Company Quick10K Filing
Quick10K
Baxter
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$85.77 510 $43,757
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-10-31 Other Events
8-K 2019-10-28 Other Events
8-K 2019-10-24 Earnings, Other Events, Exhibits
8-K 2019-10-04 Enter Agreement, Other Events
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-05-15 Other Events, Exhibits
8-K 2019-05-07 Shareholder Vote
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-03-21 Officers, Other Events
8-K 2019-02-25 Officers, Regulation FD
8-K 2019-01-31 Earnings, Exhibits
8-K 2018-12-03 Officers, Other Events, Exhibits
8-K 2018-11-07 Officers, Amend Bylaw, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-08-23 Other Events, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-17 Other Events
8-K 2018-05-08 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-01 Earnings, Exhibits
8-K 2018-01-05 Enter Agreement, Officers, Exhibits
CSII Cardiovascular Systems 1,746
TCMD Tactile Systems Technology 938
LMNX Luminex 905
ANGO Angiodynamics 683
LMAT Lemaitre Vascular 627
ATEC Alphatec Holdings 251
INO Inovio Pharmaceuticals 217
MDGS Medigus 162
AVGR Avinger 73
DYNT Dynatronics 25
BAX 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-15 bax-ex15_8.htm
EX-31.1 bax-ex311_9.htm
EX-31.2 bax-ex312_10.htm
EX-32.1 bax-ex321_11.htm
EX-32.2 bax-ex322_6.htm

Baxter Earnings 2019-06-30

BAX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

bax-10q_20190630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 1-4448

 

BAXTER INTERNATIONAL INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-0781620

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

One Baxter Parkway, Deerfield, Illinois

 

60015

(Address of principal executive offices)

 

(Zip Code)

 

 

 

224-948-2000

 

 

 

 

(Registrant’s telephone number, including area code)

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $1.00 par value

 

BAX (NYSE)

 

New York Stock Exchange

 

 

 

 

Chicago Stock Exchange

0.4% Global Notes due 2024

 

BAX 24

 

New York Stock Exchange

1.3% Global Notes due 2025

 

BAX 25

 

New York Stock Exchange

1.3% Global Notes due 2029

 

BAX 29

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

 

 

Accelerated filer  

Non-accelerated filer  

 

 

Smaller reporting company  

Emerging growth company  

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.       

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares of the registrant’s Common Stock, par value $1.00 per share, outstanding as of July 25, 2019 was 510,555,869 shares.

 

 


 

BAXTER INTERNATIONAL INC.

FORM 10-Q

For the quarterly period ended June 30, 2019

TABLE OF CONTENTS

 

 

 

 

 

Page Number

PART I.

 

FINANCIAL INFORMATION

  

2

Item 1.

 

Financial Statements (unaudited)

  

2

 

 

Condensed Consolidated Balance Sheets

  

2

 

 

Condensed Consolidated Statements of Income

  

3

 

 

Condensed Consolidated Statements of Comprehensive Income

  

4

 

 

Condensed Consolidated Statements of Changes in Equity

 

5

 

 

Condensed Consolidated Statements of Cash Flows

  

7

 

 

Notes to Condensed Consolidated Financial Statements

  

8

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

29

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

  

41

Item 4.

 

Controls and Procedures

 

42

Review by Independent Registered Public Accounting Firm

 

43

Report of Independent Registered Public Accounting Firm

 

44

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

45

Item 1.

 

Legal Proceedings

 

45

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

45

Item 6.

 

Exhibits

 

46

Signature

 

47

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

Baxter International Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in millions, except shares)

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

 

 

2019

 

 

2018

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,925

 

 

$

1,832

 

Accounts and other current receivables, net

 

 

1,885

 

 

 

1,812

 

Inventories

 

 

1,757

 

 

 

1,653

 

Prepaid expenses and other

 

 

651

 

 

 

622

 

Total current assets

 

 

7,218

 

 

 

5,919

 

Property, plant and equipment, net

 

 

4,541

 

 

 

4,542

 

Goodwill

 

 

2,938

 

 

 

2,958

 

Other intangible assets, net

 

 

1,364

 

 

 

1,398

 

Operating lease right-of-use assets

 

 

588

 

 

 

 

Other non-current assets

 

 

895

 

 

 

824

 

Total assets

 

 

 

$

17,544

 

 

$

15,641

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term debt

 

$

2

 

 

$

2

 

Current maturities of long-term debt and finance lease obligations

 

 

2

 

 

 

2

 

Accounts payable and accrued liabilities

 

 

2,593

 

 

 

2,832

 

Total current liabilities

 

 

2,597

 

 

 

2,836

 

Long-term debt and finance lease obligations

 

 

5,157

 

 

 

3,473

 

Operating lease liabilities

 

 

490

 

 

 

 

Other non-current liabilities

 

 

1,464

 

 

 

1,516

 

Total liabilities

 

 

9,708

 

 

 

7,825

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $1 par value, authorized 2,000,000,000

   shares, issued 683,494,944 shares in 2019 and 2018

 

 

683

 

 

 

683

 

Common stock in treasury, at cost, 173,275,586 shares

   in 2019 and 170,495,859 shares in 2018

 

 

(10,322

)

 

 

(9,989

)

Additional contributed capital

 

 

5,906

 

 

 

5,898

 

Retained earnings

 

 

16,184

 

 

 

15,626

 

Accumulated other comprehensive (loss) income

 

 

(4,639

)

 

 

(4,424

)

Total Baxter stockholders’ equity

 

 

7,812

 

 

 

7,794

 

Noncontrolling interests

 

 

24

 

 

 

22

 

Total equity

 

 

7,836

 

 

 

7,816

 

Total liabilities and equity

 

$

17,544

 

 

$

15,641

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

2

 


 

Baxter International Inc.

