Name: Express Scripts Holding Co. (NASDAQ:ESRX) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Express Scripts Holding Co., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Cash and cash equivalents	2,309,600)	3,077,200)	3,186,300)	1,832,600)	1,991,400)
Receivables, net	7,056,300)	7,062,100)	6,721,300)	5,979,800)	4,022,900)
Inventories	2,124,900)	1,959,000)	2,023,100)	2,113,200)	1,871,100)
Deferred taxes	—)	—)	—)	390,800)	455,400)
Prepaid expenses and other current assets	466,300)	265,100)	128,800)	251,700)	119,600)
Current assets of discontinued operations	—)	—)	—)	—)	31,000)
Current assets	11,957,100)	12,363,400)	12,059,500)	10,568,100)	8,491,400)
Property and equipment, net	551,300)	1,273,600)	1,291,300)	1,584,000)	1,658,900)
Computer software, net	814,900)	—)	—)	—)	—)
Goodwill	31,099,700)	29,277,800)	29,277,300)	29,280,900)	29,305,400)
Other intangible assets, net	9,625,900)	8,636,900)	10,469,700)	12,255,200)	14,015,600)
Other assets	206,900)	193,200)	145,500)	110,700)	76,900)
Noncurrent assets	42,298,700)	39,381,500)	41,183,800)	43,230,800)	45,056,800)
Total assets	54,255,800)	51,744,900)	53,243,300)	53,798,900)	53,548,200)

Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).

Total assets remained relatively stable between 2013 and 2017, beginning at 53.55 billion and ending at 54.26 billion. Despite this overall stability, a significant shift in asset composition occurred, characterized by a growth in current assets and a general contraction in noncurrent assets until a slight rebound in the final year of the period.

Liquidity and Current Asset Dynamics: Current assets grew from 8.49 billion in 2013 to 11.96 billion in 2017. The primary driver of this increase was the growth in net receivables, which rose from 4.02 billion to 7.06 billion, indicating a substantial expansion in credit extended or increased billing volumes. Cash and cash equivalents showed volatility, peaking at 3.19 billion in 2015 before declining to 2.31 billion by 2017. Inventories remained stable throughout the period, fluctuating narrowly around 2 billion.
Analysis of Noncurrent Assets: Noncurrent assets exhibited a general downward trend from 45.06 billion in 2013 to 39.38 billion in 2016, before increasing to 42.30 billion in 2017. Goodwill remained the largest asset component, holding steady near 29.3 billion for several years before rising to 31.10 billion in 2017. Conversely, other intangible assets decreased steadily from 14.02 billion in 2013 to 8.64 billion in 2016, though they recovered to 9.63 billion in 2017. Net property and equipment experienced a consistent decline, falling from 1.66 billion in 2013 to 551.3 million in 2017.
Structural Asset Shifts: The asset base is heavily weighted toward intangible assets and goodwill, which collectively represent the vast majority of the total balance sheet. A strategic shift is evident in the transition from physical to digital or intangible infrastructure; this is highlighted by the sharp reduction in property and equipment alongside the introduction of 814.9 million in computer software assets in 2017. This pattern suggests a move away from capital-intensive physical assets toward software-driven operational capabilities.

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