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: Liabilities and Stockholders’ Equity 
Quarterly Data

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

Microsoft Excel
Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011 Mar 31, 2011
Short-term debt 4.95 4.71 8.46 9.73 4.97 8.65 3.52 1.53 0.73 0.19 0.70 0.17 0.14 1.64 0.13 0.08 2.09 1.67 1.34 0.49 0.07 0.08
Current maturities of long-term debt and lease obligations 1.77 2.72 3.86 4.84 2.24 0.70 3.03 4.39 4.39 4.47 3.32 1.47 1.59 1.86 1.58 1.60 2.69 2.58 1.00 0.04 0.05 0.05
Accounts payable and accrued liabilities 15.87 13.76 12.71 14.87 13.82 15.08 16.76 17.45 17.50 17.69 18.81 18.15 17.28 20.02 21.62 20.81 21.62 21.61 23.13 22.81 22.60 22.20
Current income taxes payable 0.68 0.79 2.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities held for disposition 0.03 0.06 0.22 0.21 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities 23.29% 22.03% 27.41% 29.65% 21.03% 24.43% 23.31% 23.43% 22.61% 22.35% 22.83% 19.79% 19.01% 23.52% 23.34% 22.49% 26.40% 25.86% 25.47% 23.34% 22.72% 22.33%
Long-term debt and lease obligations, excluding current maturities 13.10 11.92 18.76 18.79 40.16 30.89 29.35 30.33 29.37 29.76 31.41 34.27 36.31 25.38 27.37 28.32 24.03 23.48 24.90 24.92 24.68 24.99
Other long-term liabilities 10.36 14.06 11.56 12.67 12.09 15.36 15.87 13.28 14.12 13.48 12.95 15.27 13.88 16.65 15.07 12.93 13.73 13.59 13.84 11.44 11.77 12.65
Noncurrent liabilities 23.46% 25.98% 30.32% 31.46% 52.25% 46.25% 45.22% 43.61% 43.49% 43.24% 44.37% 49.54% 50.19% 42.03% 42.44% 41.25% 37.75% 37.07% 38.74% 36.36% 36.45% 37.63%
Total liabilities 46.75% 48.01% 57.74% 61.11% 73.28% 70.69% 68.53% 67.04% 66.10% 65.59% 67.20% 69.32% 69.20% 65.54% 65.78% 63.73% 64.15% 62.93% 64.20% 59.70% 59.17% 59.97%
Common stock, $1 par value 4.27 3.94 3.26 3.39 2.28 2.75 2.64 2.67 2.66 2.70 2.64 2.70 2.88 3.36 3.35 3.45 3.70 3.64 3.58 3.83 3.85 3.92
Common stock in treasury, at cost -49.47 -42.85 -36.45 -38.16 -25.98 -31.74 -30.84 -31.31 -31.37 -31.56 -30.59 -31.33 -33.32 -38.81 -37.23 -37.43 -40.47 -37.83 -35.23 -37.03 -36.18 -35.19
Additional contributed capital 36.92 33.90 28.14 29.13 19.52 23.42 22.58 22.75 22.57 22.82 22.49 22.91 24.26 28.19 28.29 29.12 31.25 30.70 30.32 32.35 32.42 32.95
Retained earnings 87.83 74.48 46.16 47.48 44.61 53.71 51.04 49.15 48.30 48.07 45.82 46.70 48.49 55.09 53.40 53.68 55.87 52.34 49.44 51.30 49.34 47.76
Accumulated other comprehensive income (loss) -26.30 -17.49 1.07 -3.06 -13.81 -18.94 -14.08 -10.38 -8.37 -7.70 -7.64 -10.30 -11.64 -13.57 -13.78 -12.86 -14.84 -13.04 -13.58 -11.48 -9.99 -10.77
Total Baxter shareholders’ equity 53.24% 51.98% 42.17% 38.79% 26.61% 29.19% 31.33% 32.88% 33.80% 34.33% 32.71% 30.69% 30.66% 34.26% 34.03% 35.96% 35.51% 35.80% 34.53% 38.96% 39.44% 38.67%
Noncontrolling interests 0.01 0.01 0.09 0.10 0.11 0.12 0.14 0.09 0.10 0.09 0.09 -0.01 0.14 0.20 0.20 0.31 0.33 1.27 1.27 1.33 1.39 1.36
Total equity 53.25% 51.99% 42.26% 38.89% 26.72% 29.31% 31.47% 32.96% 33.90% 34.41% 32.80% 30.68% 30.80% 34.46% 34.22% 36.27% 35.85% 37.07% 35.80% 40.30% 40.83% 40.03%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).

