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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended February 29, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From _______to _______
Commission File Number
001-36759
WALGREENS BOOTS ALLIANCE, INC.
(Exact name of registrant as specified in its charter)
Delaware47-1758322
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
108 Wilmot Road, Deerfield, Illinois
60015
(Address of principal executive offices)(Zip Code)
(847) 315-2500
(Registrant’s telephone number, including area code)
__________________________________________
Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueWBAThe NASDAQ Stock Market LLC
2.875% Walgreens Boots Alliance, Inc. notes due 2020WBA20The NASDAQ Stock Market LLC
3.600% Walgreens Boots Alliance, Inc. notes due 2025WBA25The NASDAQ Stock Market LLC
2.125% Walgreens Boots Alliance, Inc. notes due 2026WBA26The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  þ      No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).         Yes þ     No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ
Accelerated filer 
Non-accelerated filer 
Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes       No þ
The number of shares outstanding of the registrant’s Common Stock, $0.01 par value, as of March 31, 2020 was 877,220,195.

- 1 -

Table of Contents
WALGREENS BOOTS ALLIANCE, INC.

FORM 10-Q FOR THE THREE AND SIX MONTHS ENDED FEBRUARY 29, 2020

TABLE OF CONTENTS

PART I.  FINANCIAL INFORMATION
 Item 1.Consolidated Condensed Financial Statements (Unaudited)
  a)
  b)
  c)
  d)
  e)
  f)
 Item 2.
 Item 3.
 Item 4.

PART II. OTHER INFORMATION
 Item 1.
 Item 1A.
 Item 2.
 Item 6.

- 2 -

Part I. Financial Information

Item 1. Consolidated Condensed Financial Statements (Unaudited)

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
(in millions, except shares and per share amounts)

 February 29, 2020August 31, 2019
Assets  
Current assets:  
Cash and cash equivalents$792  $1,023  
Accounts receivable, net7,572  7,226  
Inventories9,652  9,333  
Other current assets893  1,118  
Total current assets18,909  18,700  
Non-current assets: 
Property, plant and equipment, net13,482  13,478  
Operating lease right-of-use assets21,755    
Goodwill16,788  16,560  
Intangible assets, net10,929  10,876  
Equity method investments (see note 5)6,921  6,851  
Other non-current assets1,218  1,133  
Total non-current assets71,094  48,899  
Total assets$90,003  $67,598  
Liabilities and equity  
Current liabilities:  
Short-term debt$5,984  $5,738  
Trade accounts payable (see note 16)14,968  14,341  
Operating lease obligation2,278    
Accrued expenses and other liabilities5,408  5,474  
Income taxes23  216  
Total current liabilities28,662  25,769  
Non-current liabilities:  
Long-term debt10,625  11,098  
Operating lease obligation21,959    
Deferred income taxes1,637  1,785  
Other non-current liabilities2,786  4,795  
Total non-current liabilities37,007  17,678  
Commitments and contingencies (see note 10)
Equity:  
Preferred stock $.01 par value; authorized 32 million shares, none issued
    
Common stock $.01 par value; authorized 3.2 billion shares; issued 1,172,513,618 at February 29, 2020 and August 31, 2019
12  12  
Paid-in capital10,689  10,639  
Retained earnings36,351  35,815  
Accumulated other comprehensive loss(3,407) (3,897) 
Treasury stock, at cost; 292,116,419 shares at February 29, 2020 and 277,126,116 shares at August 31, 2019
(19,925) (19,057) 
Total Walgreens Boots Alliance, Inc. shareholders’ equity23,720  23,512  
Noncontrolling interests615  641  
Total equity24,334  24,152  
Total liabilities and equity$90,003  $67,598  
The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.
- 3 -

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(UNAUDITED)
For the three and six months ended February 29, 2020
(in millions, except shares)

