BAXTER INTERNATIONAL INC, 10-Q filed on 11/4/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 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   514,055,805
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
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, $1.00 par value  
Trading Symbol BAX (NYSE)  
Security Exchange Name NYSE  
1.3% Global Notes due 2029 | New York Stock Exchange    
Document Information [Line Items]    
Title of 12(b) Security 1.3% Global Notes due 2029  
Trading Symbol BAX 29  
Security Exchange Name NYSE  
v3.25.3
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,726 $ 1,764
Accounts receivable, net of allowances of $69 in 2025 and $71 2024 1,777 1,679
Inventories 2,460 2,046
Prepaid expenses and other current assets 970 753
Current assets of discontinued operations 0 2,611
Total current assets 6,933 8,853
Property, plant and equipment, net 2,812 2,870
Goodwill 5,400 5,275
Other intangible assets, net 4,805 5,223
Operating lease right-of-use assets 270 306
Other non-current assets 847 755
Non-current assets of discontinued operations 0 2,500
Total assets 21,067 25,782
Current liabilities:    
Short-term debt 4 2,126
Current maturities of long-term debt and finance lease obligations 751 626
Accounts payable 953 968
Accrued expenses and other current liabilities 2,067 1,861
Current liabilities of discontinued operations 0 930
Total current liabilities 3,775 6,511
Long-term debt and finance lease obligations, less current portion 8,747 10,374
Operating lease liabilities 210 243
Other non-current liabilities 1,121 1,076
Non-current liabilities of discontinued operations 0 554
Total liabilities 13,853 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, 169,548,900 shares in 2025 and 172,567,636 shares in 2024 (10,891) (11,059)
Additional contributed capital 6,345 6,421
Retained earnings 14,837 14,929
Accumulated other comprehensive loss (3,733) (4,010)
Total Baxter stockholders’ equity 7,241 6,964
Noncontrolling interests (27) 60
Total equity 7,214 7,024
Total liabilities and equity $ 21,067 $ 25,782
v3.25.3
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for accounts receivable, current $ 69 $ 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) 169,548,900 172,567,636
v3.25.3
Condensed Consolidated Statements of Loss (unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Net sales $ 2,835 $ 2,699 $ 8,270 $ 7,883
Cost of sales 1,885 1,666 5,468 4,858
Gross margin 950 1,033 2,802 3,025
Selling, general and administrative expenses 708 754 2,129 2,206
Research and development expenses 118 129 392 379
Other operating income, net (48) (5) (140) (9)
Operating income 172 155 421 449
Interest expense, net 58 87 180 251
Other (income) expense, net 7 1 10 34
Income (loss) from continuing operations before income taxes 121 69 251 232
Income tax expense (benefit) 172 8 116 70
Income (loss) from continuing operations (51) 61 135 162
Income (loss) from discontinued operations, net of tax 5 83 36 (290)
Net income (loss) (46) 144 171 (128)
Less: Net income attributable to noncontrolling interests included in continuing operations 0 0 0 0
Less: Net income attributable to noncontrolling interests included in discontinued operations 0 4 0 9
Net income attributable to noncontrolling interests 0 4 0 9
Net income (loss) attributable to Baxter stockholders $ (46) $ 140 $ 171 $ (137)
Income (loss) from continuing operations per common share        
Income from continuing operations per common share, basic (in dollars per share) $ (0.10) $ 0.12 $ 0.26 $ 0.32
Income from continuing operations per common share, diluted (in dollars per share) (0.10) 0.12 0.26 0.32
Income (loss) from discontinued operations per common share        
Income from discontinued operations per common share, basic (in dollars per share) 0.01 0.15 0.07 (0.59)
Income from discontinued operations per common share, diluted (in dollars per share) 0.01 0.15 0.07 (0.59)
Income (loss) per common share        
Basic (in dollars per share) (0.09) 0.27 0.33 (0.27)
Diluted (in dollars per share) $ (0.09) $ 0.27 $ 0.33 $ (0.27)
Weighted-average number of shares outstanding        
Basic (in shares) 514 510 513 509
Diluted (in shares) 514 512 514 511
v3.25.3
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Income (loss) from continuing operations $ (51) $ 61 $ 135 $ 162
Other comprehensive income (loss) from continuing operations, net of tax:        
Currency translation adjustments, net of tax expense (benefit) of ($1) and $(19) for the three months ended September 30, 2025 and 2024, respectively, and ($13) and ($3) for nine months ended September 30, 2025 and 2024, respectively. 13 106 148 (61)
Pension and other postretirement benefits, net of tax expense (benefit) of zero and ($2) for the three months ended September 30, 2025 and 2024, respectively, and ($7) and zero for nine months ended September 30, 2025 and 2024, respectively. (1) (6) 5 (2)
Hedging activities, net of tax expense (benefit) of zero and ($3) for the three months ended September 30, 2025 and 2024, respectively, and ($1) and zero for nine months ended September 30, 2025 and 2024, respectively. 1 (9) (2) 2
Total other comprehensive income (loss) from continuing operations, net of tax 13 91 151 (61)
Comprehensive income (loss) from continuing operations (38) 152 286 101
Income (loss) from discontinued operations, net of tax 5 83 36 (290)
Currency translation adjustments, net of tax expense (benefit) of zero and $(11) for the three months ended September 30, 2025 and 2024, respectively, and zero and $(15) for nine months ended September 30, 2025 and 2024, respectively. 0 90 137 (35)
Pension and other postretirement benefits, net of tax expense (benefit) of zero for the three months ended September 30, 2025 and 2024, and $(3) and zero for nine months ended September 30, 2025 and 2024, respectively. 0 0 (11) (1)
Total other comprehensive income (loss) from discontinued operations 0 90 126 (36)
Comprehensive income (loss) from discontinued operations 5 173 162 (326)
Comprehensive income (loss) (33) 325 448 (225)
Less: Comprehensive income attributable to noncontrolling interests 0 4 0 9
Less: Other comprehensive loss attributable to noncontrolling interests 0 0 0 (4)
Comprehensive income (loss) attributable to Baxter stockholders $ (33) $ 321 $ 448 $ (230)
v3.25.3
Condensed Consolidated Statements of Comprehensive Loss (unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Currency translation adjustments, tax $ (1) $ (19) $ (13) $ (3)
Pension and other postretirement benefits, tax 0 (2) 7 0
Hedging activities, tax 0 (3) (1) 0
Discontinued operations, currency translation adjustments, net of tax 0 (11) 0 (15)
Discontinued operations, pension and other postretirement benefits, tax 0 0 (3) 0
Comprehensive income (loss) $ (33) $ 325 $ 448 $ (225)
v3.25.3
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 income (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 (128) (137)       (137)   9
Other comprehensive income (loss) (97) (93)         (93) (4)
Stock issued under employee benefit plans and other 148 148   $ 146 2      
Dividends declared on common stock (448) (448)       (448)    
Stock issued under employee benefit plans and other (in shares)       (3,000,000)        
Change in noncontrolling interests (1)             (1)
Balance, end of period (in shares) at Sep. 30, 2024     683,000,000          
Balance, end of period (in usd) at Sep. 30, 2024 7,942 7,872 $ 683 $ (11,084) 6,391 15,529 (3,647) 70
Balance, treasury, ending period (in shares) at Sep. 30, 2024       173,000,000        
Balance, beginning of period (in shares) at Jun. 30, 2024     683,000,000          
Balance, beginning of period (in usd) at Jun. 30, 2024 7,708 7,643 $ 683 $ (11,104) 6,353 15,539 (3,828) 65
Balance, treasury, beginning period (in shares) at Jun. 30, 2024       173,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss 144 140       140   4
Other comprehensive income (loss) 181 181         181 0
Stock issued under employee benefit plans and other 58 58   $ 20 38      
Dividends declared on common stock (150) (150)       (150)    
Change in noncontrolling interests 1             1
Balance, end of period (in shares) at Sep. 30, 2024     683,000,000          
Balance, end of period (in usd) at Sep. 30, 2024 7,942 7,872 $ 683 $ (11,084) 6,391 15,529 (3,647) 70
Balance, treasury, ending period (in shares) at Sep. 30, 2024       173,000,000        
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 $ 171 171       171   0
Other comprehensive income (loss) 162 162         162 0
Stock issued under employee benefit plans and other 92 92   $ 168 (76)      
Dividends declared on common stock (263) (263)       (263)    
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)        
Disposition of noncontrolling interest associated with the Kidney Care separation (87)             (87)
Balance, end of period (in shares) at Sep. 30, 2025     683,000,000          
Balance, end of period (in usd) at Sep. 30, 2025 $ 7,214 7,241 $ 683 $ (10,891) 6,345 14,837 (3,733) (27)
Balance, treasury, ending period (in shares) at Sep. 30, 2025 169,548,900     170,000,000        
Balance, beginning of period (in shares) at Jun. 30, 2025     683,000,000          
Balance, beginning of period (in usd) at Jun. 30, 2025 $ 7,293 7,320 $ 683 $ (10,915) 6,328 14,970 (3,746) (27)
Balance, treasury, beginning period (in shares) at Jun. 30, 2025       170,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss (46) (46)       (46)   0
Other comprehensive income (loss) 13 13         13  
Stock issued under employee benefit plans and other 41 41   $ 24 17      
Dividends declared on common stock (87) (87)       (87)    
Balance, end of period (in shares) at Sep. 30, 2025     683,000,000          
Balance, end of period (in usd) at Sep. 30, 2025 $ 7,214 $ 7,241 $ 683 $ (10,891) $ 6,345 $ 14,837 $ (3,733) $ (27)
Balance, treasury, ending period (in shares) at Sep. 30, 2025 169,548,900     170,000,000        
v3.25.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operations    
Net income (loss) $ 171 $ (128)
Less: Income (loss) from discontinued operations, net of tax 36 (290)
Income (loss) from continuing operations 135 162
Adjustments to reconcile net income (loss) to cash flows from operations:    
Depreciation and amortization 741 752
Deferred income taxes (115) (136)
Stock compensation 80 75
Net periodic pension and other postretirement costs (24) (21)
Other long-lived asset impairments 24 42
Other 22 20
Changes in balance sheet items:    
Accounts receivable, net (44) (17)
Inventories (360) (180)
Prepaid expenses and other current assets (32) (61)
Accounts payable (36) 3
Accrued expenses and other current liabilities 31 (192)
Other (67) (71)
Cash flows from (used in) operations - continuing operations 355 376
Cash flows from (used in) operations - discontinued operations (94) 155
Cash flows from (used in) operations 261 531
Cash flows from investing activities    
Capital expenditures (373) (314)
Acquisitions of developed technology and investments (9) (9)
Proceeds from sale of marketable equity securities 0 34
Other investing activities, net 32 8
Cash flows from (used in) investing activities - continuing operations (350) (281)
Cash flows from (used in) investing activities - discontinued operations 3,389 (140)
Cash flows from (used in) investing activities 3,039 (421)
Cash flows from financing activities    
Repayments of debt (3,505) (827)
Repayments of debt with original maturities of three months or less (300) 0
Cash dividends on common stock (261) (443)
Proceeds from stock issued under employee benefit plans 25 63
Payments of contingent liabilities (10) 0
Other financing activities, net (18) (15)
Cash flows from (used in) financing activities (4,069) (1,222)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - continuing operations 83 (45)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - discontinued operations 0 39
Increase (decrease) in cash, cash equivalents and restricted cash (686) (1,118)
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] 1,728 2,080
Less cash and cash equivalents of discontinued operations 0 658
Cash, cash equivalents and restricted cash $ 1,728 $ 1,422
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash shown above to the amounts reported within the condensed consolidated balance sheet as of September 30, 2025, December 31, 2024, and September 30, 2024 (in millions):
September 30, 2025December 31, 2024September 30, 2024
Cash and cash equivalents$1,726 $1,764 $1,420 
Restricted cash included in other non-current assets2 2 2 
Cash and cash equivalents of discontinued operations— 648 658 
Cash, cash equivalents and restricted cash$1,728 $2,414 $2,080 
v3.25.3
Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Statement of Cash Flows [Abstract]      
Cash and cash equivalents $ 1,726 $ 1,764 $ 1,420
Restricted cash included in other non-current assets 2 2 2
Cash and cash equivalents of discontinued operations 0 648 658
Cash, cash equivalents and restricted cash [1] $ 1,728 $ 2,414 $ 2,080
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash shown above to the amounts reported within the condensed consolidated balance sheet as of September 30, 2025, December 31, 2024, and September 30, 2024 (in millions):
September 30, 2025December 31, 2024September 30, 2024
Cash and cash equivalents$1,726 $1,764 $1,420 
Restricted cash included in other non-current assets2 2 2 
Cash and cash equivalents of discontinued operations— 648 658 
Cash, cash equivalents and restricted cash$1,728 $2,414 $2,080 
v3.25.3
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 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, prior to giving effect to certain post-closing adjustments. In the third quarter of 2025, the purchase price was reduced by $99 million for final closing cash, working capital and other post-closing adjustments in accordance with the terms of the EPA, which are recorded in accrued expenses and other current liabilities in the consolidated balance sheet as of September 30, 2025. 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. The facility was fully operational by the end of the first quarter of 2025. In the third quarter and first nine months of 2025, we recorded $8 million and $123 million, respectively, of pre-tax net charges related to remediation, air freight and other costs as a result of the damages caused by Hurricane Helene. In the third quarter of 2024, we recorded $25 million of pre-tax net charges related to damages caused by Hurricane Helene. This consisted of $44 million related to the write-off of damaged inventory and fixed assets offset by a receivable of $19 million, which is the amount of the loss, net of our insurance deductible, related to insurance recoveries as a result of those asset write-offs. These amounts were recorded as a component of cost of sales in the condensed consolidated statements of income for the three and nine month periods ended September 30, 2025 and 2024.