Short-term debt
Short-term debt as a percentage of total liabilities and equity generally remained low but showed volatility over the periods analyzed. Initial values were under 2%, spiking notably during late 2014 and 2015 with peaks reaching up to 9.73% and later stabilizing around 4-5% by mid-2016.
Current maturities of long-term debt and lease obligations
The percentage fluctuated around a low base in early years but increased notably in late 2013 and early 2014, peaking at 4.47%. Post-2014, the metric declined with intermittent rises, ending lower at under 2% by mid-2016, indicating a reduction in near-term debt maturities relative to total liabilities and equity.
Accounts payable and accrued liabilities
Accounts payable and accrued liabilities steadily decreased from above 22% in early 2011 to approximately 12-16% by mid-2016, signaling a gradual reduction in these liabilities relative to the overall capital structure.
Current income taxes payable
This item appeared only in later periods, starting in early 2016, with a modest percentage around 2.16% that then decreased to below 1%, indicating the presence but reduced weight of current tax liabilities in the capital structure.
Current liabilities held for disposition
Data points are sparse but show minor values between 0.03% and 0.22% in later years, reflecting a minimal but present portion of liabilities expected to be disposed of.
Current liabilities (total)
The proportion of total current liabilities remained relatively stable, fluctuating around the mid-twenties percentile in the early years, then showing some volatility with a peak close to 29.65% in late 2015 before declining to about 23.29% by mid-2016, suggesting some short-term liability restructuring or repayment dynamics.
Long-term debt and lease obligations, excluding current maturities
This category showed an initial stable range around 25%, increasing sharply to over 36% during 2013, followed by a peak surpassing 40% mid-2015. Subsequently, it experienced a marked decline to approximately 12-13% by mid-2016, indicating significant reductions in long-term obligations relative to total capital.
Other long-term liabilities
Other long-term liabilities fluctuated mildly between roughly 10% and 16%, showing no clear trend but indicating a consistent presence of such obligations in the company's capital structure.
Noncurrent liabilities
Noncurrent liabilities increased from approximately 37% in 2011 to over 52% in mid-2015, before decreasing sharply to about 23% by mid-2016. This suggests a significant reduction of long-term liabilities in the final periods analyzed.
Total liabilities
Total liabilities remained significant throughout, ranging from around 60% in early periods, peaking near 73% around 2015, and then dropping steadily to under 47% by mid-2016. This reflects an overall decrease in liabilities relative to the company’s capital base toward the end of the period.
Common stock, $1 par value
The share of common stock in the capital structure was relatively stable at approximately 2.5% to 4%, with minor fluctuations but no clear upward or downward trend.
Common stock in treasury, at cost
Treasury stock, shown as a negative percentage, fluctuated widely and increased in magnitude over time from approximately -35% to nearly -50% by mid-2016. This indicates an increased proportion of treasury stock relative to total liabilities and equity.
Additional contributed capital
This metric stayed mostly stable in the 22% to 32% range, with a dip around 2013-2014 and a pronounced increase to almost 37% by mid-2016, reflecting increased capital contributions or adjustments over time.
Retained earnings
Retained earnings generally grew significantly during the period, increasing from approximately 48% at the start to nearly 88% by mid-2016. This strong upward trend suggests accumulation of earnings and strengthened equity reserves over time.
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income/loss fluctuated negatively for most periods, with values mostly between -3% and -18%. A noted exception occurred in late 2015 when it briefly shifted positive to around 1%, but then turned more negative again by mid-2016, reaching -26%. This implies ongoing comprehensive losses or negative adjustments during most of the intervals.
Total Baxter shareholders’ equity
Shareholders' equity as a percentage of total liabilities and equity decreased from near 39% in early 2011 to a low around 26% in 2015, followed by a strong rebound to over 53% by mid-2016. This reflects initial erosion followed by significant strengthening of the equity base.
Noncontrolling interests
Noncontrolling interests remained consistently low, close to 0.1% or less for most periods, even briefly dipping negative, indicating minimal influence of noncontrolling equity in the capital structure.
Total equity
Total equity mirrored the trend of shareholders’ equity, declining from about 40% in 2011 to a low near 26% in 2015, then increasing sharply to over 53% by mid-2016. This again confirms a strengthening equity position in the later periods analyzed.
Summary of Trends
In summation, the data depicts a capital structure that experienced considerable fluctuations, particularly between 2014 and 2016. There was an overall shift from higher liabilities and lower equity proportions toward a significant strengthening of equity and reduction in liabilities by mid-2016. Long-term debt and noncurrent liabilities underwent notable decreases while retained earnings accumulated strongly. Treasury stock holdings increased in relative magnitude, and accumulated comprehensive losses predominated except for brief positive intervals. The analysis indicates a trend of deleveraging and growing equity strength in the more recent periods.