Three months ended February 29, 2020
 Equity attributable to Walgreens Boots Alliance, Inc.  
 Common stock sharesCommon stock amountTreasury stock amountPaid-in capitalAccumulated other comprehensive income (loss)Retained earningsNoncontrolling interestsTotal equity
November 30, 2019888,089,745  $12  $(19,496) $10,648  $(3,313) $35,810  $653  $24,314  
Net earnings (loss)—  —  —  —  —  946  5  952  
Other comprehensive income (loss), net of tax
—  —  —  —  (94) —  —  (94) 
Dividends declared—  —  —  —  —  (404) (43) (448) 
Treasury stock purchases
(7,996,028) —  (440) —  —  —  —  (440) 
Employee stock purchase and option plans
303,482  —  10  3  —  —  —  13  
Stock-based compensation
—  —  —  38  —  —  —  38  
Adoption of new accounting standards
—  —  —  —  —    —    
February 29, 2020880,397,199  $12  $(19,925) $10,689  $(3,407) $36,351  $615  $24,334  


Six months ended February 29, 2020
 Equity attributable to Walgreens Boots Alliance, Inc.  
 Common stock sharesCommon stock amountTreasury stock amountPaid-in capitalAccumulated other comprehensive income (loss)Retained earningsNoncontrolling interestsTotal equity
August 31, 2019895,387,502  $12  $(19,057) $10,639  $(3,897) $35,815  $641  $24,152  
Net earnings (loss)—  —  —  —  —  1,791  2  1,793  
Other comprehensive income (loss), net of tax
—  —  —  —  490  —  15  505  
Dividends declared—  —  —  —  —  (812) (43) (855) 
Treasury stock purchases(16,460,094) —  (913) —  —  —  —  (913) 
Employee stock purchase and option plans
1,469,791  —  45  (17) —  —  —  28  
Stock-based compensation—  —  —  67  —  —  —  67  
Adoption of new accounting standards
—  —  —  —  —  (442) —  (442) 
February 29, 2020880,397,199  $12  $(19,925) $10,689  $(3,407) $36,351  $615  $24,334  

The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.











- 4 -


WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(UNAUDITED)
For the three and six months ended February 28, 2019
(in millions, except shares)

Three months ended February 28, 2019
 Equity attributable to Walgreens Boots Alliance, Inc.  
 Common stock sharesCommon stock amountTreasury stock amountPaid-in capitalAccumulated other comprehensive income (loss)Retained earningsNoncontrolling interestsTotal equity
November 30, 2018943,444,736  $12  $(15,862) $10,522  $(3,231) $34,168  $654  $26,263  
Net earnings (loss)—  —  —  —  —  1,156  (18) 1,138  
Other comprehensive income (loss), net of tax
—  —  —  —  519  —  10  529  
Dividends declared—  —  —  —  —  (402) (1) (403) 
Treasury stock purchases
(30,103,362) —  (2,201) —  —  —  —  (2,201) 
Employee stock purchase and option plans
835,068  —  25  12  —  —  —  37  
Stock-based compensation
—  —  —  37  —  —  —  37  
Other—  —  —  —  7  6  (2) 11  
February 28, 2019914,176,442  $12  $(18,036) $10,571  $(2,705) $34,928  $643  $25,413  


Six months ended February 28, 2019
 Equity attributable to Walgreens Boots Alliance, Inc.  
 Common stock sharesCommon stock amountTreasury stock amountPaid-in capitalAccumulated other comprehensive income (loss)Retained earningsNoncontrolling interestsTotal equity
August 31, 2018952,133,418  $12  $(15,047) $10,493  $(3,002) $33,551  $682  $26,689  
Net earnings (loss)—  —  —  —  —  2,279  (41) 2,238  
Other comprehensive income (loss), net of tax
—  —  —  —  290  —  7  297  
Dividends declared—  —  —  —  —  (820) (3) (823) 
Treasury stock purchases(42,097,919) —  (3,113) —  —  —  —  (3,113) 
Employee stock purchase and option plans
4,140,943  —  124  14  —  —  —  138  
Stock-based compensation—  —  —  63  —  —  —  63  
Adoption of new accounting standards
—  —  —  —  —  (88) —  (88) 
Other—  —  —  —  7  6  (2) 11  
February 28, 2019914,176,442  $12  $(18,036) $10,571  $(2,705) $34,928  $643  $25,413  

The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.

