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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: Liabilities and Stockholders’ Equity

Baxter International Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011
Short-term debt 8.46 3.52 0.70 0.13 1.34
Current maturities of long-term debt and lease obligations 3.86 3.03 3.32 1.58 1.00
Accounts payable, principally trade 3.41 4.88 4.26 3.76 4.17
Deferred income taxes 0.00 0.03 2.94 4.31 3.87
Common stock dividends payable 0.65 1.09 1.03 1.21 0.99
Employee compensation and withholdings 2.29 2.76 2.58 2.78 2.71
Property, payroll and certain other taxes 0.79 1.01 0.92 0.75 0.79
Infusion pump reserves 0.25 0.08 0.25 0.18 1.06
Business optimization reserves 0.47 0.46 0.77 0.74 0.92
Accrued rebates 0.92 1.44 1.34 1.43 1.40
Separation-related reserves 0.91 0.00 0.00 0.00 0.00
Other 3.02 3.71 3.56 4.27 5.37
Accounts payable and accrued liabilities 12.71% 15.46% 17.64% 19.41% 21.28%
Current income taxes payable 2.16 1.30 1.17 2.21 1.85
Current liabilities held for disposition 0.22 0.00 0.00 0.00 0.00
Current liabilities 27.41% 23.31% 22.83% 23.34% 25.47%
Long-term debt and lease obligations, excluding current maturities 18.76 29.35 31.41 27.37 24.90
Pension and other employee benefits 9.73 10.60 7.92 11.90 10.07
Deferred tax liabilities 0.93 0.82 0.92 0.48 0.61
Litigation reserves 0.11 0.20 0.28 0.16 0.33
Infusion pump reserves 0.00 0.00 0.07 0.44 0.39
Business optimization reserves 0.09 0.20 0.34 0.34 0.26
Contingent payment liabilities 0.10 2.20 1.31 0.42 0.00
Other 0.61 1.85 2.10 1.33 2.19
Other long-term liabilities 11.56% 15.87% 12.95% 15.07% 13.84%
Noncurrent liabilities 30.32% 45.22% 44.37% 42.44% 38.74%
Total liabilities 57.74% 68.53% 67.20% 65.78% 64.20%
Common stock, $1 par value 3.26 2.64 2.64 3.35 3.58
Common stock in treasury, at cost -36.45 -30.84 -30.59 -37.23 -35.23
Additional contributed capital 28.14 22.58 22.49 28.29 30.32
Retained earnings 46.16 51.04 45.82 53.40 49.44
Accumulated other comprehensive income (loss) 1.07 -14.08 -7.64 -13.78 -13.58
Total Baxter shareholders’ equity 42.17% 31.33% 32.71% 34.03% 34.53%
Noncontrolling interests 0.09 0.14 0.09 0.20 1.27
Total equity 42.26% 31.47% 32.80% 34.22% 35.80%
Total liabilities and equity 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 financial structure of the organization underwent a notable shift between 2011 and 2015, characterized by a period of increasing leverage followed by a significant deleveraging event in the final year. Total liabilities grew steadily from 64.20% of total liabilities and equity in 2011 to a peak of 68.53% in 2014, before dropping sharply to 57.74% in 2015. Conversely, total equity decreased from 35.80% in 2011 to 31.47% in 2014, then rebounded strongly to 42.26% in 2015.

Liability Composition and Debt Trends
Noncurrent liabilities exhibited a growth trend from 2011 to 2014, rising from 38.74% to 45.22%. This was primarily driven by long-term debt and lease obligations, which peaked at 31.41% in 2013. However, a substantial reduction occurred in 2015, with noncurrent liabilities falling to 30.32% and long-term debt dropping to 18.76%. Simultaneously, short-term debt saw a marked increase in 2015, rising to 8.46% from 3.52% in 2014, suggesting a shift in the maturity profile of the company's debt obligations.
Current Liabilities Analysis
Current liabilities remained relatively stable between 23.31% and 25.47% from 2011 through 2014, before increasing to 27.41% in 2015. A significant downward trend is observed in accounts payable and accrued liabilities, which declined from 21.28% in 2011 to 12.71% in 2015. This decline suggests a change in working capital management or a reduction in the scale of trade-related obligations relative to the total balance sheet.
Equity and Shareholders' Position
Total shareholders' equity experienced volatility, reaching a low of 31.33% in 2014 before expanding to 42.17% in 2015. Retained earnings remained a primary driver of equity, though they fluctuated between 45.82% and 53.40% over the period. The presence of substantial treasury stock, ranging from -30.59% to -37.23%, indicates an aggressive and consistent strategy of share repurchases. Additionally, accumulated other comprehensive income shifted from a consistent deficit, peaking at -14.08% in 2014, to a positive position of 1.07% in 2015.
Reserve and Contingent Obligations
Various reserve accounts showed diminishing importance over the five-year period. Infusion pump reserves and business optimization reserves both trended downward in their proportion of total liabilities and equity. Contingent payment liabilities peaked at 2.20% in 2014 before nearly disappearing to 0.10% in 2015, mirroring the broader trend of liability reduction observed in the final year of the analysis.

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