Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	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	791)	817)	1,775)	1,962)	1,493)	2,151)	913)	392)	186)	49)	181)	42)	33)	333)	27)	16)	385)	313)	256)	87)	13)	14)
Current maturities of long-term debt and lease obligations	283)	472)	810)	976)	671)	174)	786)	1,123)	1,125)	1,128)	859)	372)	378)	377)	323)	317)	497)	485)	190)	8)	9)	9)
Accounts payable and accrued liabilities	2,537)	2,387)	2,666)	3,000)	4,148)	3,749)	4,343)	4,460)	4,484)	4,468)	4,866)	4,582)	4,105)	4,068)	4,409)	4,125)	3,988)	4,059)	4,411)	4,070)	4,009)	3,866)
Current income taxes payable	108)	137)	453)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Current liabilities held for disposition	4)	10)	46)	43)	—)	—)	—)	15)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Current liabilities	3,723)	3,823)	5,750)	5,981)	6,312)	6,074)	6,042)	5,990)	5,795)	5,645)	5,906)	4,996)	4,516)	4,778)	4,759)	4,458)	4,870)	4,857)	4,857)	4,165)	4,031)	3,889)
Long-term debt and lease obligations, excluding current maturities	2,094)	2,068)	3,935)	3,791)	12,054)	7,680)	7,606)	7,753)	7,528)	7,517)	8,126)	8,652)	8,624)	5,157)	5,580)	5,614)	4,432)	4,411)	4,749)	4,447)	4,378)	4,351)
Other long-term liabilities	1,655)	2,439)	2,425)	2,555)	3,628)	3,819)	4,113)	3,394)	3,619)	3,406)	3,351)	3,856)	3,296)	3,382)	3,073)	2,563)	2,532)	2,552)	2,639)	2,041)	2,088)	2,202)
Noncurrent liabilities	3,749)	4,507)	6,360)	6,346)	15,682)	11,499)	11,719)	11,147)	11,147)	10,923)	11,477)	12,508)	11,920)	8,539)	8,653)	8,177)	6,964)	6,963)	7,388)	6,488)	6,466)	6,553)
Total liabilities	7,472)	8,330)	12,110)	12,327)	21,994)	17,573)	17,761)	17,137)	16,942)	16,568)	17,383)	17,504)	16,436)	13,317)	13,412)	12,635)	11,834)	11,820)	12,245)	10,653)	10,497)	10,442)
Common stock, $1 par value	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)	683)
Common stock in treasury, at cost	(7,907)	(7,434)	(7,646)	(7,697)	(7,798)	(7,890)	(7,993)	(8,004)	(8,039)	(7,973)	(7,914)	(7,911)	(7,915)	(7,886)	(7,592)	(7,421)	(7,466)	(7,106)	(6,719)	(6,608)	(6,419)	(6,127)
Additional contributed capital	5,900)	5,882)	5,902)	5,877)	5,860)	5,822)	5,853)	5,816)	5,785)	5,765)	5,818)	5,785)	5,762)	5,727)	5,769)	5,774)	5,765)	5,766)	5,783)	5,772)	5,751)	5,737)
Retained earnings	14,037)	12,923)	9,683)	9,578)	13,389)	13,352)	13,227)	12,563)	12,378)	12,142)	11,852)	11,792)	11,517)	11,194)	10,888)	10,642)	10,306)	9,831)	9,429)	9,154)	8,754)	8,316)
Accumulated other comprehensive income (loss)	(4,204)	(3,035)	224)	(617)	(4,146)	(4,709)	(3,650)	(2,654)	(2,145)	(1,946)	(1,976)	(2,600)	(2,765)	(2,757)	(2,810)	(2,549)	(2,737)	(2,449)	(2,591)	(2,049)	(1,772)	(1,875)
Total Baxter shareholders’ equity	8,509)	9,019)	8,846)	7,824)	7,988)	7,258)	8,120)	8,404)	8,662)	8,671)	8,463)	7,749)	7,282)	6,961)	6,938)	7,129)	6,551)	6,725)	6,585)	6,952)	6,997)	6,734)
Noncontrolling interests	1)	1)	19)	21)	33)	30)	36)	22)	25)	22)	23)	(3)	33)	40)	40)	61)	61)	239)	243)	238)	247)	237)
Total equity	8,510)	9,020)	8,865)	7,845)	8,021)	7,288)	8,156)	8,426)	8,687)	8,693)	8,486)	7,746)	7,315)	7,001)	6,978)	7,190)	6,612)	6,964)	6,828)	7,190)	7,244)	6,971)
Total liabilities and equity	15,982)	17,350)	20,975)	20,172)	30,015)	24,861)	25,917)	25,563)	25,629)	25,261)	25,869)	25,250)	23,751)	20,318)	20,390)	19,825)	18,446)	18,784)	19,073)	17,843)	17,741)	17,413)

Short-term debt: The short-term debt exhibited significant fluctuations throughout the periods, starting low in early 2011, surging sharply in the fourth quarter of 2012 and again in late 2014, peaking at 913 million at year-end 2014 and reaching over 2 billion by the first quarter of 2015. A declining trend followed through 2016. Such volatility suggests varying short-term borrowing requirements or refinancing activities.