v3.25.3
DISCONTINUED OPERATIONS
 9 Months Ended
Sep. 30, 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 prior to giving effect to certain post-closing adjustments. We recognized a pre-tax gain on the sale of $191 million ($111 million net of tax). In the third quarter of 2025, we recognized a pre-tax reduction of the gain on the sale of $55 million as a result of final working capital adjustments made in accordance with the related EPA. For the nine months ended September 30, 2025, we recognized a pre-tax gain on sale of $115 million.
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 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 September 30, 2025 was $57 million. Further, in accordance with the EPA, Baxter recorded a contingent liability for payments to reimburse Vantive for qualifying capital expenditures of $133 million over a period of three years post sale. The contingent liability as of September 30, 2025 was $124 million based on payments made to date.
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 certain global employee benefit matters, leases, performance contracts and ones to support regulatory requirements of the Kidney Care business. As of September 30, 2025, the total amount of Kidney Care business guarantees retained by us is approximately $230 million. Under terms of the EPA, Carlyle has agreed to indemnify us for any cost or expense, or payments made in the future under these arrangements.
Results of Discontinued Operations and Assets and Liabilities of Discontinued Operations
The following tables summarize the major classes of line items included in income (loss) from discontinued operations, net of tax, for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Net sales$— $1,155 $352 $3,375 
Cost of sales— 731 206 2,125 
Gross margin— 424 146 1,250 
Selling, general and administrative expenses— 278 116 874 
Research and development expenses— 41 16 140 
Goodwill impairment— — — 430 
Other operating income, net— (1)— (1)
Operating income (loss)— 106 14 (193)
Interest expense, net— 1 13 — 
Other (income) expense, net— (8)7 (2)
Income (loss) from discontinued operations before gain on disposition and income taxes— 113 (6)(191)
Gain (loss) on disposition(55)— 115 — 
Income tax expense (benefit)(60)30 73 99 
Income (loss) from discontinued operations, net of tax5 83 36 (290)
Less: Net income attributable to noncontrolling interest included in discontinued operations— 4 — 9 
Net income (loss) attributable to Baxter stockholders included in discontinued operations$5 $79 $36 $(299)
For the three and nine months ended September 30, 2025, settlement of certain net working capital adjustments made in accordance with the EPA and increased indemnification liabilities reduced the gain from the sale of our Kidney Care business. For the three months ended September 30, 2024, selling, general and administrative expenses (SG&A) includes $69 million of separation-related costs incurred in connection with the sale of our Kidney Care business. For the nine months ended September 30, 2025 and 2024, SG&A includes $37 million and $236 million, respectively, of separation-related costs incurred in connection with the sale of our Kidney Care business.
In the third quarter of 2025, a $41 million tax benefit was allocated to discontinued operations due to recording of reserves for uncertain tax positions related to the transfer pricing matters for tax years 2021 through 2025. See Note 12 for additional information.
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 
v3.25.3
SUPPLEMENTAL FINANCIAL INFORMATION
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Balance at beginning of period$71 $67 $71 $62 
Charged to costs and expenses(3)4 (3)4 
Write-offs— (3)(3)(6)
Currency translation adjustments1 (3)4 5 
Balance at end of period$69 $65 $69 $65 
Inventories
(in millions)September 30,
2025		December 31,
2024
Raw materials$573 $510 
Work in process311 266 
Finished goods1,576 1,270 
Inventories$2,460 $2,046 
Property, Plant and Equipment, Net
(in millions)September 30,
2025		December 31,
2024
Property, plant and equipment, at cost$7,750 $7,648 
Accumulated depreciation(4,938)(4,778)
Property, plant and equipment, net$2,812 $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 $32 million and liabilities, consisting of accounts payable, of $10 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 September 30, 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 September 30, 2025. The net book value of the assets as of September 30, 2025 approximates the transaction price net of estimated selling costs.
Interest Expense, Net
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Interest expense, net of capitalized interest$68 $101 $221 $308 
Interest income(10)(14)(41)(57)
Interest expense, net$58 $87 $180 $251 
Other (Income) Expense, Net
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Foreign exchange losses, net$3 $7 $15 21 
Pension and other postretirement benefit plans(11)(9)(33)(34)
Change in fair value of marketable equity securities3 — 2 (3)
Equity method investment impairment— — 9 — 
Other, net(2)1 (3)(18)
Other (income) expense, net$(7)$(1)$(10)$(34)
Non-Cash Operating and Investing Activities
Right-of-use operating lease assets obtained in exchange for lease obligations for the nine months ended September 30, 2025 and 2024 were $14 million and $54 million, respectively.
Purchases of property, plant and equipment included in accounts payable as of September 30, 2025 and 2024 were $45 million and $34 million, respectively.
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 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 72 20 33 125 
Balance as of September 30, 2025$1,257 $3,570 $573 $5,400 
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 
September 30, 2025
Gross other intangible assets$3,393 $3,208 $953 $91 $680 $107 $8,432 
Accumulated amortization(1,041)(2,360)(154)(72)— — (3,627)
Other intangible assets, net$2,352 $848 $799 $19 $680 $107 $4,805 
Intangible asset amortization expense was $147 million and $159 million for the three months ended September 30, 2025 and 2024, respectively, and $453 million and $471 million for the nine months ended September 30, 2025 and 2024.
v3.25.3
FINANCING ARRANGEMENTS
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Significant Debt Activity
In February 2025, we repaid $1.00 billion under our previously existing $1.64 billion five-year term loan facility maturing in 2026. In June 2025, we amended and restated this term loan facility in its entirety (as further described under "Credit Facilities" below).
Credit Facilities
On June 11, 2025, we entered into an amended and restated U.S. Dollar-denominated term loan credit facility (the Term Loan Facility), which amends and restates in its entirety our existing term loan credit facility. As of September 30, 2025, we had $645 million outstanding under the Term Loan Facility, which matures in 2027. Borrowings under the Term Loan Facility bear interest on the principal amount outstanding at either Term SOFR plus an applicable margin or a “base rate” plus an applicable margin. The Term Loan Facility contains various covenants, including a maximum net leverage ratio.
On June 11, 2025, we entered into an amended and restated revolving credit facility (the Multicurrency Revolver), which amends and restates in its entirety our existing U.S. Dollar-denominated revolving credit facility and replaces our existing Euro-denominated revolving credit facility. Our Multicurrency Revolver has a maximum capacity of $2.20 billion and matures in 2030. Borrowings under the Multicurrency Revolver bear interest on the principal amount outstanding at either Term SOFR plus an applicable margin or a “base rate” plus an applicable margin. The
Multicurrency Revolver contains various covenants, including a maximum net leverage ratio. Borrowings in Euros are subject to a sublimit of $300 million. We may, at our option, seek to increase the aggregate commitment under the Multicurrency Revolver by up to $1.10 billion, which would result in a maximum aggregate commitment of up to $3.30 billion. There were no borrowings outstanding under the Multicurrency Revolver as of September 30, 2025. As of December 31, 2024, there were no borrowings outstanding under our previously existing credit facilities. Our commercial paper borrowing arrangements require us to maintain undrawn borrowing capacity under our credit facilities for an amount at least equal to our outstanding commercial paper borrowings. As of September 30, 2025, we were in compliance with the financial covenants in these agreements. Based on our covenant calculations as of September 30, 2025, we had capacity to draw $1.10 billion under the Multicurrency Revolver.
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. 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. 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.
In the first nine months of 2025, we repaid $680 million of senior notes at maturity.
Commercial Paper
There was no commercial paper outstanding as of September 30, 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.
v3.25.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 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 September 30, 2025 and December 31, 2024, our total recorded reserves with respect to legal and environmental matters were $56 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 additional 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.
Novum IQ Large Volume Pump (Novum LVP)
On April 24, 2025, we initiated a voluntary correction for the Novum LVP due to the potential for under-infusion when the pump is in "standby mode" for an extended period of time. On May 20, 2025, the U.S. Food and Drug Administration (FDA) classified this voluntary correction as a Class I recall. In July 2025, we initiated voluntary corrections for the Novum LVP due to the potential for under-infusion when the pump is directed to deliver a bolus infusion or significantly increase the rate of infusion after it has been running at a lower infusion rate and the potential for over- and under-infusion related to set misloading as well as certain software anomalies. In August 2025, the FDA classified these additional voluntary corrections as Class I recalls. We have implemented certain corrections related to the recalls, and are developing additional corrections related to these recalls, some of which will require regulatory approval. In July 2025, we elected to temporarily stop distributing and installing the Novum LVP in the U.S. and Canada, except in the case of medical necessity. We have recorded a reserve for remediation costs associated with these initial Novum LVP corrections in the second quarter that is not material to our financial results. However, these estimates may be subject to change and these and other additional costs (including those associated with any additional corrections) could become material in the future.
