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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 May 31, 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 June 30, 2020 was 866,534,089.

- 1 -

Table of Contents
WALGREENS BOOTS ALLIANCE, INC.

FORM 10-Q FOR THE THREE AND NINE MONTHS ENDED MAY 31, 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 5.
 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)

 May 31, 2020August 31, 2019
Assets  
Current assets:  
Cash and cash equivalents$768  $1,023  
Accounts receivable, net6,982  7,226  
Inventories9,563  9,333  
Other current assets1,013  1,118  
Total current assets18,326  18,700  
Non-current assets: 
Property, plant and equipment, net13,071  13,478  
Operating lease right-of-use assets21,609    
Goodwill14,948  16,560  
Intangible assets, net10,183  10,876  
Equity method investments (see note 5)7,033  6,851  
Other non-current assets1,274  1,133  
Total non-current assets68,118  48,899  
Total assets$86,444  $67,598  
Liabilities and equity  
Current liabilities:  
Short-term debt$4,379  $5,738  
Trade accounts payable (see note 16)14,033  14,341  
Operating lease obligation2,288    
Accrued expenses and other liabilities5,860  5,474  
Income taxes87  216  
Total current liabilities26,649  25,769  
Non-current liabilities:  
Long-term debt12,111  11,098  
Operating lease obligation21,943    
Deferred income taxes1,538  1,785  
Other non-current liabilities2,882  4,795  
Total non-current liabilities38,473  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 May 31, 2020 and August 31, 2019
12  12  
Paid-in capital10,726  10,639  
Retained earnings34,244  35,815  
Accumulated other comprehensive loss(3,871) (3,897) 
Treasury stock, at cost; 302,334,909 shares at May 31, 2020 and 277,126,116 shares at August 31, 2019
(20,375) (19,057) 
Total Walgreens Boots Alliance, Inc. shareholders’ equity20,736  23,512  
Noncontrolling interests586  641  
Total equity21,323  24,152  
Total liabilities and equity$86,444  $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 nine months ended May 31, 2020
(in millions, except shares)

Three months ended May 31, 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
February 29, 2020880,397,199  $12  $(19,925) $10,689  $(3,407) $36,351  $615  $24,334  
Net earnings (loss)—  —  —  —  —  (1,708) (18) (1,726) 
Other comprehensive income (loss), net of tax
—  —  —  —  (463) —  (11) (474) 
Dividends declared—  —  —  —  —  (399)   (399) 
Treasury stock purchases
(10,563,051) —  (461) —  —  —  —  (461) 
Employee stock purchase and option plans
344,561  —  12  1  —  —  —  13  
Stock-based compensation
—  —  —  35  —  —  —  35  
Adoption of new accounting standards
—  —  —  —  —    —    
Other—  —  —  1  —  —  —  1  
May 31, 2020870,178,709  $12  $(20,375) $10,726  $(3,871) $34,244  $586  $21,323  


Nine months ended May 31, 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)—  —  —  —  —  83  (16) 68  
Other comprehensive income (loss), net of tax
—  —  —  —  27  —  4  31  
Dividends declared—  —  —  —  —  (1,211) (43) (1,254) 
Treasury stock purchases(27,023,145) —  (1,374) —  —  —  —  (1,374) 
Employee stock purchase and option plans
1,814,352  —  56  (16) —  —  —  40  
Stock-based compensation—  —  —  101  —  —  —  101  
Adoption of new accounting standards
—  —  —  —  —  (442) —  (442) 
Other—  —  —  2  —  —  —  2  
May 31, 2020870,178,709  $12  $(20,375) $10,726  $(3,871) $34,244  $586  $21,323  

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 nine months ended May 31, 2019
(in millions, except shares)

