BAXTER INTERNATIONAL INC, 10-Q filed on 5/6/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 1-4448  
Entity Registrant Name BAXTER INTERNATIONAL INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-0781620  
Entity Address, Address Line One One Baxter Parkway,  
Entity Address, City or Town Deerfield,  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60015  
City Area Code 224.  
Local Phone Number 948.2000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   513,174,623
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000010456  
Current Fiscal Year End Date --12-31  
Common Stock, $1.00 par value | New York Stock Exchange    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, $1.00 par value  
Trading Symbol BAX (NYSE)  
Security Exchange Name NYSE  
Common Stock, $1.00 par value | NYSE CHICAGO, INC.    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, $1.00 par value  
Trading Symbol BAX (NYSE)  
1.3% Global Notes due 2025 | New York Stock Exchange    
Document Information [Line Items]    
Title of 12(b) Security 1.3% Global Notes due 2025  
Trading Symbol BAX 25  
Security Exchange Name NYSE  
1.3% Global Notes due 2029 | New York Stock Exchange    
Document Information [Line Items]    
Title of 12(b) Security 1.3% Global Notes due 2029  
Trading Symbol BAX 29  
Security Exchange Name NYSE  
v3.25.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,294 $ 1,764
Accounts receivable, net of allowances of $66 in 2025 and $71 in 2024 1,646 1,679
Inventories 2,170 2,046
Prepaid expenses and other current assets 925 753
Current assets of discontinued operations 0 2,611
Total current assets 7,035 8,853
Property, plant and equipment, net 2,717 2,870
Goodwill 5,338 5,275
Other intangible assets, net 5,081 5,223
Operating lease right-of-use assets 301 306
Other non-current assets 832 755
Non-current assets of discontinued operations 0 2,500
Total assets 21,304 25,782
Current liabilities:    
Short-term debt 11 2,126
Current maturities of long-term debt and finance lease obligations 651 626
Accounts payable 963 968
Accrued expenses and other current liabilities 1,856 1,861
Current liabilities of discontinued operations 0 930
Total current liabilities 3,481 6,511
Long-term debt and finance lease obligations, less current portion 9,412 10,374
Operating lease liabilities 235 243
Other non-current liabilities 1,122 1,076
Non-current liabilities of discontinued operations 0 554
Total liabilities 14,250 18,758
Commitments and contingencies
Equity:    
Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2025 and 2024 683 683
Common stock in treasury, at cost, 170,414,885 shares in 2025 and 172,567,636 shares in 2024 (10,937) (11,059)
Additional contributed capital 6,309 6,421
Retained earnings 14,968 14,929
Accumulated other comprehensive loss (3,942) (4,010)
Total Baxter stockholders’ equity 7,081 6,964
Noncontrolling interests (27) 60
Total equity 7,054 7,024
Total liabilities and equity $ 21,304 $ 25,782
v3.25.1
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for accounts receivable, current $ 66 $ 71
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, issued (in shares) 683,494,944 683,494,944
Treasury stock, shares (in shares) 170,414,885 172,567,636
v3.25.1
Condensed Consolidated Statements of Loss (unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 2,625 $ 2,490
Cost of sales 1,764 1,529
Gross margin 861 961
Selling, general and administrative expenses 703 729
Research and development expenses 140 120
Other operating income, net (40) (3)
Operating income 58 115
Interest expense, net 64 78
Other (income) expense, net 3 9
Income (loss) from continuing operations before income taxes (3) 46
Income tax expense (benefit) (67) 40
Income (loss) from continuing operations 64 6
Income (loss) from discontinued operations, net of tax 62 33
Net income (loss) 126 39
Net income attributable to noncontrolling interests included in continuing operations 0 0
Net income attributable to noncontrolling interests included in discontinued operations 0 2
Less: Comprehensive income attributable to noncontrolling interests 0 2
Net income (loss) attributable to Baxter stockholders $ 126 $ 37
Income (loss) from continuing operations per common share    
Income from continuing operations per common share, basic (in dollars per share) $ 0.13 $ 0.01
Income from continuing operations per common share, diluted (in dollars per share) 0.13 0.01
Income (loss) from discontinued operations per common share    
Income from discontinued operations per common share, basic (in dollars per share) 0.12 0.06
Income from discontinued operations per common share, diluted (in dollars per share) 0.12 0.06
Income (loss) per common share    
Basic (in dollars per share) 0.25 0.07
Diluted (in dollars per share) $ 0.25 $ 0.07
Weighted-average number of shares outstanding    
Basic (in shares) 512 508
Diluted (in shares) 514 510
v3.25.1
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Income (loss) from continuing operations $ 64 $ 6
Other comprehensive income (loss) from continuing operations, net of tax:    
Currency translation adjustments, net of tax expense (benefit) of $6 and $13 for the three months ended March 31, 2025 and 2024, respectively. (68) (119)
Pension and other postretirement benefits, net of tax expense (benefit) of ($4) and $3 for the three months ended March 31, 2025 and 2024, respectively. 12 4
Hedging activities, net of tax expense (benefit) of ($1) and $2 for the three months ended March 31, 2025 and 2024, respectively. (2) 8
Total other comprehensive income (loss) from continuing operations, net of tax (58) (107)
Comprehensive income (loss) from continuing operations 6 (101)
Income (loss) from discontinued operations, net of tax 62 33
Currency translation adjustments, net of tax expense (benefit) of zero and $(2) for the three months ended March 31, 2025 and 2024, respectively. 137 (65)
Pension and other postretirement benefits, net of tax expense (benefit) of $(3) and zero for the three months ended March 31, 2025 and 2024, respectively. (11) 0
Total other comprehensive income (loss) from discontinued operations 126 (65)
Comprehensive income (loss) from discontinued operations 188 (32)
Comprehensive income (loss) 194 (133)
Less: Comprehensive income attributable to noncontrolling interests 0 2
Less: Other comprehensive loss attributable to noncontrolling interests 0 (4)
Comprehensive income (loss) attributable to Baxter stockholders $ 194 $ (131)
v3.25.1
Condensed Consolidated Statements of Comprehensive Loss (unaudited) (Parenthetical) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Currency translation adjustments, tax $ 6,000,000 $ 13,000,000
Pension and other postretirement benefits, tax (4,000,000) 3,000,000
Hedging activities, tax (1,000,000) 2,000,000
Discontinued operations, currency translation adjustments, net of tax 0 (2,000,000)
Discontinued operations, pension and other postretirement benefits, tax $ (3,000,000) $ 0
v3.25.1
Condensed Consolidated Statements of Changes in Equity (unaudited) - USD ($)
$ in Millions
Total
Total Baxter stockholders' equity
Common stock
Common stock in treasury
Additional contributed capital
Retained earnings
Accumulated other comprehensive loss
Noncontrolling interests
Balance, beginning of period (in shares) at Dec. 31, 2023     683,000,000          
Balance, beginning of period (in usd) at Dec. 31, 2023 $ 8,468 $ 8,402 $ 683 $ (11,230) $ 6,389 $ 16,114 $ (3,554) $ 66
Balance, treasury, beginning period (in shares) at Dec. 31, 2023       176,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss 39 37       37   2
Other comprehensive income (loss) (172) (168)         (168) (4)
Stock issued under employee benefit plans and other (in shares)       (2,000,000)        
Stock issued under employee benefit plans and other 50 50   $ 100 (50)      
Dividends declared on common stock (148) (148)       (148)    
Change in noncontrolling interests (2)             (2)
Balance, end of period (in shares) at Mar. 31, 2024     683,000,000          
Balance, end of period (in usd) at Mar. 31, 2024 8,235 8,173 $ 683 $ (11,130) 6,339 16,003 (3,722) 62
Balance, treasury, ending period (in shares) at Mar. 31, 2024       174,000,000        
Balance, beginning of period (in shares) at Dec. 31, 2024     683,000,000          
Balance, beginning of period (in usd) at Dec. 31, 2024 $ 7,024 6,964 $ 683 $ (11,059) 6,421 14,929 (4,010) 60
Balance, treasury, beginning period (in shares) at Dec. 31, 2024 172,567,636     173,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss $ 126 126       126   0
Other comprehensive income (loss) (47) (47)         (47)  
Reclassification of other comprehensive income (loss) disposed in the Kidney Care separation 115 115         115  
Stock issued under employee benefit plans and other (in shares)       (3,000,000)        
Stock issued under employee benefit plans and other 10 10   $ 122 (112)      
Dividends declared on common stock (87) (87)       (87)    
Disposition of noncontrolling interest associated with the Kidney Care separation (87)             (87)
Balance, end of period (in shares) at Mar. 31, 2025     683,000,000          
Balance, end of period (in usd) at Mar. 31, 2025 $ 7,054 $ 7,081 $ 683 $ (10,937) $ 6,309 $ 14,968 $ (3,942) $ (27)
Balance, treasury, ending period (in shares) at Mar. 31, 2025 170,414,885     170,000,000        
v3.25.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operations    
Net income (loss) $ 126 $ 39
Less: Income (loss) from discontinued operations, net of tax 62 33
Income (loss) from continuing operations 64 6
Adjustments to reconcile net loss to cash flows from operations:    
Depreciation and amortization 247 271
Deferred income taxes (142) (58)
Stock compensation 10 17
Net periodic pension and other postretirement costs (8) (7)
Other long-lived asset impairments 22 0
Other 6 5
Changes in balance sheet items:    
Accounts receivable, net 26 125
Inventories (122) (145)
Prepaid expenses and other current assets (24) (4)
Accounts payable 16 119
Accrued expenses and other current liabilities (143) (240)
Other (51) (22)
Cash flows from operations – continuing operations (99) 67
Cash flows from operations – discontinued operations (94) 96
Cash flows from operations (193) 163
Cash flows from investing activities    
Capital expenditures (122) (110)
Other investing activities, net (2) 10
Cash flows from investing activities - continuing operations (124) (100)
Cash flows from investing activities - discontinued operations 3,389 (66)
Cash flows from investing activities 3,265 (166)
Cash flows from financing activities    
Repayments of debt (2,825) (15)
Net decreases in debt with original maturities of three months or less (300) 0
Cash dividends on common stock (87) (147)
Proceeds from stock issued under employee benefit plans 10 40
Other financing activities, net (24) (18)
Cash flows from financing activities (3,226) (140)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - continuing operations 36 (25)
Increase (decrease) in cash, cash equivalents and restricted cash (118) (168)
Cash, cash equivalents and restricted cash at start of period [1] 2,414 3,198
Cash, cash equivalents and restricted cash at end of period [1] 2,296 3,030
Less cash and cash equivalents of discontinued operations 0 200
Cash, cash equivalents and restricted cash $ 2,296 $ 2,830
[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, 2025, December 31, 2024, and March 31, 2024 (in millions):
March 31, 2025December 31, 2024March 31, 2024
Cash and cash equivalents$2,294 $1,764 $2,826 
Restricted cash included in other non-current assets2 2 4 
Cash and cash equivalents of discontinued operations— 648 200 
Cash, cash equivalents and restricted cash$2,296 $2,414 $3,030 
v3.25.1
Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Statement of Cash Flows [Abstract]      
Cash and cash equivalents $ 2,294 $ 1,764 $ 2,826
Restricted cash included in other non-current assets 2 2 4
Cash and cash equivalents of discontinued operations 0 648 200
Cash, cash equivalents and restricted cash [1] $ 2,296 $ 2,414 $ 3,030
[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, 2025, December 31, 2024, and March 31, 2024 (in millions):
March 31, 2025December 31, 2024March 31, 2024
Cash and cash equivalents$2,294 $1,764 $2,826 
Restricted cash included in other non-current assets2 2 4 
Cash and cash equivalents of discontinued operations— 648 200 
Cash, cash equivalents and restricted cash$2,296 $2,414 $3,030 
v3.25.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
The unaudited interim condensed consolidated financial statements of Baxter International Inc. and its subsidiaries (we, our or Baxter) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) in the United States have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report).
In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. All such adjustments, unless otherwise noted herein, are of a normal, recurring nature. The disclosures presented in our notes to the consolidated financial statements are presented on a continuing operations basis. The results of operations for the current interim period are not necessarily indicative of the results of operations to be expected for the full year.
On August 12, 2024, we entered into an Equity Purchase Agreement (EPA) with certain affiliates of Carlyle Group Inc. (Carlyle) to sell our Kidney Care business. That business, which is now known as Vantive Health LLC (Vantive) is comprised of our former Kidney Care segment and provides chronic and acute dialysis therapies and services, including peritoneal dialysis, hemodialysis, continuous renal replacement therapies, and other organ support therapies. On January 31, 2025, we completed the sale of our Kidney Care business to Carlyle for an aggregate purchase price of $3.80 billion in cash, subject to certain closing cash, working capital and debt adjustments. After giving effect to certain adjustments, we received approximately $3.71 billion pre-tax cash proceeds at closing of the transaction with the net after tax proceeds of approximately $3.3 billion, subject to certain post-closing adjustments. The financial position, results of operations and cash flows of our Kidney Care business, including the gain on sale of that business and the related cash proceeds received, are reported as discontinued operations in the accompanying condensed consolidated financial statements, and our prior period results have been adjusted to reflect discontinued operations. See Note 2 for additional information.
Hurricane Helene
In September 2024, Hurricane Helene, which brought significant rain and extensive flooding to Western North Carolina, caused damage to certain of our assets at our North Cove facility in Marion, North Carolina and disrupted operations at that facility. Since then, we have actively worked with customers, regulators and other stakeholders to manage inventory and minimize disruption to patient care as we worked towards resuming our North Cove manufacturing operations. While we continue to increase allocation levels across key impacted product groups, the facility was fully operational by the end of the first quarter of 2025. In the first quarter of 2025, we recorded $98 million of pre-tax net charges related to remediation, air freight and other costs as a result of the damages caused by Hurricane Helene. These amounts were recorded as a component of cost of sales in the condensed consolidated statements of income for the three month period ended March 31, 2025.
Risks and Uncertainties
Supply Constraints, Tariffs and Global Economic Conditions
We have experienced significant challenges to our global supply chain, including production delays and interruptions, increased costs and shortages of raw materials and component parts (including resins and electromechanical devices), higher transportation costs, adverse impacts from significant weather events (including Hurricane Helene, which caused the flooding of our North Cove facility), elevated inflation levels and interest rates, disruptions to certain ports of call and access to shipping ports around the world, the war in Ukraine, the conflict in the Middle East and other geopolitical events. While we have seen improvements in the availability of component parts and improved pricing in raw materials and on transportation costs, some of these challenges are expected to have a negative impact on our results of operations in the future. In addition, recent announcements regarding changes in U.S. trade policies and practices, including the implementation of global tariffs and proposed further tariffs (including potential pharmaceutical tariffs), and responses from other jurisdictions, have significantly affected financial markets and economic conditions. While we are in the process of implementing select offsets for 2025 and working to identify
additional mitigation opportunities in 2025 and beyond, we currently expect that our results will be adversely affected (including as a result of a failure to achieve the anticipated offsets or an inability to identify additional mitigating actions). Additionally, continued global macroeconomic uncertainty, including in trade policies and practices, elevated tariffs and in operational and policy changes in the governments of the U.S. and other countries, could contribute to further market volatility, deteriorating or prolonged weakened economic conditions and decreased hospital capital spending levels, all of which could adversely affect our business, results of operations or financial condition. Sole source supplier relationships may limit our ability to respond to these tariffs with alternative of lower cost raw material or component parts.
