Baxter International Inc., current enterprise value calculation

Current share price (P)	$48.08
No. shares of common stock outstanding	543,887,683
US$ in millions
Common equity (market value)¹	26,150)
Add: Noncontrolling interests (per books)	19)
Total equity	26,169)
Add: Short-term debt (per books)	1,775)
Add: Current maturities of long-term debt and lease obligations (per books)	810)
Add: Long-term debt and lease obligations, excluding current maturities (per books)	3,935)
Total equity and debt	32,689)
Less: Cash and equivalents	2,213)
Less: Investment in Baxalta common stock	5,148)
Enterprise value (EV)	25,328)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 48.08 × 543,887,683

Baxter International Inc., EV calculation

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Share price^1, 2	$39.43	$68.67	$69.29	$66.42	$56.59
No. shares of common stock outstanding¹	547,871,849	542,581,466	543,187,695	545,928,648	560,346,203
US$ in millions
Common equity (market value)³	21,603)	37,259)	37,637)	36,261)	31,710)
Add: Noncontrolling interests (book value)	19)	36)	23)	40)	243)
Total equity	21,622)	37,295)	37,660)	36,301)	31,953)
Add: Short-term debt (book value)	1,775)	913)	181)	27)	256)
Add: Current maturities of long-term debt and lease obligations (book value)	810)	786)	859)	323)	190)
Add: Long-term debt and lease obligations, excluding current maturities (book value)	3,935)	7,606)	8,126)	5,580)	4,749)
Total equity and debt	28,142)	46,600)	46,826)	42,231)	37,148)
Less: Cash and equivalents	2,213)	2,925)	2,733)	3,270)	2,905)
Less: Investment in Baxalta common stock	5,148)	—)	—)	—)	—)
Enterprise value (EV)	20,781)	43,675)	44,093)	38,961)	34,243)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Baxter International Inc. Annual Report.

³ 2015 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.43 × 547,871,849

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Baxter International Inc. EV decreased from 2013 to 2014 and from 2014 to 2015.

Baxter International Inc. (NYSE:BAX)

Enterprise Value (EV)