Three months ended May 31, 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
February 28, 2019914,176,442  $12  $(18,036) $10,571  $(2,705) $34,928  $643  $25,413  
Net earnings (loss)—  —  —  —  —  1,025  12  1,037  
Other comprehensive income (loss), net of tax
—  —  —  —  (683) —  (13) (696) 
Dividends declared—  —  —  —  —  (399)   (399) 
Treasury stock purchases
(11,394,049) —  (612) —  —  —  —  (612) 
Employee stock purchase and option plans
361,070  —  11  7  —  —  —  18  
Stock-based compensation
—  —  —  24  —  —  —  24  
Other—  —  —  3  (6) (6) (4) (13) 
May 31, 2019903,143,463  $12  $(18,638) $10,605  $(3,393) $35,547  $638  $24,771  


Nine months ended May 31, 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)—  —  —  —  —  3,305  (29) 3,275  
Other comprehensive income (loss), net of tax
—  —  —  —  (393) —  (6) (399) 
Dividends declared—  —  —  —  —  (1,219) (3) (1,222) 
Treasury stock purchases(53,491,968) —  (3,726) —  —  —  —  (3,726) 
Employee stock purchase and option plans
4,502,013  —  135  21  —  —  —  156  
Stock-based compensation—  —  —  87  —  —  —  87  
Adoption of new accounting standards
—  —  —  —  —  (88) —  (88) 
Other—  —  —  4  —  —  (6) (2) 
May 31, 2019903,143,463  $12  $(18,638) $10,605  $(3,393) $35,547  $638  $24,771  

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 ended May 31,Nine months ended May 31,
 2020201920202019
Sales$34,631  $34,591  $104,791  $102,912  
Cost of sales28,193  27,138  83,577  80,063  
Gross profit6,438  7,453  21,214  22,849  
Selling, general and administrative expenses8,265  6,235  20,835  18,834  
Equity earnings (loss) in AmerisourceBergen243  (16) 284  105  
Operating income (loss)(1,584) 1,203  662  4,120  
Other income (expense)(34) 182  26  227  
Earnings (loss) before interest and income tax provision(1,618) 1,385  689  4,347  
Interest expense, net155  187  482  529  
Earnings (loss) before income tax provision(1,773) 1,198  206  3,819  
Income tax provision (benefit)(40) 156  152  562  
Post tax earnings (loss) from other equity method investments7  (5) 14  19  
Net earnings (loss)(1,726) 1,037  68  3,275  
Net earnings (loss) attributable to noncontrolling interests(18) 12  (16) (29) 
Net earnings (loss) attributable to Walgreens Boots Alliance, Inc.$(1,708) $1,025  $83  $3,305  
Net earnings (loss) per common share:  
Basic$(1.95) $1.13  $0.09  $3.56  
Diluted$(1.95) $1.13  $0.09  $3.55  
Weighted average common shares outstanding:  
Basic875.4  909.9  883.7  928.8  
Diluted875.4  911.2  884.7  931.1  

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 ended May 31,Nine months ended May 31,
 2020201920202019
Comprehensive income:  
Net earnings (loss)$(1,726) $1,037  $68  $3,275  
Other comprehensive income (loss), net of tax:  
Pension/postretirement obligations(2) (2) (11) (8) 
Unrealized gain (loss) on cash flow hedges(5) 3  (4) 4  
Net investment hedges (see note 13)46  41  25  29  
Share of other comprehensive income (loss) of equity method investments(15) 1  (20) (1) 
Currency translation adjustments(498) (745) 41  (422) 
Total other comprehensive income (loss)(474) (702) 31  (399) 
Total comprehensive income (loss)(2,200) 335  99  2,877  
Comprehensive income (loss) attributable to noncontrolling interests(29) (1) (12) (35) 
Comprehensive income (loss) attributable to Walgreens Boots Alliance, Inc.$(2,171) $336  $110  $2,912  

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)

 Nine months ended May 31,
 20202019
Cash flows from operating activities:
  
Net earnings$68  $3,275  
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization1,447  1,512  
Deferred income taxes(102) 109  
Stock compensation expense101  87  
Equity (earnings) from equity method investments(297) (124) 
Goodwill and intangible impairments
2,001    
Other305  42  
Changes in operating assets and liabilities:  
Accounts receivable, net141  (730) 
Inventories(227) (354) 
Other current assets59  (80) 
Trade accounts payable(210) 662  
Accrued expenses and other liabilities569  (642) 
Income taxes(353) (372)