We expect that these challenges, among other factors, may continue to have an adverse effect on our business.
v3.25.1
DISCONTINUED OPERATIONS
 3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
A component of an entity is reported in discontinued operations after meeting the criteria for held-for-sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. The condensed consolidated financial statements reflect discontinued operations presentation as described below.
Discontinued Operations - Kidney Care
On January 31, 2025, we completed the sale of our Kidney Care business to Carlyle for an aggregate purchase price of $3.80 billion in cash, subject to certain closing cash, working capital and debt adjustments. After giving effect to certain adjustments, we received approximately $3.71 billion pre-tax cash proceeds at closing of the transaction. We recognized a pre-tax gain on the sale of $191 million ($111 million net of tax).
We concluded that our Kidney Care business met the criteria to be classified as held-for-sale in August 2024. We analyzed the quantitative and qualitative factors relevant to the sale of our Kidney Care business, including its significance to our overall net income (loss), earnings (loss) per share, and net assets, and determined that those conditions for discontinued operations presentation had been met. As such, the financial position, results of operations and cash flows of that business are reported as discontinued operations in the accompanying condensed consolidated financial statements. Prior period amounts have been adjusted to reflect discontinued operations presentation.
Upon closing of the sale of the Kidney Care business, pursuant to the Equity Purchase Agreement (EPA), Baxter and Vantive entered into several agreements, including a Manufacturing and Supply Agreement (Kidney Care MSA), a Transition Services Agreement (Kidney Care TSA), a Long Term Master Services Agreement, a Distribution Agreement and certain other arrangements providing for short-term supply of saline products, and an Intellectual Property Agreement. Pursuant to the Kidney Care MSA, Baxter and the Kidney Care divested entities provide each other with certain dialysis-related products, other products, product components and fulfillment services for up to 10 years post-closing (with certain extension rights and early exit rights as provided therein). Pursuant to the Kidney Care MSA, our sales to Vantive are recognized in net sales in the condensed consolidated statements of income (loss). Pursuant to the Kidney Care TSA, Baxter and the entities that were divested in connection with the Kidney Care sale (the Kidney Care divested entities) provide each other, on an interim basis, certain transitional services for up to 30 months post-closing (with certain extension rights and early exit rights as provided therein) to help ensure business continuity and help minimize disruptions to the operations of both parties post-closing. Services provided under the Kidney Care TSA include information technology applications and support, supply chain and certain other corporate and administrative services. Billings by us under the Kidney Care TSA are recorded in other operating income, net in the condensed consolidated statements of income. The costs to provide each respective service is recorded in the applicable expense category in the condensed consolidated statements of income (loss).
In accordance with the EPA, we have agreed to indemnify Vantive for certain items, including taxes imposed on or with respect to the Kidney Care divested entities, for pre-closing tax periods. The net indemnification liability as of March 31, 2025 was $37 million. Further, in accordance with the EPA, Baxter recorded a contingent liability for payments to reimburse Vantive for qualifying capital expenditures over a period of three years post sale. The contingent liability as of March 31, 2025 was $133 million. Certain of the business guarantees originally entered by us on behalf of the Kidney Care business were not released prior to the completion of the sale and remain outstanding. These legacy guarantees primarily relate to leases, performance contracts and ones to support regulatory requirements of the Kidney Care business. As of March 31, 2025, the total amount of Kidney Care business guarantees retained by us is approximately $300 million. Under terms of the EPA, Carlyle has agreed to indemnify us for any cost or expense, or payments made in the future under these arrangements.
Results of Discontinued Operations and Assets and Liabilities of Discontinued Operations
The following tables summarize the major classes of line items included in income (loss) from discontinued operations, net of tax, for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
(in millions)20252024
Net sales$352 $1,102 
Cost of sales206 676 
Gross margin146 426 
Selling, general and administrative expenses116 298 
Research and development expenses16 56 
Operating income (loss)14 72 
Interest expense, net13 — 
Other (income) expense, net7 2 
Income (loss) from discontinued operations before gain on disposition and income taxes(6)70 
Gain on disposition191 — 
Income tax expense (benefit)123 37 
Income from discontinued operations, net of tax62 33 
Less: Net income attributable to noncontrolling interest included in discontinued operations— 2 
Net income attributable to Baxter stockholders included in discontinued operations$62 $31 
For the three months ended March 31, 2025 and 2024, selling, general and administrative expenses (SG&A) includes $37 million and $88 million, respectively, of separation-related costs incurred in connection with the sale of our Kidney Care business.
The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations, related to our Kidney Care business, in the condensed consolidated balance sheets as of December 31, 2024:
(in millions)December 31, 2024
Cash and cash equivalents$648 
Accounts receivable, net of allowances942 
Inventories821 
Prepaid expenses and other current assets200 
Current assets of discontinued operations2,611 
Property, plant and equipment, net1,516 
Goodwill265 
Other intangible assets, net148 
Operating lease right-of-use assets204 
Other non-current assets367 
Non-current assets of discontinued operations2,500 
Assets of discontinued operations$5,111 
Current maturities of finance lease obligations$1 
Accounts payable344 
Accrued expenses and other current liabilities585 
Current liabilities of discontinued operations930 
Long-term finance lease obligations, less current portion37 
Operating lease liabilities173 
Other non-current liabilities344 
Non-current liabilities of discontinued operations554 
Liabilities of discontinued operations$1,484 
v3.25.1
SUPPLEMENTAL FINANCIAL INFORMATION
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL FINANCIAL INFORMATION SUPPLEMENTAL FINANCIAL INFORMATION
Allowance for Doubtful Accounts
The following table is a summary of the changes in our allowance for doubtful accounts for the three months ended March 31, 2025 and 2024.
Three Months Ended March 31,
(in millions)20252024
Balance at beginning of period$71 $62 
Charged to costs and expenses(4)(1)
Write-offs(2)(3)
Currency translation adjustments1 (2)
Balance at end of period$66 $56 
Inventories
(in millions)March 31,
2025		December 31,
2024
Raw materials$550 $510 
Work in process310 266 
Finished goods1,310 1,270 
Inventories$2,170 $2,046 
Property, Plant and Equipment, Net
(in millions)March 31,
2025		December 31,
2024
Property, plant and equipment, at cost$7,431 $7,648 
Accumulated depreciation(4,714)(4,778)
Property, plant and equipment, net$2,717 $2,870 
Other Current Assets and Liabilities
In connection with the sale of our Kidney Care business and pursuant to the EPA, the Kidney Care assets and liabilities in certain countries are to be transferred at a later date for operational, regulatory or other reasons. Accordingly, the related assets, primarily consisting of accounts receivable, of $95 million and liabilities, consisting of accounts payable, of $7 million of these deferred markets and are presented within prepaid and other current assets and accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet as of March 31, 2025.
In the first quarter of 2025, we signed a purchase agreement with a buyer to sell our manufacturing facility in Opelika, Alabama for $25 million, subject to the satisfaction of various closing conditions. The related assets are classified as held-for-sale and are presented within prepaid and other current assets in the accompanying condensed consolidated balance sheet as of March 31, 2025. While the closing remains subject to the satisfaction of various closing conditions, we currently expect the transaction to close in 2025 and the net book value of the assets as of March 31, 2025 approximates the transaction price net of estimated selling costs.
Interest Expense, Net
Three Months Ended March 31,
(in millions)20252024
Interest expense, net of capitalized interest$81 $103 
Interest income(17)(25)
Interest expense, net$64 $78 
Other (Income) Expense, Net
Three Months Ended March 31,
(in millions)20252024
Foreign exchange losses, net$— $14 
Pension and other postretirement benefit plans(11)(13)
Change in fair value of marketable equity securities1 (3)
Equity method investment impairment9 — 
Other, net(2)(7)
Other (income) expense, net$(3)$(9)
Non-Cash Operating and Investing Activities
Right-of-use operating lease assets obtained in exchange for lease obligations for the three months ended March 31, 2025 and 2024 were $5 million and $16 million, respectively.
Purchases of property, plant and equipment included in accounts payable as of March 31, 2025 and 2024 were $39 million and $35 million, respectively.
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill
The following is a reconciliation of goodwill by segment.
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticalsTotal
Balance as of December 31, 2024$1,185 $3,550 $540 $5,275 
Currency translation 38 8 17 63 
Balance as of March 31, 2025$1,223 $3,558 $557 $5,338 
Other intangible assets, net
The following is a summary of our other intangible assets.
Indefinite-lived intangible assets
(in millions)Customer relationshipsDeveloped technology, including patentsTrade namesOther amortized intangible assetsTrade namesIn process Research and Development
Total
December 31, 2024
Gross other intangible assets$3,387 $3,131 $958 $86 $680 $107 $8,349 
Accumulated amortization(878)(2,075)(107)(66)— — (3,126)
Other intangible assets, net$2,509 1,056 851 20 680 107 5,223 
March 31, 2025
Gross other intangible assets$3,389 $3,154 $953 $88 $680 $107 $8,371 
Accumulated amortization(932)(2,170)(119)(69)— — (3,290)
Other intangible assets, net$2,457 $984 $834 $19 $680 $107 $5,081 
Intangible asset amortization expense was $155 million and $158 million for the three months ended March 31, 2025 and 2024, respectively
v3.25.1
FINANCING ARRANGEMENTS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Significant Debt Activity
In February 2025, we repaid $1.00 billion under our $1.64 billion five-year term loan facility maturing in 2026.
Credit Facilities
On July 17, 2024, we entered into a credit agreement pursuant to which a group of banks provided us senior unsecured term loans in an aggregate principal amount of up to $2.05 billion ("the bridge facility"). Borrowings under the bridge facility were available in up to three drawings to fund (a) the refinancing of our 1.322% Senior Notes due November 29, 2024, our Floating Rate Notes due November 29, 2024, and certain borrowings under our existing term loan facility and (b) payment of certain U.S. tax liabilities arising from internal reorganization transactions related to the sale of our Kidney Care business. Borrowings under the bridge facility bore interest at a rate based on our long-term debt ratings in effect from time to time and the interest rate on any borrowings outstanding beyond December 31, 2024 would increase by 0.25%. We also incurred a ticking fee on undrawn commitments at a rate based on our long-term debt ratings in effect from time to time. The banks’ funding commitments under the bridge facility terminated on December 31, 2024. Outstanding borrowings under the bridge facility were scheduled to mature on the earlier of 364 days from the first funding date and November 24, 2025. Additionally, we were required to use the net cash proceeds from certain transactions (including from the sale of our Kidney Care business) to repay any outstanding borrowings under the bridge facility. The bridge facility contained financial and other covenants, including a net leverage
covenant, and provided for customary events of default. There was $1.83 billion outstanding under this bridge facility as of December 31, 2024. In January 2025, we used a portion of the approximately $3.3 billion of net after-tax cash proceeds from the sale of our Kidney Care business to repay the $1.83 billion outstanding under the bridge facility, at which time it was terminated.
As of March 2025, we had a U.S. Dollar-denominated term loan credit facility, which had one tranche of term loans outstanding, a U.S Dollar-denominated revolving credit facility and a Euro-denominated revolving credit facility. Our U.S. Dollar-denominated revolving credit facility has a current capacity of $2.00 billion and our Euro-denominated revolving credit facility has a capacity of €200 million. Each of the facilities is scheduled to mature in 2026. There were no borrowings outstanding under these credit facilities as of March 31, 2025 or December 31, 2024. Our commercial paper borrowing arrangements require us to maintain undrawn borrowing capacity under our revolving credit facilities for an amount at least equal to our outstanding commercial paper borrowings. Based on our covenant calculations as of March 31, 2025 we have capacity to draw $2.04 billion under our credit facilities.
Commercial Paper
There was no commercial paper outstanding as of March 31, 2025. As of December 31, 2024, we had $300 million of commercial paper outstanding with a weighted-average interest rate of 4.78% and an original term of 45 days. In the first quarter of 2025, we repaid the $300 million balance outstanding as of December 31, 2024.
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
We are involved in product liability, patent, commercial, employment and other legal matters that arise in the normal course of our business. We record a liability when a loss is considered probable and the amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate than any other amount, the minimum amount in the range is accrued. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. As of March 31, 2025 and December 31, 2024, our total recorded reserves with respect to legal and environmental matters were $46 million and $40 million, respectively.
We have established reserves for certain of the matters discussed below. We are not able to estimate the amount or range of any loss for certain contingencies for which there is no reserve or additional loss for matters already reserved. While our liability in connection with these claims cannot be estimated and the resolution thereof in any reporting period could have a significant impact on our results of operations and cash flows for that period, the outcome of these legal proceedings is not expected to have a material adverse effect on our consolidated financial position. While we believe that we have valid defenses in the matters set forth below, litigation is inherently uncertain, excessive verdicts do occur, and we may incur material judgments or enter into material settlements of claims.
In addition to the matters described below, we remain subject to the risk of future administrative and legal actions. With respect to governmental and regulatory matters, these actions may lead to product recalls, injunctions, and other restrictions on our operations (including our ability to launch new products) and monetary sanctions, including significant civil or criminal penalties. With respect to intellectual property, we may be exposed to significant litigation concerning the scope of our and others’ rights. Such litigation could result in a loss of patent protection or the ability to market products, which could lead to a significant loss of sales, or otherwise materially affect future results of operations.
Environmental
We are involved as a potentially responsible party (PRP) for environmental clean-up costs at six Superfund sites. Additionally, we are a defendant in a separate matter regarding a seventh Superfund site. Under the U.S. Superfund statute and many state laws, generators of hazardous waste sent to a disposal or recycling site are liable for site cleanup if contaminants from that property later leak into the environment. The laws generally provide that a PRP may be held jointly and severally liable for the costs of investigating and remediating the site. Separate from these Superfund cases noted above, we are involved in ongoing environmental remediations associated with historic operations at certain of our facilities. As of March 31, 2025 and December 31, 2024, our environmental reserves, which are measured on an undiscounted basis, were $28 million and $29 million, respectively. After considering these reserves, the outcome of these matters is not expected to have a material adverse effect on our financial position or results of operations.