Environmental
We are involved as a potentially responsible party (PRP) for environmental clean-up costs at six Superfund sites. Additionally, we have reached an agreement in principle to resolve liability through a remedial investigation and feasibility study at a seventh Superfund site for an amount not material to Baxter. 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 September 30, 2025 and December 31, 2024, our environmental reserves, which are measured on an undiscounted basis, were $29 million. 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. 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, lawsuits 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. In the second quarter of 2025, plaintiffs voluntarily dismissed Baxter from 30 of the filed cases, which dismissal was granted by the court, and have filed additional complaints. Thirty-eight complaints are currently filed and pending. The parties have reached an agreement in principle to resolve the remaining filed cases, 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 court granted the motion and dismissed the case with prejudice on September 12, 2025. Reading Hospital filed a Notice of Appeal of the dismissal on October 9, 2025.
On October 16, 2025, we and certain of our current and former officers and employees were named in a class action complaint captioned Electrical Workers Pension Fund, Local 103, I.B.E.W. v. Baxter International Inc. et al. that was filed in the United States District Court for the Northern District of Illinois. The plaintiff, which allegedly purchased or otherwise acquired shares of our common stock during the specified class period, filed this putative class action on behalf of itself and those who purchased or otherwise acquired Baxter common stock between February 23, 2022 and July 30, 2025. The plaintiff alleges that we and certain former and current officers and employees violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making allegedly false and misleading statements and failing to disclose material facts relating to Novum LVP.
v3.25.3
STOCKHOLDERS’ EQUITY
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Cash Dividends
Cash dividends declared per share for the three months ended September 30, 2025 and 2024 were $0.17 and $0.29, respectively, and for the nine months ended September 30, 2025 and 2024 were $0.51 and $0.87, 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 nine 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 September 30, 2025.
v3.25.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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 $(4,010)
Other comprehensive income (loss) before reclassifications159 12 (1)— 170 
Amounts reclassified from AOCI (a)
126 (18)(1)— 107 
Net other comprehensive income (loss) 285 (6)(2)— 277 
Balance as of September 30, 2025$(3,145)$(481)$(110)$3 $(3,733)
Gains (losses)
(in millions)CTAPension and OPEB plansHedging activitiesAvailable-for-sale debt securitiesTotal
Balance as of December 31, 2023$(2,985)$(452)$(120)$3 $(3,554)
Other comprehensive income (loss) before reclassifications(92)— 2 — (90)
Amounts reclassified from AOCI (a)
— (3)— — (3)
Net other comprehensive income (loss) (92)(3)2 — (93)
Balance as of September 30, 2024$(3,077)$(455)$(118)$3 $(3,647)
(a)    See table below for details about these reclassifications.
The following is a summary of the amounts reclassified from AOCI to net income (loss) during the three and nine months ended September 30, 2025 and 2024.
Amounts reclassified from AOCI (a)
(in millions)Three Months Ended September 30, 2025Nine Months Ended September 30, 2025Location of impact in income statement
CTA
Reclassification of cumulative translation loss to earnings from Kidney Care separation$— $(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 $9 Other (income) expense, net
Pension settlement from Kidney Care separation— 14 Income from discontinued operations, net of tax
$3 $23 Total before tax
Less: Tax effect— (2)Income tax expense (benefit)
Less: Tax effect on pension settlement from Kidney Care separation— (3)Income from discontinued operations, net of tax
$3 $18 Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts$— $6 Cost of sales
Interest rate contracts(1)(4)Interest expense, net
(1)2 Total before tax
Less: Tax effect— (1)Income tax expense (benefit)
$(1)$1 Net of tax
Total reclassifications for the period$2 $(107)Total net of tax
Amounts reclassified from AOCI (a)
(in millions)Three Months Ended September 30, 2024Nine Months Ended September 30, 2024Location of impact in income statement
Pension and OPEB items
Amortization of net losses and prior service costs or credits$1 $4 Other (income) expense, net
Less: Tax effect— (1)Income tax expense (benefit)
1 3 Total before tax
Gains (losses) on hedging activities
Foreign exchange contracts$4 $9 Cost of sales
Interest rate contracts(1)(4)Interest expense, net
Fair value hedges— (5)Other (income) expense, net
3 — Total before tax
Less: Tax effect(1)— Income tax expense (benefit)
$2 $— Net of tax
Total reclassifications for the period$3 $3 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
v3.25.3
REVENUES
 9 Months Ended
Sep. 30, 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 September 30, 2025, we had $9.89 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 5% of this amount as revenue over the remainder of 2025, 20% in each of 2026 and 2027, 15% in 2028 and 40% 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 and nine months ended September 30, 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 judgment.
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 $1.64 billion and $1.54 billion as of September 30, 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)September 30,
2025		December 31,
2024
Contract manufacturing services$5 $2 
Software sales34 44 
Bundled equipment and consumable medical products contracts99 87 
Contract assets$138 $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 nine months ended September 30, 2025 and 2024. The contract liability balance represents the transaction price allocated to the remaining performance obligations.
Nine Months Ended September 30,
(in millions)
2025
2024
Balance at beginning of period$171 $169 
New revenue deferrals388 383 
Revenue recognized upon satisfaction of performance obligations(394)(389)
Currency translation and other(6)(3)
Balance at end of period$159 $160 
For the nine months ended September 30, 2025 and 2024, $89 million and $94 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)September 30,
2025		December 31,
2024
Prepaid expenses and other current assets$65 $51 
Other non-current assets73 82 
Contract assets$138 $133 
Accrued expenses and other current liabilities$124 $131 
Other non-current liabilities35 40 
Contract liabilities$159 $171 
Disaggregation of Net Sales
Refer to Note 16 for additional information on our net sales including the disaggregation of net sales within each of our segments and net sales by geographic location.
Lease Revenue
We lease medical equipment, such as smart beds and infusion pumps, to customers, often in conjunction with arrangements to provide consumable medical products such as IV fluids and inhaled anesthetics. Certain of our equipment leases are classified as sales-type leases and the remainder are operating leases. The terms of the related contracts, including the proportion of fixed versus variable payments and any options to shorten or extend the lease term, vary by customer. We allocate revenue between equipment leases and medical products based on their standalone selling prices.
The components of lease revenue for the three and nine months ended September 30, 2025 and 2024 were:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Sales-type lease revenue$— $3 $8 $8 
Operating lease revenue86 102 264 288 
Variable lease revenue5 10 20 22 
Total lease revenue$91 $115 $292 $318 
Our net investment in sales-type leases was $33 million as of September 30, 2025, of which $3 million originated in 2021 and prior, $5 million in 2022, $6 million in 2023, $10 million in 2024, and $9 million in 2025.
v3.25.3
BUSINESS OPTIMIZATION CHARGES
 9 Months Ended
Sep. 30, 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 $1 million through the completion of certain 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 and nine months ended September 30, 2025 and 2024, we recorded the following charges related to business optimization programs.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Restructuring charges$37 $15 $95 $36 
Costs to implement business optimization programs1 3 5 13 
Total business optimization charges$38 $18 $100 $49 
Costs to implement business optimization programs for the three and nine months ended September 30, 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 and nine months ended September 30, 2025 and 2024, we recorded the following restructuring charges.
Three months ended September 30, 2025
(in millions)COGSSG&AR&DTotal
Employee termination costs$8 $8 $2 $18 
Contract termination and other costs8 2 — 10 
Asset write offs9 — — 9 
Total restructuring charges$25 $10 $2 $37 
Three months ended September 30, 2024
(in millions)COGSSG&ATotal
Employee termination costs$2 $10 $12 
Contract termination and other costs— 3 3 
Total restructuring charges$2 $13 $15 
Nine months ended September 30, 2025
(in millions)COGSSG&AR&DTotal
Employee termination costs$19 $27 $3 $49 
Contract termination and other costs10 4 — 14 
Asset write offs13 19 — 32 
Total restructuring charges$42 $50 $3 $95 
Nine months ended September 30, 2024
(in millions)COGSSG&ATotal
Employee termination costs$4 $25 $29 
Contract termination and other costs1 6 7 
Total restructuring charges$5 $31 $36 

For the three and nine months ended September 30, 2025, $10 million and $41 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 September 30, 2025, $21 million of the restructuring charges reflected in the table above, consisting of $8 million of asset impairments, $8 million of contract termination and other costs, and $5 million of employee termination costs, were related to the exit of a product line at one of our manufacturing facilities. For the nine months ended September 30, 2025, $24 million of the restructuring charges reflected in the table above, consisting of $11 million of asset impairments, $8 million of contract termination and other costs, and $5 million of employee termination costs, were related to the exit of a product line at one of our manufacturing facilities.
For the three and nine months ended September 30, 2024, $7 million and $14 million of the restructuring charges reflected in the table above, consisting of employee termination costs, were related to business optimization initiatives within our Healthcare Systems and Technologies segment. Additionally, for the nine months ended September 30,
2024, $7 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 
Charges70 
Payments(97)
Reserve adjustments(7)
Currency translation5 
Liability balance as of September 30, 2025$93 
Substantially all of our restructuring liabilities as of September 30, 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 2026.
v3.25.3
PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS
 9 Months Ended
Sep. 30, 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 September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Pension benefits
Service cost$3 $4 $9 $13 
Interest cost34 33 102 123 
Expected return on plan assets(44)(43)(132)(160)
Amortization of net losses and prior service costs1 4 3 11 
Net periodic pension cost (benefit)$(6)$(2)$(18)$(13)
OPEB
Interest cost$2 $2 $6 $6 
Amortization of net loss and prior service credit(4)(5)(12)(14)
Net periodic OPEB cost (income)$(2)$(3)$(6)$(8)
v3.25.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Our effective income tax rate was 142% and 12% for the three months ended September 30, 2025 and 2024, respectively, and 46% and 30% for the nine months ended September 30, 2025 and 2024, respectively. Our effective income tax rate can differ 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 September 30, 2025, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily driven by an increase in liabilities for uncertain tax positions, partially offset by a reduction in the valuation allowance on foreign tax credits and changes in the treatment of accumulated earnings that are considered indefinitely reinvested as of December 31, 2024.
For the nine months ended September 30, 2025, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily driven by an increase in liabilities for uncertain tax positions, partially offset by a reduction in the valuation allowance on foreign tax credits, changes in the treatment of accumulated earnings that are considered indefinitely reinvested as of December 31, 2024 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 period.
For the three months ended September 30, 2024, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily attributable to a favorable geographic earnings mix, the tax impacts of the write-off
of damaged inventory and fixed assets at our North Cove facility caused by Hurricane Helene, and a change in our assertion on the reinvested foreign earnings related to the sale of our former Kidney Care segment allocated to continuing operations, partially offset by a $26 million valuation allowance recorded to reduce the carrying amount of a tax attribute carryforward in the U.S. related to the sale of our former Kidney Care segment.
For the nine months ended September 30, 2024, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily attributable to a $26 million valuation allowance recorded to reduce the carrying amount of a tax attribute carryforward in the U.S. related to the sale of our former Kidney Care segment, an increase in a valuation allowance in a foreign jurisdiction resulting from changes in future projected income, an increase in income tax expense resulting from internal reorganization transactions related to the sale of our former Kidney Care segment, and an increase in our liabilities for various uncertain tax positions, partially offset by a favorable geographic earnings mix.
