,700  30,400  7,100  33,300  140,100 
Acquisitions of businesses, net of cash acquired (80,600) —  (5,290,400) (1,198,900) (37,510,100)
Net cash (used in) provided by investing activities (2,858,800) 3,098,500  (878,000) 24,333,300  (37,120,900)
Proceeds from borrowings of long-term indebtedness, including credit facility 11,900  2,657,000  3,550,000  1,050,000  30,137,700 
Payments on debt, including capital lease obligations and credit facility (1,044,900) (8,804,500) (6,413,600) (10,848,700) (5,134,200)
Debt issuance and other financing costs —  (10,400) (20,600) —  (310,800)
Proceeds from issuance of preferred shares —  —  —  —  4,929,700 
Proceeds from issuance of ordinary shares —  —  —  —  4,071,100 
Payments of contingent consideration and other financing (9,300) (30,900) (511,600) (161,100) (230,100)
Proceeds from stock plans 91,200  102,400  183,400  172,100  230,000 
Proceeds from forward sale of Teva securities —  465,500  —  —  — 
Payments to settle Teva related matters —  (234,000) —  —  — 
Repurchase of ordinary shares (840,600) (2,775,400) (493,000) (15,076,400) (118,000)
Dividends paid (974,400) (1,049,800) (1,218,200) (278,400) (208,100)
Excess tax benefit from stock-based compensation —  —  —  20,400  76,100 
Net cash provided by (used in) financing activities (2,766,100) (9,680,100) (4,923,600) (25,122,100) 33,443,400 
Effect of currency exchange rate changes on cash and cash equivalents 9,100  4,700  21,400  (8,500) (6,500)
Net increase (decrease) in cash and cash equivalents 1,622,900  (936,800) 93,200  628,000  846,000 
Cash and cash equivalents at beginning of period 880,400  1,817,200  1,724,000  1,096,000  250,000 
Cash and cash equivalents at end of period 2,503,300  880,400  1,817,200  1,724,000  1,096,000 

Based on: 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26).

Cash flow statement item Description The company
Net cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Allergan PLC’s net cash provided by operating activities decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Net cash (used in) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Allergan PLC’s net cash (used in) provided by investing activities increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
Net cash provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Allergan PLC’s net cash provided by (used in) financing activities decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.