General Litigation
In March 2020, two lawsuits were filed against us in the Northern District of Illinois by plaintiffs alleging injuries as a result of exposure to ethylene oxide used in our manufacturing facility in Mountain Home, Arkansas to sterilize certain of our products. The plaintiffs sought damages, including compensatory and punitive damages in an unspecified amount, and unspecified injunctive and declaratory relief. The parties reached an agreement to settle these lawsuits in the third quarter of 2021 for amounts that were not material to our financial results, which were paid in the fourth quarter of 2021. We have since resolved, without litigation, additional claims of injuries from exposure to ethylene oxide at Mountain Home for amounts within accruals previously established as of December 31, 2021. On October 20, 2022, a lawsuit was filed against us in the Western District of Arkansas alleging injury as a result of exposure to ethylene oxide at Mountain Home. On December 16, 2022, we filed a motion to dismiss and for a more definite statement. In response, Plaintiffs filed a First Amended Complaint on January 6, 2023. We answered the First Amended Complaint on January 27, 2023. The parties reached an agreement to settle this lawsuit in the third quarter of 2023 for an amount that was not material to our financial results, which was paid in the fourth quarter of 2023. The case was dismissed on October 17, 2023. Since December 2023, 41 lawsuits (after giving effect to the September 2024 amendment referenced below) have been filed against us in the Circuit Court of Cook County, Illinois by plaintiffs alleging injuries as a result of exposure to ethylene oxide used by several companies, including historic use by us for sterilization at our facility in Round Lake, Illinois. The plaintiffs seek damages in an unspecified amount. On July 16, 2024, Plaintiffs' counsel filed an omnibus motion seeking leave to add certain defendants to hundreds of previously-filed lawsuits, including Baxter with respect to 40 cases. The motion was denied on July 25, 2024, without prejudice to refiling multiple motions each addressing smaller groupings of cases and defendants. On September 11, 2024, the court granted leave to amend one previously-filed complaint to add Baxter as a defendant. In the second quarter of 2025, plaintiffs filed a motion to voluntarily dismiss Baxter from 29 of the filed cases, which was granted by the Court. The parties have reached an agreement in principle to resolve the remaining filed cases, along with certain additional matters, for an amount not material to Baxter.
We acquired Hill-Rom Holdings, Inc. (Hillrom) on December 13, 2021. In July 2021, Hill-Rom, Inc., a wholly-owned subsidiary of Hillrom, received a subpoena from the United States Office of Inspector General for the Department of Health and Human Services (the DHHS) requesting documents and information related to compliance with the False Claims Act and the Anti-Kickback Statute. The subpoena was related to a lawsuit brought under the qui tam provisions of the False Claims Act. The allegations included in the unsealed complaint relate to conduct prior to our acquisition of Hillrom, and the division involved is no longer operational. Hillrom voluntarily began a related internal review, and Hillrom and Baxter cooperated fully with the DHHS and the Department of Justice (DOJ) with respect to this matter. In January 2024, the parties reached an agreement to settle the allegations. We paid the settlement amounts, which were not material to our financial results, in January 2024 and the matter was dismissed in February 2024. In October 2022, the DOJ issued a separate Civil Investigative Demand (CID) addressed to Hillrom, requesting documents and information related to compliance with the False Claims Act and the Anti-Kickback Statute. In October 2024, the DOJ issued a subpoena (the 2024 Subpoena), pursuant to 18 U.S.C. 3846, to Hillrom. The 2024 Subpoena substantially overlaps with the CID and requests additional documents relating to Hillrom's respiratory health business. Baxter is cooperating fully with the DOJ in responding to the CID and the 2024 Subpoena. The DHHS and DOJ often issue these types of requests when investigating alleged violations of the federal health care laws.
On December 28, 2021, Linet Americas, Inc. (Linet) filed a complaint against Hill-Rom Holdings, Inc., Hill-Rom Company, Inc., and Hill-Rom Services, Inc. in the United States District Court for the Northern District of Illinois, captioned Linet Americas, Inc. v. Hill-Rom Holdings, Inc.; Hill-Rom Company, Inc.; Hill-Rom Services, Inc. Linet alleges that Hillrom violated Sections 1 and 2 of The Sherman Antitrust Act of 1890, Section 3 of the Clayton Act, and the Illinois Antitrust Act by allegedly engaging in anti-competitive conduct in alleged markets for standard, ICU and birthing beds. Hillrom filed an answer to the complaint on January 28, 2022 and filed a motion challenging certain aspects of plaintiff's case on May 27, 2022, which was denied on January 17, 2024, subject to further discovery. Fact discovery is ongoing.
On June 20, 2024, Reading Hospital filed a putative class action complaint against Hill-Rom Holdings, Inc., Hill-Rom Company, Inc., and Hill-Rom Services, Inc. in the United States District Court for the Eastern District of Pennsylvania. The complaint alleges that Hillrom violated Sections 1 and 2 of The Sherman Antitrust Act and Section 3 of the Clayton Act by allegedly engaging in anti-competitive conduct in alleged markets for standard, ICU and birthing beds. The plaintiff filed the action on behalf of itself and all "direct purchasers of Standard Hospital Beds, ICU Beds, and/or Birthing Beds from Hill-Rom during a period beginning at least as early as June 20, 2020” and continuing past the date of filing. On September 30, 2024, the plaintiff filed a First Amended Complaint. On November 8, 2024, Hillrom
filed a Motion to Dismiss Plaintiff's Amended Complaint. Briefing was completed in January 2025, and the court held a hearing on the motion on March 25, 2025. The motion is pending before the court.
v3.25.1
STOCKHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Cash Dividends
Cash dividends declared per share for the three months ended March 31, 2025 and 2024 were $0.17 and $0.29, respectively.
Stock Repurchase Programs
In July 2012, our Board of Directors authorized a share repurchase program and the related authorization amount was subsequently increased a number of times. During the first three months of 2025 and 2024 we did not repurchase any shares under this authority. We had $1.30 billion remaining available under the authorization as of March 31, 2025.
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Comprehensive income includes all changes in stockholders’ equity that do not arise from transactions with stockholders, and consists of net income (loss), cumulative translation adjustments (CTA), certain gains and losses from pension and other postretirement employee benefit (OPEB) plans, gains and losses on cash flow hedges, and unrealized gains and losses on available-for-sale debt securities.
The following table is a net-of-tax summary of the changes in accumulated other comprehensive income (loss) (AOCI) by component for the three months ended March 31, 2025 and 2024.
Gains (losses)
(in millions)CTAPension and OPEB plansHedging activitiesAvailable-for-sale debt securitiesTotal
Balance as of December 31, 2024
$(3,430)$(475)$(108)$3 $(4,010)
Other comprehensive income (loss) before reclassifications(57)14 — — (43)
Amounts reclassified from AOCI (a)126 (13)(2)— 111 
Net other comprehensive income (loss) 69 1 (2)— 68 
Balance as of March 31, 2025$(3,361)$(474)$(110)$3 $(3,942)
Gains (losses)
(in millions)CTAPension and OPEB plansHedging activitiesAvailable-for-sale debt securitiesTotal
Balance as of December 31, 2023$(2,985)$(452)$(120)$3 $(3,554)
Other comprehensive income (loss) before reclassifications(180)5 6 — (169)
Amounts reclassified from AOCI (a)
— (1)2 — 1 
Net other comprehensive income (loss) (180)4 8 — (168)
Balance as of March 31, 2024$(3,165)$(448)$(112)$3 $(3,722)
(a)    See table below for details about these reclassifications.
The following is a summary of the amounts reclassified from AOCI to net income (loss) during the three months ended March 31, 2025 and 2024.
Amounts reclassified from AOCI (a)
(in millions)Three Months Ended March 31, 2025Three Months Ended March 31, 2024Location of impact in income statement
CTA
Reclassification of cumulative translation loss to earnings from Kidney Care separation$(126)$— Income from discontinued operations, net of tax
Less: Tax effect— — Income from discontinued operations, net of tax
$(126)$— Net of tax
Pension and OPEB items
Amortization of net losses and prior service costs or credits$3 $2 Other (income) expense, net
Pension settlement from Kidney Care separation14 — Income from discontinued operations, net of tax
17 2 Total before tax
Less: Tax effect(1)(1)Income tax expense
Less: Tax effect on pension settlement from Kidney Care separation(3)— Income from discontinued operations, net of tax
$13 $1 Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts$(1)$2 Cost of sales
Interest rate contracts4 (1)Interest expense, net
Fair value hedges— (3)Other (income) expense, net
3 (2)Total before tax
Less: Tax effect(1)— Income tax expense
$2 $(2)Net of tax
Total reclassifications for the period$(111)$(1)Total net of tax
(a)    Amounts in parentheses indicate reductions to net income
Refer to Note 11 for additional information regarding the amortization of pension and OPEB items and Note 14 for additional information regarding hedging activity
v3.25.1
REVENUES
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in the contract. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Some of our contracts have multiple performance obligations. For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. Our global payment terms are typically between 30 to 90 days.
Our primary customers are hospitals, healthcare distribution companies, and government agencies that purchase healthcare products on behalf of providers. Most of our performance obligations are satisfied at a point in time. This includes sales of our broad portfolio of essential healthcare products across our business segments. We earn revenues from sterile IV solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; smart bed systems; patient monitoring and diagnostic technologies; respiratory health devices; and advanced equipment for the surgical space. For most of those offerings, our performance obligation is satisfied upon delivery to the customer. Shipping and handling activities are considered to be fulfillment activities and are not considered to be a separate performance obligation.
To a lesser extent, we enter into arrangements for which revenue may be recognized over time. For example, we lease medical equipment to customers under operating lease arrangements and recognize the related revenues on a monthly basis over the lease term. Our Healthcare Systems & Technologies segment includes connected care solutions and collaboration tools that are implemented over time. We recognize revenue for these arrangements over time or at a point in time depending on our evaluation of when the customer obtains control of the promised goods or services. We also earn revenue from contract manufacturing activities, which is recognized over time as the services are performed. Revenue is recognized over time when we are creating or enhancing an asset that the customer controls as the asset is created or enhanced or our performance does not create an asset with an alternative use and we have an enforceable right to payment for performance completed.
As of March 31, 2025, we had $10.19 billion of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of more than one year, which are primarily included in the Medical Products & Therapies segment. Some contracts in the United States included in this amount contain index-dependent price increases, which are not known at this time. We expect to recognize approximately 15% of this amount as revenue over the remainder of 2025, 20% in 2026, 15% in each of 2027 and 2028 and 35% thereafter.
Significant Judgments
Revenues from product sales are recorded at the net sales price, which include estimates of variable consideration primarily related to rebates and distributor chargebacks. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are included in accrued expenses and other current liabilities and as reductions of accounts receivable, net on the condensed consolidated balance sheets. Management's estimates take into consideration historical experience, current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. Overall, these reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of the contract using the expected value method. The amount of variable consideration included in the net sales price is limited to the amount for which it is probable that a significant reversal in revenue will not occur when the related uncertainty is resolved. Revenue recognized during the three months ended March 31, 2025 and 2024 related to performance obligations satisfied in prior periods was not material. Additionally, our contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately and determining the allocation of the transaction price may require significant judgement.
Contract Balances
The timing of revenue recognition, billings and cash collections results in the recognition of trade accounts receivable, unbilled receivables, contract assets and customer advances, and deposits (contract liabilities) on our condensed consolidated balance sheets. Net trade accounts receivable was $1.49 billion and $1.54 billion as of March 31, 2025 and December 31, 2024, respectively.
For contract manufacturing arrangements, revenue is primarily recognized throughout the production cycle, which typically lasts up to 90 days, resulting in the recognition of contract assets until the related services are completed and the customers are billed. Additionally, for certain arrangements containing a performance obligation to deliver software that can be used with medical devices, we recognize revenue upon delivery of the software, which results in the recognition of contract assets when customers are billed over time, generally over one to five years. For bundled contracts involving equipment delivered up-front and consumable medical products to be delivered over time, total contract revenue is allocated between the equipment and consumable medical products. In certain of those arrangements, a contract asset is created for the difference between the amount of equipment revenue recognized upon delivery and the amount of consideration initially receivable from the customer. In those arrangements, the contract asset becomes a trade account receivable as consumable medical products are delivered and billed, generally over one to seven years.
The following table summarizes our contract assets:
(in millions)March 31,
2025		December 31,
2024
Contract manufacturing services$4 $2 
Software sales39 44 
Bundled equipment and consumable medical products contracts89 87 
Contract assets$132 $133 
Contract liabilities represent deferred revenues that arise as a result of cash received from customers or where the timing of billing for services precedes satisfaction of our performance obligations. Such remaining performance obligations represent the portion of the contract price for which work has not been performed and are primarily related to our installation and service contracts. We expect to satisfy the majority of the remaining performance obligations and recognize revenue related to installation and service contracts within the next 12 months with most of the non-current performance obligations satisfied within 24 months.
The following table summarizes contract liability activity for the three months ended March 31, 2025 and 2024. The contract liability balance represents the transaction price allocated to the remaining performance obligations.
Three Months Ended March 31,
(in millions)
2025
2024
Balance at beginning of period$171 $169 
New revenue deferrals128 93 
Revenue recognized upon satisfaction of performance obligations(124)(91)
Currency translation— (2)
Balance at end of period$175 $169 
For the three months ended March 31, 2025 and 2024, $34 million and $43 million of revenue was recognized that was included in contract liabilities as of December 31, 2024 and 2023, respectively.
The following table summarizes the classification of contract assets and contract liabilities as reported in the condensed consolidated balance sheets:
(in millions)March 31,
2025		December 31,
2024
Prepaid expenses and other current assets$54 $51 
Other non-current assets78 82 
Contract assets$132 $133 
Accrued expenses and other current liabilities$135 $131 
Other non-current liabilities40 40 
Contract liabilities$175 $171 
Disaggregation of Net Sales
Refer to Note 16 for additional information on our net sales including the disaggregation of net sales within each of our segments and net sales by geographic location.
Lease Revenue
We lease medical equipment, such as smart beds and infusion pumps, to customers, often in conjunction with arrangements to provide consumable medical products such as IV fluids and inhaled anesthetics. Certain of our equipment leases are classified as sales-type leases and the remainder are operating leases. The terms of the related contracts, including the proportion of fixed versus variable payments and any options to shorten or extend the lease term, vary by customer. We allocate revenue between equipment leases and medical products based on their standalone selling prices.
The components of lease revenue for the three months ended March 31, 2025 and 2024 were:
Three Months Ended March 31,
(in millions)20252024
Sales-type lease revenue$8 $2 
Operating lease revenue91 104 
Variable lease revenue7 8 
Total lease revenue$106 $114 
Our net investment in sales-type leases was $47 million as of March 31, 2025, of which $13 million originated in 2021 and prior, $6 million in 2022, $7 million in 2023, $10 million in 2024, and $11 million in 2025.
v3.25.1
BUSINESS OPTIMIZATION CHARGES
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
BUSINESS OPTIMIZATION CHARGES BUSINESS OPTIMIZATION CHARGES
In recent years, we have undertaken actions to transform our cost structure and enhance operational efficiency. These efforts include restructuring the organization into verticalized segments, optimizing the manufacturing footprint, R&D operations and supply chain network, employing disciplined cost management, and centralizing and streamlining certain support functions. We currently expect to incur additional pre-tax costs, primarily related to the implementation of business optimization programs, of approximately $4 million through the completion of initiatives that are currently underway. We continue to pursue cost savings initiatives, including those intended to mitigate a portion of the dis-synergies that arose as a result of the sale of our Kidney Care business, and to the extent further cost savings opportunities are identified, we would incur additional restructuring charges and costs to implement business optimization programs in future periods. For segment reporting, business optimization charges are unallocated expenses.

During the three months ended March 31, 2025 and 2024, we recorded the following charges related to business optimization programs.
Three Months Ended March 31,
(in millions)20252024
Restructuring charges$44 $17 
Costs to implement business optimization programs1 5 
Total business optimization charges$45 $22 
Costs to implement business optimization programs for the three months ended March 31, 2025 and 2024, respectively, consisted primarily of external consulting and transition costs, including employee compensation and related costs. These costs were primarily included within cost of sales and SG&A expense.
During the three months ended March 31, 2025 and 2024, we recorded the following restructuring charges.