We are currently under examination by the Internal Revenue Service (IRS) for transfer pricing matters related to transactions with our manufacturing operations in Costa Rica and Puerto Rico for the 2019 and 2020 tax years. While we have not yet received a Notice of Proposed Adjustment (NOPA) from the IRS, the examination is ongoing, and we are in the process of responding to inquiries from, and engaging in ongoing discussions with, the IRS related to certain intercompany transactions between our U.S. entities and these foreign manufacturers. As a result, we have recorded reserves for uncertain tax positions related to these transfer pricing matters for tax years 2019 through 2025. These reserves in aggregate are recorded to expense for approximately $300 million, exclusive of any potential penalties and interest. While we believe that our transfer pricing positions are well documented, properly supported, and adequate amounts have been reserved to account for any adjustments that may ultimately result from this examination, the ultimate outcome of this matter is uncertain (upon the receipt of a NOPA or otherwise).
On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (OBBBA), which includes significant tax provisions, including extensions of key provisions from the 2017 Tax Cuts and Jobs Act and modifications to the U.S. international tax framework. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. We currently expect that the impact of the OBBBA legislation on our income tax expense for the year ending December 31, 2025 will not be material. We will continue to monitor regulatory guidance and interpretations as they are issued.
v3.25.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The numerator for both basic and diluted earnings per share (EPS) is net income (loss) attributable to Baxter stockholders. The denominator for basic EPS is the weighted-average number of shares outstanding during the period. The dilutive effect of outstanding stock options, restricted stock units (RSUs) and performance share units (PSUs) is reflected in the denominator for diluted EPS using the treasury stock method.
The following table is a reconciliation of income (loss) from continuing operations to net income (loss) attributable to Baxter stockholders.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Income (loss) from continuing operations$(51)$61 $135 $162 
Less: Net income attributable to noncontrolling interests included in continuing operations— — — — 
Income (loss) from continuing operations attributable to Baxter stockholders(51)61 135 162 
Income (loss) from discontinued operations5 83 36 (290)
Less: Net income attributable to noncontrolling interests included in discontinued operations— 4 — 9 
Income (loss) from discontinued operations attributable to Baxter stockholders5 79 36 (299)
Net income (loss) attributable to Baxter stockholders$(46)$140 $171 $(137)
The following table is a reconciliation of basic shares and diluted shares.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Basic shares514 510 513 509 
Effect of dilutive securities— 2 1 2 
Diluted shares514 512 514 511 
Basic and diluted shares are the same for three months ended September 30, 2025 due to our loss from continuing operations attributable to Baxter stockholders. 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 22 million and 20 million shares issuable under equity awards for the three and nine months ended September 30, 2025, respectively, and 18 million and 19 million shares issuable under equity awards for the three and nine months ended September 30, 2024, respectively, because their inclusion would have had an anti-dilutive effect on diluted EPS.
v3.25.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 9 Months Ended
Sep. 30, 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 $6 million and $99 million as of September 30, 2025 and December 31, 2024, respectively. The maximum term over which we have cash flow hedge contracts in place related to forecasted transactions at September 30, 2025 is two months for foreign exchange contracts. There were no outstanding interest rate contracts designated as cash flow hedges as of September 30, 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 September 30, 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. These forward contracts matured in May 2025.
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 September 30, 2025, we had an accumulated pre-tax unrealized translation loss in AOCI of $5 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 nine 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 nine 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 nine 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. These forward contracts matured in May 2025. The total notional amount of undesignated derivative instruments was $381 million as of September 30, 2025 and $389 million as of December 31, 2024.
Gains and Losses on Hedging Instruments and Undesignated Derivative Instruments
The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the three months ended September 30, 2025 and 2024.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI into income
(in millions)2025202420252024
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(1)$(1)
Foreign exchange contracts— (9)Cost of sales— 4 
Net investment hedges(2)(68)Other (income) expense, net— — 
Total$(2)$(77)$(1)$3 

Location of gain (loss) in income statementGain (loss) recognized in income
(in millions)20252024
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net$1 $6 
Total$1 $6 
The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the nine months ended September 30, 2025 and 2024.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI into income
(in millions)2025202420252024
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(4)$(4)
Foreign exchange contracts2 5 Cost of sales6 9 
Fair value hedges
Foreign exchange contracts— (3)Other (income) expense, net— (5)
Net investment hedges(129)(19)Other (income) expense, net— — 
Total$(127)$(17)$2 $— 
Location of gain (loss) in income statementGain (loss) recognized in income
(in millions)20252024
Fair value hedges
Foreign exchange contractsOther (income) expense, net$— $(24)
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net32 — 
Total$32 $(24)
As of September 30, 2025, $4 million of deferred, net after-tax losses on derivative instruments included in AOCI are expected to be recognized in earnings during the next 12 months, coinciding with when the hedged items are expected to impact earnings.
Derivative Assets and Liabilities
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of September 30, 2025.
Derivatives in asset positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets$— Accrued expenses and other current liabilities$—
Net investment hedgesLong-term debt and finance lease obligations, less current portion$836
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets2 Accrued expenses and other current liabilities3
Total derivative instruments$2 $839
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.
September 30, 2025December 31, 2024
(in millions)AssetLiabilityAssetLiability
Gross amounts recognized in the condensed consolidated balance sheets$2 $3 $7 $2 
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet— — (1)(1)
Total$2 $3 $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 September 30, 2025Balance as of December 31, 2024Balance as of September 30, 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.
v3.25.3
FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 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 September 30, 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$2 $— $2 $— 
Available-for-sale debt securities1 — — 1 
Marketable equity securities12 12 — — 
Total$15 $12 $2 $1 
Liabilities
Foreign exchange contracts$3 $— $3 $— 
Contingent payments related to acquisitions14 — — 14 
Indemnifications related to Kidney Care separation1
57 — — 57 
Total$74 $— $3 $71 
1 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 September 30, 2025 and December 31, 2024, cash and cash equivalents of $1.73 billion and $1.76 billion, respectively, included money market fund and other short-term funds of approximately $631 million 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 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 September 30,
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$56 $12 $1 $14 $1 
Additions1 — — — — 
Change in fair value recognized in earnings— 2 — — — 
Payments— — — (2)— 
Fair value at end of period$57 $14 $1 $12 $1 
Nine Months Ended September 30,
20252024
(in millions)Indemnifications related to Kidney Care separationContingent payments related to acquisitionsAvailable-for-sale debt securitiesContingent payments related to acquisitionsAvailable-for-sale debt securities
Fair value at beginning of period$— $12 $1 $14 $1 
Additions57 — — — — 
Change in fair value recognized in earnings2 — — — 
Payments— — — (2)— 
Fair value at end of period$57 $14 $1 $12 $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 September 30, 2025 and December 31, 2024.
Book valuesFair values(a)
(in millions)2025202420252024
Liabilities
Short-term debt$4 $2,126 $4 $2,126 
Current maturities of long-term debt and finance lease obligations751 626 741 619 
Long-term debt and finance lease obligations8,747 10,374 7,918 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 $51 million as of September 30, 2025 and $37 million as of 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.
v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 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 September 30,
20252024
(in millions)U.S.InternationalTotalU.S.InternationalTotal
Infusion Therapies & Technologies
$555 $468 $1,023 $613 $457 $1,070 
Advanced Surgery
168 138 306 149 123 272 
Medical Products & Therapies723 606 1,329 762 580 1,342 
Care & Connectivity Solutions
348 125 473 335 121 456 
Front Line Care
229 71 300 222 74 296 
Healthcare Systems & Technologies
577 196 773 557 195 752 
Injectables & Anesthesia
177 156 333 178 143 321 
Drug Compounding— 299 299 — 267 267 
Pharmaceuticals177 455 632 178 410 588 
Other67 34 101 3 14 17 
Total Baxter$1,544 $1,291 $2,835 $1,500 $1,199 $2,699 
Nine Months Ended September 30,
20252024
(in millions)U.S.InternationalTotalU.S.InternationalTotal
Infusion Therapies & Technologies
$1,693 $1,348 $3,041 $1,718 $1,363 $3,081 
Advanced Surgery
471 399 870 446 366 812 
Medical Products & Therapies2,164 1,747 3,911 2,164 1,729 3,893 
Care & Connectivity Solutions
1,005 369 1,374 945 365 1,310 
Front Line Care
652 218 870 635 222 857 
Healthcare Systems & Technologies
1,657 587 2,244 1,580 587 2,167 
Injectables & Anesthesia
559 441 1,000 566 424 990 
Drug Compounding— 825 825 — 778 778 
Pharmaceuticals559 1,266 1,825 566 1,202 1,768 
Other190 100 290 30 25 55 
Total Baxter$4,570 $3,700 $8,270 $4,340 $3,543 $7,883 
Geographic Sales Information
Our net sales are attributed to the following geographic regions based on the location of the customer.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
United States$1,544 $1,500 $4,570 $4,340 
Emerging markets1
355 347 996 1,001 
Rest of world2
936 852 2,704 2,542 
Total Baxter$2,835 $2,699 $8,270 $7,883 
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) was comprised of our Chair and Interim Chief Executive Officer, and the Executive Vice President, Chief Operating Officer and Interim Group President, Medical Products & Therapies. In the third quarter of 2025, in conjunction with the appointment of Andrew Hider as our Chief Executive Officer, we determined that our President and Chief Executive Officer is now the CODM, who reviews the financial information presented for purposes of evaluating the performance of our segments and to make resource allocation decisions. The change in CODM during both the first quarter and third 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. Billings by us under the Kidney Care TSA are included in other segment items as further described in Note 2. Beginning in 2024 annual reporting, we adopted Accounting Standards Update (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 September 30, 2025Three Months Ended September 30, 2024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticalsMedical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticals
Net sales$1,329 $773 $632 $1,342 $752 $588 
Cost of sales752 410 450 734 368 408 
Selling, general and administrative expenses286 219 107 291 203 95 
Research and development expenses41 48 26 53 45 23 
Other segment items(23)(8)(7)(4)— 4 
Segment operating income$273 $104 $56 $268 $136 $58 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticalsMedical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticals
Net sales$3,911 $2,244 $1,825 $3,893 $2,167 $1,768 
Cost of sales2,201 1,154 1,274 2,136 1,094 1,197 
Selling, general and administrative expenses867 658 316 868 612 289 
Research and development expenses163 142 77 160 138 67 
Other segment items(76)(25)(25)(4)— 4 
Segment operating income$756 $315 $183 $733 $323 $211 
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 September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Medical Products & Therapies$273 $268 $756 $733 
Healthcare Systems & Technologies104 136 315 323 
Pharmaceuticals56 58 183 211 
Total reportable segment operating income433 462 1,254 1,267 
Other5 2 20 15 
Unallocated corporate costs(15)(73)(36)(227)
Intangible asset amortization expense(147)(159)(453)(471)
Legal matters— (17)(11)(17)
Business optimization items(38)(18)(100)(49)
Acquisition and integration items(8)(5)(14)(16)
Separation-related costs(13)— (40)— 
European Medical Devices Regulation(5)(9)(15)(25)
Hurricane Helene costs(8)(25)(123)(25)
Product-related items(32)(3)(61)(3)
Total operating income 172 155 421 449 
Interest expense, net58 87 180 251 
Other (income) expense, net(7)(1)(10)(34)
Income from continuing operations before income taxes$121 $69 $251 $232 
Additional financial information for our segments is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Depreciation Expense1
Medical Products & Therapies$50 $50 $157 $152 
Healthcare Systems & Technologies26 29 83 83 
Pharmaceuticals14 16 48 46 
Total depreciation expense$90 $95 $288 $281 
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.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 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
v3.25.3
BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 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.
