Analysis of Debt
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Total Debt (Carrying Amount)
Walgreens Boots Alliance Inc., balance sheet: debt
US$ in millions
| Aug 31, 2019 | Aug 31, 2018 | Aug 31, 2017 | Aug 31, 2016 | Aug 31, 2015 | Aug 31, 2014 | ||
|---|---|---|---|---|---|---|---|
| Short-term debt | |||||||
| Long-term debt | |||||||
| Total borrowings (carrying amount) |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31).
The debt data reveals significant fluctuations and notable trends across the analyzed period from 2014 to 2019.
- Short-term debt
- The short-term debt exhibited considerable volatility. Starting at $774 million in 2014, it increased to $1,068 million in 2015, followed by a substantial decline to $323 million in 2016 and a slight decrease to $251 million in 2017. A sharp rebound occurred in 2018, with short-term debt rising to $1,966 million, and this upward trajectory continued markedly into 2019, reaching $5,738 million. This indicates an increasing reliance on short-term borrowings in the latter years.
- Long-term debt
- Long-term debt showed an overall increasing trend from 2014 to 2016, rising from $3,736 million to $18,705 million. However, after the peak in 2016, it decreased notably to $12,684 million in 2017 and maintained a downward trend through 2018 and 2019, settling at $11,098 million. This suggests a strategic reduction or refinancing of longer-term obligations after reaching a maximum in 2016.
- Total borrowings (carrying amount)
- Total borrowings reflected the combined impact of short-term and long-term debt movements. There was a significant increase from $4,510 million in 2014 to a peak of $19,028 million in 2016. Subsequently, total borrowings declined sharply to $12,935 million in 2017, before experiencing a moderate rise again to $14,397 million in 2018 and further increasing to $16,836 million in 2019. This pattern demonstrates a peak in total borrowings in 2016, followed by partial deleveraging and a renewed increase towards the end of the period.
Overall, the data indicates a dynamic capital structure management approach, with a shift over time from long-term to increased short-term debt reliance, particularly notable in the last two years. The peak in both short-term and total borrowings in the most recent year suggests a potential change in financing strategy or liquidity needs.
Total Debt (Fair Value)
| Aug 31, 2019 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | |
| Unsecured Pound Sterling variable rate term loan due 2019 | |
| $6 Billion Note Issuance | |
| $8 Billion Note Issuance | |
| £700 Million Note Issuance | |
| €750 Million Note Issuance | |
| $4 Billion Note Issuance | |
| $1 Billion Note Issuance | |
| Other | |
| Total borrowings (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2019-08-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2019-08-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =