Common-Size Balance Sheet: Assets
Quarterly Data
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Walgreens Boots Alliance Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-K (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-K (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-K (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-K (reporting date: 2015-08-31), 10-Q (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-28), 10-Q (reporting date: 2014-11-30), 10-K (reporting date: 2014-08-31), 10-Q (reporting date: 2014-05-31), 10-Q (reporting date: 2014-02-28), 10-Q (reporting date: 2013-11-30).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets exhibits significant volatility over the observed periods. A notable peak occurs in November 2014 at 26.46%, followed by a decline and minor fluctuations around 1% to 2% from late 2017 through mid-2020. This pattern suggests intermittent liquidity accumulation followed by drawdowns.
- Accounts Receivable, Net
- Accounts receivable consistently represent approximately 7.3% to 11% of total assets throughout the periods, with a slight upward trend visible between 2017 and early 2019, peaking at 11.11%. A decrease to around 8% is noted by mid-2020, indicating some fluctuations possibly linked to changes in credit terms or sales volume.
- Inventories
- Inventory levels as a percentage of total assets show a general downward trend from over 21% in late 2013 to about 13% by mid-2020. There are intermittent increases, particularly between 2017 and late 2018, where inventory ratios rise from approximately 11.7% to over 15%, possibly reflecting strategic stock adjustments or seasonal effects.
- Other Current Assets
- This category remains relatively stable, fluctuating between 0.6% and 1.8% of total assets. No significant trend is observable, suggesting other current assets constitute a small but steady portion of the asset base.
- Current Assets
- Current assets as a proportion of total assets exhibit fluctuations with a substantial spike to 47.89% in November 2014, likely driven by the prior noted increase in cash and cash equivalents. Thereafter, the ratio stabilizes near 20% to 30%, with a gradual decline from late 2018 towards mid-2020, indicating a reduction in short-term asset holdings.
- Property, Plant and Equipment (Net)
- There is a progressive decline in property, plant, and equipment as a share of total assets, falling from nearly 34% in late 2013 to approximately 15% by mid-2020. This trend may indicate asset disposals, depreciation exceeding new investments, or a shift in asset composition towards intangible or other categories.
- Operating Lease Right-of-Use Assets
- Data beginning in 2019 show the introduction of operating lease right-of-use assets accounting for about 24% to 25% of total assets, reflecting the adoption of new lease accounting standards and a significant shift in asset recognition towards leased assets.
- Alliance Boots Call Option
- The call option asset appears in early periods but is absent after mid-2014, suggesting it was either exercised or removed from the balance sheet by that time, indicative of structural financial or strategic changes.
- Goodwill
- Goodwill maintains a relatively stable share, primarily ranging from 20% to 25% of total assets, with a noticeable increase from under 7% in 2013 to beyond 23% starting 2015, likely due to acquisition activity. A decline to about 17% by mid-2020 may reflect impairments or asset revaluations.
- Intangible Assets, Net
- Following introduction in 2015, intangible assets as a percentage of total assets fluctuate around 12% to 17%, demonstrating some variability but generally a stable significant contribution to the asset base.
- Equity Method Investments
- Equity investments decline sharply from about 18% in 2014 to below 2% soon after, indicating divestitures or reclassifications. A subsequent steady increase to just over 10% by late 2019 suggests renewed investment or acquisition activity in associates or ventures, stabilizing thereafter.
- Other Non-Current Assets
- The proportion of other non-current assets significantly decreases from over 7% in early periods to around 1.3% to 1.6% in the later periods, highlighting a reduction or reclassification of miscellaneous long-term assets.
- Non-Current Assets
- The share of non-current assets shows a marked variability, decreasing notably from about 68% in early years to just over 52% in November 2014, then rising again to near 70% through 2017-2019 and ultimately increasing to nearly 79% by mid-2020. This overall increase correlates strongly with the recognition of lease right-of-use assets and changes in asset categorization.
- Total Assets
- Total assets are consistently measured as 100%, serving as the base for the ratio analysis of specific asset categories.