v3.25.3
DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Net sales$— $1,155 $352 $3,375 
Cost of sales— 731 206 2,125 
Gross margin— 424 146 1,250 
Selling, general and administrative expenses— 278 116 874 
Research and development expenses— 41 16 140 
Goodwill impairment— — — 430 
Other operating income, net— (1)— (1)
Operating income (loss)— 106 14 (193)
Interest expense, net— 1 13 — 
Other (income) expense, net— (8)7 (2)
Income (loss) from discontinued operations before gain on disposition and income taxes— 113 (6)(191)
Gain (loss) on disposition(55)— 115 — 
Income tax expense (benefit)(60)30 73 99 
Income (loss) from discontinued operations, net of tax5 83 36 (290)
Less: Net income attributable to noncontrolling interest included in discontinued operations— 4 — 9 
Net income (loss) attributable to Baxter stockholders included in discontinued operations$5 $79 $36 $(299)
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 
v3.25.3
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Balance at beginning of period$71 $67 $71 $62 
Charged to costs and expenses(3)4 (3)4 
Write-offs— (3)(3)(6)
Currency translation adjustments1 (3)4 5 
Balance at end of period$69 $65 $69 $65 
Inventories
Inventories
(in millions)September 30,
2025		December 31,
2024
Raw materials$573 $510 
Work in process311 266 
Finished goods1,576 1,270 
Inventories$2,460 $2,046 
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
(in millions)September 30,
2025		December 31,
2024
Property, plant and equipment, at cost$7,750 $7,648 
Accumulated depreciation(4,938)(4,778)
Property, plant and equipment, net$2,812 $2,870 
Interest Expense, Net
Interest Expense, Net
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Interest expense, net of capitalized interest$68 $101 $221 $308 
Interest income(10)(14)(41)(57)
Interest expense, net$58 $87 $180 $251 
Other (Income) Expense-, Net
Other (Income) Expense, Net
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Foreign exchange losses, net$3 $7 $15 21 
Pension and other postretirement benefit plans(11)(9)(33)(34)
Change in fair value of marketable equity securities3 — 2 (3)
Equity method investment impairment— — 9 — 
Other, net(2)1 (3)(18)
Other (income) expense, net$(7)$(1)$(10)$(34)
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)
 9 Months Ended
Sep. 30, 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 72 20 33 125 
Balance as of September 30, 2025$1,257 $3,570 $573 $5,400 
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 
September 30, 2025
Gross other intangible assets$3,393 $3,208 $953 $91 $680 $107 $8,432 
Accumulated amortization(1,041)(2,360)(154)(72)— — (3,627)
Other intangible assets, net$2,352 $848 $799 $19 $680 $107 $4,805 
v3.25.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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 $(4,010)
Other comprehensive income (loss) before reclassifications159 12 (1)— 170 
Amounts reclassified from AOCI (a)
126 (18)(1)— 107 
Net other comprehensive income (loss) 285 (6)(2)— 277 
Balance as of September 30, 2025$(3,145)$(481)$(110)$3 $(3,733)
Gains (losses)
(in millions)CTAPension and OPEB plansHedging activitiesAvailable-for-sale debt securitiesTotal
Balance as of December 31, 2023$(2,985)$(452)$(120)$3 $(3,554)
Other comprehensive income (loss) before reclassifications(92)— 2 — (90)
Amounts reclassified from AOCI (a)
— (3)— — (3)
Net other comprehensive income (loss) (92)(3)2 — (93)
Balance as of September 30, 2024$(3,077)$(455)$(118)$3 $(3,647)
(a)    See table below for details about these reclassifications.
Summary of Reclassification from AOCI to Net Income (Loss)
The following is a summary of the amounts reclassified from AOCI to net income (loss) during the three and nine months ended September 30, 2025 and 2024.
Amounts reclassified from AOCI (a)
(in millions)Three Months Ended September 30, 2025Nine Months Ended September 30, 2025Location of impact in income statement
CTA
Reclassification of cumulative translation loss to earnings from Kidney Care separation$— $(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 $9 Other (income) expense, net
Pension settlement from Kidney Care separation— 14 Income from discontinued operations, net of tax
$3 $23 Total before tax
Less: Tax effect— (2)Income tax expense (benefit)
Less: Tax effect on pension settlement from Kidney Care separation— (3)Income from discontinued operations, net of tax
$3 $18 Net of tax
Gains (losses) on hedging activities
Foreign exchange contracts$— $6 Cost of sales
Interest rate contracts(1)(4)Interest expense, net
(1)2 Total before tax
Less: Tax effect— (1)Income tax expense (benefit)
$(1)$1 Net of tax
Total reclassifications for the period$2 $(107)Total net of tax
Amounts reclassified from AOCI (a)
(in millions)Three Months Ended September 30, 2024Nine Months Ended September 30, 2024Location of impact in income statement
Pension and OPEB items
Amortization of net losses and prior service costs or credits$1 $4 Other (income) expense, net
Less: Tax effect— (1)Income tax expense (benefit)
1 3 Total before tax
Gains (losses) on hedging activities
Foreign exchange contracts$4 $9 Cost of sales
Interest rate contracts(1)(4)Interest expense, net
Fair value hedges— (5)Other (income) expense, net
3 — Total before tax
Less: Tax effect(1)— Income tax expense (benefit)
$2 $— Net of tax
Total reclassifications for the period$3 $3 Total net of tax
(a)    Amounts in parentheses indicate reductions to net income
v3.25.3
REVENUES (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Contract Asset
The following table summarizes our contract assets:
(in millions)September 30,
2025		December 31,
2024
Contract manufacturing services$5 $2 
Software sales34 44 
Bundled equipment and consumable medical products contracts99 87 
Contract assets$138 $133 
The following table summarizes contract liability activity for the nine months ended September 30, 2025 and 2024. The contract liability balance represents the transaction price allocated to the remaining performance obligations.
Nine Months Ended September 30,
(in millions)
2025
2024
Balance at beginning of period$171 $169 
New revenue deferrals388 383 
Revenue recognized upon satisfaction of performance obligations(394)(389)
Currency translation and other(6)(3)
Balance at end of period$159 $160 
For the nine months ended September 30, 2025 and 2024, $89 million and $94 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)September 30,
2025		December 31,
2024
Prepaid expenses and other current assets$65 $51 
Other non-current assets73 82 
Contract assets$138 $133 
Accrued expenses and other current liabilities$124 $131 
Other non-current liabilities35 40 
Contract liabilities$159 $171 
Sales-type Lease, Lease Income
The components of lease revenue for the three and nine months ended September 30, 2025 and 2024 were:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Sales-type lease revenue$— $3 $8 $8 
Operating lease revenue86 102 264 288 
Variable lease revenue5 10 20 22 
Total lease revenue$91 $115 $292 $318 
Operating Lease, Lease Income
The components of lease revenue for the three and nine months ended September 30, 2025 and 2024 were:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Sales-type lease revenue$— $3 $8 $8 
Operating lease revenue86 102 264 288 
Variable lease revenue5 10 20 22 
Total lease revenue$91 $115 $292 $318 
v3.25.3
BUSINESS OPTIMIZATION CHARGES (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Summary of Business Optimization Charges
During the three and nine months ended September 30, 2025 and 2024, we recorded the following charges related to business optimization programs.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Restructuring charges$37 $15 $95 $36 
Costs to implement business optimization programs1 3 5 13 
Total business optimization charges$38 $18 $100 $49 
Components of Restructuring Charges
During the three and nine months ended September 30, 2025 and 2024, we recorded the following restructuring charges.
Three months ended September 30, 2025
(in millions)COGSSG&AR&DTotal
Employee termination costs$8 $8 $2 $18 
Contract termination and other costs8 2 — 10 
Asset write offs9 — — 9 
Total restructuring charges$25 $10 $2 $37 
Three months ended September 30, 2024
(in millions)COGSSG&ATotal
Employee termination costs$2 $10 $12 
Contract termination and other costs— 3 3 
Total restructuring charges$2 $13 $15 
Nine months ended September 30, 2025
(in millions)COGSSG&AR&DTotal
Employee termination costs$19 $27 $3 $49 
Contract termination and other costs10 4 — 14 
Asset write offs13 19 — 32 
Total restructuring charges$42 $50 $3 $95 
Nine months ended September 30, 2024
(in millions)COGSSG&ATotal
Employee termination costs$4 $25 $29 
Contract termination and other costs1 6 7 
Total restructuring charges$5 $31 $36 
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 
Charges70 
Payments(97)
Reserve adjustments(7)
Currency translation5 
Liability balance as of September 30, 2025$93 
v3.25.3
PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS (Tables)
 9 Months Ended
Sep. 30, 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 September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Pension benefits
Service cost$3 $4 $9 $13 
Interest cost34 33 102 123 
Expected return on plan assets(44)(43)(132)(160)
Amortization of net losses and prior service costs1 4 3 11 
Net periodic pension cost (benefit)$(6)$(2)$(18)$(13)
OPEB
Interest cost$2 $2 $6 $6 
Amortization of net loss and prior service credit(4)(5)(12)(14)
Net periodic OPEB cost (income)$(2)$(3)$(6)$(8)
v3.25.3
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income (Loss) attributable to Stockholder
The following table is a reconciliation of income (loss) from continuing operations to net income (loss) attributable to Baxter stockholders.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Income (loss) from continuing operations$(51)$61 $135 $162 
Less: Net income attributable to noncontrolling interests included in continuing operations— — — — 
Income (loss) from continuing operations attributable to Baxter stockholders(51)61 135 162 
Income (loss) from discontinued operations5 83 36 (290)
Less: Net income attributable to noncontrolling interests included in discontinued operations— 4 — 9 
Income (loss) from discontinued operations attributable to Baxter stockholders5 79 36 (299)
Net income (loss) attributable to Baxter stockholders$(46)$140 $171 $(137)
Reconciliation of Basic Shares to Diluted Shares
The following table is a reconciliation of basic shares and diluted shares.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Basic shares514 510 513 509 
Effect of dilutive securities— 2 1 2 
Diluted shares514 512 514 511 
v3.25.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Gains and Losses on Derivative Instruments
The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the three months ended September 30, 2025 and 2024.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI into income
(in millions)2025202420252024
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(1)$(1)
Foreign exchange contracts— (9)Cost of sales— 4 
Net investment hedges(2)(68)Other (income) expense, net— — 
Total$(2)$(77)$(1)$3 

Location of gain (loss) in income statementGain (loss) recognized in income
(in millions)20252024
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net$1 $6 
Total$1 $6 
The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the nine months ended September 30, 2025 and 2024.
Gain (loss) recognized in OCILocation of gain (loss)
in income statement		Gain (loss) reclassified from AOCI into income
(in millions)2025202420252024
Cash flow hedges
Interest rate contracts$— $— Interest expense, net$(4)$(4)
Foreign exchange contracts2 5 Cost of sales6 9 
Fair value hedges
Foreign exchange contracts— (3)Other (income) expense, net— (5)
Net investment hedges(129)(19)Other (income) expense, net— — 
Total$(127)$(17)$2 $— 
Location of gain (loss) in income statementGain (loss) recognized in income
(in millions)20252024
Fair value hedges
Foreign exchange contractsOther (income) expense, net$— $(24)
Undesignated derivative instruments
Foreign exchange contractsOther (income) expense, net32 — 
Total$32 $(24)
Classification and Fair Values of Derivative Instruments
The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of September 30, 2025.
