Baxter International Inc.

BAX

BAXBaxter International Inc. US flag

New York Stock Exchange

18.54

USD

-0.14

- -

9.58BMarket Cap

Income Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	13,893	13,936	9,413	10,719	9,968	10,163	10,584	11,099	11,362	11,673	12,146	10,057	10,360	10,636	11,244
+ Sales & Services Revenue	13,893	13,936	9,413	10,719	9,968	10,163	10,584	11,099	11,362	11,673	12,146	10,057	10,360	10,636	11,244
- Cost of Revenue	6,847	6,802	5,251	6,138	5,822	6,047	6,110	6,340	6,601	7,086	7,426	6,508	6,210	6,652	7,865
+ Cost of Goods & Services	6,847	6,802	5,251	6,138	5,822	6,047	6,110	6,340	6,601	7,086	7,426	6,508	6,210	6,652	7,865
Gross Profit	7,046	7,134	4,162	4,581	4,146	4,116	4,474	4,759	4,761	4,587	4,720	3,549	4,150	3,984	3,379
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	4,100	4,364	3,666	3,925	3,697	3,371	3,186	3,175	2,989	2,990	3,376	3,582	3,443	3,545	3,202
+ Selling, General & Admin	3,154	3,283	3,084	3,315	3,094	2,725	2,627	2,620	2,535	2,469	2,845	3,097	2,953	2,967	2,890
+ Research & Development	946	1,081	582	610	603	646	615	654	595	521	531	450	518	590	518
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	-56	-99	-141	- -	- -	35	-28	-12	-206
Operating Income (Loss)	2,946	2,770	496	656	449	745	1,288	1,584	1,772	1,597	1,344	-33	707	439	177
- Non-Operating (Income) Loss	137	-68	121	166	21	-4,209	188	-33	802	305	228	3,215	465	728	682
+ Interest Expense, Net	54	87	128	145	126	66	55	45	71	134	193	394	439	341	238
+ Interest Expense	92	113	155	167	146	89	85	93	111	153	207	413	508	408	290
- Interest Income	38	26	27	22	20	23	30	48	40	19	14	19	69	67	52
+ Other Non-Op (Income) Loss	83	-155	-7	21	-105	-4,275	133	-78	731	171	35	2,821	26	387	444
Pretax Income	2,809	2,838	375	490	428	4,954	1,100	1,617	970	1,292	1,116	-3,248	242	-289	-505
- Income Tax Expense (Benefit)	553	555	60	33	35	-12	491	65	-41	182	83	-135	61	37	395
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	2,256	2,283	315	457	393	4,966	609	1,552	1,011	1,110	1,033	-3,113	181	-326	-900
- Net Extraordinary Losses (Gains)	64	-43	-1,697	-2,040	-575	1	7	6	20	16	-240	-668	-2,468	334	57
