Stock Analysis on Net
Stock Analysis on Net

Baxter International Inc. (NYSE:BAX)

$22.49

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

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Baxter International Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Net income
(Income) loss from discontinued operations, net of tax
Depreciation and amortization
Deferred income taxes
Stock compensation
Realized excess tax benefits from stock issued under employee benefit plans
Business optimization items
Net periodic pension benefit and OPEB costs
Net realized gains on Baxalta common stock
Gain on sale of discontinued operations
Infusion pump and other product-related charges
(Gains) losses related to contingent payment liabilities
Impairment charge
Other
Accounts and other current receivables, net
Inventories
Accounts payable and accrued liabilities
Business optimization and infusion pump payments
Other
Changes in balance sheet items
Adjustments to reconcile income from continuing operations to net cash from operating activities
Cash flows from operations
Capital expenditures
Acquisitions and investments, net of cash acquired
Divestitures and other investing activities
Cash flows from investing activities
Issuances of debt
Payments of obligations
Increase (decrease) in debt with original maturities of three months or less, net
Transfer of cash and equivalents to Baxalta
Cash dividends on common stock
Proceeds and realized excess tax benefits from stock issued under employee benefit plans
Purchases of treasury stock
Other
Cash flows from financing activities
Cash flows from operations, discontinued operations
Cash flows from investing activities, discontinued operations
Cash flows from discontinued operations
Effect of foreign exchange rate changes on cash and equivalents
Increase (decrease) in cash and equivalents

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).

The financial data exhibit evident fluctuations and notable events impacting the company’s quarterly performance over the observed period.

Net Income
Net income shows variability with some quarters experiencing strong results, particularly notable are the spikes in March 31, 2015, June 30, 2016, and surrounding quarters. However, sharp declines occur in specific quarters such as December 31, 2013, likely influenced by discontinued operations and other unique items.
Income (Loss) from Discontinued Operations
Discontinued operations have had a significant negative impact during certain periods, especially noticeable in 2014 and early 2015. These losses skew the overall net income, affecting reported profitability.
Depreciation and Amortization
Depreciation and amortization expenses have remained relatively stable with a gradual increase over the years, reaching a peak in late 2013 and maintaining elevated levels subsequently, which is typical as asset base growth or impairment charges are recognized.
Deferred Income Taxes
Deferred tax figures fluctuated markedly, showing both positive and large negative values, reflecting tax timing differences and possibly tax attribute utilizations or adjustments linked to discontinued operations or restructuring.
Stock Compensation and Tax Benefits
Stock compensation costs have been stable but relatively modest in size. Realized excess tax benefits aligned with stock issuance fluctuate negatively, indicating tax planning impacts or timing differences in recognizing these benefits.
Business Optimization Items and Other Special Charges
There is a presence of significant one-off items and optimization costs, especially visible in late 2013 with a large business optimization inflow, and infusion pump-related charges appearing sporadically. Such items contribute to fluctuations in earnings and require adjustment to assess underlying operational performance.
Other Operations and Working Capital Changes
Working capital components such as accounts receivable, inventories, and payables exhibited volatility, implying variable operational cash flows and inventory management challenges. Notably, large swings in accounts payable and accrued liabilities suggest timing-related payment strategies or supply chain adjustments.
Cash Flows from Operations and Investing
Operational cash flow is generally positive but variable, with some quarters reflecting strong cash generation (notably 2013 and 2014) while others show contractions. Capital expenditures have increased consistently, highlighting investments in asset base expansion or maintenance. Investing activities include significant acquisition outlays, especially in 2013 at September quarter, aligning with strategic growth moves.
Financing Activities
Financing cash flows reveal considerable complexity with debt issuances and repayments varying widely, including large debt raises in mid-2013 and mid-2015, possibly related to funding acquisitions or refinancing. Treasury stock purchases remained substantial but decreased over time, implying active share repurchase programs. Dividends showed steady payouts signaling a commitment to returning capital to shareholders.
Discontinued Operations and Foreign Exchange
Discontinued operations considerably impacted cash flows in 2014 and 2015, with significant cash outflows and inflows suggesting divestitures or restructuring activities. Foreign exchange impacts are relatively small but consistent, reflecting global operational exposure.
Overall Cash Position
Changes in cash and equivalents show high volatility, with large positive changes in mid-2013 and mid-2015 and steep declines elsewhere, illustrating the effects of non-operating factors such as acquisitions, divestitures, and financing activities on liquidity management.

In summary, the company's financial performance across the quarterly periods reviewed is characterized by inconsistencies due to strategic restructuring, discontinued operations, and strong capital investment and financing activities. These factors combined suggest a dynamic operational environment with significant efforts toward optimization and portfolio management driving fluctuating financial results and cash flow patterns.