Three months ended March 31, 2025
(in millions)COGSSG&AR&DTotal
Employee termination costs$12 $13 $1 $26 
Asset write offs1 17 — 18 
Total restructuring charges$13 $30 $1 $44 
Three months ended March 31, 2024
(in millions)COGSSG&ATotal
Employee termination costs$3 $11 $14 
Contract termination and other costs— 3 3 
Total restructuring charges$3 $14 $17 
For the three months ended March 31, 2025, $25 million of the restructuring charges reflected in the table above, consisting of employee termination costs, were related to initiatives to reduce our cost structure following the sale of our Kidney Care segment.
For the three months ended March 31, 2024, $6 million of the restructuring charges reflected in the table above, consisting of employee termination costs, were related to the implementation of our operating model intended to streamline our operations.
The following table summarizes activity in the liability related to our restructuring initiatives.
(in millions)
Liability balance as of December 31, 2024$122 
Charges26 
Payments(36)
Currency translation2 
Liability balance as of March 31, 2025$114 
Substantially all of our restructuring liabilities as of March 31, 2025 relate to employee termination costs, with the remaining liabilities attributable to contract termination costs. Substantially all of the cash payments for those liabilities are expected to be disbursed by the end of 2025.
v3.25.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS
The following is a summary of net periodic benefit cost relating to our pension and OPEB plans.
Three Months Ended March 31,
(in millions)20252024
Pension benefits
Service cost$3 $6 
Interest cost34 45 
Expected return on plan assets(44)(59)
Amortization of net losses and prior service costs1 4 
Net periodic pension cost$(6)$(4)
OPEB
Interest cost$2 $2 
Amortization of net loss and prior service credit(4)(5)
Net periodic OPEB cost (income)$(2)$(3)
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
For the three months ended March 31, 2025 and 2024, our effective income tax rate differs significantly from the 21% U.S. federal statutory rate due to a number of factors, including foreign rate differences, tax incentives, non-deductible expenses, non-taxable income, increases or decreases in valuation allowances, increases or decreases in liabilities for uncertain tax positions, and excess tax benefits or shortfalls on stock compensation awards.
For the three months ended March 31, 2025, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily driven by our near break-even pre-tax income and a tax benefit driven by an entity classification election that we made for U.S. tax purposes, which resulted in a capital loss.
For the three months ended March 31, 2024, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily driven by income tax expense resulting from internal reorganization transactions related to the sale of our Kidney Care segment, an increase in a valuation allowance in a foreign jurisdiction resulting from changes in future projected income, and an increase in our liabilities for various uncertain tax positions.
v3.25.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The numerator for both basic and diluted earnings per share (EPS) is net income (loss) attributable to Baxter stockholders. The denominator for basic EPS is the weighted-average number of shares outstanding during the period. The dilutive effect of outstanding stock options, RSUs and PSUs is reflected in the denominator for diluted EPS using the treasury stock method.
The following table is a reconciliation of income (loss) from continuing operations to net income (loss) attributable to Baxter stockholders.
Three Months Ended March 31,
(in millions)20252024
Income (loss) from continuing operations$64 $6 
Less: Net income attributable to noncontrolling interests included in continuing operations— — 
Income (loss) from continuing operations attributable to Baxter stockholders64 6 
Income (loss) from discontinued operations62 33 
Less: Net income attributable to noncontrolling interests included in discontinued operations— 2 
Income (loss) from discontinued operations attributable to Baxter stockholders62 31 
Net income (loss) attributable to Baxter stockholders$126 $37 

The following table is a reconciliation of basic shares and diluted shares.
Three Months Ended March 31,
(in millions)20252024
Basic shares512 508 
Effect of dilutive securities2 2 
Diluted shares514 510 
The effect of dilutive securities includes unexercised stock options, unvested RSUs and contingently issuable shares related to granted PSUs. The computation of diluted EPS excludes 20 million and 16 million shares issuable under equity awards for the three months ended March 31, 2025 and 2024, respectively, because their inclusion would have had an anti-dilutive effect on diluted EPS.
v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
We operate on a global basis and are exposed to the risk that our earnings, cash flows and equity could be adversely impacted by fluctuations in foreign exchange and interest rates. Our hedging policy attempts to manage these risks to an acceptable level based on our judgment of the appropriate trade-off between risk, opportunity and costs.
We are primarily exposed to foreign exchange risk with respect to recognized assets and liabilities, forecasted transactions and net assets denominated in the Euro, British Pound, Canadian Dollar, Australian Dollar, Indian Rupee, Turkish Lira, Japanese Yen, Mexican Peso, Korean Wan and Swiss Franc. We manage our foreign currency exposures on a consolidated basis, which allows us to net exposures and take advantage of any natural offsets. In addition, we use derivative and nonderivative instruments to further reduce our net exposure to foreign exchange risk. Gains and losses on the hedging instruments offset losses and gains on the hedged transactions and reduce the earnings and equity volatility resulting from changes in foreign exchange rates. Financial market and currency volatility may limit our ability to cost-effectively hedge these exposures.
We are also exposed to the risk that our earnings and cash flows could be adversely impacted by fluctuations in interest rates. Our policy is to manage interest costs using the mix of fixed- and floating-rate debt that we believe is appropriate at that time. To manage this mix in a cost-efficient manner, we periodically enter into interest rate swaps in which we agree to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional amount.
We do not hold any instruments for trading purposes and none of our outstanding derivative instruments contain credit-risk-related contingent features.
Derivative instruments are recognized as either assets or liabilities at fair value in the condensed consolidated balance sheets and are classified as short-term or long-term based on the scheduled maturity of the instrument. We designate certain of our derivatives and foreign-currency denominated debt as hedging instruments in cash flow, fair value or net investment hedges.
Cash Flow Hedges
We may use options, including collars and purchased options, forwards and cross-currency swaps to hedge the foreign exchange risk to earnings relating to forecasted transactions and recognized assets and liabilities. We periodically use treasury rate locks to hedge the risk to earnings associated with movements in interest rates relating to anticipated issuances of debt.
For each derivative instrument that is designated and effective as a cash flow hedge, the gain or loss on the derivative is recorded in AOCI and then recognized in earnings consistent with the underlying hedged transaction. Cash flow hedges are classified in cost of sales and interest expense, net, and are primarily related to forecasted intra-company sales denominated in foreign currencies and forecasted interest payments on anticipated issuances of debt, respectively.
The notional amounts of foreign exchange contracts designated as cash flow hedges were $49 million and $99 million as of March 31, 2025 and December 31, 2024, respectively. The maximum term over which we have cash flow hedge contracts in place related to forecasted transactions at March 31, 2025 is eight months for foreign exchange contracts. There were no outstanding interest rate contracts designated as cash flow hedges as of March 31, 2025 and December 31, 2024.
Fair Value Hedges
We periodically use interest rate swaps to convert a portion of our fixed-rate debt into variable-rate debt. These instruments hedge our earnings from changes in the fair value of debt due to fluctuations in the designated benchmark interest rate. For each derivative instrument that is designated and effective as a fair value hedge, the gain or loss on the derivative is recognized immediately to earnings, and offsets changes in fair value attributable to a particular risk, such as changes in interest rates, of the hedged item, which are also recognized in earnings. Changes in the fair value of hedge instruments designated as fair value hedges are classified in interest expense, net, as they hedge the interest rate risk associated with certain of our fixed-rate debt.
There were no outstanding interest rate contracts designated as fair value hedges as of March 31, 2025 and December 31, 2024.
In October 2023, we entered into a foreign currency forward contract with a notional amount of $798 million and designated that derivative as a fair value hedge of our €750 million of 0.40% senior notes due May 2024. This forward contract matured in May 2024.
Net Investment Hedges
In May 2017, we issued €600 million of 1.3% senior notes due May 2025. We had designated these debt obligations as hedges of our net investment in our European operations and, as a result, mark to spot rate adjustments of the outstanding debt balances were previously recorded as a component of AOCI. In March 2025, we dedesignated this previously designated net investment hedge and concurrently entered into forward contracts to manage foreign exchange risk in earnings relating to these outstanding debt balances.
In May 2019, we issued €750 million of 1.3% senior notes due May 2029. We have designated these debt obligations as hedges of our net investment in our European operations and, as a result, mark to spot rate adjustments on the outstanding debt balances are recorded as a component of AOCI.
In May 2019, we issued €750 million of 0.40% senior notes due May 2024. We had designated these debt obligations as hedges of our investment in our European operations and, as a result, mark to spot rate adjustments of the outstanding debt balances were previously recorded as a component of AOCI. In October 2023, we dedesignated this previously designated net investment hedge and concurrently entered into a fair value hedging relationship as discussed in the "Fair Value Hedges" section above.
As of March 31, 2025, we had an accumulated pre-tax unrealized translation gain in AOCI of $63 million related to the Euro-denominated senior notes.
Dedesignations
If it is determined that a derivative or nonderivative hedging instrument is no longer highly effective as a hedge, we discontinue hedge accounting prospectively. Gains or losses relating to terminations of effective cash flow hedges generally continue to be deferred and are recognized consistent with the loss or income recognition of the underlying hedged transactions. However, if it is probable that the hedged forecasted transactions will not occur, any gains or losses would be immediately reclassified from AOCI to earnings.
There were no cash flow hedge dedesignations in the first three months of 2025 or 2024 resulting from changes in our assessment of the probability that the hedged forecasted transactions would occur.
If we terminate a fair value hedge, an amount equal to the cumulative fair value adjustment to the hedged item at the date of termination is amortized to earnings over the remaining term of the hedged item. There were no fair value hedges terminated during the first three months of 2025 or 2024.
If we remove a net investment hedge designation, any gain or loss recognized in AOCI is not reclassified to earnings until we sell, liquidate, or deconsolidate the foreign investments that were being hedged. In March 2025, we dedesignated one of our net investment hedges as discussed in the "Net Investment Hedges" section above. There were no net investment hedges terminated during the first three months of 2024.
Undesignated Derivative Instruments
We use forward contracts to hedge earnings from the effects of foreign exchange relating to certain of our intra-company and third-party receivables and payables denominated in a foreign currency. These derivative instruments are generally not formally designated as hedges and the terms of these instruments generally do not exceed one month.
In March 2025, as discussed in the "Net Investment Hedges" section above, we entered into forward contracts with a notional amount of $655 million to hedge the repayment of our Euro-denominated senior notes due May 2025. The total notional amount of undesignated derivative instruments was $955 million as of March 31, 2025 and $389 million as of December 31, 2024.
Gains and Losses on Hedging Instruments and Undesignated Derivative Instruments
The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the three months ended March 31, 2025 and
2024.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI into income
(in millions)2025202420252024
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(1)$(1)
Foreign exchange contracts— 10 Cost of sales4 2 
Fair value hedges
Foreign exchange contracts— (2)Other (income) expense, net— (3)
Net investment hedges61 38 Other (income) expense, net— — 
Total$61 $46 $3 $(2)
Location of gain (loss) in income statementGain (loss) recognized in income
(in millions)20252024
Fair value hedges
Foreign exchange contractsOther (income) expense, net$— $(23)
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net(2)(5)
Total$(2)$(28)
As of March 31, 2025, $2 million of deferred, net after-tax losses on derivative instruments included in AOCI are expected to be recognized in earnings during the next 12 months, coinciding with when the hedged items are expected to impact earnings.
Derivative Assets and Liabilities
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of March 31, 2025.
Derivatives in asset positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets$3 Accrued expenses and other current liabilities$—
Net investment hedgesLong-term debt and finance lease obligations, less current portion761
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets— Accrued expenses and other current liabilities4
Net investment hedgesCurrent maturities of long-term debt and finance lease obligations648
Total derivative instruments$3 $1,413
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2024.
Derivatives in asset positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets$6 Accrued expenses and other current liabilities$— 
Net investment hedgesCurrent maturities of long-term debt and finance lease obligations618 
Net investment hedgesLong-term debt and finance lease obligations, less current portion727 
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets1 Accrued expenses and other current liabilities2 
Total derivative instruments$7 $1,347 
While some of our derivatives are subject to master netting arrangements, we present our assets and liabilities related to derivative instruments on a gross basis within the condensed consolidated balance sheets. Additionally, we are not required to post collateral for any of our outstanding derivatives.
The following table provides information on our derivative positions as if they were presented on a net basis, allowing for the right of offset by counterparty.
March 31, 2025December 31, 2024
(in millions)AssetLiabilityAssetLiability
Gross amounts recognized in the condensed consolidated balance sheets$3 $4 $7 $2 
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet(2)(2)(1)(1)
Total$1 $2 $6 $1 
The following table presents the amounts recorded on the condensed consolidated balance sheet related to fair value hedges:
Carrying amount of hedged itemCumulative amount of fair value hedging adjustment included
 in the carrying amount of the hedged item (a)
(in millions)Balance as of March 31, 2025Balance as of December 31, 2024Balance as of March 31, 2025Balance as of December 31, 2024
Long-term debt$99 $99 $2 $2 
(a) These fair value hedges were terminated in 2018 and earlier periods.
v3.25.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis.
Basis of fair value measurement
(in millions)Balance as of March 31, 2025Quoted prices in active markets for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$3 $— $3 $— 
Available-for-sale debt securities1 — — 1 
Marketable equity securities12 12 — — 
Total$16 $12 $3 $1 
Liabilities
Foreign exchange contracts$4 $— $4 $— 
Contingent payments related to acquisitions12 — — 12 
Indemnifications related to Kidney Care separation1
37 — — 37 
Total$53 $— $4 $49 
1 Recorded in connection with the sale of our Kidney Care business and was measured as of January 31, 2025. See Note 2 for additional information.
Basis of fair value measurement
(in millions)Balance as of December 31, 2024Quoted prices in active markets for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$7 $— $7 $— 
Available-for-sale debt securities1 — — 1 
Marketable equity securities13 13 — — 
Total$21 $13 $7 $1 
Liabilities
Foreign exchange contracts$2 $— $2 $— 
Contingent payments related to acquisitions12 — — 12 
Total$14 $— $2 $12 
As of March 31, 2025 and December 31, 2024, cash and cash equivalents of $2.29 billion and $1.76 billion, respectively, included money market fund and other short-term funds of approximately $1.21 billion and $583 million, respectively, that are considered Level 2 in the fair value hierarchy.
For assets that are measured using quoted prices in active markets, the fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. A majority of the derivatives entered into by us are valued using internal valuation techniques as no quoted market prices exist for such instruments. The principal techniques used to value these instruments are discounted cash flow and Black-Scholes models. The key inputs, which are considered observable and vary depending on the type of derivative, include contractual terms, interest rate yield curves, foreign exchange rates and volatility.
Available-for-sale debt securities, which consist of convertible debt and convertible redeemable preferred shares issued by nonpublic entities, are measured using discounted cash flow and option pricing models. Those available-for-sale debt securities are classified as Level 3 fair value measurements when there are no observable transactions near the balance sheet date due to the lack of observable data over certain fair value inputs such as equity volatility. The fair values of available-for-sale debt securities increase when interest rates decrease, equity volatility increases, or the fair values of the equity shares underlying the conversion options increase.
