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.

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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
	Receivables, net
	Inventories
	Deferred taxes
	Prepaid expenses and other current assets
	Current assets of discontinued operations
	Current assets
	Property and equipment, net
	Computer software, net
	Goodwill
	Other intangible assets, net
	Other assets
	Noncurrent assets
	Total assets

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).

The financial data over the five-year period demonstrates a number of noteworthy trends in the company's asset composition and valuation.

Liquidity and Current Assets: Cash and cash equivalents show a fluctuating trend, peaking in 2015 at approximately $3.19 billion, then declining consistently to around $2.31 billion by the end of 2017. Receivables net increase steadily from about $4.02 billion in 2013 to a peak near $7.06 billion in 2016, stabilizing at a similar level in 2017. Inventories see moderate fluctuations without a clear upward or downward trend, ranging between $1.87 and $2.12 billion.; Prepaid expenses and other current assets experience volatility, with a significant drop in 2015 followed by a strong increase to nearly $466 million by the end of 2017, indicating changes in prepaid or deferred operating costs.; The overall current assets grow from about $8.49 billion in 2013 to approximately $12.36 billion in 2016, before experiencing a slight decrease to around $11.96 billion in 2017. This reflects an overall expansion in short-term assets despite some year-to-year variation.
Long-Term and Noncurrent Assets: Property and equipment, net, show a consistent decline from approximately $1.66 billion in 2013 to a notably lower level of $551 million in 2017, possibly indicating asset disposals or depreciation exceeding capital expenditures.; Computer software, net, absent in earlier years, is reported at nearly $815 million in 2017, suggesting increased investment or capitalization of software assets in the most recent period.; Goodwill remains stable around $29.3 billion from 2013 through 2016 but rises to approximately $31.1 billion in 2017, pointing to a potential acquisition or revaluation maintaining or enhancing intangible asset value.; Other intangible assets, net, decline steadily from approximately $14 billion in 2013 to $8.64 billion in 2016 before recovering somewhat to $9.63 billion in 2017, indicating amortization impacts and possibly revaluation or new intangible asset recognition.; Other assets show a gradual increase from $77 million in 2013 to $207 million in 2017, evidencing minor growth in miscellaneous noncurrent asset categories.; Noncurrent assets in total decrease year-over-year from $45.06 billion in 2013 to around $39.38 billion in 2016 before increasing again to about $42.30 billion in 2017, driven mainly by movements in goodwill, intangible assets, and computer software.
Total Assets: Total assets remain relatively stable over the period, fluctuating between approximately $53.25 billion and $54.26 billion. The highest point is in 2017 at $54.26 billion, representing a marginal increase compared to preceding years, despite notable shifts within current and noncurrent asset categories.
Additional Observations: Deferred taxes are reported only in the initial two years (2013 and 2014) and are absent thereafter, suggesting changes in tax accounting methods or presentations.; Current assets of discontinued operations appear only in 2013 with a small amount and are not reported subsequently, indicating divestiture or reclassification of discontinued operations early in the period.

In summary, the data indicates a stable overall asset base with internal reallocation between asset types. The decline in property and equipment contrasted with the rise in computer software assets points to a shift towards intangible investments. Increased goodwill and intangible assets at the end of the period suggest acquisition activity or asset reevaluation, while the consistent levels of current assets imply maintained operational liquidity and working capital management.

Assets: Selected Items

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Current Assets: Selected Items