Analysis of Debt
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Baxter International Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Total Debt (Carrying Amount)
Baxter International Inc., balance sheet: debt
US$ in millions
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).
| Debt item | Description | The company |
|---|---|---|
| Total debt and lease obligations (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Baxter International Inc. total debt increased from 2013 to 2014 but then decreased significantly from 2014 to 2015. |
Total Debt (Fair Value)
| Dec 31, 2015 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term debt | |
| Current maturities of long-term debt and lease obligations | |
| Long-term debt and lease obligations, excluding current maturities | |
| Total debt and lease obligations (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2015-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2015-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
Baxter International Inc., interest costs incurred
US$ in millions
| 12 months ended: | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense | |||||||||||
| Interest costs capitalized | |||||||||||
| Interest costs |
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).
| Debt item | Description | The company |
|---|---|---|
| Interest expense | Amount of the cost of borrowed funds accounted for as interest expense for debt. | Baxter International Inc. interest expense increased from 2013 to 2014 but then decreased significantly from 2014 to 2015. |
| Interest costs capitalized | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | |
| Interest costs | Total interest costs incurred during the period and either capitalized or charged against earnings. | Baxter International Inc. interest costs increased from 2013 to 2014 but then decreased significantly from 2014 to 2015. |
Adjusted Interest Coverage Ratio
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).
2015 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Baxter International Inc. adjusted interest coverage ratio deteriorated from 2013 to 2014 and from 2014 to 2015. |