Baxter International Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Baxter International Inc. on February 25, 2005, covering events occurring on February 21 and 22, 2005. The filing details the approval of compensatory arrangements for the Company's named executive officers by the Compensation Committee and independent directors.
Key Financial Metrics
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity. The only financial figures disclosed relate to executive compensation:
- Robert L. Parkinson, Jr. (Chairman and CEO): 2004 Cash Bonus of $916,666; 2005 Salary of $1,140,000.
- John J. Greisch (CFO): 2004 Cash Bonus of $368,700; 2005 Salary of $520,000.
- Carlos del Salto (President, International/Asia): 2004 Cash Bonus of $172,060; 2005 Salary of $490,000.
- David F. Drohan (President, Medication Delivery): 2004 Cash Bonus of $172,060; 2005 Salary of $480,000.
- James E. Utts (President, Europe): 2004 Cash Bonus of $225,400; 2005 Salary of $420,000.
Material Changes and Unusual Items
A material change involves a one-time, discretionary cash bonus of $100,000 approved for David F. Drohan. This bonus is in consideration for Mr. Drohan's agreement to postpone his retirement from the Company until March 31, 2005. The amount approximates his prorated target bonus for the first quarter of 2005 and is scheduled for payment in April 2005.
Guidance, Outlook, and Risks
The filing text does not provide guidance, outlook, management commentary on operations, risks, or contingencies beyond the specific executive compensation agreements.
Key Facts for Investor Verification
- Confirmation of the total cash outflow for the approved 2004 bonuses and the one-time discretionary bonus.
- Verification of the impact of the executive salary adjustments on the 2005 compensation expense.
- Confirmation of David F. Drohan's continued employment status through March 31, 2005.