Name: Baxter International Inc. (NYSE:BAX) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Baxter International Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Cash and equivalents	2,213)	2,925)	2,733)	3,270)	2,905)
Accounts and other current receivables, net	1,731)	2,803)	2,911)	2,425)	2,420)
Inventories	1,604)	3,559)	3,499)	2,803)	2,628)
Short-term deferred income taxes	—)	501)	393)	344)	295)
Prepaid valuation added taxes	118)	—)	—)	—)	—)
Prepaid income taxes	302)	—)	—)	—)	—)
Other	435)	563)	468)	418)	402)
Prepaid expenses and other	855)	563)	468)	418)	402)
Investment in Baxalta common stock	5,148)	—)	—)	—)	—)
Current assets held for disposition	245)	—)	—)	—)	—)
Current assets	11,796)	10,351)	10,004)	9,260)	8,650)
Property, plant and equipment, net	4,386)	8,698)	7,832)	6,098)	5,525)
Goodwill	2,687)	3,874)	4,205)	2,502)	2,317)
Other intangible assets, net	1,349)	2,079)	2,294)	814)	826)
Deferred income taxes	354)	273)	876)	1,156)	1,123)
Other long-term receivables	176)	127)	216)	154)	195)
Other	227)	515)	442)	406)	437)
Other long-term assets	757)	915)	1,534)	1,716)	1,755)
Non-current assets	9,179)	15,566)	15,865)	11,130)	10,423)
Total assets	20,975)	25,917)	25,869)	20,390)	19,073)

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).

Total assets experienced a growth phase from 2011 through 2014, peaking at approximately 25.9 billion US dollars, before contracting to 21.0 billion US dollars in 2015. This trajectory reflects a significant structural shift in the balance sheet composition during the final year of the analyzed period.

Current Asset Composition: Current assets rose from 8.65 billion US dollars in 2011 to 11.8 billion US dollars in 2015. While cash and equivalents remained relatively stable, fluctuating between 2.2 billion and 3.3 billion US dollars, other operational components showed marked volatility. Inventories and receivables grew steadily until 2014, after which they declined sharply in 2015. The overall increase in total current assets in 2015 was primarily driven by the recognition of an investment in Baxalta common stock valued at 5.15 billion US dollars.
Non-Current Asset Trends: Non-current assets exhibited an upward trend from 10.4 billion US dollars in 2011 to a peak of 15.9 billion US dollars in 2013, followed by a significant reduction to 9.2 billion US dollars in 2015. Property, plant, and equipment, net, grew from 5.5 billion US dollars in 2011 to 8.7 billion US dollars in 2014, but fell by approximately 50% to 4.4 billion US dollars by 2015. Similarly, goodwill and other intangible assets peaked in 2013 and declined significantly by the end of 2015.
Structural Balance Sheet Shift: A pivot in asset allocation is evident in 2015. The substantial decrease in physical operational assets, specifically property, plant, and equipment and inventories, combined with the emergence of a multi-billion dollar equity investment, indicates a major corporate reorganization or divestiture. This shift resulted in a reduced total asset base and a higher concentration of financial assets relative to fixed operational assets.

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