Baxter International Inc. (BAX) | Analysis of Debt

Total Debt Disclosure

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Baxter International Inc., Statement of Financial Position, Debt

USD $ in millions

		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	Short-term debt
	Current maturities of long-term debt and lease obligations
	Long-term debt and lease obligations, excluding current maturities
	Total debt

Item	Description	The company
Total debt	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Baxter International Inc.'s total debt increased from 2008 to 2009 and from 2009 to 2010.

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Baxter International Inc.

USD $ in millions

Source: Based on data from Baxter International Inc., Annual Reports

Item	Description	The company
Interest expense	Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings.	Baxter International Inc.'s interest expense declined from 2008 to 2009 and from 2009 to 2010.
Interest costs capitalized	The amount of interest that was capitalized during the period.	Baxter International Inc.'s interest costs capitalized increased from 2008 to 2009 and from 2009 to 2010.
Interest costs	Total interest costs incurred during the period and either capitalized or charged against earnings.	Baxter International Inc.'s interest costs declined from 2008 to 2009 but then slightly increased from 2009 to 2010.

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	Selected Financial Data (USD $ in millions)
	Net income attributable to Baxter
	Add: Net income attributable to noncontrolling interests
	Add: Interest expense
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)

	Interest costs
	Ratio With and Without Capitalized Interest
	Interest coverage ratio (excluding capitalized interest)¹
	Adjusted interest coverage ratio (including capitalized interest)²

2010 Calculations

¹ Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense
= ÷ =

² Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest costs
= ÷ =

Ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Baxter International Inc.'s adjusted interest coverage ratio improved from 2008 to 2009 but then deteriorated significantly from 2009 to 2010.