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).
A long-term analysis of the financial performance between 2005 and 2015 reveals a period of consistent expansion followed by a substantial contraction in the final year. The operational trajectory is characterized by a steady increase in both top-line revenue and bottom-line profitability for nearly a decade, ending in a sharp decline in 2015.
- Net Sales Trends
- Net sales exhibited a sustained upward trend from 2005 to 2014, growing from 9,849 million US dollars to a peak of 16,671 million US dollars. This represents a cumulative growth of approximately 69% over nine years. However, a significant reversal occurred in 2015, where net sales fell to 9,968 million US dollars, effectively erasing the gains achieved since 2006 and returning to levels near the 2005 baseline.
- Net Income Performance
- Net income attributable to the company generally mirrored the growth of net sales, rising from 956 million US dollars in 2005 to a high of 2,497 million US dollars in 2014. While the growth was largely positive, volatility was observed in 2010 and 2013, where net income experienced temporary declines despite rising sales. Similar to the revenue trend, net income suffered a severe contraction in 2015, dropping to 968 million US dollars.
- Profitability and Margin Analysis
- The relationship between net sales and net income indicates an expansion of profit margins during the growth phase. In 2005, the net profit margin was approximately 9.7%, which increased to approximately 15.0% by 2014. This suggests improved operational efficiency or a shift toward higher-margin product mixes over that period. The 2015 results show a compression of the net profit margin back to approximately 9.7%, coinciding with the overall reduction in scale.
The financial data suggests a structural shift occurred in 2015. The simultaneous and sharp decline in both net sales and net income indicates a significant event, such as a major divestiture or a fundamental change in business operations, rather than a gradual market decline.
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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).
The asset profile reflects a period of general expansion between 2005 and 2014, followed by a significant contraction in total assets during 2015. While current assets maintained a consistent upward trajectory throughout the decade, total assets exhibited greater volatility, particularly in the final three years of the period.
- Current Assets Growth Trend
- Current assets demonstrated a sustained long-term increase, rising from 5,116 million US$ in 2005 to 11,796 million US$ by 2015. This represents more than a doubling of liquid assets over the observed period. Growth was relatively steady, with minor fluctuations in 2008 and 2010, but accelerated between 2011 and 2015.
- Total Assets Trajectory and Volatility
- Total assets experienced a steady climb from 12,727 million US$ in 2005 to a peak of 25,917 million US$ in 2014. A notable surge occurred between 2012 and 2013, where assets increased by approximately 27% in a single year. However, this growth was reversed in 2015, when total assets declined sharply to 20,975 million US$, suggesting a significant divestiture or asset write-down.
- Relative Asset Composition
- The proportion of current assets relative to total assets shifted significantly over time. In 2005, current assets constituted approximately 40% of the total asset base. This ratio fluctuated through 2014, but rose sharply to approximately 56% in 2015. This shift indicates that by the end of the period, a much larger portion of the company's total value was held in short-term assets, primarily driven by the reduction in non-current assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Baxter International Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ 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).
The financial structure between 2005 and 2015 is characterized by a general expansion of the balance sheet, marked by a steady increase in shareholders' equity and significant fluctuations in total debt obligations.
- Liability Analysis
- Current liabilities exhibited a gradual upward trend over the eleven-year period, rising from 4,165 million USD in 2005 to 5,750 million USD in 2015. A period of relative stability was observed between 2006 and 2008, followed by a more pronounced increase that peaked at 6,042 million USD in 2014.
- Debt and Lease Obligations
- Total debt and lease obligations showed substantial volatility. After reaching a period low of 2,801 million USD in 2006, debt levels climbed steadily, with a sharp acceleration between 2012 and 2013, when obligations rose from 5,930 million USD to 9,166 million USD. This high leverage persisted through 2014 before a significant reduction to 6,520 million USD was recorded in 2015.
- Shareholders' Equity Trends
- Total shareholders' equity demonstrated strong long-term growth, increasing from 4,299 million USD in 2005 to 8,846 million USD by 2015. While minor contractions occurred in 2008 and 2010, the overall trajectory was positive, indicating a consistent increase in the company's net asset value over the decade.
- Capital Structure and Solvency
- The interaction between debt and equity reveals a shift in leverage. Between 2013 and 2014, total debt and lease obligations exceeded shareholders' equity, suggesting a period of higher financial risk. However, by 2015, the combination of a sharp decrease in total debt and a continued increase in equity resulted in a more conservative capital structure and improved solvency ratios compared to the 2013-2014 peak.
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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).
Between 2005 and 2015, the cash flow profile demonstrates a prolonged period of operational growth followed by a significant contraction in the final year. The overall trajectory indicates a stable expansion phase punctuated by a major capital event in 2013.
- Operational Cash Flow Trends
- Cash flows from operations exhibited a consistent upward trajectory from 2005 to 2014, rising from 1,550 million to a peak of 3,215 million. This growth reflects a sustained increase in the capacity to generate liquidity from core business activities over a nine-year period. However, a sharp reversal is observed in 2015, where cash flows from operations declined precipitously to 1,129 million.
- Investing Activities and Capital Deployment
- Investing activities remained consistently negative throughout the period, indicating ongoing capital outflows. These outflows grew moderately from 367 million in 2005 to 1,569 million in 2012. A substantial anomaly occurred in 2013, with outflows spiking to 5,362 million, suggesting a significant strategic acquisition or major capital expenditure. Following this peak, investing outflows returned to more normalized levels, reaching 861 million by 2015.
- Financing Activities and Capital Structure
- Financing activities were predominantly negative, suggesting a general trend of debt reduction, dividend payments, or share repurchases. A notable shift occurred in 2013, when financing activities turned positive at 1,645 million. This influx of capital coincided directly with the peak in investing outflows, indicating that the company utilized external financing to partially fund the large-scale investment conducted in that year. Post-2013, the trend reverted to negative financing flows.
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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.
Between 2005 and 2015, earnings per share and dividend distributions exhibited a general upward trajectory characterized by a period of significant growth followed by a sharp correction in the final year of the observed period.
- Earnings Per Share Trends
- Basic and diluted earnings per share showed consistent growth from 2005 through 2009, with basic EPS rising from 1.54 US$ to 3.63 US$. A notable contraction occurred in 2010, where basic EPS fell to 2.41 US$, before recovering to reach a peak of 4.61 US$ in 2014. The period concluded with a substantial decline in 2015, as basic EPS dropped to 1.78 US$.
- Dividend Distribution Patterns
- Dividends per share remained stable at 0.58 US$ from 2005 to 2006 and subsequently entered a phase of uninterrupted annual growth for eight consecutive years, peaking at 2.05 US$ in 2014. This growth trend persisted regardless of the earnings volatility observed in 2010. However, a significant reduction to 1.27 US$ was recorded in 2015, coinciding with the decline in earnings.
- Dilution Analysis
- The variance between basic and diluted earnings per share remained minimal throughout the analyzed period. The close alignment of these two metrics indicates a limited impact from dilutive securities on the earnings available to common shareholders.
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