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Allergan PLC (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, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income (loss) (5,086,200) (4,118,900) 14,979,500  3,919,400  (1,630,200)
Depreciation 196,300  171,500  155,800  218,300  230,900 
Amortization 6,552,300  7,197,100  6,475,200  5,777,000  2,597,500 
Provision for inventory reserve 96,400  102,200  181,400  140,900  156,100 
Share-based compensation 239,800  293,300  334,500  690,400  368,000 
Deferred income tax benefit (1,255,700) (7,783,100) (1,443,900) (7,380,100) (690,100)
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 2,841,100  —  —  —  17,300 
In-process research and development impairments 804,600  1,452,300  743,900  511,600  424,300 
Loss on asset sales and impairments, net 2,857,600  3,927,700  5,000  334,400  143,100 
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  985,800 
Gain on sale of businesses (182,600) —  —  —  — 
Non-cash extinguishment of debt 30,000  (15,700) —  —  (91,700)
Cash discount related to extinguishment of debt (45,600) —  —  —  — 
Amortization of deferred financing costs 22,600  27,800  51,000  298,300  87,200 
Contingent consideration adjustments, including accretion (106,500) (133,200) (66,800) 108,800  (71,200)
Excess tax benefit from stock-based compensation —  —  (20,400) (76,100) (51,100)
Impact of assets held for sale —  —  —  —  190,800 
Other, net 29,000  (37,000) (59,900) 66,400  8,200 
(Increase) decrease in accounts receivable, net (37,000) (188,300) (191,000) (1,034,300) (611,100)
(Increase) decrease in inventories (145,700) (144,800) (268,400) (226,200) (207,200)
(Increase) decrease in prepaid expenses and other current assets 4,300  27,900  29,900  70,900  29,400 
Increase (decrease) in accounts payable and accrued expenses 151,600  95,900  313,500  142,500  394,600 
Increase (decrease) in income and other taxes payable (1,191,600) 1,114,100  (326,600) (87,800) 29,700 
Increase (decrease) in other assets and liabilities (73,700) 29,100  (283,900) (137,300) (67,300)
Changes in assets and liabilities, net of effects of acquisitions (1,292,100) 933,900  (726,500) (1,272,200) (431,900)
Reconciliation to net cash provided by operating activities 10,726,300  9,992,300  (13,554,200) 610,600  3,873,200 
Net cash provided by operating activities 5,640,100  5,873,400  1,425,300  4,530,000  2,243,000 
Additions to property, plant and equipment (253,500) (349,900) (331,400) (454,900) (238,600)
Additions to product rights and other intangibles —  (614,300) (2,000) (154,700) (36,100)
Sale of businesses to Teva —  —  33,804,200  —  — 
Additions to investments (2,471,700) (9,783,800) (15,743,500) (24,300) (1,000)
Proceeds from sale of investments and other assets 6,259,300  15,153,300  7,771,600  883,000  453,700 
Payments to settle Teva related matters (466,000) —  —  —  — 
Proceeds from sales of property, plant and equipment 30,400  7,100  33,300  140,100  13,700 
Acquisitions of businesses, net of cash acquired —  (5,290,400) (1,198,900) (37,510,100) (5,562,300)
Net cash (used in) provided by investing activities 3,098,500  (878,000) 24,333,300  (37,120,900) (5,370,600)
Proceeds from borrowings of long-term indebtedness, including credit facility 2,657,000  3,550,000  1,050,000  30,137,700  9,356,200 
Payments on debt, including capital lease obligations and credit facility (8,804,500) (6,413,600) (10,848,700) (5,134,200) (6,127,000)
Debt issuance and other financing costs (10,400) (20,600) —  (310,800) (224,300)
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 (30,900) (511,600) (161,100) (230,100) (14,300)
Proceeds from stock plans 102,400  183,400  172,100  230,000  105,900 
Proceeds from forward sale of Teva securities 465,500  —  —  —  — 
Payments to settle Teva related matters (234,000) —  —  —  — 
Repurchase of ordinary shares (2,775,400) (493,000) (15,076,400) (118,000) (130,100)
Dividends paid (1,049,800) (1,218,200) (278,400) (208,100) — 
Excess tax benefit from stock-based compensation —  —  20,400  76,100  51,100 
Net cash provided by (used in) financing activities (9,680,100) (4,923,600) (25,122,100) 33,443,400  3,017,500 
Effect of currency exchange rate changes on cash and cash equivalents 4,700  21,400  (8,500) (6,500) (5,900)
Movement in cash held for sale —  —  —  —  37,000 
Net increase (decrease) in cash and cash equivalents (936,800) 93,200  628,000  846,000  (79,000)
Cash and cash equivalents at beginning of period 1,817,200  1,724,000  1,096,000  250,000  329,000 
Cash and cash equivalents at end of period 880,400  1,817,200  1,724,000  1,096,000  250,000 

Based on: 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), 10-K (filing date: 2015-02-18).

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 increased from 2016 to 2017 but then slightly decreased from 2017 to 2018.
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 decreased from 2016 to 2017 but then slightly increased from 2017 to 2018.
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 increased from 2016 to 2017 but then slightly decreased from 2017 to 2018.