Current maturities of long-term debt and lease obligations: This item generally trended upward from 2011 into early 2014, with notable increases occurring in 2012 and late 2013, peaking above 1.1 billion in early 2014. Levels then declined sharply by mid-2015, indicating perhaps repayment or refinancing of maturing obligations.
Accounts payable and accrued liabilities: Payables showed considerable seasonal and cyclical variation, with generally higher figures toward the end of each year. Peaks near the end of 2013 and mid-2015 are notable, with the highest value around 4,866 million. However, a marked decrease occurred in late 2015 through mid-2016, declining to approximately 2,500 million, which may imply changes in supplier payment terms or operational adjustments.
Current income taxes payable: This liability item was reported only in 2016, with values fluctuating but generally decreasing from 453 million in the first quarter to 108 million by the third quarter, suggesting resolved or adjusted tax obligations during this period.
Current liabilities held for disposition: Reported sporadically and at low levels, peaking at 46 million in mid-2015, implying limited divestitures or restructuring activities involving current liabilities in select periods.
Current liabilities: Overall, current liabilities increased moderately from about 3.9 billion in early 2011 to a peak near 6.3 billion by mid-2015, before a substantial decline to approximately 3.7 billion by mid-2016. This suggests a buildup of short-term obligations followed by deleveraging or asset disposition strategies.
Long-term debt and lease obligations, excluding current maturities: This category displayed notable increases, particularly in 2013 and early 2015, reaching an all-time high above 12 billion in mid-2015. Following that peak, a steep decline ensued, dropping to around 2 billion by mid-2016. The pattern reflects episodic large borrowings or lease commitments, with subsequent significant repayments or refinancing.
Other long-term liabilities: These liabilities remained relatively stable with slight fluctuations, ranging mostly between 2,000 and 4,000 million, with a peak of over 4,100 million at the end of 2014. The variability may be linked to pension, deferred tax, or other contingencies.
Noncurrent liabilities: Noncurrent liabilities increased consistently from about 6.5 billion in 2011 to above 15.6 billion by mid-2015, followed by a sharp contraction to less than 4 billion by mid-2016, mirroring the patterns of long-term debt and other long-term liabilities, indicating significant debt restructuring or settlements.
Total liabilities: Total liabilities rose steadily over the early years, reaching a peak near 22 billion in mid-2015. A notable reduction occurred by mid-2016, to approximately 7.5 billion, consistent with decreases in both current and noncurrent liabilities, suggesting a substantial balance sheet deleveraging.
Common stock, $1 par value: Common stock remained constant at 683 million throughout the entire timeframe, indicating no changes in authorized share capital.
Common stock in treasury, at cost: Treasury stock levels deepened over time, increasing in cost from about -6.1 billion in early 2011 to exceeding -8 billion by mid-2016, reflecting ongoing share repurchases.
Additional contributed capital: This equity component remained relatively stable, fluctuating narrowly around 5.7 to 5.9 billion, showing no material equity issuances or retirements.
Retained earnings: Retained earnings generally increased steadily from 8.3 billion in early 2011 to over 13.3 billion by mid-2015, followed by an unexpected drop to 9.6 billion in early 2016 and a rebound to approximately 14 billion by mid-2016. The decline in early 2016 likely indicates an adjustment such as a large loss, dividend payment, or accounting change.
Accumulated other comprehensive income (loss): This component was negative throughout, with increasing losses generally intensifying to nearly -4.7 billion in early 2015, before improving sharply towards the end of 2015 and continuing volatile recovery into 2016, ending near -4.2 billion.
Total Baxter shareholders’ equity: Shareholders’ equity fluctuated without a clear trend, peaking near 8.7 billion around early 2014, declining to about 7.3 billion in early 2015, before rising again to 8.8 billion in late 2015, and then slightly retreating to around 8.5 billion by mid-2016. This volatility mirrors changes in retained earnings and comprehensive income.
Noncontrolling interests: Noncontrolling interests remained low and relatively stable, generally under 40 million, with several minor fluctuations and some negative values early in 2013, indicating minor effects from subsidiaries or joint ventures.
Total equity: Total equity followed a pattern similar to shareholders’ equity but with slight additional volatility due to noncontrolling interests, varying between roughly 6.6 billion and 9 billion, with a peak in late 2015 and a moderate decline into 2016.
Total liabilities and equity: The total of liabilities and equity increased from approximately 17.4 billion in early 2011 to nearly 30 billion by mid-2015, then declined sharply to around 16 billion by mid-2016. This pattern suggests significant changes in the company's capital structure, including possible asset sales, debt reductions, or equity transactions during those periods.

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Baxter International Inc. (NYSE:BAX)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data