+ Discontinued Operations	- -	43	1,697	2,040	575	-1	-7	-6	- -	- -	262	692	2,482	-312	-57
+ Extraord. & Accounting Changes	64	-86	-3,394	-4,080	-1,150	2	14	12	20	16	-502	-1,360	-4,950	646	114
Income (Loss) Incl. MI	2,192	2,326	2,012	2,497	968	4,965	602	1,546	991	1,094	1,273	-2,445	2,649	-660	-957
- Minority Interest	-32	- -	- -	- -	- -	- -	- -	- -	-10	-8	-11	-12	-7	-11	- -
Net Income, GAAP	2,224	2,326	2,012	2,497	968	4,965	602	1,546	1,001	1,102	1,284	-2,433	2,656	-649	-957
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	2,224	2,326	2,012	2,497	968	4,965	602	1,546	1,001	1,102	1,284	-2,433	2,656	-649	-957
EBIT	2,946	2,770	496	656	449	745	1,288	1,584	1,772	1,597	1,344	-33	707	439	177
EBITDA	3,616	3,482	1,131	1,448	1,208	1,545	2,038	2,355	2,561	2,420	2,211	1,039	1,691	1,436	1,158
EBITDA Margin (%)	26.03	24.99	12.02	13.51	12.12	15.2	19.26	21.22	22.54	20.73	18.2	10.33	16.32	13.5	10.3
EBITA	2,946	2,770	496	656	449	745	1,288	1,584	1,772	1,597	1,344	-33	707	439	177
Gross Margin (%)	50.72	51.19	44.22	42.74	41.59	40.5	42.27	42.88	41.9	39.3	38.86	35.29	40.06	37.46	30.05
Operating Margin (%)	21.2	19.88	5.27	6.12	4.5	7.33	12.17	14.27	15.6	13.68	11.07	-0.33	6.82	4.13	1.57
Profit Margin (%)	16.01	16.69	21.37	23.3	9.71	48.85	5.69	13.93	8.81	9.44	10.57	-24.19	25.64	-6.1	-8.51
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.25	1.46	1.88	2.02	1.67	0.49	0.58	0.7	0.83	0.93	1.06	1.14	1.16	1.16	0.68
Depreciation Expense	670	712	635	792	759	800	750	771	789	823	867	1,072	984	997	981
Basic Weighted Avg Shares	569	551	543	542	545	546	543	534	509	509	502	504	506	510	513
Basic EPS, GAAP	3.91	4.22	3.71	4.61	1.78	9.09	1.11	2.9	1.97	2.17	2.56	-4.83	5.25	-1.27	-1.87
Basic EPS from Cont Ops	3.96	4.14	0.58	0.84	0.72	9.1	1.12	2.91	1.99	2.18	2.06	-6.18	0.36	-0.64	-1.75
Diluted Weighted Avg Shares	573	556	549	547	549	551	555	546	519	517	508	504	506	510	513
Diluted EPS, GAAP	3.88	4.18	3.66	4.56	1.76	9.01	1.08	2.83	1.93	2.13	2.53	-4.83	5.25	-1.27	-1.87
Diluted EPS from Cont Ops	3.94	4.11	0.57	0.84	0.72	9.01	1.1	2.84	1.95	2.15	2.03	-6.18	0.36	-0.64	-1.75