Derivatives in asset positionsDerivatives in liability positions
(in millions)Balance sheet locationFair valueBalance sheet locationFair value
Derivative instruments designated as hedges
Foreign exchange contractsPrepaid expenses and other current assets$— Accrued expenses and other current liabilities$—
Net investment hedgesLong-term debt and finance lease obligations, less current portion$836
Undesignated derivative instruments
Foreign exchange contractsPrepaid expenses and other current assets2 Accrued expenses and other current liabilities3
Total derivative instruments$2 $839
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.
September 30, 2025December 31, 2024
(in millions)AssetLiabilityAssetLiability
Gross amounts recognized in the condensed consolidated balance sheets$2 $3 $7 $2 
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet— — (1)(1)
Total$2 $3 $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 September 30, 2025Balance as of December 31, 2024Balance as of September 30, 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.
v3.25.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 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$2 $— $2 $— 
Available-for-sale debt securities1 — — 1 
Marketable equity securities12 12 — — 
Total$15 $12 $2 $1 
Liabilities
Foreign exchange contracts$3 $— $3 $— 
Contingent payments related to acquisitions14 — — 14 
Indemnifications related to Kidney Care separation1
57 — — 57 
Total$74 $— $3 $71 
1 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 September 30,
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$56 $12 $1 $14 $1 
Additions1 — — — — 
Change in fair value recognized in earnings— 2 — — — 
Payments— — — (2)— 
Fair value at end of period$57 $14 $1 $12 $1 
Nine Months Ended September 30,
20252024
(in millions)Indemnifications related to Kidney Care separationContingent payments related to acquisitionsAvailable-for-sale debt securitiesContingent payments related to acquisitionsAvailable-for-sale debt securities
Fair value at beginning of period$— $12 $1 $14 $1 
Additions57 — — — — 
Change in fair value recognized in earnings2 — — — 
Payments— — — (2)— 
Fair value at end of period$57 $14 $1 $12 $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 September 30, 2025 and December 31, 2024.
Book valuesFair values(a)
(in millions)2025202420252024
Liabilities
Short-term debt$4 $2,126 $4 $2,126 
Current maturities of long-term debt and finance lease obligations751 626 741 619 
Long-term debt and finance lease obligations8,747 10,374 7,918 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.
v3.25.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 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 September 30,
20252024
(in millions)U.S.InternationalTotalU.S.InternationalTotal
Infusion Therapies & Technologies
$555 $468 $1,023 $613 $457 $1,070 
Advanced Surgery
168 138 306 149 123 272 
Medical Products & Therapies723 606 1,329 762 580 1,342 
Care & Connectivity Solutions
348 125 473 335 121 456 
Front Line Care
229 71 300 222 74 296 
Healthcare Systems & Technologies
577 196 773 557 195 752 
Injectables & Anesthesia
177 156 333 178 143 321 
Drug Compounding— 299 299 — 267 267 
Pharmaceuticals177 455 632 178 410 588 
Other67 34 101 3 14 17 
Total Baxter$1,544 $1,291 $2,835 $1,500 $1,199 $2,699 
Nine Months Ended September 30,
20252024
(in millions)U.S.InternationalTotalU.S.InternationalTotal
Infusion Therapies & Technologies
$1,693 $1,348 $3,041 $1,718 $1,363 $3,081 
Advanced Surgery
471 399 870 446 366 812 
Medical Products & Therapies2,164 1,747 3,911 2,164 1,729 3,893 
Care & Connectivity Solutions
1,005 369 1,374 945 365 1,310 
Front Line Care
652 218 870 635 222 857 
Healthcare Systems & Technologies
1,657 587 2,244 1,580 587 2,167 
Injectables & Anesthesia
559 441 1,000 566 424 990 
Drug Compounding— 825 825 — 778 778 
Pharmaceuticals559 1,266 1,825 566 1,202 1,768 
Other190 100 290 30 25 55 
Total Baxter$4,570 $3,700 $8,270 $4,340 $3,543 $7,883 
The following table
presents our segment information of net sales, significant expense and operating income during the periods presented.
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticalsMedical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticals
Net sales$1,329 $773 $632 $1,342 $752 $588 
Cost of sales752 410 450 734 368 408 
Selling, general and administrative expenses286 219 107 291 203 95 
Research and development expenses41 48 26 53 45 23 
Other segment items(23)(8)(7)(4)— 4 
Segment operating income$273 $104 $56 $268 $136 $58 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticalsMedical Products & TherapiesHealthcare Systems & TechnologiesPharmaceuticals
Net sales$3,911 $2,244 $1,825 $3,893 $2,167 $1,768 
Cost of sales2,201 1,154 1,274 2,136 1,094 1,197 
Selling, general and administrative expenses867 658 316 868 612 289 
Research and development expenses163 142 77 160 138 67 
Other segment items(76)(25)(25)(4)— 4 
Segment operating income$756 $315 $183 $733 $323 $211 
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 September 30,Nine Months Ended September 30,
(in millions)2025202420252024
United States$1,544 $1,500 $4,570 $4,340 
Emerging markets1
355 347 996 1,001 
Rest of world2
936 852 2,704 2,542 
Total Baxter$2,835 $2,699 $8,270 $7,883 
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 September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Medical Products & Therapies$273 $268 $756 $733 
Healthcare Systems & Technologies104 136 315 323 
Pharmaceuticals56 58 183 211 
Total reportable segment operating income433 462 1,254 1,267 
Other5 2 20 15 
Unallocated corporate costs(15)(73)(36)(227)
Intangible asset amortization expense(147)(159)(453)(471)
Legal matters— (17)(11)(17)
Business optimization items(38)(18)(100)(49)
Acquisition and integration items(8)(5)(14)(16)
Separation-related costs(13)— (40)— 
European Medical Devices Regulation(5)(9)(15)(25)
Hurricane Helene costs(8)(25)(123)(25)
Product-related items(32)(3)(61)(3)
Total operating income 172 155 421 449 
Interest expense, net58 87 180 251 
Other (income) expense, net(7)(1)(10)(34)
Income from continuing operations before income taxes$121 $69 $251 $232 
Additional financial information for our segments is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Depreciation Expense1
Medical Products & Therapies$50 $50 $157 $152 
Healthcare Systems & Technologies26 29 83 83 
Pharmaceuticals14 16 48 46 
Total depreciation expense$90 $95 $288 $281 
1Depreciation expense related to Corporate property, plant and equipment has been fully allocated to our segments and those segment allocations are reflected in the depreciation amounts presented herein.
v3.25.3
BASIS OF PRESENTATION (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Hurricane        
Disclosure Basis Of Presentation Details [Line Items]        
Hurricane Helene costs   $ 8 $ 25 $ 123
Tangible asset write-off     44  
Insurance receivable     $ 19  
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      
Loss from divestiture of businesses, net of tax   $ 99    
v3.25.3
DISCONTINUED OPERATIONS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Separation costs         $ 37 $ 236
Indemnification Agreement            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Indemnification liability, net         57  
Contingent liability for qualifying capital expenditures     $ 133   $ 133  
Contingent liability, term         3 years  
Contingent liability         $ 124  
Business guarantees retained         230  
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            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Gain (loss) on disposition     $ (55) $ 0 $ 115 $ 0
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       $ 69    
v3.25.3
DISCONTINUED OPERATIONS - Major Classes of Line Items in Income From Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Other operating income, net $ (48) $ (5) $ (140) $ (9)
Operating income 172 155 421 449
Interest expense, net 58 87 180 251
Other (income) expense, net (7) (1) (10) (34)
Income (loss) from discontinued operations, net of tax 5 83 36 (290)
Less: Net income attributable to noncontrolling interests included in discontinued operations 0 4 0 9
Income (loss) from discontinued operations attributable to Baxter stockholders 5 79 36 (299)
Discontinued Operations, Disposed of by Sale        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net sales 0 1,155 352 3,375
Cost of sales 0 731 206 2,125
Gross margin 0 424 146 1,250
Selling, general and administrative expenses 0 278 116 874
Research and development expenses 0 41 16 140
Goodwill impairment 0 0 0 430
Other operating income, net 0 (1) 0 (1)
Operating income 0 106 14 (193)
Interest expense, net 0 1 13 0
Other (income) expense, net 0 (8) 7 (2)
Income (loss) from discontinued operations before gain on disposition and income taxes 0 113 (6) (191)
Gain (loss) on disposition (55) 0 115 0
Income tax expense (benefit) 60 (30) (73) (99)
Income (loss) from discontinued operations, net of tax 5 83 36 (290)
Less: Net income attributable to noncontrolling interests included in discontinued operations 0 4 0 9
Income (loss) from discontinued operations attributable to Baxter stockholders 5 $ 79 $ 36 $ (299)
Discontinued Operations, Disposed of by Sale | Tax Years 2021 Through 2025        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income tax expense (benefit) $ 41      
v3.25.3
DISCONTINUED OPERATIONS - Carrying Amounts of the Assets and Liabilities Classified As Discontinued Operations (Details) - USD ($)
$ in Millions
Sep. 30, 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
v3.25.3
SUPPLEMENTAL FINANCIAL INFORMATION - Allowance for Doubtful Accounts (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Allowance for Doubtful Accounts Receivable [Roll Forward]        
Balance at beginning of period $ 71 $ 67 $ 71 $ 62
Charged to costs and expenses (3) 4 (3) 4
Write-offs 0 (3) (3) (6)
Currency translation adjustments 1 (3) 4 5
Balance at end of period $ 69 $ 65 $ 69 $ 65
v3.25.3
SUPPLEMENTAL FINANCIAL INFORMATION - Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 573 $ 510
Work in process 311 266
Finished goods 1,576 1,270
Inventories $ 2,460 $ 2,046
v3.25.3
SUPPLEMENTAL FINANCIAL INFORMATION - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Property, plant and equipment, at cost $ 7,750 $ 7,648
Accumulated depreciation (4,938) (4,778)
Property, plant and equipment, net $ 2,812 $ 2,870
v3.25.3
SUPPLEMENTAL FINANCIAL INFORMATION - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Mar. 31, 2025
Property, Plant and Equipment [Line Items]      
Right-of-use asset obtained in exchange for operating lease liability $ 14 $ 54  
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 32    
Liabilities held for sale 10    
Property, Plant and Equipment      
Property, Plant and Equipment [Line Items]      
Capital expenditures incurred but not yet paid $ 45 $ 34  
v3.25.3
SUPPLEMENTAL FINANCIAL INFORMATION - Interest Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest Income Expense Net        
Interest expense, net of capitalized interest $ 68 $ 101 $ 221 $ 308
Interest income (10) (14) (41) (57)
Interest expense, net $ 58 $ 87 $ 180 $ 251
v3.25.3
SUPPLEMENTAL FINANCIAL INFORMATION - Other (Income) Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Other Income, net        
Foreign exchange losses, net $ 3 $ 7 $ 15 $ 21
Pension and other postretirement benefit plans (11) (9) (33) (34)
Change in fair value of marketable equity securities 3 0 2 (3)
Equity method investment impairment 0 0 9 0
Other, net (2) 1 (3) (18)
Other (income) expense, net $ (7) $ (1) $ (10) $ (34)
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Goodwill (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 5,275
Currency translation 125
Goodwill, ending balance 5,400
Medical Products & Therapies  
Goodwill [Roll Forward]  
Goodwill, beginning balance 1,185
Currency translation 72
Goodwill, ending balance 1,257
Healthcare Systems & Technologies  
Goodwill [Roll Forward]  
Goodwill, beginning balance 3,550
Currency translation 20
Goodwill, ending balance 3,570
Pharmaceuticals  
Goodwill [Roll Forward]  
Goodwill, beginning balance 540
Currency translation 33
Goodwill, ending balance $ 573
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other Intangible Assets, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Intangible Asset Excluding Goodwill [Line Items]    
Gross other intangible assets $ 8,432 $ 8,349
Accumulated amortization (3,627) (3,126)
Other intangible assets, net 4,805 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 3,393 3,387
Accumulated amortization (1,041) (878)
Other intangible assets, net, finite-lived 2,352 2,509
Developed technology, including patents    
Intangible Asset Excluding Goodwill [Line Items]    
Gross other intangible assets, finite-lived 3,208 3,131
Accumulated amortization (2,360) (2,075)
Other intangible assets, net, finite-lived 848 1,056
Trade names    
Intangible Asset Excluding Goodwill [Line Items]    
Gross other intangible assets, finite-lived 953 958
Accumulated amortization (154) (107)
Other intangible assets, net, finite-lived 799 851
Other amortized intangible assets    
Intangible Asset Excluding Goodwill [Line Items]    
Gross other intangible assets, finite-lived 91 86
Accumulated amortization (72) (66)
Other intangible assets, net, finite-lived $ 19 $ 20
v3.25.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Intangible asset amortization expense $ 147 $ 159 $ 453 $ 471
v3.25.3
