Selected Financial Data
since 2005
Income Statement
Baxter International Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Net income attributable to Baxter |
|---|---|---|
| Dec 31, 2015 | 9,968) | 968) |
| Dec 31, 2014 | 16,671) | 2,497) |
| Dec 31, 2013 | 15,259) | 2,012) |
| Dec 31, 2012 | 14,190) | 2,326) |
| Dec 31, 2011 | 13,893) | 2,224) |
| Dec 31, 2010 | 12,843) | 1,420) |
| Dec 31, 2009 | 12,562) | 2,205) |
| Dec 31, 2008 | 12,348) | 2,014) |
| Dec 31, 2007 | 11,263) | 1,707) |
| Dec 31, 2006 | 10,378) | 1,397) |
| Dec 31, 2005 | 9,849) | 956) |
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), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Net Sales Trends
- Net sales demonstrated a consistent upward trend from 2005 through 2014, increasing from $9,849 million in 2005 to a peak of $16,671 million in 2014. This represents a steady growth over nearly a decade, indicating expanding business operations or increased market demand. However, in 2015, there was a notable decline in net sales to $9,968 million, which interrupts the previously consistent growth pattern.
- Net Income Trends
- Net income attributable to the company showed a general upward trajectory from 2005 through 2014 as well, starting at $956 million in 2005 and reaching $2,497 million in 2014. This increase in profitability aligns with the growth in net sales during this period. The net income experienced some fluctuations, including a dip in 2010 to $1,420 million after peaking in 2009 at $2,205 million. Following 2010, the net income recovered and reached new highs by 2014. Similar to net sales, there was a significant decrease in net income in 2015 to $968 million.
- Relationship Between Sales and Income
- The data suggests a positive correlation between net sales and net income, with both metrics generally rising over the same periods. The sharp drop in both net sales and net income in 2015 may indicate an event or series of circumstances impacting the company's financial performance that year. This simultaneous decline suggests that the factors influencing net sales also adversely affected profitability.
- Overall Observations
- The company experienced steady growth in both revenue and profitability for the majority of the period analyzed, reflecting potentially successful operational strategies or favorable market conditions. The declines in 2010 and particularly in 2015 warrant further investigation to understand causative factors, as these declines represent significant deviations from the established positive trends observed in previous years.
Balance Sheet: Assets
Baxter International Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2015 | 11,796) | 20,975) |
| Dec 31, 2014 | 10,351) | 25,917) |
| Dec 31, 2013 | 10,004) | 25,869) |
| Dec 31, 2012 | 9,260) | 20,390) |
| Dec 31, 2011 | 8,650) | 19,073) |
| Dec 31, 2010 | 7,989) | 17,489) |
| Dec 31, 2009 | 8,271) | 17,354) |
| Dec 31, 2008 | 7,148) | 15,405) |
| Dec 31, 2007 | 7,555) | 15,294) |
| Dec 31, 2006 | 6,970) | 14,686) |
| Dec 31, 2005 | 5,116) | 12,727) |
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), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Current Assets
- The current assets exhibited a generally increasing trend over the observed period from 2005 to 2015. Starting at 5,116 million US dollars at the end of 2005, there was a significant increase reaching 6,970 million by the end of 2006. Following this, current assets continued to grow with some fluctuations, peaking at 11,796 million in 2015. Notable upward movements occurred between 2009 and 2013, indicating improved liquidity or asset acquisitions in the short term. The only significant slight decline was between 2009 and 2010, suggesting a minor reduction in current assets during that year.
- Total Assets
- Total assets also showed an upward trajectory from 2005 through 2014, starting at 12,727 million dollars and reaching a maximum of 25,917 million in 2014. However, there was a notable decline in 2015, where total assets dropped to 20,975 million. The growth from 2005 through 2014 was steady with some periods of faster expansion, particularly between 2012 and 2014, implying possible investments or acquisitions that significantly increased the overall asset base. The decrease in the final year could signal asset sales, impairments, or revaluation.