Balance Sheet (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	8,650	9,260	10,195	10,162	11,796	6,574	7,263	5,959	7,503	8,411	8,872	8,011	9,600	8,853	6,872
+ Cash, Cash Equivalents & STI	2,905	3,270	2,733	2,925	7,361	2,801	3,394	1,838	3,335	3,730	2,951	1,718	3,078	1,764	1,966
+ Cash & Cash Equivalents	2,905	3,270	2,733	2,925	2,213	2,801	3,394	1,838	3,335	3,730	2,951	1,718	3,078	1,764	1,966
+ ST Investments	- -	- -	- -	- -	5,148	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	2,420	2,425	2,911	1,884	1,731	1,691	1,793	1,840	1,896	2,077	2,713	2,623	1,772	1,730	1,932
+ Accounts Receivable, Net	2,420	2,425	2,911	1,884	1,731	1,691	1,793	1,840	1,896	2,007	2,629	2,571	1,719	1,679	1,861
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	70	84	52	53	51	71
+ Inventories	2,628	2,803	3,499	1,577	1,604	1,430	1,475	1,667	1,653	1,916	2,453	2,679	1,918	2,046	2,232
+ Raw Materials	596	765	920	372	374	319	347	367	377	460	591	698	530	510	536
+ Work In Process	923	898	1,136	148	142	122	116	207	185	196	300	294	234	266	369
+ Finished Goods	1,109	1,140	1,443	1,057	1,088	989	1,012	1,093	1,091	1,260	1,562	1,687	1,154	1,270	1,327
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	697	762	1,052	3,776	1,100	652	601	614	619	688	755	991	2,832	3,313	742
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	10,423	11,130	15,029	15,976	9,166	8,972	9,848	9,761	10,690	11,608	24,649	20,276	18,676	16,929	13,183
+ Property, Plant & Equip, Net	5,525	6,098	7,832	4,434	4,386	4,289	4,588	4,530	5,120	5,325	5,808	5,236	3,207	3,176	3,186
+ Property, Plant & Equip	10,973	11,869	13,795	8,954	8,990	9,162	10,148	10,333	11,268	11,874	12,358	11,321	7,986	7,954	8,330
- Accumulated Depreciation	5,448	5,771	5,963	4,520	4,604	4,873	5,560	5,803	6,148	6,549	6,550	6,085	4,779	4,778	5,144
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	44	76	135	195	247	136	109	103
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	44	76	135	195	247	136	109	103
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	4,898	5,032	7,197	11,542	4,780	4,683	5,260	5,187	5,494	6,148	18,646	14,793	15,333	13,644	9,894
+ Total Intangible Assets	3,143	3,316	6,499	4,547	4,036	3,706	4,473	4,412	4,501	4,888	17,628	13,245	11,711	10,498	9,298
+ Goodwill	2,317	2,502	4,205	2,927	2,687	2,595	3,099	3,002	3,030	3,217	9,836	6,452	5,793	5,275	4,929
+ Other Intangible Assets	826	814	2,294	1,620	1,349	1,111	1,374	1,410	1,471	1,671	7,792	6,793	5,918	5,223	4,369
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1,755	1,716	698	6,995	744	977	787	775	993	1,260	1,018	1,548	3,622	3,146	596
Total Assets	19,073	20,390	25,224	26,138	20,962	15,546	17,111	15,720	18,193	20,019	33,521	28,287	28,276	25,782	20,055
+ Payables & Accruals	2,778	2,776	3,257	2,294	2,298	1,997	2,170	2,234	2,004	2,229	2,684	2,449	1,981	2,020	2,182
+ Accounts Payable	795	766	1,103	677	716	791	920	998	892	1,043	1,246	1,110	881	968	999
+ Accrued Taxes	503	603	619	520	619	269	228	235	198	283	264	252	170	217	179
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	1,480	1,407	1,535	1,097	963	937	1,022	1,001	914	903	1,174	1,087	930	835	1,004
+ ST Debt	446	350	1,040	1,698	2,585	3	3	4	642	517	639	1,524	2,759	2,832	84
+ ST Borrowings	446	350	1,040	1,698	2,585	3	3	4	541	406	511	1,404	2,667	2,752	3
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	101	111	128	120	92	80	81
