See Note 1 of Item 8 of this Annual Report on Form 10-K for additional details regarding basis of presentation.
as of or for the years ended December 31
20182,1
20173,1
20164,1
20155,1
20146,1
Operating Results
Net sales
$
11,127
10,561
10,163
9,968
10,719
(in millions)
Income from continuing operations
$
1,630
724
4,966
393
457
(Loss) income from discontinued operations, net of tax
$
(6
)
(7
)
(1
)
575
2,040
Net income
$
1,624
717
4,965
968
2,497
Balance Sheet
Capital expenditures, continuing operations
$
681
634
719
911
925
Information
Total assets
$
15,641
17,111
15,546
20,962
26,138
(in millions)
Long-term debt and lease obligations
$
3,473
3,509
2,779
3,922
7,331
Common Stock Information
Weighted-average number of common shares outstanding
Basic
534
543
546
545
542
Diluted
546
555
551
549
547
Income from continuing operations per common share
Basic
$
3.05
1.33
9.10
0.72
0.84
Diluted
$
2.99
1.30
9.01
0.72
0.83
(Loss) income from discontinued operations per common share
Basic
$
(0.01
)
(0.01
)
(0.01
)
1.06
3.77
Diluted
$
(0.02
)
(0.01
)
—
1.04
3.73
Net income per common share
Basic
$
3.04
1.32
9.09
1.78
4.61
Diluted
$
2.97
1.29
9.01
1.76
4.56
Cash dividends declared per common share
$
0.730
0.610
0.505
1.270
2.050
1
Refer to the notes to the consolidated financial statements for information regarding other charges and income items.
2
Income from continuing operations included charges totaling $220 million for business optimization, $33 million related to acquisition and integration activities, $10 million related to certain product litigation and $9 million related to European medical devices regulations. Also included were benefits totaling $80 million related to a settlement with Claris Lifesciences Limited, $6 million related to a reduction of SIGMA SPECTRUM infusion pump inspection and remediation reserves, $42 million related to insurance recoveries as a result of losses incurred due to Hurricane Maria and $196 million primarily related to the impact of U.S. tax reform.
3
Income from continuing operations included charges totaling $169 million for business optimization, $19 million related to the Baxalta separation, $17 million related to SIGMA SPECTRUM infusion pump inspection and remediation reserves and other historical product reserves, $28 million of Claris acquisition and integration expenses, $32 million related to the impact of Hurricane Maria on the company’s operations in Puerto Rico, $21 million related to litigation and contractual disputes for business arrangements in which the company is no longer engaged or a party thereto, $33 million related to the deconsolidation of the company’s Venezuelan operations and $322 million related to the impact of U.S. tax reform. Also included was a benefit of $12 million related to an adjustment to the company’s historical rebates and discount reserves.
4
Income from continuing operations included charges totaling $409 million for business optimization, $54 million related to the Baxalta separation, $149 million of debt extinguishment costs related to the March 2016 debt-for-equity exchange for certain company indebtedness and certain debt redemptions and $51 million for impairment primarily related to developed technology. Also included were net realized gains of $4.4 billion related to the Baxalta Retained Shares transactions, a benefit of $18 million primarily related to adjustments to the COLLEAGUE and SIGMA SPECTRUM infusion pump reserves and a benefit of $10 million related to the settlement of an income tax matter in the company’s non-wholly owned subsidiary in Turkey.
5
Income from continuing operations included charges totaling $200 million for business optimization, $111 million related to the Baxalta separation and $130 million related to Baxter’s July 2015 tender offer for certain outstanding indebtedness. Also included were benefits of $28 million primarily related to adjustments to the COLLEAGUE and SIGMA SPECTRUM infusion pump reserves, $52 million related to a litigation settlement in which Baxter was the beneficiary and $20 million relating to the reversal of contingent consideration milestone liabilities.
6
Income from continuing operations included charges totaling $138 million for business optimization, $68 million for SIGMA SPECTRUM infusion pump product remediation efforts, $11 million related to the Baxalta separation and $3 million to account for an additional year of the Branded Prescription Drug Fee in accordance with final regulations issued by the Internal Revenue Service. Also included were benefits of $1 million related to third-party recoveries and reversals of prior reserves.
filings.tools