Analysis of Geographic Areas
Baxter International Inc. operates in 4 regions: United States; Europe; Asia-Pacific; and Latin America and Canada.
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- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Analysis of Debt
- Aggregate Accruals
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Area Asset Turnover
Baxter International Inc., asset turnover by geographic area
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Asia-Pacific | |||||
| Latin America and Canada |
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).
- United States
- The asset turnover ratio demonstrated an increase from 2.19 in 2013 to 2.46 in 2014, indicating improved efficiency in utilizing assets to generate revenue during this period. However, in 2015, the ratio declined to 2.29, suggesting a slight reduction in asset utilization efficiency compared to the previous year.
- Europe
- There was a noticeable upward trend in the asset turnover ratio from 1.83 in 2013 to 2.22 in 2014, reflecting enhanced asset use effectiveness. In 2015, this ratio slightly decreased to 2.14, implying a minor slowdown in asset turnover performance after the earlier improvement.
- Asia-Pacific
- The region consistently exhibited the highest asset turnover ratios among the geographic areas reported, increasing from 2.56 in 2013 to 2.76 in 2014, indicating strong and improving asset utilization. In 2015, there was a marginal decline to 2.61, yet the ratio remained robust compared to other regions.
- Latin America and Canada
- The asset turnover ratio increased marginally from 2.23 in 2013 to 2.35 in 2014, showing moderate gains in asset efficiency. However, in 2015, the ratio decreased to 2.09, indicating a notable drop in the efficiency of asset use within this region during that year.
Area Asset Turnover: United States
Baxter International Inc.; United States; area asset turnover calculation
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| PP&E, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2015 Calculation
Area asset turnover = Net sales ÷ PP&E, net
= ÷ =
- Net Sales
- Net sales in the United States geographic area show a clear upward trend from 2013 to 2015. Sales increased from 3,584 million US dollars in 2013 to 3,999 million US dollars in 2014, marking an approximate growth of 11.6%. The following year, net sales remained relatively stable at 4,001 million US dollars, indicating a plateau after significant growth.
- Property, Plant, and Equipment (PP&E), Net
- The net value of property, plant, and equipment experienced a slight decline from 2013 to 2014, decreasing from 1,633 million US dollars to 1,625 million US dollars, a marginal drop of about 0.5%. However, in 2015, PP&E rebounded to 1,746 million US dollars, reflecting an increase of approximately 7.4% compared to the previous year. This suggests renewed investment or asset acquisitions following a brief period of stability or divestment.
- Area Asset Turnover
- The area asset turnover ratio, which measures sales efficiency relative to assets, improved from 2.19 in 2013 to 2.46 in 2014, indicating enhanced efficiency in asset utilization. However, in 2015, the ratio decreased to 2.29, suggesting a slight reduction in sales generated per unit of asset. Although still higher than the 2013 level, this decline may reflect either a relative increase in assets not yet matched by sales growth or operational factors affecting turnover.
- Summary Insights
- Overall, the data reveals a pattern of growth in net sales accompanied by fluctuations in asset levels and efficiency. The significant increase in net sales between 2013 and 2014, paired with improved asset turnover, suggests effective use of resources during that period. The slight decline in asset turnover in 2015, along with stabilized sales and increased PP&E, may indicate ongoing asset expansion or investment phases that have not yet translated into proportional sales growth. Continuous monitoring of these trends is advisable to assess the impact of capital investments on operating performance.
Area Asset Turnover: Europe
Baxter International Inc.; Europe; area asset turnover calculation
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| PP&E, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2015 Calculation
Area asset turnover = Net sales ÷ PP&E, net
= ÷ =
- Net Sales
- Net sales in the Europe geographic area exhibited growth from 2013 to 2014, increasing from 2,674 million US dollars to 3,257 million US dollars. However, this upward trend was not sustained, as sales declined to 2,774 million US dollars in 2015. Overall, net sales showed volatility with a peak in 2014 followed by a notable reduction the following year.
- Property, Plant, and Equipment (PP&E), Net
- The net value of PP&E remained relatively stable between 2013 and 2014, with a marginal increase from 1,463 million US dollars to 1,466 million US dollars. In 2015, this value decreased to 1,298 million US dollars, indicating a reduction in tangible fixed assets in the most recent year reported.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset use in generating sales, improved from 1.83 in 2013 to 2.22 in 2014. Despite a slight decline to 2.14 in 2015, the ratio remained above the 2013 level. This suggests enhanced operational efficiency in 2014, with a minor decrease in 2015 that still maintained relatively strong asset utilization compared to earlier periods.
- Summary
- The data indicate a peak in net sales and asset utilization efficiency in 2014, coinciding with stable PP&E levels. The subsequent year showed a contraction in both sales and PP&E, along with a slight reduction in asset turnover ratio, reflecting a potential decrease in operational scale or a shift in asset management strategies. Despite the decline in 2015, the asset turnover ratio remained higher than in 2013, suggesting sustained improvements in asset use efficiency over the period analyzed.
Area Asset Turnover: Asia-Pacific
Baxter International Inc.; Asia-Pacific; area asset turnover calculation
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| PP&E, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2015 Calculation
Area asset turnover = Net sales ÷ PP&E, net
= ÷ =
- Net Sales
- Net sales in the Asia-Pacific region first appear recorded in 2013, with a value of 1810 million US dollars. This is followed by an increase to 2079 million US dollars in 2014, representing a growth trend during that year. However, in 2015, net sales declined slightly to 1972 million US dollars, indicating a minor reduction after the previous year's growth.