Contingent payments related to acquisitions, which consist of milestone payments and sales-based payments, are valued using discounted cash flow techniques incorporating management's expectations of future outcomes. The fair value of milestone payments increases as the estimated probability of payment increases or the expected timing of payments is accelerated. The fair value of sales-based payments is based upon probability-weighted future revenue estimates, and increases as revenue estimates increase, probability weighting of higher revenue scenarios increases or the expected timing of payment is accelerated.
In addition, we have contingent payments related related to the Kidney Care separation, which consist of reimbursements to Vantive for certain indemnifications contemplated in the EPA. For additional information on these items see Note 2.
The following table is a reconciliation of recurring fair value measurements that use significant unobservable inputs (Level 3), which consist of indemnifications related to the Kidney Care separation, contingent payments related to acquisitions and available-for-sale debt securities.
Three Months Ended March 31,
20252024
(in millions)Indemnifications related to Kidney Care separationContingent payments related to acquisitionsAvailable-for-sale debt securitiesContingent payments related to acquisitionsAvailable-for-sale debt securities
Fair value at beginning of period$— $12 $1 $14 $1 
Additions37 — — — — 
Fair value at end of period$37 $12 $1 $14 $1 
Financial Instruments Not Measured at Fair Value
In addition to the financial instruments that we are required to recognize at fair value in the condensed consolidated balance sheets, we have certain financial instruments that are recognized at amortized cost or some basis other than fair value. For these financial instruments, the following table provides the values recognized in the condensed consolidated balance sheets and the estimated fair values as of March 31, 2025 and December 31, 2024.
Book valuesFair values(a)
(in millions)2025202420252024
Liabilities
Short-term debt$11 $2,126 $11 $2,126 
Current maturities of long-term debt and finance lease obligations651 626 650 619 
Long-term debt and finance lease obligations9,412 10,374 8,398 9,295 
(a)    These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.
The estimated fair values of current and long-term debt were computed by multiplying price by the notional amount of the respective debt instruments. Price is calculated using the stated terms of the respective debt instrument and yield curves commensurate with our credit risk. The carrying values of other financial instruments not presented in the above table, such as accounts receivable and accounts payable, approximate their fair values due to the short-term maturities of most of those assets and liabilities.
Investments Without Readily Determinable Fair Values
The carrying values of equity investments without readily determinable fair values that we measure at cost, less impairment were $37 million as of March 31, 2025 and December 31, 2024. When applicable, we also adjust the measurement of such equity investments for observable prices in orderly transactions for an identical or similar investment of the same issuer. These investments are included in Other non-current assets on our condensed consolidated balance sheets.
v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our business is comprised of three segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. The Medical Products & Therapies segment includes sales of our sterile IV solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant, and adhesion prevention products. The Healthcare Systems & Technologies segment includes sales of our connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices, and advanced equipment for the surgical space, including operating room integration technologies, precision positioning devices, and other accessories. The Pharmaceuticals segment includes sales of specialty injectable pharmaceuticals, inhaled anesthesia, and drug compounding. Other sales not allocated to a segment
primarily includes sales to Vantive, pursuant to the Kidney Care MSA, and sales of products and services provided directly through certain of our manufacturing facilities.
Disaggregation of Net Sales
The following tables present our U.S. and International disaggregated net sales.
Three Months Ended March 31,
20252024
(in millions)U.S.InternationalTotalU.S.InternationalTotal
Infusion Therapies and Technologies
$584 $410 $994 $526 $440 $966 
Advanced Surgery
145 123 268 147 116 263 
Medical Products & Therapies729 533 1,262 673 556 1,229 
Care and Connectivity Solutions
316 111 427 278 124 402 
Front Line Care
202 75 277 195 70 265 
Healthcare Systems & Technologies
518 186 704 473 194 667 
Injectables and Anesthesia
195 140 335 191 137 328 
Drug Compounding— 246 246 — 250 250 
Pharmaceuticals195 386 581 191 387 578 
Other48 30 78 11 5 16 
Total Baxter$1,490 $1,135 $2,625 $1,348 $1,142 $2,490 
Geographic Sales Information
Our net sales are attributed to the following geographic regions based on the location of the customer.
Three Months Ended March 31,
(in millions)20252024
United States$1,490 $1,348 
Emerging markets1
297 307 
Rest of world2
838 835 
Total Baxter$2,625 $2,490 
1 Emerging markets includes sales from our operations in Eastern Europe, the Middle East, Africa, Latin America, and Asia (except for Japan).
2 Rest of world includes sales from our operations in Western Europe, Canada, Japan, Australia, and New Zealand.
Segment Operating Income
In the first quarter of 2025, in conjunction with the change in our Chief Executive Officer, we determined that our chief operating decision maker (CODM) comprises of our Chair and Interim Chief Executive Officer, and the Executive Vice President, Chief Operating Officer and Interim Group President, Medical Products & Therapies, who review the financial information presented for purposes of evaluating the performance of our segments and to make resource allocation decisions. The change in CODM during the first quarter of 2025 did not result in a change in our segments.
Segment operating income is the measure of segment profitability and represents income before income taxes, interest and other non-operating income or expense, unallocated corporate costs, intangible asset amortization, and other special items. Special items, which are presented below in our reconciliations of reportable segment operating income to income (loss) from continuing operations before income taxes, are excluded from segment operating income because they are highly variable, difficult to predict and of a size that may substantially impact our reported results of operations for the period.
Corporate costs, inclusive of global functional support costs, overhead costs and other shared costs that benefit our segments are allocated to those segments. Corporate costs that are not allocated to our segments, as well as any differences between actual corporate costs and the amounts allocated to our segments, are presented as unallocated corporate costs.
Segment results include net sales, cost of sales, selling, general and administrative expenses, research and development expenses, corporate costs that had previously been allocated to our former Kidney Care segment which did not convey in the related sale, and other segment items which are directly allocated to each segment. Beginning in 2024 annual reporting, we adopted ASU 2023-07 retrospectively. The following table presents our segment information of net sales, significant expense and operating income during the periods presented.
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticalsMedical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticals
Net sales$1,262 $704 $581 $1,229 $667 $578 
Cost of sales694 356 396 668 346 382 
Selling, general and administrative expenses286 217 103 284 207 96 
Research and development expenses59 45 26 52 47 22 
Other segment items(21)(7)(7)(2)— — 
Segment operating income$244 $93 $63 $227 $67 $78 
The following table presents our reportable segment operating income and reconciliations of reportable segment operating income to income (loss) from continuing operations before income taxes.
Three Months Ended March 31,
(in millions)20252024
Medical Products & Therapies$244 $227 
Healthcare Systems & Technologies93 67 
Pharmaceuticals63 78 
Total reportable segment operating income400 372 
Other9 4 
Unallocated corporate costs(17)(69)
Intangible asset amortization expense(155)(158)
Legal matters(11)— 
Business optimization items(45)(22)
Acquisition and integration items(1)(5)
Separation-related costs(13)— 
European Medical Devices Regulation(5)(7)
Hurricane Helene costs(98)— 
Product-related items(6)— 
Total operating income 58 115 
Interest expense, net64 78 
Other (income) expense, net(3)(9)
Income from continuing operations before income taxes$(3)$46 
Additional financial information for our segments is as follows:
Three Months Ended March 31,
(in millions)20252024
Depreciation Expense1
Medical Products & Therapies$49 $58 
Healthcare Systems & Technologies27 30 
Pharmaceuticals16 25 
Total depreciation expense$92 $113 
1Depreciation expense related to Corporate property, plant and equipment has been fully allocated to our segments and those segment allocations are reflected in the depreciation amounts presented herein.
Our CODM does not receive asset or capital expenditure information by reportable segment and, accordingly, we do not report that information for our segments.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) attributable to Baxter stockholders $ 126 $ 37
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
The unaudited interim condensed consolidated financial statements of Baxter International Inc. and its subsidiaries (we, our or Baxter) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) in the United States have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report).
In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. All such adjustments, unless otherwise noted herein, are of a normal, recurring nature. The disclosures presented in our notes to the consolidated financial statements are presented on a continuing operations basis. The results of operations for the current interim period are not necessarily indicative of the results of operations to be expected for the full year.
Risks and Uncertainties
Risks and Uncertainties
Supply Constraints, Tariffs and Global Economic Conditions
We have experienced significant challenges to our global supply chain, including production delays and interruptions, increased costs and shortages of raw materials and component parts (including resins and electromechanical devices), higher transportation costs, adverse impacts from significant weather events (including Hurricane Helene, which caused the flooding of our North Cove facility), elevated inflation levels and interest rates, disruptions to certain ports of call and access to shipping ports around the world, the war in Ukraine, the conflict in the Middle East and other geopolitical events. While we have seen improvements in the availability of component parts and improved pricing in raw materials and on transportation costs, some of these challenges are expected to have a negative impact on our results of operations in the future. In addition, recent announcements regarding changes in U.S. trade policies and practices, including the implementation of global tariffs and proposed further tariffs (including potential pharmaceutical tariffs), and responses from other jurisdictions, have significantly affected financial markets and economic conditions. While we are in the process of implementing select offsets for 2025 and working to identify
additional mitigation opportunities in 2025 and beyond, we currently expect that our results will be adversely affected (including as a result of a failure to achieve the anticipated offsets or an inability to identify additional mitigating actions). Additionally, continued global macroeconomic uncertainty, including in trade policies and practices, elevated tariffs and in operational and policy changes in the governments of the U.S. and other countries, could contribute to further market volatility, deteriorating or prolonged weakened economic conditions and decreased hospital capital spending levels, all of which could adversely affect our business, results of operations or financial condition. Sole source supplier relationships may limit our ability to respond to these tariffs with alternative of lower cost raw material or component parts.
v3.25.1
DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Results of Discontinued Operations and Assets and Liabilities of Discontinued Operations
The following tables summarize the major classes of line items included in income (loss) from discontinued operations, net of tax, for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
(in millions)20252024
Net sales$352 $1,102 
Cost of sales206 676 
Gross margin146 426 
Selling, general and administrative expenses116 298 
Research and development expenses16 56 
Operating income (loss)14 72 
Interest expense, net13 — 
Other (income) expense, net7 2 
Income (loss) from discontinued operations before gain on disposition and income taxes(6)70 
Gain on disposition191 — 
Income tax expense (benefit)123 37 
Income from discontinued operations, net of tax62 33 
Less: Net income attributable to noncontrolling interest included in discontinued operations— 2 
Net income attributable to Baxter stockholders included in discontinued operations$62 $31 
The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations, related to our Kidney Care business, in the condensed consolidated balance sheets as of December 31, 2024:
(in millions)December 31, 2024
Cash and cash equivalents$648 
Accounts receivable, net of allowances942 
Inventories821 
Prepaid expenses and other current assets200 
Current assets of discontinued operations2,611 
Property, plant and equipment, net1,516 
Goodwill265 
Other intangible assets, net148 
Operating lease right-of-use assets204 
Other non-current assets367 
Non-current assets of discontinued operations2,500 
Assets of discontinued operations$5,111 
Current maturities of finance lease obligations$1 
Accounts payable344 
Accrued expenses and other current liabilities585 
Current liabilities of discontinued operations930 
Long-term finance lease obligations, less current portion37 
Operating lease liabilities173 
Other non-current liabilities344 
Non-current liabilities of discontinued operations554 
Liabilities of discontinued operations$1,484 
v3.25.1
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
The following table is a summary of the changes in our allowance for doubtful accounts for the three months ended March 31, 2025 and 2024.
Three Months Ended March 31,
(in millions)20252024
Balance at beginning of period$71 $62 
Charged to costs and expenses(4)(1)
Write-offs(2)(3)
Currency translation adjustments1 (2)
Balance at end of period$66 $56 
Inventories
Inventories
(in millions)March 31,
2025		December 31,
2024
Raw materials$550 $510 
Work in process310 266 
Finished goods1,310 1,270 
Inventories$2,170 $2,046 
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
(in millions)March 31,
2025		December 31,
2024
Property, plant and equipment, at cost$7,431 $7,648 
Accumulated depreciation(4,714)(4,778)
Property, plant and equipment, net$2,717 $2,870 
Interest Expense, Net
Interest Expense, Net
Three Months Ended March 31,
(in millions)20252024
Interest expense, net of capitalized interest$81 $103 
Interest income(17)(25)
Interest expense, net$64 $78 
Other (Income) Expense-, Net
Other (Income) Expense, Net
Three Months Ended March 31,
(in millions)20252024
Foreign exchange losses, net$— $14 
Pension and other postretirement benefit plans(11)(13)
Change in fair value of marketable equity securities1 (3)
Equity method investment impairment9 — 
Other, net(2)(7)
Other (income) expense, net$(3)$(9)
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
The following is a reconciliation of goodwill by segment.
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticalsTotal
Balance as of December 31, 2024$1,185 $3,550 $540 $5,275 
Currency translation 38 8 17 63 
Balance as of March 31, 2025$1,223 $3,558 $557 $5,338 
Other Intangible Assets, Net
The following is a summary of our other intangible assets.
Indefinite-lived intangible assets
(in millions)Customer relationshipsDeveloped technology, including patentsTrade namesOther amortized intangible assetsTrade namesIn process Research and Development
Total
December 31, 2024
Gross other intangible assets$3,387 $3,131 $958 $86 $680 $107 $8,349 
Accumulated amortization(878)(2,075)(107)(66)— — (3,126)
Other intangible assets, net$2,509 1,056 851 20 680 107 5,223 
March 31, 2025
Gross other intangible assets$3,389 $3,154 $953 $88 $680 $107 $8,371 
Accumulated amortization(932)(2,170)(119)(69)— — (3,290)
Other intangible assets, net$2,457 $984 $834 $19 $680 $107 $5,081 
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Summary of Changes in AOCI Income (Loss) by Component
The following table is a net-of-tax summary of the changes in accumulated other comprehensive income (loss) (AOCI) by component for the three months ended March 31, 2025 and 2024.
Gains (losses)
(in millions)CTAPension and OPEB plansHedging activitiesAvailable-for-sale debt securitiesTotal
Balance as of December 31, 2024
$(3,430)$(475)$(108)$3 $(4,010)
Other comprehensive income (loss) before reclassifications(57)14 — — (43)
Amounts reclassified from AOCI (a)126 (13)(2)— 111 
Net other comprehensive income (loss) 69 1 (2)— 68 
Balance as of March 31, 2025$(3,361)$(474)$(110)$3 $(3,942)
Gains (losses)
(in millions)CTAPension and OPEB plansHedging activitiesAvailable-for-sale debt securitiesTotal
Balance as of December 31, 2023$(2,985)$(452)$(120)$3 $(3,554)
Other comprehensive income (loss) before reclassifications(180)5 6 — (169)
Amounts reclassified from AOCI (a)
— (1)2 — 1 
Net other comprehensive income (loss) (180)4 8 — (168)
Balance as of March 31, 2024$(3,165)$(448)$(112)$3 $(3,722)
(a)    See table below for details about these reclassifications.
Summary of Reclassification from AOCI to Net Income (Loss)
The following is a summary of the amounts reclassified from AOCI to net income (loss) during the three months ended March 31, 2025 and 2024.