Condensed Consolidated Statements of Income (unaudited)

(in millions, except per share data)

 

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

2,840

 

 

$

2,842

 

 

$

5,472

 

 

$

5,519

 

Cost of sales

 

 

1,681

 

 

 

1,603

 

 

 

3,233

 

 

 

3,166

 

Gross margin

 

 

1,159

 

 

 

1,239

 

 

 

2,239

 

 

 

2,353

 

Selling, general and administrative expenses

 

 

642

 

 

 

681

 

 

 

1,242

 

 

 

1,303

 

Research and development expenses

 

 

166

 

 

 

174

 

 

 

295

 

 

 

314

 

Other operating income, net

 

 

(4

)

 

 

 

 

 

(37

)

 

 

(80

)

Operating income

 

 

355

 

 

 

384

 

 

 

739

 

 

 

816

 

Interest expense, net

 

 

20

 

 

 

11

 

 

 

38

 

 

 

23

 

Other income, net

 

 

(28

)

 

 

(31

)

 

 

(53

)

 

 

(49

)

Income before income taxes

 

 

363

 

 

 

404

 

 

 

754

 

 

 

842

 

Income tax expense

 

 

20

 

 

 

61

 

 

 

64

 

 

 

110

 

Net income

 

$

343

 

 

$

343

 

 

$

690

 

 

$

732

 

Net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.67

 

 

$

0.64

 

 

$

1.35

 

 

$

1.36

 

Diluted

 

$

0.66

 

 

$

0.63

 

 

$

1.33

 

 

$

1.33

 

Weighted-average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

510

 

 

 

535

 

 

 

511

 

 

 

537

 

Diluted

 

 

519

 

 

 

547

 

 

 

520

 

 

 

549

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3

 


 

Baxter International Inc.

Condensed Consolidated Statements of Comprehensive Income (unaudited)

(in millions)

 

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

343

 

 

$

343

 

 

$

690

 

 

$

732

 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments, net of tax (benefit) expense of ($4) and ($24) for the three months ended June 30, 2019 and 2018, respectively, and $2 and ($31) for the six months ended June 30, 2019 and 2018, respectively

 

 

(78

)

 

 

(363

)

 

 

(48

)

 

 

(282

)

Pension and other postretirement benefits, net of tax expense of $3 and $4 for the three months ended June 30, 2019 and 2018, respectively, and $6 and $17 for the six months ended June 30, 2019 and 2018, respectively

 

 

13

 

 

 

29

 

 

 

21

 

 

 

81

 

Hedging activities, net of tax (benefit) expense of ($3) and $2 for the three months ended June 30, 2019 and 2018, respectively, and ($8) and $3 for the six months ended June 30, 2019 and 2018, respectively

 

 

(12

)

 

 

11

 

 

 

(27

)

 

 

6

 

Total other comprehensive (loss) income, net of tax

 

 

(77

)

 

 

(323

)

 

 

(54

)

 

 

(195

)

Comprehensive income

 

$

266

 

 

$

20

 

 

$

636

 

 

$

537

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 


4

 


 

Baxter International Inc.

Condensed Consolidated Statements of Changes in Equity (unaudited)

(in millions)

 

 

 

 

For the three and six months ended June 30, 2019

 

 

 

Baxter International Inc. stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Common stock shares

 

 

Common stock

 

 

Common stock shares in treasury

 

 

Common stock in treasury

 

 

Additional contributed capital

 

 

Retained earnings

 

 

Accumulated other comprehensive income (loss)

 

 

Total Baxter stockholders' equity

 

 

Noncontrolling interests

 

 

Total equity

 

Balance as of January 1, 2019

 

683

 

 

$

683

 

 

 

170

 

 

$

(9,989

)

 

$

5,898

 

 

$

15,626

 

 

$

(4,424

)

 

$

7,794

 

 

$

22

 

 

$

7,816

 

Adoption of new accounting standards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

161

 

 

 

(161

)

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

347

 

 

 

 

 

 

347

 

 

 

 

 

 

347

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

23

 

 

 

 

 

 

23

 

Purchases of treasury stock

 

 

 

 

 

 

 

 

8

 

 

 

(586

)

 

 

 

 

 

 

 

 

 

 

 

(586

)

 

 

 

 

 

(586

)

Stock issued under employee benefit plans and other

 

 

 

 

 

 

 

 

(5

)

 

 

291

 

 

 

(59

)

 

 

(66

)

 

 

 

 

 

166

 

 

 

 

 

 

166

 

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(98

)

 

 

 

 

 

(98

)

 

 

 

 

 

(98

)

Change in noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Balance as of March 31, 2019

 

683

 

 

$

683

 

 

173

 

 

$

(10,284

)

 

$

5,839

 

 

$

15,970

 

 

$

(4,562

)

 

$

7,646

 

 

$

23

 

 

$

7,669

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

343

 

 

 

 

 

 

343

 

 

 

 

 

 

343

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(77

)

 

 

(77

)

 

 

 

 

 

(77

)

Purchases of treasury stock

 

 

 

 

 

 

 

 

2

 

 

 

(157

)

 

 

46

 

 

 

 

 

 

 

 

 

(111

)

 

 

 

 

 

(111

)

Stock issued under employee benefit plans and other

 

 

 

 

 

 

 

 

(2

)

 

 

119

 

 

 

21

 

 

 

(17

)

 

 

 

 

 

123

 

 

 

 

 

 

123

 

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(112

)

 

 

 

 

 

(112

)

 

 

 

 

 

(112

)

Change in noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Balance as of June 30, 2019

 

 

683

 

 

$

683

 

 

 

173

 

 

$

(10,322

)

 

$

5,906

 

 

$

16,184

 

 

$

(4,639

)

 

$

7,812

 

 

$