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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

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Short-term debt
chart Current maturities of long-term debt and lease obligations
chart Long-term debt and lease obligations, excluding current maturities
chart Total debt

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

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 2009 to 2010 and from 2010 to 2011.

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Interest Costs Incurred

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Baxter International Inc.

USD $ in millions

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  12 months ended Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Interest expense
chart Interest costs capitalized
chart Interest costs

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 2009 to 2010 and from 2010 to 2011.
Interest costs capitalized The amount of interest that was capitalized during the period. Baxter International Inc.'s interest costs capitalized increased from 2009 to 2010 and from 2010 to 2011.
Interest costs Total interest costs incurred during the period and either capitalized or charged against earnings. Baxter International Inc.'s interest costs increased from 2009 to 2010 but then declined significantly from 2010 to 2011.

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Adjusted Interest Coverage Ratio

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  Selected Financial Data (USD $ in millions)
chart Net income attributable to Baxter
chart Add: Net income attributable to noncontrolling interests
chart Add: Interest expense
chart Add: Income tax expense (benefit)
chart Earnings before interest and tax (EBIT)
   
chart Interest costs
  Ratio With and Without Capitalized Interest
chart Interest coverage ratio (excluding capitalized interest)1
chart Adjusted interest coverage ratio (including capitalized interest)2

2011 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 deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.

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