Amounts reclassified from AOCI (a)
(in millions)Three Months Ended March 31, 2025Three Months Ended March 31, 2024Location of impact in income statement
CTA
Reclassification of cumulative translation loss to earnings from Kidney Care separation$(126)$— Income from discontinued operations, net of tax
Less: Tax effect— — Income from discontinued operations, net of tax
$(126)$— Net of tax
Pension and OPEB items
Amortization of net losses and prior service costs or credits$3 $2 Other (income) expense, net
Pension settlement from Kidney Care separation14 — Income from discontinued operations, net of tax
17 2 Total before tax
Less: Tax effect(1)(1)Income tax expense
Less: Tax effect on pension settlement from Kidney Care separation(3)— Income from discontinued operations, net of tax
$13 $1 Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts$(1)$2 Cost of sales
Interest rate contracts4 (1)Interest expense, net
Fair value hedges— (3)Other (income) expense, net
3 (2)Total before tax
Less: Tax effect(1)— Income tax expense
$2 $(2)Net of tax
Total reclassifications for the period$(111)$(1)Total net of tax
(a)    Amounts in parentheses indicate reductions to net income
v3.25.1
REVENUES (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Contract Asset
The following table summarizes our contract assets:
(in millions)March 31,
2025		December 31,
2024
Contract manufacturing services$4 $2 
Software sales39 44 
Bundled equipment and consumable medical products contracts89 87 
Contract assets$132 $133 
The following table summarizes contract liability activity for the three months ended March 31, 2025 and 2024. The contract liability balance represents the transaction price allocated to the remaining performance obligations.
Three Months Ended March 31,
(in millions)
2025
2024
Balance at beginning of period$171 $169 
New revenue deferrals128 93 
Revenue recognized upon satisfaction of performance obligations(124)(91)
Currency translation— (2)
Balance at end of period$175 $169 
For the three months ended March 31, 2025 and 2024, $34 million and $43 million of revenue was recognized that was included in contract liabilities as of December 31, 2024 and 2023, respectively.
The following table summarizes the classification of contract assets and contract liabilities as reported in the condensed consolidated balance sheets:
(in millions)March 31,
2025		December 31,
2024
Prepaid expenses and other current assets$54 $51 
Other non-current assets78 82 
Contract assets$132 $133 
Accrued expenses and other current liabilities$135 $131 
Other non-current liabilities40 40 
Contract liabilities$175 $171 
Sales-type Lease, Lease Income
The components of lease revenue for the three months ended March 31, 2025 and 2024 were:
Three Months Ended March 31,
(in millions)20252024
Sales-type lease revenue$8 $2 
Operating lease revenue91 104 
Variable lease revenue7 8 
Total lease revenue$106 $114 
Operating Lease, Lease Income
The components of lease revenue for the three months ended March 31, 2025 and 2024 were:
Three Months Ended March 31,
(in millions)20252024
Sales-type lease revenue$8 $2 
Operating lease revenue91 104 
Variable lease revenue7 8 
Total lease revenue$106 $114 
v3.25.1
BUSINESS OPTIMIZATION CHARGES (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Summary of Business Optimization Charges
During the three months ended March 31, 2025 and 2024, we recorded the following charges related to business optimization programs.
Three Months Ended March 31,
(in millions)20252024
Restructuring charges$44 $17 
Costs to implement business optimization programs1 5 
Total business optimization charges$45 $22 
Components of Restructuring Charges
During the three months ended March 31, 2025 and 2024, we recorded the following restructuring charges.
Three months ended March 31, 2025
(in millions)COGSSG&AR&DTotal
Employee termination costs$12 $13 $1 $26 
Asset write offs1 17 — 18 
Total restructuring charges$13 $30 $1 $44 
Three months ended March 31, 2024
(in millions)COGSSG&ATotal
Employee termination costs$3 $11 $14 
Contract termination and other costs— 3 3 
Total restructuring charges$3 $14 $17 
Summary of Activity in Reserves Related to Restructuring Initiatives
The following table summarizes activity in the liability related to our restructuring initiatives.
(in millions)
Liability balance as of December 31, 2024$122 
Charges26 
Payments(36)
Currency translation2 
Liability balance as of March 31, 2025$114 
v3.25.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost Relating to Pension and Other Postemployment Employee Benefit Plans
The following is a summary of net periodic benefit cost relating to our pension and OPEB plans.
Three Months Ended March 31,
(in millions)20252024
Pension benefits
Service cost$3 $6 
Interest cost34 45 
Expected return on plan assets(44)(59)
Amortization of net losses and prior service costs1 4 
Net periodic pension cost$(6)$(4)
OPEB
Interest cost$2 $2 
Amortization of net loss and prior service credit(4)(5)
Net periodic OPEB cost (income)$(2)$(3)
v3.25.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income (Loss) attributable to Stockholder
The following table is a reconciliation of income (loss) from continuing operations to net income (loss) attributable to Baxter stockholders.
Three Months Ended March 31,
(in millions)20252024
Income (loss) from continuing operations$64 $6 
Less: Net income attributable to noncontrolling interests included in continuing operations— — 
Income (loss) from continuing operations attributable to Baxter stockholders64 6 
Income (loss) from discontinued operations62 33 
Less: Net income attributable to noncontrolling interests included in discontinued operations— 2 
Income (loss) from discontinued operations attributable to Baxter stockholders62 31 
Net income (loss) attributable to Baxter stockholders$126 $37 
Reconciliation of Basic Shares to Diluted Shares
The following table is a reconciliation of basic shares and diluted shares.
Three Months Ended March 31,
(in millions)20252024
Basic shares512 508 
Effect of dilutive securities2 2 
Diluted shares514 510 
v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Gains and Losses on Derivative Instruments
The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the three months ended March 31, 2025 and
2024.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI into income
(in millions)2025202420252024
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(1)$(1)
Foreign exchange contracts— 10 Cost of sales4 2 
Fair value hedges
Foreign exchange contracts— (2)Other (income) expense, net— (3)
Net investment hedges61 38 Other (income) expense, net— — 
Total$61 $46 $3 $(2)
Location of gain (loss) in income statementGain (loss) recognized in income
(in millions)20252024
Fair value hedges
Foreign exchange contractsOther (income) expense, net$— $(23)
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net(2)(5)
Total$(2)$(28)
As of March 31, 2025, $2 million of deferred, net after-tax losses on derivative instruments included in AOCI are expected to be recognized in earnings during the next 12 months, coinciding with when the hedged items are expected to impact earnings.
Classification and Fair Values of Derivative Instruments
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of March 31, 2025.
Derivatives in asset positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets$3 Accrued expenses and other current liabilities$—
Net investment hedgesLong-term debt and finance lease obligations, less current portion761
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets— Accrued expenses and other current liabilities4
Net investment hedgesCurrent maturities of long-term debt and finance lease obligations648
Total derivative instruments$3 $1,413
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2024.
Derivatives in asset positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets$6 Accrued expenses and other current liabilities$— 
Net investment hedgesCurrent maturities of long-term debt and finance lease obligations618 
Net investment hedgesLong-term debt and finance lease obligations, less current portion727 
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets1 Accrued expenses and other current liabilities2 
Total derivative instruments$7 $1,347 
Derivative Positions Presented On Net Basis
The following table provides information on our derivative positions as if they were presented on a net basis, allowing for the right of offset by counterparty.
March 31, 2025December 31, 2024
(in millions)AssetLiabilityAssetLiability
Gross amounts recognized in the condensed consolidated balance sheets$3 $4 $7 $2 
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet(2)(2)(1)(1)
Total$1 $2 $6 $1 
Amounts Recorded on Condensed Consolidated Balance Sheet Related to Fair Value Hedges
The following table presents the amounts recorded on the condensed consolidated balance sheet related to fair value hedges:
Carrying amount of hedged itemCumulative amount of fair value hedging adjustment included
 in the carrying amount of the hedged item (a)
(in millions)Balance as of March 31, 2025Balance as of December 31, 2024Balance as of March 31, 2025Balance as of December 31, 2024
Long-term debt$99 $99 $2 $2 
(a) These fair value hedges were terminated in 2018 and earlier periods.
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured at Fair Value on Recurring Basis
The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis.
Basis of fair value measurement
(in millions)Balance as of March 31, 2025Quoted prices in active markets for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$3 $— $3 $— 
Available-for-sale debt securities1 — — 1 
Marketable equity securities12 12 — — 
Total$16 $12 $3 $1 
Liabilities
Foreign exchange contracts$4 $— $4 $— 
Contingent payments related to acquisitions12 — — 12 
Indemnifications related to Kidney Care separation1
37 — — 37 
Total$53 $— $4 $49 
1 Recorded in connection with the sale of our Kidney Care business and was measured as of January 31, 2025. See Note 2 for additional information.
Basis of fair value measurement
(in millions)Balance as of December 31, 2024Quoted prices in active markets for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)
Assets
Foreign exchange contracts$7 $— $7 $— 
Available-for-sale debt securities1 — — 1 
Marketable equity securities13 13 — — 
Total$21 $13 $7 $1 
Liabilities
Foreign exchange contracts$2 $— $2 $— 
Contingent payments related to acquisitions12 — — 12 
Total$14 $— $2 $12 
Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs
The following table is a reconciliation of recurring fair value measurements that use significant unobservable inputs (Level 3), which consist of indemnifications related to the Kidney Care separation, contingent payments related to acquisitions and available-for-sale debt securities.
Three Months Ended March 31,
20252024
(in millions)Indemnifications related to Kidney Care separationContingent payments related to acquisitionsAvailable-for-sale debt securitiesContingent payments related to acquisitionsAvailable-for-sale debt securities
Fair value at beginning of period$— $12 $1 $14 $1 
Additions37 — — — — 
Fair value at end of period$37 $12 $1 $14 $1 
Book Values and Fair Values of Financial Instruments For these financial instruments, the following table provides the values recognized in the condensed consolidated balance sheets and the estimated fair values as of March 31, 2025 and December 31, 2024.
Book valuesFair values(a)
(in millions)2025202420252024
Liabilities
Short-term debt$11 $2,126 $11 $2,126 
Current maturities of long-term debt and finance lease obligations651 626 650 619 
Long-term debt and finance lease obligations9,412 10,374 8,398 9,295 
(a)    These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.
v3.25.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Summary of Financial Information for Our Segments
The following tables present our U.S. and International disaggregated net sales.
Three Months Ended March 31,
20252024
(in millions)U.S.InternationalTotalU.S.InternationalTotal
Infusion Therapies and Technologies
$584 $410 $994 $526 $440 $966 
Advanced Surgery
145 123 268 147 116 263 
Medical Products & Therapies729 533 1,262 673 556 1,229 
Care and Connectivity Solutions
316 111 427 278 124 402 
Front Line Care
202 75 277 195 70 265 
Healthcare Systems & Technologies
518 186 704 473 194 667 
Injectables and Anesthesia
195 140 335 191 137 328 
Drug Compounding— 246 246 — 250 250 
Pharmaceuticals195 386 581 191 387 578 
Other48 30 78 11 5 16 
Total Baxter$1,490 $1,135 $2,625 $1,348 $1,142 $2,490 
The following table presents our segment information of net sales, significant expense and operating income during the periods presented.
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticalsMedical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticals
Net sales$1,262 $704 $581 $1,229 $667 $578 
Cost of sales694 356 396 668 346 382 
Selling, general and administrative expenses286 217 103 284 207 96 
Research and development expenses59 45 26 52 47 22 
Other segment items(21)(7)(7)(2)— — 
Segment operating income$244 $93 $63 $227 $67 $78 
Revenue from External Customers by Geographic Areas
Our net sales are attributed to the following geographic regions based on the location of the customer.
Three Months Ended March 31,
(in millions)20252024
United States$1,490 $1,348 
Emerging markets1
297 307 
Rest of world2
838 835 
Total Baxter$2,625 $2,490 
1 Emerging markets includes sales from our operations in Eastern Europe, the Middle East, Africa, Latin America, and Asia (except for Japan).
2 Rest of world includes sales from our operations in Western Europe, Canada, Japan, Australia, and New Zealand.
Operating Income to Income Before Income Taxes Reconciliation
The following table presents our reportable segment operating income and reconciliations of reportable segment operating income to income (loss) from continuing operations before income taxes.
Three Months Ended March 31,
(in millions)20252024
Medical Products & Therapies$244 $227 
Healthcare Systems & Technologies93 67 
Pharmaceuticals63 78 
Total reportable segment operating income400 372 
Other9 4 
Unallocated corporate costs(17)(69)
Intangible asset amortization expense(155)(158)
Legal matters(11)— 
Business optimization items(45)(22)
Acquisition and integration items(1)(5)
Separation-related costs(13)— 
European Medical Devices Regulation(5)(7)
Hurricane Helene costs(98)— 
Product-related items(6)— 
Total operating income 58 115 
Interest expense, net64 78 
Other (income) expense, net(3)(9)
Income from continuing operations before income taxes$(3)$46 
Additional financial information for our segments is as follows:
Three Months Ended March 31,
(in millions)20252024
Depreciation Expense1
Medical Products & Therapies$49 $58 
Healthcare Systems & Technologies27 30 
Pharmaceuticals16 25 
Total depreciation expense$92 $113 
1Depreciation expense related to Corporate property, plant and equipment has been fully allocated to our segments and those segment allocations are reflected in the depreciation amounts presented herein.
