BAXTER INTERNATIONAL INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operations | ||
| Net income | $39 | $45 |
| Less: Income from discontinued operations, net of tax | — | 45 |
| Income from continuing operations | 39 | — |
| Adjustments to reconcile net income to cash flows from operations: | ||
| Depreciation and amortization | 335 | 313 |
| Deferred income taxes | (69) | (61) |
| Stock compensation | 25 | 25 |
| Net periodic pension and other postretirement costs | (5) | (4) |
| Other | 9 | 14 |
| Changes in balance sheet items: | ||
| Accounts receivable, net | 137 | 148 |
| Inventories | (204) | (163) |
| Prepaid expenses and other current assets | (10) | (31) |
| Accounts payable | 131 | 144 |
| Accrued expenses and other current liabilities | (190) | 119 |
| Other | (35) | (35) |
| Cash flows from operations - continuing operations | 163 | 469 |
| Cash flows from operations - discontinued operations | — | 10 |
| Cash flows from operations | 163 | 479 |
| Cash flows from investing activities | ||
| Capital expenditures | (176) | (165) |
| Acquisitions of developed technology and investments | (6) | (3) |
| Proceeds from sale of marketable equity securities | 16 | — |
| Other investing activities, net | — | 5 |
| Cash flows from investing activities - continuing operations | (166) | (163) |
| Cash flows from investing activities - discontinued operations | — | (7) |
| Cash flows from investing activities | (166) | (170) |
| Cash flows from financing activities | ||
| Repayments of debt | (15) | (3) |
| Net (decreases) increases in debt with original maturities of three months or less | — | (249) |
| Cash dividends on common stock | (147) | (146) |
| Proceeds from stock issued under employee benefit plans | 40 | 36 |
| Other financing activities, net | (18) | (10) |
| Cash flows from financing activities | (140) | (372) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (25) | 18 |
| Decrease in cash, cash equivalents and restricted cash | (168) | (45) |
| Cash, cash equivalents and restricted cash at beginning of period (1) | 3,198 | 1,722 |
| Cash, cash equivalents and restricted cash at end of period (1) | $3,030 | $1,677 |
(1)The following table provides a reconciliation of cash, cash equivalents and restricted cash shown above to the amounts reported within the condensed consolidated balance sheet as of March 31, 2024, December 31, 2023, and March 31, 2023 (in millions):
| March 31, 2024 | December 31, 2023 | March 31, 2023 | |
|---|---|---|---|
| Cash and cash equivalents | $3,026 | $3,194 | $1,673 |
| Restricted cash included in other non-current assets | 4 | 4 | 4 |
| Cash, cash equivalents and restricted cash | $3,030 | $3,198 | $1,677 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.