- 5 -

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(UNAUDITED)
(in millions, except per share amounts)

 Three months endedSix months ended
 February 29, 2020February 28, 2019February 29, 2020February 28, 2019
Sales$35,820  $34,528  $70,160  $68,321  
Cost of sales28,307  26,773  55,384  52,925  
Gross profit7,513  7,754  14,776  15,395  
Selling, general and administrative expenses6,308  6,320  12,570  12,599  
Equity earnings in AmerisourceBergen28  83  41  121  
Operating income1,233  1,517  2,247  2,918  
Other income 25  19  60  45  
Earnings before interest and income tax provision1,259  1,536  2,307  2,963  
Interest expense, net162  181  328  342  
Earnings before income tax provision1,097  1,356  1,979  2,621  
Income tax provision160  226  193  406  
Post tax earnings from other equity method investments15  9  7  24  
Net earnings952  1,138  1,793  2,238  
Net earnings (loss) attributable to noncontrolling interests5  (18) 2  (41) 
Net earnings attributable to Walgreens Boots Alliance, Inc.$946  $1,156  $1,791  $2,279  
Net earnings per common share:  
Basic$1.07  $1.25  $2.02  $2.43  
Diluted$1.07  $1.24  $2.01  $2.42  
Weighted average common shares outstanding:  
Basic884.5  928.4  887.9  938.3  
Diluted885.5  930.7  889.1  941.1  

The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.
- 6 -

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in millions)

 Three months endedSix months ended
 February 29, 2020February 28, 2019February 29, 2020February 28, 2019
Comprehensive income:  
Net earnings$952  $1,138  $1,793  $2,238  
Other comprehensive income (loss), net of tax:  
Pension/postretirement obligations(1) (2) (9) (6) 
Unrealized gain (loss) on cash flow hedges1  (1) 1  2  
Net investment hedges (see note 13)21  (12) (21) (12) 
Share of other comprehensive income (loss) of equity method investments4  (2) (5) (1) 
Currency translation adjustments(119) 553  539  321  
Total other comprehensive income (loss)(94) 536  505  304  
Total comprehensive income857  1,674  2,299  2,542  
Comprehensive income (loss) attributable to noncontrolling interests5  (8) 17  (34) 
Comprehensive income attributable to Walgreens Boots Alliance, Inc.$852  $1,682  $2,281  $2,576  

The accompanying notes to Consolidated Condensed Financial Statements are an integral part of these statements.

- 7 -

WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in millions)

 Six months ended
 February 29, 2020February 28, 2019
Cash flows from operating activities:
  
Net earnings$1,793  $2,238  
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization969  990  
Deferred income taxes(45) 161  
Stock compensation expense67  63  
Equity (earnings) from equity method investments(47) (145) 
Other37  155  
Changes in operating assets and liabilities:  
Accounts receivable, net(324) (1,164) 
Inventories(242) (557) 
Other current assets56  (61) 
Trade accounts payable555  682  
Accrued expenses and other liabilities139  (542) 
Income taxes(355) (522) 
Other non-current assets and liabilities(119) (104) 
Net cash provided by operating activities2,484  1,195  
Cash flows from investing activities:
  
Additions to property, plant and equipment(705) (793) 
Proceeds from sale-leaseback transactions333  —  
Proceeds from sale of other assets37  54  
Business, investment and asset acquisitions, net of cash acquired(286) (347) 
Other3  41  
Net cash used for investing activities(617) (1,046) 
Cash flows from financing activities:
  
Net change in short-term debt with maturities of 3 months or less(655) 336  
Proceeds from debt9,860