+ Other ST Liabilities	1,633	1,633	951	2,045	867	744	648	576	584	587	913	772	1,763	1,659	704
+ Deferred Revenue	738	878	760	9	- -	- -	- -	- -	- -	32	162	154	128	131	141
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	738	878	21	9	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	157	-123	170	2,027	867	744	648	576	584	555	751	618	1,635	1,528	563
Total Current Liabilities	4,857	4,759	5,248	6,037	5,750	2,744	2,821	2,814	3,230	3,333	4,236	4,745	6,503	6,511	2,970
+ LT Debt	4,749	5,580	8,126	7,331	3,922	2,779	3,509	3,481	5,319	6,287	17,671	15,679	11,354	10,617	9,696
+ LT Borrowings	4,749	5,580	8,126	7,331	3,922	2,779	3,509	3,481	4,809	5,786	17,149	15,232	11,089	10,374	9,473
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	510	501	522	447	265	243	223
+ Other LT Liabilities	2,639	3,073	3,364	4,614	2,425	1,743	1,665	1,559	1,732	1,673	2,493	1,968	1,951	1,630	1,287
+ Accrued Liabilities	- -	- -	- -	- -	195	93	280	218	244	177	1,046	701	444	143	281
+ Pension Liabilities	1,920	2,427	2,049	2,198	2,041	1,492	1,211	1,087	1,260	1,214	1,052	846	714	678	637
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	719	646	1,315	2,416	189	158	174	254	228	282	395	421	793	809	369
Total Noncurrent Liabilities	7,388	8,653	11,490	11,945	6,347	4,522	5,174	5,040	7,051	7,960	20,164	17,647	13,305	12,247	10,983
Total Liabilities	12,245	13,412	16,738	17,982	12,097	7,266	7,995	7,854	10,281	11,293	24,400	22,392	19,808	18,758	13,953
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	6,466	6,452	6,501	6,536	6,585	6,641	6,623	6,581	6,638	6,726	6,880	7,005	7,072	7,104	7,051
+ Common Stock	683	683	683	683	683	683	683	683	683	683	683	683	683	683	683
+ Additional Paid in Capital	5,783	5,769	5,818	5,853	5,902	5,958	5,940	5,898	5,955	6,043	6,197	6,322	6,389	6,421	6,368
- Treasury Stock	6,719	7,592	7,914	7,993	7,646	7,995	7,981	9,989	10,764	11,051	11,488	11,389	11,230	11,059	10,873
+ Retained Earnings	9,429	10,888	11,852	13,227	9,683	14,200	14,483	15,075	15,718	16,328	17,065	14,050	16,114	14,929	13,705
+ Other Equity	-2,591	-2,810	-1,976	-3,650	224	-4,556	-4,001	-3,823	-3,710	-3,314	-3,380	-3,833	-3,554	-4,010	-3,754
Equity Before Minority Interest	6,585	6,938	8,463	8,120	8,846	8,290	9,124	7,844	7,882	8,689	9,077	5,833	8,402	6,964	6,129
+ Minority/Non Controlling Interest	243	40	23	36	19	-10	-8	22	30	37	44	62	66	60	-27
Total Equity	6,828	6,978	8,486	8,156	8,865	8,280	9,116	7,866	7,912	8,726	9,121	5,895	8,468	7,024	6,102
Total Liabilities & Equity	19,073	20,390	25,224	26,138	20,962	15,546	17,111	15,720	18,193	20,019	33,521	28,287	28,276	25,782	20,055
Shares Outstanding	561	546	543	542	548	539	541	513	506	505	502	504	508	511	514
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	611	612	650	567	357	323	304
Net Debt	2,290	2,660	6,433	6,104	4,294	-19	118	1,647	2,015	2,462	14,709	14,918	10,678	11,362	7,510
Net Debt to Equity	33.54	38.12	75.81	74.84	48.44	-0.23	1.29	20.94	25.47	28.21	161.27	253.06	126.1	161.76	123.07
Tangible Common Equity Ratio	23.13	21.45	10.61	16.72	28.53	38.63	36.74	30.54	24.91	25.37	-53.53	-48.86	-19.58	-22.73	-29.71
Current Ratio	1.78	1.95	1.94	1.68	2.05	2.4	2.57	2.12	2.32	2.52	2.09	1.69	1.48	1.36	2.31
Cash Conversion Cycle	125.47	168.33	265.13	155.51	122.43	106.19	96.11	96.59	99.43	104.89	124.57	174.43	143.99	117.29	112.14

