Name: Western Digital Corp. (NASDAQ:WDC) | 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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Western Digital Corp., consolidated balance sheet: assets

US$ in millions

	Jun 30, 2023	Jul 1, 2022	Jul 2, 2021	Jul 3, 2020	Jun 28, 2019	Jun 29, 2018
Cash and cash equivalents	2,023)	2,327)	3,370)	3,048)	3,455)	5,005)
Accounts receivable, net	1,598)	2,804)	2,257)	2,379)	1,204)	2,197)
Inventories	3,698)	3,638)	3,616)	3,070)	3,283)	2,944)
Other current assets	567)	684)	514)	551)	535)	492)
Current assets	7,886)	9,453)	9,757)	9,048)	8,477)	10,638)
Property, plant and equipment, net	3,620)	3,670)	3,188)	2,854)	2,843)	3,095)
Notes receivable and investments in Flash Ventures	1,297)	1,396)	1,586)	1,875)	2,791)	2,105)
Goodwill	10,037)	10,041)	10,066)	10,067)	10,076)	10,075)
Other intangible assets, net	80)	213)	442)	941)	1,711)	2,680)
Other non-current assets	1,509)	1,486)	1,093)	877)	472)	642)
Non-current assets	16,543)	16,806)	16,375)	16,614)	17,893)	18,597)
Total assets	24,429)	26,259)	26,132)	25,662)	26,370)	29,235)

Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).

Total assets experienced a general contraction over the analyzed six-year period, declining from 29,235 million USD in 2018 to 24,429 million USD in 2023. This overall reduction is primarily driven by a decrease in current assets and a significant erosion of intangible assets, partially offset by modest growth in property, plant, and equipment.

Liquidity and Working Capital Trends: A consistent downward trend is observed in cash and cash equivalents, which fell from 5,005 million USD in 2018 to 2,023 million USD in 2023, representing a reduction of approximately 60%. In contrast, inventories have trended upward, increasing from 2,944 million USD to 3,698 million USD over the same period. This divergence suggests a shift in the allocation of current resources, with more capital tied up in physical stock and less available as liquid cash. Accounts receivable exhibited high volatility, peaking at 2,804 million USD in 2022 before dropping sharply to 1,598 million USD in 2023.
Non-Current Asset Composition: The most notable change in non-current assets is the precipitous decline in other intangible assets, net, which plummeted from 2,680 million USD in 2018 to just 80 million USD in 2023. This indicates substantial amortization or impairment of intangible holdings. Conversely, property, plant, and equipment, net, showed a gradual increase from 3,095 million USD to 3,620 million USD, signaling ongoing investment in productive capacity. Goodwill remained remarkably stagnant, hovering around the 10,000 million USD mark throughout the entire period.
Investment and Other Assets: Notes receivable and investments in Flash Ventures saw a general decline, falling from a peak of 2,791 million USD in 2019 to 1,297 million USD by 2023. This is contrasted by a steady increase in other non-current assets, which grew from 642 million USD in 2018 to 1,509 million USD in 2023, indicating a reallocation of long-term resources into miscellaneous non-current categories.
Asset Structure Analysis: The ratio of current assets to total assets has decreased over time. In 2018, current assets represented approximately 36.4% of the total asset base; by 2023, this proportion dropped to 32.3%. This shift indicates a slight move toward a more non-current asset-heavy balance sheet, despite the overall decline in the total asset value.

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