- Property, Plant & Equipment (PP&E), net
- The net value of PP&E showed a steady increase over the observed period. In 2013, the value was 708 million US dollars, growing to 753 million US dollars in 2014, and marginally increasing again to 757 million US dollars in 2015. This suggests consistent investment or capitalization of long-term assets in the Asia-Pacific region.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset use to generate sales, also shows a fluctuating pattern. In 2013, the ratio was 2.56, indicating that each dollar of asset generated 2.56 dollars in sales. The ratio increased to 2.76 in 2014, reflecting improved asset utilization efficiency. However, it decreased to 2.61 in 2015, suggesting a slight decline in how effectively assets were used to generate revenue during that year.
Area Asset Turnover: Latin America and Canada
Baxter International Inc.; Latin America and Canada; area asset turnover calculation
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| PP&E, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2015 Calculation
Area asset turnover = Net sales ÷ PP&E, net
= ÷ =
- Net sales
- The net sales in the Latin America and Canada region demonstrated a peak in 2012 with a value of 1,384 million US dollars, followed by a significant decline to 1,221 million US dollars in 2013. This suggests a downward trend after reaching the highest recorded sales within the period analyzed, indicating potential market challenges or shifts in demand.
- Property, Plant & Equipment (PP&E), net
- The net book value of Property, Plant & Equipment showed a gradual decrease over the observed years, moving from 604 million US dollars in 2012 to 585 million US dollars in 2013. This decline in PP&E assets suggests possible depreciation or asset disposal, which may signal adjustments in the company’s investment or operational structure in the region.
- Area asset turnover
- The area asset turnover ratio exhibited a rising trend from 2.23 in 2012 to 2.35 in 2013, followed by a decline to 2.09 in 2014. This pattern reveals an initial improvement in the efficiency of asset utilization to generate sales, which then decreased, reflecting potentially less efficient use of assets or lower sales relative to asset base in the later period.
- Summary
- Overall, the data for the Latin America and Canada region points to fluctuating operational performance. Despite initial growth or improvement, the decline in net sales and asset turnover ratio in the latest year reviewed indicates challenges in maintaining sales growth and asset efficiency. The gradual reduction in PP&E assets further complements a narrative of cautious capital allocation or possible asset rationalization within this geographic area.
Net sales
Baxter International Inc., net sales by geographic area
US$ in millions
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Asia-Pacific | |||||
| Latin America and Canada | |||||
| Consolidated |
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).
The annual net sales data by geographic area demonstrate notable trends and fluctuations across the examined periods. The available data beginning from December 31, 2013, reveal variations in sales magnitude for each region, impacting the consolidated totals.
- United States
- Sales increased from 3,584 million US dollars in 2013 to 3,999 million in 2014, representing a solid growth trajectory. However, in 2015, sales plateaued with a negligible increase to 4,001 million US dollars, indicating a stabilization after prior growth.
- Europe
- European sales showed a substantial increase from 2,674 million US dollars in 2013 to 3,257 million in 2014. This positive trend reversed in 2015, with sales declining to 2,774 million US dollars, representing a significant drop from the previous year.
- Asia-Pacific
- This region's sales grew steadily from 1,810 million US dollars in 2013 to 2,079 million in 2014. However, similar to Europe, sales decreased to 1,972 million in 2015, reflecting some volatility in this market.
- Latin America and Canada
- Sales in Latin America and Canada showed a moderate increase from 1,345 million US dollars in 2013 to 1,384 million in 2014, followed by a decline to 1,221 million in 2015. This pattern suggests a mild contraction after a period of growth.
- Consolidated
- Total net sales consolidated across all geographies rose from 9,413 million US dollars in 2013 to 10,719 million in 2014, marking a robust overall increase. However, in 2015, the consolidated sales decreased to 9,968 million US dollars, indicating a partial reversal of the previous year's gains.
Overall, the data highlight a pronounced improvement in sales performance across all regions in 2014, followed by a general decline or plateau in 2015. The United States maintained relatively stable sales in 2015, while Europe, Asia-Pacific, and Latin America and Canada experienced declines. This suggests potential regional challenges or market saturation impacting growth after a period of expansion. The consolidated sales figures reflect these regional dynamics, reinforcing the overall pattern of growth followed by a contraction in the final reported period.
PP&E, net
Baxter International Inc., pp&e, net by geographic area
US$ in millions
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Asia-Pacific | |||||
| Latin America and Canada | |||||
| Consolidated |
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).
- United States
- The Property, Plant, and Equipment (PPE) net value increased slightly from $1,633 million in 2013 to $1,746 million by the end of 2015. The growth was modest but consistent, indicating steady investment or asset retention in this geographic area over the observed period.
- Europe
- Values in Europe showed stability between 2013 and 2014, hovering around $1,463 million to $1,466 million, followed by a notable decrease to $1,298 million in 2015. This decline may suggest asset disposals, depreciation, or lower capital investment in this region during the latter part of the timeframe.
- Asia-Pacific
- The Asia-Pacific region demonstrated a gradual increase in net PPE from $708 million in 2013 to $757 million in 2015. This upward trend indicates a consistent expansion or asset base strengthening in this market segment.
- Latin America and Canada
- This area experienced a slight decrease in net PPE from $604 million in 2013 to $585 million in 2015. The change is relatively minor but may reflect market adjustments or strategic asset management decisions in this region.
- Consolidated
- The consolidated net PPE figures remained relatively stable over the period, with $4,408 million in 2013, a minor increase to $4,434 million in 2014, and a slight decrease to $4,386 million in 2015. These fluctuations indicate overall asset stability at the corporate level despite geographic variances.