- Overall Analysis
- Both current and total assets demonstrated growth over the majority of the period, reflecting a strategy of asset accumulation and strengthening of the asset base. While current assets steadily increased, total assets experienced a sharp contraction in the last recorded year. This divergence at the end of the period could indicate a strategic shift focusing on more liquid assets or divestiture activities. The steady growth in current assets suggests maintained operational liquidity, whereas the total asset pattern points to a more dynamic investment approach.
Balance Sheet: Liabilities and Stockholders’ Equity
Baxter International Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt and lease obligations | Total Baxter shareholders’ equity | |
|---|---|---|---|
| Dec 31, 2015 | 5,750) | 6,520) | 8,846) |
| Dec 31, 2014 | 6,042) | 9,305) | 8,120) |
| Dec 31, 2013 | 5,906) | 9,166) | 8,463) |
| Dec 31, 2012 | 4,759) | 5,930) | 6,938) |
| Dec 31, 2011 | 4,857) | 5,195) | 6,585) |
| Dec 31, 2010 | 4,041) | 4,387) | 6,567) |
| Dec 31, 2009 | 4,464) | 4,151) | 7,191) |
| Dec 31, 2008 | 3,635) | 3,756) | 6,229) |
| Dec 31, 2007 | 3,812) | 3,089) | 6,916) |
| Dec 31, 2006 | 3,610) | 2,801) | 6,272) |
| Dec 31, 2005 | 4,165) | 3,338) | 4,299) |
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), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Current Liabilities
- The current liabilities exhibit a fluctuating trend over the period analyzed. Starting at 4,165 million US dollars in 2005, there is a notable decrease to 3,610 million in 2006, followed by moderate volatility, with a low point of 3,635 million in 2008 and a peak reaching 6,042 million in 2014. The final figure for 2015 shows a slight decline to 5,750 million. Overall, the level of current liabilities increases toward the end of the period, indicating a rising short-term obligation burden in recent years.
- Total Debt and Lease Obligations
- The total debt and lease obligations demonstrate a generally upward trend through the earlier years, beginning at 3,338 million US dollars in 2005 and escalating steadily to 9,305 million in 2014. The peak value in 2013 at 9,166 million and the subsequent slight rise prior to a significant reduction to 6,520 million in 2015 suggest occasional debt management activities or repayments impacting the overall leverage. Despite the decline in the last period, the total debt remains substantially higher than at the start of the period reviewed, indicating increased leverage overall.
- Total Shareholders' Equity
- Total shareholders’ equity displays growth alongside some variability. Starting at 4,299 million US dollars in 2005, equity increases sharply to 6,272 million in 2006 and continues to rise with some fluctuations, reaching 8,463 million in 2013. Minor declines occur in the following years, with equity dropping to 8,120 million in 2014 and then recovering somewhat to 8,846 million in 2015. This pattern reflects a strengthening equity base over time with temporary reductions possibly due to market conditions, dividends, or other equity transactions.
- Summary of Trends
- The analysis of liabilities, debt, and equity reveals an overall increase in the company's financial obligations, both short-term and long-term, from 2005 through 2014. The equity growth indicates an effort to maintain or enhance the company's capital structure, aligning with the increased debt levels. The significant reduction in total debt in 2015 suggests a strategic shift toward deleveraging. The growth in current liabilities alongside increased total debt may point to higher operational financing needs or investment activities pursued during the period.
Cash Flow Statement
Baxter International Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash flows from operations | Cash flows from investing activities | Cash flows from financing activities |
|---|---|---|---|
| Dec 31, 2015 | 1,129) | (861) | (357) |
| Dec 31, 2014 | 3,215) | (1,542) | (1,402) |
| Dec 31, 2013 | 3,198) | (5,362) | 1,645) |
| Dec 31, 2012 | 3,106) | (1,569) | (1,115) |
| Dec 31, 2011 | 2,817) | (1,427) | (1,137) |
| Dec 31, 2010 | 3,003) | (1,264) | (1,716) |
| Dec 31, 2009 | 2,909) | (1,146) | (1,012) |
| Dec 31, 2008 | 2,515) | (993) | (1,931) |
| Dec 31, 2007 | 2,305) | (305) | (1,971) |
| Dec 31, 2006 | 2,183) | (342) | (123) |
| Dec 31, 2005 | 1,550) | (367) | (1,447) |
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), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flows from operations exhibit a generally increasing trend from 2005 through 2014, starting at 1,550 million US dollars and reaching a peak near 3,215 million US dollars. This suggests growing operational efficiency or expansion over this period. However, in 2015, there is a significant decline to 1,129 million US dollars, which could indicate operational challenges or other business factors negatively affecting cash inflows from core activities.