FINANCING ARRANGEMENTS (Details) - USD ($)
 1 Months Ended 9 Months Ended
Jan. 31, 2025
Feb. 28, 2025
Sep. 30, 2025
Sep. 30, 2024
Jun. 11, 2025
Mar. 31, 2025
Dec. 31, 2024
Jul. 17, 2024
Debt Instrument [Line Items]                
Repayments of debt     $ 3,505,000,000 $ 827,000,000        
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              
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          
Senior Notes                
Debt Instrument [Line Items]                
Senior notes, interest rate               1.322%
Repayments of senior notes     $ 680,000,000          
Line Of Credit | Term Loan Credit Facility Due Two Thousand Twenty Seven                
Debt Instrument [Line Items]                
Borrowings outstanding         $ 645,000,000      
Line Of Credit | Revolving Credit Facility                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity         2,200,000,000      
Line Of Credit | Senior Unsecured Term Loans                
Debt Instrument [Line Items]                
Borrowings outstanding             $ 1,830,000,000  
Line Of Credit | Previously Existing Credit Facilities                
Debt Instrument [Line Items]                
Borrowings outstanding             $ 0  
Revolving Credit Facility | Commercial Paper                
Debt Instrument [Line Items]                
Line of credit, current borrowing capacity     1,100,000,000          
Revolving Credit Facility | Revolving Credit Facility                
Debt Instrument [Line Items]                
Borrowings outstanding     $ 0          
Revolving Credit Facility | Revolving Credit Facility | Line Of Credit                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity         300,000,000      
Increase amount         1,100,000,000      
Aggregate commitment maximum amount         $ 3,300,000,000      
Bridge Facility | Senior Unsecured Term Loans                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity               $ 2,050,000,000.00
v3.25.3
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2020
lawsuit
Jun. 30, 2025
lawsuit
Sep. 30, 2025
USD ($)
lawsuit
site
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]        
Litigation reserve | $     $ 56 $ 40
Exposure to Ethylene Oxide        
Loss Contingencies [Line Items]        
Number of lawsuits | lawsuit 2 30    
Number of complaints | lawsuit     38  
Superfund Sites | Environmental Clean-up        
Loss Contingencies [Line Items]        
Number of sites | site     6  
Environmental reserves | $     $ 29 $ 29
v3.25.3
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]        
Cash dividends declared per common share (in dollars per share) $ 0.17 $ 0.29 $ 0.51 $ 0.87
Purchases of treasury stock (in shares)     0 0
Remaining value available under stock repurchase programs $ 1,300   $ 1,300  
v3.25.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Changes in AOCI by Component (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (in usd) $ 7,024 $ 8,468
Balance, end of period (in usd) 7,214 7,942
CTA    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (in usd) (3,430) (2,985)
Other comprehensive income (loss) before reclassifications 159 (92)
Amounts reclassified from AOCI 126 0
Net other comprehensive income (loss) 285 (92)
Balance, end of period (in usd) (3,145) (3,077)
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 12 0
Amounts reclassified from AOCI (18) (3)
Net other comprehensive income (loss) (6) (3)
Balance, end of period (in usd) (481) (455)
Hedging activities    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance, beginning of period (in usd) (108) (120)
Other comprehensive income (loss) before reclassifications (1) 2
Amounts reclassified from AOCI (1) 0
Net other comprehensive income (loss) (2) 2
Balance, end of period (in usd) (110) (118)
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 170 (90)
Amounts reclassified from AOCI 107 (3)
Net other comprehensive income (loss) 277 (93)
Balance, end of period (in usd) $ (3,733) $ (3,647)
v3.25.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Amounts Reclassification from AOCI to Net Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income (loss) from discontinued operations, net of tax $ 5 $ 83 $ 36 $ (290)
Income tax expense (benefit) (172) (8) (116) (70)
Net income (loss) attributable to Baxter stockholders (46) 140 171 (137)
Other (income) expense, net 7 1 10 34
Costs of sales (1,885) (1,666) (5,468) (4,858)
Amounts reclassified from AOCI        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net income (loss) attributable to Baxter stockholders 2 3 (107) 3
Amounts reclassified from AOCI | CTA        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income (loss) from discontinued operations, net of tax 0   (126)  
Income tax expense (benefit) 0   0  
Net income (loss) attributable to Baxter stockholders 0   (126)  
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 0   (14)  
Income tax expense (benefit) 0 0 (2) 1
Net income (loss) attributable to Baxter stockholders 3   18  
Other (income) expense, net 3 1 9 4
Income (loss), before tax 3 1 23 3
Less: Tax effect on pension settlement from Kidney Care separation 0   (3)  
Amounts reclassified from AOCI | Gains (losses) on hedging activities        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income tax expense (benefit) 0 (1) (1) 0
Net income (loss) attributable to Baxter stockholders (1) 2 1 0
Income (loss), before tax (1) 3 2 0
Amounts reclassified from AOCI | Gains (losses) on hedging activities | Foreign exchange contracts        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense, net 0   6  
Costs of sales   4   9
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   (1)   (4)
Costs of sales $ (1)   $ (4)  
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   $ (5)
v3.25.3
REVENUES - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Revenue From Contract With Customer [Line Items]          
Transaction price allocated to remaining performance obligations $ 9,890,000,000   $ 9,890,000,000    
Revenue related to performance obligations 0 $ 0 0 $ 0  
Net trade accounts receivable 1,640,000,000   1,640,000,000   $ 1,540,000,000
Revenue recognized upon satisfaction of performance obligations     89,000,000 $ 94,000,000  
Sales-type lease, net of investment in lease 33,000,000   33,000,000    
2021          
Revenue From Contract With Customer [Line Items]          
Sales-type leases, receivables 3,000,000   3,000,000    
2022          
Revenue From Contract With Customer [Line Items]          
Sales-type leases, receivables 5,000,000   5,000,000    
2023          
Revenue From Contract With Customer [Line Items]          
Sales-type leases, receivables 6,000,000   6,000,000    
2024          
Revenue From Contract With Customer [Line Items]          
Sales-type leases, receivables 10,000,000   10,000,000    
2025          
Revenue From Contract With Customer [Line Items]          
Sales-type leases, receivables $ 9,000,000   $ 9,000,000    
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: 2025-10-01          
Revenue From Contract With Customer [Line Items]          
Remaining revenue performance obligation, percentage of revenue expected to be recognized 5.00%   5.00%    
Remaining performance obligations period 3 months   3 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%   20.00%    
Remaining performance obligations period 1 year   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 20.00%   20.00%    
Remaining performance obligations period 1 year   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%   15.00%    
Remaining performance obligations period 1 year   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 40.00%   40.00%    
Remaining performance obligations period 1 year   1 year    
v3.25.3
REVENUES - Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Revenue From Contract With Customer [Line Items]      
Contract assets $ 138   $ 133
Contract liabilities 159 $ 160 171
Revenue From Contract With Customer [Roll Forward]      
Balance at beginning of period 171 169  
New revenue deferrals 388 383  
Revenue recognized upon satisfaction of performance obligations (394) (389)  
Currency translation and other (6) (3)  
Balance at end of period 159 $ 160  
Prepaid expenses and other current assets      
Revenue From Contract With Customer [Line Items]      
Contract assets 65   51
Other non-current assets      
Revenue From Contract With Customer [Line Items]      
Contract assets 73   82
Accrued expenses and other current liabilities      
Revenue From Contract With Customer [Line Items]      
Contract liabilities 124   131
Revenue From Contract With Customer [Roll Forward]      
Balance at beginning of period 131    
Balance at end of period 124    
Other non-current liabilities      
Revenue From Contract With Customer [Line Items]      
Contract liabilities 35   40
Revenue From Contract With Customer [Roll Forward]      
Balance at beginning of period 40    
Balance at end of period 35    
Contract manufacturing services      
Revenue From Contract With Customer [Line Items]      
Contract assets 5   2
Software sales      
Revenue From Contract With Customer [Line Items]      
Contract assets 34   44
Bundled equipment and consumable medical products contracts      
Revenue From Contract With Customer [Line Items]      
Contract assets $ 99   $ 87
v3.25.3
REVENUES - Lease Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]        
Sales-type lease revenue $ 0 $ 3 $ 8 $ 8
Operating lease revenue 86 102 264 288
Variable lease revenue 5 10 20 22
Total lease revenue $ 91 $ 115 $ 292 $ 318
v3.25.3
BUSINESS OPTIMIZATION CHARGES - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Expected additional pre-tax costs $ 1   $ 1  
Charges 37 $ 15 95 $ 36
Exit Of Product Line        
Restructuring Cost and Reserve [Line Items]        
Charges 21   24  
Employee termination costs        
Restructuring Cost and Reserve [Line Items]        
Charges 18 12 49 29
Employee termination costs | Kidney Care | Reduced Employee Expenses        
Restructuring Cost and Reserve [Line Items]        
Charges 10   41  
Employee termination costs | Exit Of Product Line        
Restructuring Cost and Reserve [Line Items]        
Charges 5   5  
Asset write offs | Exit Of Product Line        
Restructuring Cost and Reserve [Line Items]        
Charges 8   11  
Asset write offs | New Operating Model        
Restructuring Cost and Reserve [Line Items]        
Charges   7   14
Contract termination and other costs        
Restructuring Cost and Reserve [Line Items]        
Charges 10 $ 3 14 7
Contract termination and other costs | Exit Of Product Line        
Restructuring Cost and Reserve [Line Items]        
Charges $ 8   $ 8  
Contract termination and other costs | New Operating Model        
Restructuring Cost and Reserve [Line Items]        
Charges       $ 7
v3.25.3
BUSINESS OPTIMIZATION CHARGES - Summary of Business Optimization Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 37 $ 15 $ 95 $ 36
Business Optimization Programs        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 37 15 95 36
Costs to implement business optimization programs 1 3 5 13
Total business optimization charges $ 38 $ 18 $ 100 $ 49
v3.25.3
BUSINESS OPTIMIZATION CHARGES - Components of Restructuring Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 37 $ 15 $ 95 $ 36
COGS        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 25 2 42 5
SG&A        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 10 13 50 31
R&D        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 2   3  
Employee termination costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 18 12 49 29
Employee termination costs | COGS        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 8 2 19 4
Employee termination costs | SG&A        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 8 10 27 25
Employee termination costs | R&D        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 2   3  
Contract termination and other costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 10 3 14 7
Contract termination and other costs | COGS        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 8 0 10 1
Contract termination and other costs | SG&A        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 2 $ 3 4 $ 6
Contract termination and other costs | R&D        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 0   0  
Asset write offs        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 9   32  
Asset write offs | COGS        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 9   13  
Asset write offs | SG&A        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 0   19  
Asset write offs | R&D        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 0   $ 0  
v3.25.3
BUSINESS OPTIMIZATION CHARGES - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Reserve [Roll Forward]        
Charges $ 37 $ 15 $ 95 $ 36
Severance, Contract Termination, And Other Employee Related Costs        
Restructuring Reserve [Roll Forward]        
Reserve, beginning balance     122  
Charges     70  
Payments     (97)  
Reserve adjustments     (7)  
Currency translation     5  
Reserve, ending balance $ 93   $ 93  
v3.25.3
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 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pension benefits        
Net periodic benefit cost        
Service cost $ 3 $ 4 $ 9 $ 13
Interest cost 34 33 102 123
Expected return on plan assets (44) (43) (132) (160)