v3.25.1
BASIS OF PRESENTATION (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 31, 2025
Mar. 31, 2025
Hurricane    
Disclosure Basis Of Presentation Details [Line Items]    
Hurricane Helene costs   $ 98
Discontinued Operations, Disposed of by Sale | Kidney Care    
Disclosure Basis Of Presentation Details [Line Items]    
Agreed purchase price $ 3,800  
Proceeds from divestiture of businesses 3,710  
Proceeds from divestiture of businesses, net of tax $ 3,300  
v3.25.1
DISCONTINUED OPERATIONS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Separation costs     $ 37  
Indemnification Agreement        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Indemnification liability, net     37  
Contingent liability     133  
Business guarantees retained     $ 300  
Kidney Care Manufacturing and Supply Agreement        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Transaction service agreement, period   10 years    
Kidney Care Transition Services Agreement        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Transaction service agreement, period   30 months    
Discontinued Operations, Disposed of by Sale | Kidney Care        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Purchase price $ 3,800      
Proceeds from divestiture of businesses 3,710      
Pre-tax gain from divestiture of business 191      
Gain from divestiture of business, net of tax $ 111      
Separation costs       $ 88
v3.25.1
DISCONTINUED OPERATIONS - Major Classes of Line Items in Income From Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Operating income $ 58 $ 115
Interest expense, net 64 78
Other (income) expense, net (3) (9)
Income from discontinued operations, net of tax 62 33
Net income attributable to noncontrolling interests included in discontinued operations 0 2
Income (loss) from discontinued operations attributable to Baxter stockholders 62 31
Discontinued Operations, Disposed of by Sale | Kidney Care    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net sales 352 1,102
Cost of sales 206 676
Gross margin 146 426
Selling, general and administrative expenses 116 298
Research and development expenses 16 56
Operating income 14 72
Interest expense, net 13 0
Other (income) expense, net 7 2
Income (loss) from discontinued operations before gain on disposition and income taxes (6) 70
Gain on disposition 191 0
Income tax expense (benefit) 123 37
Income from discontinued operations, net of tax 62 33
Net income attributable to noncontrolling interests included in discontinued operations 0 2
Income (loss) from discontinued operations attributable to Baxter stockholders $ 62 $ 31
v3.25.1
DISCONTINUED OPERATIONS - Carrying Amounts of the Assets and Liabilities Classified As Discontinued Operations (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets of discontinued operations $ 0 $ 2,611
Non-current assets of discontinued operations 0 2,500
Current liabilities of discontinued operations 0 930
Non-current liabilities of discontinued operations $ 0 554
Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and cash equivalents   648
Accounts receivable, net of allowances   942
Inventories   821
Prepaid expenses and other current assets   200
Current assets of discontinued operations   2,611
Property, plant and equipment, net   1,516
Goodwill   265
Other intangible assets, net   148
Operating lease right-of-use assets   204
Other non-current assets   367
Non-current assets of discontinued operations   2,500
Assets of discontinued operations   5,111
Current maturities of finance lease obligations   1
Accounts payable   344
Accrued expenses and other current liabilities   585
Current liabilities of discontinued operations   930
Long-term finance lease obligations, less current portion   37
Operating lease liabilities   173
Other non-current liabilities   344
Non-current liabilities of discontinued operations   554
Liabilities of discontinued operations   $ 1,484
v3.25.1
SUPPLEMENTAL FINANCIAL INFORMATION - Allowance for Doubtful Accounts (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Allowance for Doubtful Accounts Receivable [Roll Forward]    
Balance at beginning of period $ 71 $ 62
Charged to costs and expenses (4) (1)
Write-offs (2) (3)
Currency translation adjustments 1 (2)
Balance at end of period $ 66 $ 56
v3.25.1
SUPPLEMENTAL FINANCIAL INFORMATION - Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 550 $ 510
Work in process 310 266
Finished goods 1,310 1,270
Inventories $ 2,170 $ 2,046
v3.25.1
SUPPLEMENTAL FINANCIAL INFORMATION - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Property, plant and equipment, at cost $ 7,431 $ 7,648
Accumulated depreciation (4,714) (4,778)
Property, plant and equipment, net $ 2,717 $ 2,870
v3.25.1
SUPPLEMENTAL FINANCIAL INFORMATION - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Property, Plant and Equipment [Line Items]    
Right-of-use asset obtained in exchange for operating lease liability $ 5 $ 16
Discontinued Operations, Held-for-Sale | Opelika, Alabama Manufacturing Facility    
Property, Plant and Equipment [Line Items]    
Agreed purchase price 25  
Discontinued Operations, Held-for-Sale | Kidney Care    
Property, Plant and Equipment [Line Items]    
Assets held for sale 95  
Liabilities held for sale 7  
Property, Plant and Equipment    
Property, Plant and Equipment [Line Items]    
Capital expenditures incurred but not yet paid $ 39 $ 35
v3.25.1
SUPPLEMENTAL FINANCIAL INFORMATION - Interest Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest Income Expense Net    
Interest expense, net of capitalized interest $ 81 $ 103
Interest income (17) (25)
Interest expense, net $ 64 $ 78
v3.25.1
SUPPLEMENTAL FINANCIAL INFORMATION - Other (Income) Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income, net    
Foreign exchange losses, net $ 0 $ 14
Pension and other postretirement benefit plans (11) (13)
Change in fair value of marketable equity securities 1 (3)
Equity method investment impairment 9 0
Other, net (2) (7)
Other (income) expense, net $ (3) $ (9)
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Goodwill (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 5,275
Currency translation 63
Goodwill, ending balance 5,338
Medical Products & Therapies  
Goodwill [Roll Forward]  
Goodwill, beginning balance 1,185
Currency translation 38
Goodwill, ending balance 1,223
Healthcare Systems & Technologies  
Goodwill [Roll Forward]  
Goodwill, beginning balance 3,550
Currency translation 8
Goodwill, ending balance 3,558
Pharmaceuticals  
Goodwill [Roll Forward]  
Goodwill, beginning balance 540
Currency translation 17
Goodwill, ending balance $ 557
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other Intangible Assets, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Intangible Asset Excluding Goodwill [Line Items]    
Gross other intangible assets $ 8,371 $ 8,349
Accumulated amortization (3,290) (3,126)
Other intangible assets, net 5,081 5,223
Trade names    
Intangible Asset Excluding Goodwill [Line Items]    
Indefinite-lived intangible assets 680 680
In process Research and Development    
Intangible Asset Excluding Goodwill [Line Items]    
Indefinite-lived intangible assets 107 107
Customer relationships    
Intangible Asset Excluding Goodwill [Line Items]    
Gross other intangible assets, finite-lived 3,389 3,387
Accumulated amortization (932) (878)
Other intangible assets, net, finite-lived 2,457 2,509
Developed technology, including patents    
Intangible Asset Excluding Goodwill [Line Items]    
Gross other intangible assets, finite-lived 3,154 3,131
Accumulated amortization (2,170) (2,075)
Other intangible assets, net, finite-lived 984 1,056
Trade names    
Intangible Asset Excluding Goodwill [Line Items]    
Gross other intangible assets, finite-lived 953 958
Accumulated amortization (119) (107)
Other intangible assets, net, finite-lived 834 851
Other amortized intangible assets    
Intangible Asset Excluding Goodwill [Line Items]    
Gross other intangible assets, finite-lived 88 86
Accumulated amortization (69) (66)
Other intangible assets, net, finite-lived $ 19 $ 20
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Intangible asset amortization expense $ 155 $ 158
v3.25.1
FINANCING ARRANGEMENTS (Details)
€ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2025
USD ($)
Feb. 28, 2025
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
Mar. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Jul. 17, 2024
USD ($)
Debt Instrument [Line Items]                
Repayments of debt     $ 2,825,000,000 $ 15,000,000        
Commercial Paper                
Debt Instrument [Line Items]                
Debt obligations     300,000,000       $ 300,000,000  
Commercial paper, outstanding     $ 0          
Commercial paper, weighted-average interest rate             4.78%  
Weighted-average term     45 days          
Discontinued Operations, Disposed of by Sale | Kidney Care                
Debt Instrument [Line Items]                
Proceeds from divestiture of businesses, net of tax $ 3,300,000,000              
Senior Notes                
Debt Instrument [Line Items]                
Senior notes, interest rate               1.322%
Senior Notes | Forecast                
Debt Instrument [Line Items]                
Rate increase following December 31, 2024 milestone         0.25%      
Term Loan Due Two Thousand and Twenty Six                
Debt Instrument [Line Items]                
Repayments of debt   $ 1,000,000,000            
Debt obligations     $ 1,640,000,000          
Debt term     5 years     5 years    
Bridge Facility Line Of Credit | Senior Unsecured Term Loans                
Debt Instrument [Line Items]                
Borrowings outstanding             $ 1,830,000,000  
Revolving Credit Facility                
Debt Instrument [Line Items]                
Borrowings outstanding     $ 0       $ 0  
Line of credit, current borrowing capacity     2,000,000,000     € 200    
Revolving Credit Facility | Commercial Paper                
Debt Instrument [Line Items]                
Line of credit, current borrowing capacity     $ 2,040,000,000.00          
Bridge Facility | Senior Unsecured Term Loans                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity               $ 2,050,000,000.00
v3.25.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 1 Months Ended 3 Months Ended 15 Months Ended
Jul. 16, 2024
lawsuit
Mar. 31, 2020
lawsuit
Jun. 30, 2025
lawsuit
Mar. 31, 2025
USD ($)
site
Mar. 31, 2025
USD ($)
lawsuit
site
Dec. 31, 2024
USD ($)
Sep. 11, 2024
complaint
Loss Contingencies [Line Items]              
Litigation reserve       $ 46 $ 46 $ 40  
Number of complaints | complaint             1
Indemnification Agreement              
Loss Contingencies [Line Items]              
Contingent liability       $ 133      
Exposure to Ethylene Oxide              
Loss Contingencies [Line Items]              
Number of lawsuits | lawsuit 40 2     41    
Exposure to Ethylene Oxide | Subsequent Event              
Loss Contingencies [Line Items]              
Number of lawsuits | lawsuit     29        
Superfund Sites | Environmental Clean-up              
Loss Contingencies [Line Items]              
Number of sites | site       6 6    
Environmental reserves       $ 28 $ 28 $ 29  
v3.25.1
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Cash dividends declared per common share (in dollars per share) $ 0.17 $ 0.29
Purchases of treasury stock (in shares) 0 0
Remaining value available under stock repurchase programs $ 1,300  
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Changes in AOCI by Component (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (in usd) $ 7,024 $ 8,468
Balance, end of period (in usd) 7,054 8,235
CTA    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (in usd) (3,430) (2,985)
Other comprehensive income (loss) before reclassifications (57) (180)
Amounts reclassified from AOCI 126 0
Net other comprehensive income (loss) 69 (180)
Balance, end of period (in usd) (3,361) (3,165)
Pension and OPEB plans    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (in usd) (475) (452)
Other comprehensive income (loss) before reclassifications 14 5
Amounts reclassified from AOCI (13) (1)
Net other comprehensive income (loss) 1 4
Balance, end of period (in usd) (474) (448)
Hedging activities    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (in usd) (108) (120)
Other comprehensive income (loss) before reclassifications 0 6
Amounts reclassified from AOCI (2) 2
Net other comprehensive income (loss) (2) 8
Balance, end of period (in usd) (110) (112)
Available-for-sale debt securities    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (in usd) 3 3
Other comprehensive income (loss) before reclassifications 0 0
Amounts reclassified from AOCI 0 0
Net other comprehensive income (loss) 0 0
Balance, end of period (in usd) 3 3
Total    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (in usd) (4,010) (3,554)
Other comprehensive income (loss) before reclassifications (43) (169)
Amounts reclassified from AOCI 111 1
Net other comprehensive income (loss) 68 (168)
Balance, end of period (in usd) $ (3,942) $ (3,722)
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Amounts Reclassification from AOCI to Net Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Income (loss) from discontinued operations, net of tax $ 62 $ 33
Income tax expense (benefit) 67 (40)
Net income (loss) attributable to Baxter stockholders 126 37
Other (income) expense, net 3 9
Costs of sales (1,764) (1,529)
Amounts reclassified from AOCI    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net income (loss) attributable to Baxter stockholders (111) (1)
Amounts reclassified from AOCI | CTA    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Income (loss) from discontinued operations, net of tax (126) 0
Income tax expense (benefit) 0 0
Net income (loss) attributable to Baxter stockholders (126) 0
Amounts reclassified from AOCI | Pension and OPEB items    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Income (loss) from discontinued operations, net of tax (14) 0
Income tax expense (benefit) (1) (1)
Discontinuing Operation, Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax (3) 0
Net income (loss) attributable to Baxter stockholders 13 1
Other (income) expense, net 3 2
Income (loss), before tax 17 2
Amounts reclassified from AOCI | Gains (losses) on hedging activities    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Income tax expense (benefit) (1) 0
Net income (loss) attributable to Baxter stockholders 2 (2)
Income (loss), before tax 3 (2)
Amounts reclassified from AOCI | Gains (losses) on hedging activities | Foreign exchange contracts    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Costs of sales (1) 2
Amounts reclassified from AOCI | Gains (losses) on hedging activities | Interest rate contracts    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Interest expense, net 4 (1)
Amounts reclassified from AOCI | Gains (losses) on hedging activities | Fair value hedges    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Other (income) expense, net $ 0 $ (3)
v3.25.1
REVENUES - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Revenue From Contract With Customer [Line Items]      
Transaction price allocated to remaining performance obligations $ 10,190,000,000    
Revenue related to performance obligations 0 $ 0  
Net trade accounts receivable 1,490,000,000   $ 1,540,000,000
Revenue recognized upon satisfaction of performance obligations 34,000,000 $ 43,000,000  
Sales-type lease, net of investment in lease 47,000,000    
2021      
Revenue From Contract With Customer [Line Items]      
Sales-type leases, receivables 13,000,000    
2022      
Revenue From Contract With Customer [Line Items]      
Sales-type leases, receivables 6,000,000    
2023      
Revenue From Contract With Customer [Line Items]      
Sales-type leases, receivables 7,000,000    
2024      
Revenue From Contract With Customer [Line Items]      
Sales-type leases, receivables 10,000,000    
2025      
Revenue From Contract With Customer [Line Items]      
Sales-type leases, receivables $ 11,000,000    
Minimum      
Revenue From Contract With Customer [Line Items]      
Global payment terms 30 days    
Minimum | Software sales      
Revenue From Contract With Customer [Line Items]      
Revenue recognized contract period 1 year    
Minimum | Consumable Medical Products      
Revenue From Contract With Customer [Line Items]      
Revenue recognized contract period 1 year    
Maximum      
Revenue From Contract With Customer [Line Items]      
Global payment terms 90 days    
Maximum | Contract manufacturing services      
Revenue From Contract With Customer [Line Items]      
Revenue recognized contract period 90 days    
Maximum | Software sales      
Revenue From Contract With Customer [Line Items]      
Revenue recognized contract period 5 years    
Maximum | Consumable Medical Products      
Revenue From Contract With Customer [Line Items]      
Revenue recognized contract period 7 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01      
Revenue From Contract With Customer [Line Items]      
Remaining revenue performance obligation, percentage of revenue expected to be recognized 15.00%    
Remaining performance obligations period 9 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01      
Revenue From Contract With Customer [Line Items]      
Remaining revenue performance obligation, percentage of revenue expected to be recognized 20.00%    
Remaining performance obligations period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01      
Revenue From Contract With Customer [Line Items]      
Remaining revenue performance obligation, percentage of revenue expected to be recognized 15.00%    
Remaining performance obligations period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01      
Revenue From Contract With Customer [Line Items]      
Remaining revenue performance obligation, percentage of revenue expected to be recognized 15.00%    
Remaining performance obligations period 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01      
Revenue From Contract With Customer [Line Items]      
Remaining revenue performance obligation, percentage of revenue expected to be recognized 35.00%    
Remaining performance obligations period 1 year    
v3.25.1
REVENUES - Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Revenue From Contract With Customer [Line Items]      
Contract assets $ 132   $ 133
Contract liabilities 175 $ 169 171
Revenue From Contract With Customer [Roll Forward]      
Balance at beginning of period 171 169  
New revenue deferrals 128 93  
Revenue recognized upon satisfaction of performance obligations (124) (91)  
Currency translation 0 (2)  
Balance at end of period 175 $ 169  
Prepaid expenses and other current assets      
Revenue From Contract With Customer [Line Items]      
Contract assets 54   51
Other non-current assets      
Revenue From Contract With Customer [Line Items]      
Contract assets 78   82
Accrued expenses and other current liabilities      
Revenue From Contract With Customer [Line Items]      
Contract liabilities 135   131
Revenue From Contract With Customer [Roll Forward]      
Balance at beginning of period 131    
Balance at end of period 135    
Other non-current liabilities      
Revenue From Contract With Customer [Line Items]      
Contract liabilities 40   40
Revenue From Contract With Customer [Roll Forward]      
Balance at beginning of period 40    
Balance at end of period 40    
Contract manufacturing services      
Revenue From Contract With Customer [Line Items]      
Contract assets 4   2
Software sales      
Revenue From Contract With Customer [Line Items]      
Contract assets 39   44
Bundled equipment and consumable medical products contracts      
Revenue From Contract With Customer [Line Items]      
Contract assets $ 89   $ 87
v3.25.1
REVENUES - Lease Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Sales-type lease revenue $ 8 $ 2
Operating lease revenue 91 104
Variable lease revenue 7 8
Total lease revenue $ 106 $ 114
v3.25.1
BUSINESS OPTIMIZATION CHARGES - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Expected additional pre-tax costs $ 4  
Charges 44 $ 17
Employee termination costs    
Restructuring Cost and Reserve [Line Items]    
Charges 26 14