Cash flows from investing activities consistently show negative values across all years, indicating ongoing investment outflows. The outflows deepen notably in 2013, with a sharp increase to -5,362 million US dollars compared to previous years where the figures fluctuated between approximately -300 to -1,500 million US dollars. This spike suggests a substantial capital expenditure or acquisition event during that year. Apart from this anomaly, investing outflows remain relatively stable but tend to increase slightly over the examined period, implying continued investment in growth or assets.
Cash flows from financing activities present considerable volatility. From 2005 to 2008, the cash flows are negative, reaching as low as -1,971 million US dollars in 2007 and -1,931 million US dollars in 2008, which may reflect large debt repayments, dividend payments, or stock buybacks. The trend moderates somewhat in the following years until 2013, where a positive cash flow of 1,645 million US dollars is recorded, indicating potential capital raising or issuance of debt/equity. The subsequent years revert to negative cash flows, though with reduced magnitude compared to earlier periods, suggesting a more balanced or moderated approach to financing activities after 2013.
Overall, operational cash flows show growth with a notable downturn in the final year, investing activities highlight a significant spike in outflows in 2013 amid steady expenditures, and financing activities reflect a pattern of negative cash flows with occasional inflows likely linked to financing strategies or capital structure adjustments. These patterns collectively demonstrate phases of investment and financing activities that correspond with changes in operating cash generation.
Per Share Data
Baxter International Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2015 | 1.78 | 1.76 | 1.27 |
| Dec 31, 2014 | 4.61 | 4.56 | 2.05 |
| Dec 31, 2013 | 3.70 | 3.66 | 1.92 |
| Dec 31, 2012 | 4.22 | 4.18 | 1.57 |
| Dec 31, 2011 | 3.91 | 3.88 | 1.27 |
| Dec 31, 2010 | 2.41 | 2.39 | 1.18 |
| Dec 31, 2009 | 3.63 | 3.59 | 1.07 |
| Dec 31, 2008 | 3.22 | 3.16 | 0.91 |
| Dec 31, 2007 | 2.65 | 2.61 | 0.72 |
| Dec 31, 2006 | 2.15 | 2.13 | 0.58 |
| Dec 31, 2005 | 1.54 | 1.52 | 0.58 |
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), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data demonstrates several notable trends in earnings per share and dividend per share over the examined period.
- Basic Earnings Per Share (EPS)
- The basic EPS exhibited an increasing trend from 2005 to 2009, rising steadily from 1.54 US$ to a peak of 3.63 US$. However, in 2010, there was a sharp decline to 2.41 US$. Following this dip, the EPS recovered and increased again through 2014, reaching a high of 4.61 US$ in 2014. Notably, in 2015, the EPS experienced a significant drop to 1.78 US$, marking the lowest point since 2006 except for the drop noted in 2010.
- Diluted Earnings Per Share (EPS)
- The diluted EPS mirrored the pattern observed in the basic EPS nearly identically. It increased consistently from 1.52 US$ in 2005 to 3.59 US$ in 2009, declined sharply to 2.39 US$ in 2010, then rose again to peak at 4.56 US$ in 2014 before falling to 1.76 US$ in 2015. This correlation confirms the stability between basic and diluted EPS metrics over the years.
- Dividend Per Share
- Dividends per share steadily increased from 0.58 US$ in 2005 to 2.05 US$ in 2014, reflecting a consistent upward strategy in returning value to shareholders during this period. Nevertheless, there was a marked decrease in 2015 to 1.27 US$, reversing several years of dividend growth.
Overall, the analysis indicates a general upward trajectory in both earnings and dividends from 2005 to 2009, with a significant dip in earnings in 2010, followed by a recovery and new peaks around 2013-2014. The year 2015 shows a pronounced negative deviation in all three metrics, suggesting a potential underlying issue affecting profitability and shareholder returns during this final year of the dataset.