Stock Analysis on Net
Stock Analysis on Net

Baxter International Inc. (NYSE:BAX)

This company has been moved to the archive! The financial data has not been updated since August 4, 2016.

Common-Size Balance Sheet: Assets

Baxter International Inc., common-size consolidated balance sheet: assets

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Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011
Cash and equivalents 10.55 11.29 10.56 16.04 15.23
Accounts and other current receivables, net 8.25 10.82 11.25 11.89 12.69
Inventories 7.65 13.73 13.53 13.75 13.78
Short-term deferred income taxes 0.00 1.93 1.52 1.69 1.55
Prepaid valuation added taxes 0.56 0.00 0.00 0.00 0.00
Prepaid income taxes 1.44 0.00 0.00 0.00 0.00
Other 2.07 2.17 1.81 2.05 2.11
Prepaid expenses and other 4.08% 2.17% 1.81% 2.05% 2.11%
Investment in Baxalta common stock 24.54 0.00 0.00 0.00 0.00
Current assets held for disposition 1.17 0.00 0.00 0.00 0.00
Current assets 56.24% 39.94% 38.67% 45.41% 45.35%
Property, plant and equipment, net 20.91 33.56 30.28 29.91 28.97
Goodwill 12.81 14.95 16.25 12.27 12.15
Other intangible assets, net 6.43 8.02 8.87 3.99 4.33
Deferred income taxes 1.69 1.05 3.39 5.67 5.89
Other long-term receivables 0.84 0.49 0.83 0.76 1.02
Other 1.08 1.99 1.71 1.99 2.29
Other long-term assets 3.61% 3.53% 5.93% 8.42% 9.20%
Non-current assets 43.76% 60.06% 61.33% 54.59% 54.65%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

The composition of the asset base underwent a significant structural shift between 2011 and 2015, transitioning from a predominantly non-current asset orientation to a current asset-heavy structure by the end of the period. While the balance remained relatively stable through 2014, 2015 marked a pivotal reorganization of asset allocation.

Current Asset Dynamics
Current assets fluctuated between 38.67% and 45.41% from 2011 to 2014, before surging to 56.24% in 2015. This increase was primarily driven by the emergence of an investment in Baxalta common stock, which accounted for 24.54% of total assets in 2015. Conversely, traditional working capital components showed a downward trend; accounts receivable declined from 12.69% in 2011 to 8.25% in 2015, and inventories dropped sharply from a consistent range of approximately 13.7% to 7.65% in the final year.
Cash and Liquidity Trends
Cash and equivalents maintained a high proportion of total assets in 2011 and 2012, peaking at 16.04%. A contraction occurred in 2013, with the ratio dropping to 10.56%, after which it remained relatively stagnant, ending the period at 10.55% in 2015.
Non-Current Asset Evolution
Non-current assets represented the majority of the balance sheet from 2011 to 2014, reaching a peak of 61.33% in 2013. However, this proportion fell sharply to 43.76% in 2015. This decline is most evident in property, plant, and equipment, which grew from 28.97% in 2011 to a peak of 33.56% in 2014 before retreating to 20.91% in 2015.
Intangible Assets and Deferred Taxes
Goodwill and other intangible assets showed a period of expansion peaking in 2013, with goodwill reaching 16.25% and other intangibles hitting 8.87%. By 2015, these figures moderated to 12.81% and 6.43%, respectively. A consistent downward trend was observed in deferred income taxes, which fell from 5.89% of total assets in 2011 to 1.69% in 2015, suggesting a reduction in long-term tax-related assets.

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