BAXTER INTERNATIONAL INC
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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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.
Sep 30, 2024 · Filed Nov 12, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operations | ||
| Net income (loss) | $(128) | $2,417 |
| Less: Income (loss) from discontinued operations, net of tax | (290) | 2,455 |
| Income (loss) from continuing operations | 162 | (38) |
| Adjustments to reconcile net loss to cash flows from operations: | ||
| Depreciation and amortization | 752 | 720 |
| Deferred income taxes | (136) | (239) |
| Stock compensation | 75 | 90 |
| Net periodic pension and other postretirement costs | (21) | (19) |
| Other long-lived asset impairments | 42 | 3 |
| Other | 20 | 25 |
| Changes in balance sheet items: | ||
| Accounts receivable, net | (17) | 52 |
| Inventories | (180) | (120) |
| Prepaid expenses and other current assets | (61) | (41) |
| Accounts payable | 3 | 161 |
| Accrued expenses and other current liabilities | (192) | 261 |
| Other | (71) | (63) |
| Cash flows from operations - continuing operations | 376 | 792 |
| Cash flows from operations - discontinued operations | 155 | 403 |
| Cash flows from operations | 531 | 1,195 |
| Cash flows from investing activities | ||
| Capital expenditures | (314) | (340) |
| Acquisitions of developed technology and investments | (9) | (4) |
| Proceeds from sale of marketable equity securities | 34 | — |
| Other investing activities, net | 8 | 19 |
| Cash flows from investing activities - continuing operations | (281) | (325) |
| Cash flows from investing activities - discontinued operations | (140) | 3,768 |
| Cash flows from investing activities | (421) | 3,443 |
| Cash flows from financing activities | ||
| Repayments of debt | (827) | (353) |
| Net increases in debt with original maturities of three months or less | — | 214 |
| Cash dividends on common stock | (443) | (439) |
| Proceeds from stock issued under employee benefit plans | 63 | 86 |
| Other financing activities, net | (15) | (62) |
| Cash flows from financing activities | (1,222) | (554) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - continuing operations | (45) | (37) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - discontinued operations | 39 | 23 |
| Increase (decrease) in cash, cash equivalents and restricted cash | (1,118) | 4,070 |
| 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) | 2,080 | 5,792 |
| Less cash and cash equivalents of discontinued operations | 658 | 72 |
| Cash, cash equivalents and restricted cash of continuing operations | $1,422 | $5,720 |
(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 September 30, 2024, December 31, 2023, and September 30, 2023 (in millions):
| September 30, 2024 | December 31, 2023 | September 30, 2023 | |
|---|---|---|---|
| Cash and cash equivalents | $1,420 | $3,078 | $5,716 |
| Restricted cash included in other non-current assets | 2 | 4 | 4 |
| Cash, cash equivalents and restricted cash | $1,422 | $3,082 | $5,720 |
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