Cash Flow Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	2,256	2,326	315	457	393	4,966	609	1,546	1,011	1,110	1,033	-3,113	181	-326	-900
+ Depreciation & Amortization	670	712	635	792	759	800	750	771	789	823	867	1,072	984	997	981
+ Non-Cash Items	931	674	317	319	440	-3,966	481	-52	735	209	183	3,175	-119	384	978
+ Stock-Based Compensation	119	130	122	126	126	115	107	115	122	130	146	140	115	114	117
+ Deferred Income Taxes	172	-17	-185	-117	-50	-302	211	-263	-310	-88	-161	-260	-256	-262	77
+ Asset Impairment Charge	182	- -	- -	- -	- -	- -	- -	- -	31	17	11	3,165	-11	519	802
+ Other Non-Cash Adj	458	561	380	310	364	-3,779	163	96	892	150	187	130	33	13	-18
+ Chg in Non-Cash Work Cap	-1,040	-606	22	-414	-339	-176	-110	-248	-425	-272	-57	-606	161	-236	-108
+ (Inc) Dec in Accts Receiv	-229	-41	16	-93	-4	15	30	-12	-52	-119	-170	-48	-38	-35	-132
+ (Inc) Dec in Inventories	-315	-129	-49	-143	-118	80	76	-197	4	-162	-27	-198	-128	-201	-119
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	-31	-37	-35	-44	-45	-125	72
+ Inc (Dec) in Accts Payable	98	40	175	-37	236	-197	11	60	-219	143	312	-225	385	156	152
+ Inc (Dec) in Other	-594	-476	-120	-141	-453	-74	-227	-99	-127	-97	-137	-91	-13	-31	-81
+ Net Cash From Disc Ops	- -	- -	1,909	2,061	518	30	-16	- -	-6	-2	196	683	519	200	-106
Cash from Operating Activities	2,817	3,106	3,198	3,215	1,771	1,654	1,714	2,017	2,104	1,868	2,222	1,211	1,726	1,019	845
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-258	-4	-14	-9
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-258	-4	-14	-9
+ Cash (Repurchase) of Equity	-1,583	-1,480	-913	-550	- -	-292	-564	-2,452	-1,270	-500	-600	-32	- -	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-1,583	-1,480	-913	-550	- -	-292	-564	-2,452	-1,270	-500	-600	-32	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	-48	- -	- -	- -	- -	- -	- -	- -	34	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	34	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	-48	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-467	-408	-3,642	4	50	-11	-676	-257	-418	-494	-10,502	-263	-6	- -	- -
+ Cash from Divestitures	123	107	31	99	84	37	10	11	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-590	-515	-3,673	-95	-34	-48	-686	-268	-418	-494	-10,502	-263	-6	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-960	-1,161	-1,720	-1,546	-1,857	-656	-616	-659	-682	-685	-698	-410	3,223	-646	2,850
+ Net Cash From Disc Ops	- -	- -	-1,014	-621	-946	15	- -	- -	- -	- -	-52	-307	3,623	-216	3,305
Cash from Investing Activities	-1,427	-1,569	-5,362	-1,542	-1,807	-715	-1,292	-916	-1,100	-1,179	-11,200	-931	3,213	-626	2,841
+ Dividends Paid	-709	-804	-1,023	-1,095	-910	-268	-315	-376	-423	-473	-530	-573	-586	-590	-348
+ Net Cash From Debt	483	1,015	3,096	-988	2,968	244	664	- -	1,661	704	9,080	-899	-2,935	-531	-3,791
+ Cash From Debt	506	1,037	3,636	41	6,868	1,641	665	- -	1,661	1,885	11,903	55	- -	2,126	1,998
+ Repayments of Debt	-23	-22	-540	-1,029	-3,900	-1,397	-1	- -	- -	-1,181	-2,823	-954	-2,935	-2,657	-5,789
+ Other Financing Activities	672	154	485	1,231	-2,539	-8	308	225	530	-76	295	66	32	40	-77
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,137	-1,115	1,645	-1,402	-481	-324	93	-2,603	498	-345	8,245	-1,438	-3,489	-1,081	-4,216
Effect of Foreign Exchange Rates	-33	-57	-18	-79	-195	-27	102	-63	-5	57	-47	-76	26	-96	84
Net Changes in Cash	253	422	-519	271	-517	615	515	-1,502	1,502	344	-733	-1,158	1,450	-688	-530
EBITDA	3,616	3,482	1,131	1,448	1,208	1,545	2,038	2,355	2,561	2,420	2,211	1,039	1,691	1,436	1,158
EBITDA Margin (%)	26.03	24.99	12.02	13.51	12.12	15.2	19.26	21.22	22.54	20.73	18.2	10.33	16.32	13.5	10.3
Free Cash Flow	2,817	3,106	3,198	3,215	1,771	1,654	1,714	2,017	2,104	1,868	2,222	953	1,722	1,005	836
Net Cash Paid for Acquisitions	467	408	3,642	-4	-50	11	676	257	418	494	10,502	263	6	- -	- -
Free Cash Flow to Firm	2,891	3,197	3,328	3,371	1,905	- -	1,761	2,106	- -	1,999	2,414	- -	2,102	- -	- -
Free Cash Flow to Equity	3,300	4,121	6,294	2,227	4,739	1,898	2,378	2,017	3,765	2,572	11,302	312	-1,209	488	-2,946
Free Cash Flow per Basic Share	4.95	5.64	5.89	5.93	3.25	3.03	3.16	3.78	4.13	3.67	4.43	1.89	3.4	1.97	1.63
Price/Free Cash Flow	5.47	6.48	6.49	6.77	11.83	14.77	20.93	17.82	20.63	22.21	19.62	17.49	11.31	14.4	11.48
Cash Flow to Net Income	1.27	1.34	1.59	1.29	1.83	0.33	2.85	1.3	2.1	1.7	1.73	-0.5	0.65	-1.57	-0.88
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-258	-4	-14	-9