Employee termination costs | Kidney Care    
Restructuring Cost and Reserve [Line Items]    
Charges $ 25  
Employee termination costs | New Operating Model    
Restructuring Cost and Reserve [Line Items]    
Charges   $ 6
v3.25.1
BUSINESS OPTIMIZATION CHARGES - Summary of Business Optimization Charges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 44 $ 17
Business Optimization Programs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 44 17
Costs to implement business optimization programs 1 5
Total business optimization charges $ 45 $ 22
v3.25.1
BUSINESS OPTIMIZATION CHARGES - Components of Restructuring Charges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 44 $ 17
COGS    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 13 3
SG&A    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 30 14
R&D    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 1  
Employee termination costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 26 14
Employee termination costs | COGS    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 12 3
Employee termination costs | SG&A    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 13 11
Employee termination costs | R&D    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 1  
Asset write offs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 18  
Asset write offs | COGS    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 1  
Asset write offs | SG&A    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 17  
Asset write offs | R&D    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 0  
Contract termination and other costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   3
Contract termination and other costs | COGS    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   0
Contract termination and other costs | SG&A    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 3
v3.25.1
BUSINESS OPTIMIZATION CHARGES - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Reserve [Roll Forward]    
Charges $ 44 $ 17
Severance, Contract Termination, And Other Employee Related Costs    
Restructuring Reserve [Roll Forward]    
Reserve, beginning balance 122  
Charges 26  
Payments (36)  
Currency translation 2  
Reserve, ending balance $ 114  
v3.25.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS - Net Periodic Benefit Cost Relating to Pension and Other Postemployment Employee Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pension benefits    
Net periodic benefit cost    
Service cost $ 3 $ 6
Interest cost 34 45
Expected return on plan assets (44) (59)
Amortization of net losses and prior service costs 1 4
Net periodic pension cost (income) (6) (4)
OPEB    
Net periodic benefit cost    
Interest cost 2 2
Amortization of net losses and prior service costs (4) (5)
Net periodic pension cost (income) $ (2) $ (3)
v3.25.1
INCOME TAXES (Details)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
U.S. Federal statutory rate 21.00%
v3.25.1
EARNINGS PER SHARE - Reconciliation of Basic Shares to Diluted Shares (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reconciliation of Basic Shares to Diluted Shares    
Basic (in shares) 512 508
Effect of dilutive securities (in shares) 2 2
Diluted (in shares) 514 510
Income (loss) from continuing operations $ 64 $ 6
Net income attributable to noncontrolling interests included in continuing operations 0 0
Income (loss) from continuing operations 64 6
Income (loss) from discontinued operations, net of tax 62 33
Net income attributable to noncontrolling interests included in discontinued operations 0 2
Income (loss) from discontinued operations attributable to Baxter stockholders 62 31
Net income (loss) attributable to Baxter stockholders $ 126 $ 37
v3.25.1
EARNINGS PER SHARE - Additional Information (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Anti-dilutive securities excluded from computation of EPS (in shares) 20 16
v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details)
€ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
de-designation
terminate
Mar. 31, 2024
terminate
de-designation
Dec. 31, 2024
USD ($)
Oct. 31, 2023
USD ($)
Oct. 31, 2023
EUR (€)
May 31, 2019
EUR (€)
May 31, 2017
EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative, fair value, terminated | terminate 0 0          
Derivative, net investment terminated | terminate   0          
Deferred, net after-tax gains on derivative instruments $ 2,000,000            
Undesignated derivative instruments              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative, notional amount $ 955,000,000   $ 389,000,000        
Derivative instruments designated as hedges              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
number of de-designations | de-designation 0 0          
Derivative instruments designated as hedges | Forward Contracts              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative, notional amount $ 655,000,000            
Net investment hedge              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Accumulated pre-tax unrealized translation gain in AOCI 63,000,000            
1.30% Senior Notes Due May 2025              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Senior notes | €             € 600
Senior notes, interest rate             1.30%
0.4% Senior Notes Due May 2024              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Senior notes | €         € 750 € 750  
Senior notes, interest rate       0.40% 0.40% 0.40%  
1.3% Senior Notes Due May 2029              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Senior notes | €           € 750  
Senior notes, interest rate             1.30%
Interest rate contracts | Cash Flow Hedging              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative, fair value, net 0   0        
Foreign exchange contracts              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative, notional amount $ 49,000,000   99,000,000        
Maximum length of time hedge in cash flow hedge 8 months            
Fair value hedges              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative, notional amount       $ 798,000,000      
Interest rate swap | Fair value hedges              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative, fair value, net $ 0   $ 0        
v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Gains and Losses on Hedging Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Other comprehensive income (loss), cash flow hedge and net investment hedge, gain (loss), before reclassification, tax $ 61 $ 46
Other comprehensive income (loss), reclassification adjustment from AOCI, cash flow hedges and net investment hedges, net of tax 3 (2)
Total (2) (28)
Fair value hedges    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange contracts 0 (2)
Fair value hedges | Other (income) expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Other comprehensive (income) expense, derivative, excluded component, increase (decrease), adjustments, before tax 0 (3)
Earnings, fair value hedge, gain (loss), reclassification, before tax 0 (23)
Net Investment Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Other comprehensive income (loss), net investment hedge, gain (loss), before reclassification and tax 61 38
Net Investment Hedging | Other (income) expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment hedges 0 0
Interest rate contracts | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax 0 0
Interest rate contracts | Cash Flow Hedging | Interest expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax (1) (1)
Foreign exchange contracts | Other (income) expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) recognized in income, undesignated derivative instruments (2) (5)
Foreign exchange contracts | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax 0 10
Foreign exchange contracts | Cash Flow Hedging | Cost of sales    
Derivative Instruments, Gain (Loss) [Line Items]    
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax $ 4 $ 2
v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Classification and Fair Value Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value $ 3 $ 7
Total derivative instruments, liabilities 1,413 1,347
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value 3 7
Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative liability, fair value 4 2
Derivative instruments designated as hedges | Long-term debt and finance lease obligations, less current portion    
Derivatives, Fair Value [Line Items]    
Derivative liability, not subject to master netting arrangement, fair value 761 727
Derivative instruments designated as hedges | Current maturities of long-term debt and finance lease obligations    
Derivatives, Fair Value [Line Items]    
Derivative liability, not subject to master netting arrangement, fair value   618
Derivative instruments designated as hedges | Foreign exchange contracts | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value 3 6
Derivative instruments designated as hedges | Foreign exchange contracts | Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative liability, fair value 0 0
Undesignated derivative instruments | Current maturities of long-term debt and finance lease obligations    
Derivatives, Fair Value [Line Items]    
Derivative liability, not subject to master netting arrangement, fair value 648  
Undesignated derivative instruments | Foreign exchange contracts | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value 0 1
Undesignated derivative instruments | Foreign exchange contracts | Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative liability, fair value $ 4 $ 2
v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Positions Presented On Net Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Asset    
Gross amounts recognized in the condensed consolidated balance sheets $ 3 $ 7
Prepaid expenses and other current assets    
Asset    
Gross amounts recognized in the condensed consolidated balance sheets 3 7
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet (2) (1)
Derivative asset, fair value, total 1 6
Accrued expenses and other current liabilities    
Liability    
Gross amounts recognized in the condensed consolidated balance sheets 4 2
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet (2) (1)
Derivative liability, fair value, total $ 2 $ 1
v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Amounts Recorded on Condensed Consolidated Balance Sheet Related to Fair Value Hedges (Details) - Long-term debt - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item $ 99 $ 99
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item $ 2 $ 2
v3.25.1
FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Foreign exchange contracts $ 3 $ 7
Available-for-sale debt securities 1 1
Marketable equity securities 12 13
Total assets 16 21
Liabilities    
Foreign exchange contracts 4 2
Contingent payments related to acquisitions 12 12
Indemnifications related to kidney care separation 37  
Total liabilities 53 14
Quoted prices in active markets for identical assets (Level 1)    
Assets    
Foreign exchange contracts 0 0
Available-for-sale debt securities 0 0
Marketable equity securities 12 13
Total assets 12 13
Liabilities    
Foreign exchange contracts 0 0
Contingent payments related to acquisitions 0 0
Indemnifications related to kidney care separation 0  
Total liabilities 0 0
Significant other observable inputs (Level 2)    
Assets    
Foreign exchange contracts 3 7
Available-for-sale debt securities 0 0
Marketable equity securities 0 0
Total assets 3 7
Liabilities    
Foreign exchange contracts 4 2
Contingent payments related to acquisitions 0 0
Indemnifications related to kidney care separation 0  
Total liabilities 4 2
Significant unobservable inputs (Level 3)    
Assets    
Foreign exchange contracts 0 0
Available-for-sale debt securities 1 1
Marketable equity securities 0 0
Total assets 1 1
Liabilities    
Foreign exchange contracts 0 0
Contingent payments related to acquisitions 12 12
Indemnifications related to kidney care separation 37  
Total liabilities $ 49 $ 12
v3.25.1
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Fair Value Disclosures [Line Items]      
Cash and cash equivalents $ 2,294 $ 1,764 $ 2,826
Other Assets      
Fair Value Disclosures [Line Items]      
Other equity investments without readily determinable fair values 37 37  
Significant other observable inputs (Level 2)      
Fair Value Disclosures [Line Items]      
Money market funds, at carrying value $ 1,210 $ 583  
v3.25.1
FAIR VALUE MEASUREMENTS - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Indemnifications related to Kidney Care separation        
Contingent payments related to acquisitions        
Fair value at beginning of period $ 37   $ 0  
Additions 37      
Fair value at end of period 37      
Contingent payments related to acquisitions        
Contingent payments related to acquisitions        
Fair value at beginning of period 12 $ 14 $ 12 $ 14
Additions 0 0    
Fair value at end of period 12 14    
Available-for-sale debt securities        
Available-for-sale debt securities        
Fair value at beginning of period 1 1    
Additions 0 0    
Fair value at end of period $ 1 $ 1    
v3.25.1
FAIR VALUE MEASUREMENTS - Book Values and Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Book values    
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]    
Short-term debt $ 11 $ 2,126
Current maturities of long-term debt and finance lease obligations 651 626
Long-term debt and finance lease obligations 9,412 10,374
Fair values    
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]    
Short-term debt 11 2,126
Current maturities of long-term debt and finance lease obligations 650 619
Long-term debt and finance lease obligations $ 8,398 $ 9,295
v3.25.1
SEGMENT INFORMATION - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 3
v3.25.1
SEGMENT INFORMATION - Summary of Financial Information for Our Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net sales $ 2,625 $ 2,490
United States    
Segment Reporting Information [Line Items]    
Net sales 1,490 1,348
International    
Segment Reporting Information [Line Items]    
Net sales 1,135 1,142
Operating Segments | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 1,262 1,229
Operating Segments | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 704 667
Operating Segments | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 581 578
Operating Segments | United States | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 729 673
Operating Segments | United States | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 518 473
Operating Segments | United States | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 195 191
Operating Segments | International | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 533 556
Operating Segments | International | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 186 194
Operating Segments | International | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 386 387
Operating Segments | Infusion Therapies and Technologies | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 994 966
Operating Segments | Infusion Therapies and Technologies | United States | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 584 526
Operating Segments | Infusion Therapies and Technologies | International | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 410 440
Operating Segments | Advanced Surgery | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 268 263
Operating Segments | Advanced Surgery | United States | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 145 147
Operating Segments | Advanced Surgery | International | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 123 116
Operating Segments | Care and Connectivity Solutions | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 427 402
Operating Segments | Care and Connectivity Solutions | United States | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 316 278
Operating Segments | Care and Connectivity Solutions | International | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 111 124
Operating Segments | Front Line Care | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 277 265
Operating Segments | Front Line Care | United States | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 202 195
Operating Segments | Front Line Care | International | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 75 70
Operating Segments | Injectables and Anesthesia | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 335 328
Operating Segments | Injectables and Anesthesia | United States | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 195 191
Operating Segments | Injectables and Anesthesia | International | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 140 137
Operating Segments | Drug Compounding | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 246 250
Operating Segments | Drug Compounding | United States | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 0 0
Operating Segments | Drug Compounding | International | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 246 250
Other    
Segment Reporting Information [Line Items]    
Net sales 78 16
Other | United States    
Segment Reporting Information [Line Items]    
Net sales 48 11
Other | International    
Segment Reporting Information [Line Items]    
Net sales $ 30 $ 5
v3.25.1
SEGMENT INFORMATION - Revenue rom External Customers by Geographic Areas (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net sales $ 2,625 $ 2,490
United States    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net sales 1,490 1,348
Emerging Markets    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net sales 297 307
Rest of world    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net sales $ 838 $ 835
v3.25.1
SEGMENT INFORMATION - Segment Information Of Net Sales And Operating Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net sales $ 2,625 $ 2,490
Cost of sales 1,764 1,529
Selling, general and administrative expenses 703 729
Research and development expenses 140 120
Operating income 58 115
Operating Segments | Medical Products & Therapies    
Segment Reporting Information [Line Items]    
Net sales 1,262 1,229
Cost of sales 694 668
Selling, general and administrative expenses 286 284
Research and development expenses 59 52
Other segment items (21) (2)
Operating income 244 227
Operating Segments | Healthcare Systems & Technologies    
Segment Reporting Information [Line Items]    
Net sales 704 667
Cost of sales 356 346
Selling, general and administrative expenses 217 207
Research and development expenses 45 47
Other segment items (7) 0
Operating income 93 67
Operating Segments | Pharmaceuticals    
Segment Reporting Information [Line Items]    
Net sales 581 578
Cost of sales 396 382
Selling, general and administrative expenses 103 96
Research and development expenses 26 22
Other segment items (7) 0
Operating income $ 63 $ 78
v3.25.1
SEGMENT INFORMATION - Operating Income to Income Before Income Taxes Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income $ 58 $ 115
Intangible asset amortization expense 155 158
Interest expense, net 64 78
Other (income) expense, net (3) (9)
Income (loss) from continuing operations before income taxes (3) 46
Depreciation 92 113
Operating Segments | Medical Products & Therapies    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income 244 227
Depreciation 49 58
Operating Segments | Healthcare Systems & Technologies    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income 93 67
Depreciation 27 30
Operating Segments | Pharmaceuticals    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income 63 78
Depreciation 16 25
Operating Segments | Reportable Segment    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income 400 372
Segment Reconciling Items    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Unallocated corporate costs (17) (69)
Intangible asset amortization expense (155) (158)
Legal matters (11) 0
Business optimization items (45) (22)
Acquisition and integration items (1) (5)
Separation-related costs (13) 0
European Medical Devices Regulation (5) (7)
Hurricane Helene costs (98) 0
Product-related items (6) 0
Segment Reconciling Items | Reportable Segment    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Other $ 9 $ 4