Amortization of net losses and prior service costs 1 4 3 11
Net periodic pension cost (income) (6) (2) (18) (13)
OPEB        
Net periodic benefit cost        
Interest cost 2 2 6 6
Amortization of net losses and prior service costs (4) (5) (12) (14)
Net periodic pension cost (income) $ (2) $ (3) $ (6) $ (8)
v3.25.3
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Examination [Line Items]        
Effective income tax rate 142.00% 12.00% 46.00% 30.00%
U.S. Federal statutory rate     21.00%  
Valuation allowance   $ 26   $ 26
Internal Revenue Service (IRS)        
Income Tax Examination [Line Items]        
Reserve for uncertain tax positions     $ 300  
v3.25.3
EARNINGS PER SHARE - Reconciliation of Basic Shares to Diluted Shares (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Reconciliation of Basic Shares to Diluted Shares        
Basic shares (in shares) 514 510 513 509
Effect of dilutive securities (in shares) 0 2 1 2
Diluted (in shares) 514 512 514 511
Income (loss) from continuing operations $ (51) $ 61 $ 135 $ 162
Less: Net income attributable to noncontrolling interests included in continuing operations 0 0 0 0
Income (loss) from continuing operations (51) 61 135 162
Income (loss) from discontinued operations, net of tax 5 83 36 (290)
Less: Net income attributable to noncontrolling interests included in discontinued operations 0 4 0 9
Income (loss) from discontinued operations attributable to Baxter stockholders 5 79 36 (299)
Net income (loss) attributable to Baxter stockholders $ (46) $ 140 $ 171 $ (137)
v3.25.3
EARNINGS PER SHARE - Additional Information (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Anti-dilutive securities excluded from computation of EPS (in shares) 22 18 20 19
v3.25.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details)
€ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
terminate
de-designation
Sep. 30, 2024
terminate
de-designation
Mar. 31, 2025
USD ($)
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            
Undesignated derivative instruments                
Derivative Instruments and Hedging Activities Disclosures [Line Items]                
Derivative, notional amount $ 381,000,000     $ 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 $ 5,000,000              
Deferred, net after-tax gains on derivative instruments (4,000,000)              
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 $ 6,000,000     99,000,000        
Maximum length of time hedge in cash flow hedge 2 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        
v3.25.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Gains and Losses on Hedging Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Other comprehensive income (loss), cash flow hedge and net investment hedge, gain (loss), before reclassification, tax $ (2) $ (77) $ (127) $ (17)
Other comprehensive income (loss), reclassification adjustment from AOCI, cash flow hedges and net investment hedges, net of tax (1) 3 2 0
Total 1 6 32 (24)
Fair value hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange contracts     0 (3)
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 (5)
Earnings, fair value hedge, gain (loss), reclassification, before tax     0 (24)
Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Other comprehensive income (loss), net investment hedge, gain (loss), before reclassification and tax (2) (68) (129) (19)
Net Investment Hedging | Other (income) expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment hedges 0 0 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 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) (4) (4)
Foreign exchange contracts | Other (income) expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized in income, undesignated derivative instruments 1 6 32 0
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 (9) 2 5
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 $ 0 $ 4 $ 6 $ 9
v3.25.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Classification and Fair Value Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value $ 2 $ 7
Total derivative instruments, liabilities 839 1,347
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value 2 7
Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative liability, fair value 3 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 836 727
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 0 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 | Foreign exchange contracts | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value 2 1
Undesignated derivative instruments | Foreign exchange contracts | Accrued expenses and other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative liability, fair value $ 3 $ 2
v3.25.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Positions Presented On Net Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Asset    
Gross amounts recognized in the condensed consolidated balance sheets $ 2 $ 7
Prepaid expenses and other current assets    
Asset    
Gross amounts recognized in the condensed consolidated balance sheets 2 7
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet 0 (1)
Derivative asset, fair value, total 2 6
Accrued expenses and other current liabilities    
Liability    
Gross amounts recognized in the condensed consolidated balance sheets 3 2
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet 0 (1)
Derivative liability, fair value, total $ 3 $ 1
v3.25.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Amounts Recorded on Condensed Consolidated Balance Sheet Related to Fair Value Hedges (Details) - Long-term debt - USD ($)
$ in Millions
Sep. 30, 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
v3.25.3
FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Foreign exchange contracts $ 2 $ 7
Available-for-sale debt securities 1 1
Marketable equity securities 12 13
Total assets 15 21
Liabilities    
Foreign exchange contracts 3 2
Contingent payments related to acquisitions 14 12
Indemnifications related to kidney care separation 57  
Total liabilities 74 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 2 7
Available-for-sale debt securities 0 0
Marketable equity securities 0 0
Total assets 2 7
Liabilities    
Foreign exchange contracts 3 2
Contingent payments related to acquisitions 0 0
Indemnifications related to kidney care separation 0  
Total liabilities 3 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 14 12
Indemnifications related to kidney care separation 57  
Total liabilities $ 71 $ 12
v3.25.3
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Fair Value Disclosures [Line Items]      
Cash and cash equivalents $ 1,726 $ 1,764 $ 1,420
Other Assets      
Fair Value Disclosures [Line Items]      
Other equity investments without readily determinable fair values 51 37  
Significant other observable inputs (Level 2)      
Fair Value Disclosures [Line Items]      
Money market funds, at carrying value $ 631 $ 583  
v3.25.3
FAIR VALUE MEASUREMENTS - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Indemnifications related to Kidney Care separation                
Contingent payments related to acquisitions                
Fair value at beginning of period $ 57   $ 57   $ 56 $ 0    
Additions 1   57          
Payments 0   0          
Fair value at end of period 57   57          
Contingent payments related to acquisitions                
Contingent payments related to acquisitions                
Fair value at beginning of period 14 $ 12 14 $ 12 $ 12 $ 12 $ 14 $ 14
Additions 0 0 0 0        
Change in fair value recognized in earnings 2 0 2 0        
Payments 0 (2) 0 (2)        
Fair value at end of period 14 12 14 12        
Available-for-sale debt securities                
Available-for-sale debt securities                
Fair value at beginning of period 1 1 1 1        
Change in fair value recognized in earnings 0 0 0 0        
Payments 0 0 0 0        
Additions 0 0 0 0        
Fair value at end of period $ 1 $ 1 $ 1 $ 1        
v3.25.3
FAIR VALUE MEASUREMENTS - Book Values and Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Book values    
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]    
Short-term debt $ 4 $ 2,126
Current maturities of long-term debt and finance lease obligations 751 626
Long-term debt and finance lease obligations 8,747 10,374
Fair values    
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]    
Short-term debt 4 2,126
Current maturities of long-term debt and finance lease obligations 741 619
Long-term debt and finance lease obligations $ 7,918 $ 9,295
v3.25.3
SEGMENT INFORMATION - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 3
v3.25.3
SEGMENT INFORMATION - Summary of Financial Information for Our Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Net sales $ 2,835 $ 2,699 $ 8,270 $ 7,883
United States        
Segment Reporting Information [Line Items]        
Net sales 1,544 1,500 4,570 4,340
International        
Segment Reporting Information [Line Items]        
Net sales 1,291 1,199 3,700 3,543
Operating Segments | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 1,329 1,342 3,911 3,893
Operating Segments | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 773 752 2,244 2,167
Operating Segments | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 632 588 1,825 1,768
Operating Segments | United States | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 723 762 2,164 2,164
Operating Segments | United States | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 577 557 1,657 1,580
Operating Segments | United States | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 177 178 559 566
Operating Segments | International | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 606 580 1,747 1,729
Operating Segments | International | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 196 195 587 587
Operating Segments | International | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 455 410 1,266 1,202
Operating Segments | Infusion Therapies & Technologies | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 1,023 1,070 3,041 3,081
Operating Segments | Infusion Therapies & Technologies | United States | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 555 613 1,693 1,718
Operating Segments | Infusion Therapies & Technologies | International | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 468 457 1,348 1,363
Operating Segments | Advanced Surgery | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 306 272 870 812
Operating Segments | Advanced Surgery | United States | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 168 149 471 446
Operating Segments | Advanced Surgery | International | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 138 123 399 366
Operating Segments | Care & Connectivity Solutions | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 473 456 1,374 1,310
Operating Segments | Care & Connectivity Solutions | United States | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 348 335 1,005 945
Operating Segments | Care & Connectivity Solutions | International | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 125 121 369 365
Operating Segments | Front Line Care | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 300 296 870 857
Operating Segments | Front Line Care | United States | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 229 222 652 635
Operating Segments | Front Line Care | International | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 71 74 218 222
Operating Segments | Injectables & Anesthesia | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 333 321 1,000 990
Operating Segments | Injectables & Anesthesia | United States | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 177 178 559 566
Operating Segments | Injectables & Anesthesia | International | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 156 143 441 424
Operating Segments | Drug Compounding | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 299 267 825 778
Operating Segments | Drug Compounding | United States | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 0 0 0 0
Operating Segments | Drug Compounding | International | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 299 267 825 778
Other        
Segment Reporting Information [Line Items]        
Net sales 101 17 290 55
Other | United States        
Segment Reporting Information [Line Items]        
Net sales 67 3 190 30
Other | International        
Segment Reporting Information [Line Items]        
Net sales $ 34 $ 14 $ 100 $ 25
v3.25.3
SEGMENT INFORMATION - Revenue rom External Customers by Geographic Areas (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net sales $ 2,835 $ 2,699 $ 8,270 $ 7,883
United States        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net sales 1,544 1,500 4,570 4,340
Emerging Markets        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net sales 355 347 996 1,001
Rest of world        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net sales $ 936 $ 852 $ 2,704 $ 2,542
v3.25.3
SEGMENT INFORMATION - Segment Information Of Net Sales And Operating Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Net sales $ 2,835 $ 2,699 $ 8,270 $ 7,883
Cost of sales 1,885 1,666 5,468 4,858
Selling, general and administrative expenses 708 754 2,129 2,206
Research and development expenses 118 129 392 379
Segment operating income 172 155 421 449
Operating Segments | Medical Products & Therapies        
Segment Reporting Information [Line Items]        
Net sales 1,329 1,342 3,911 3,893
Cost of sales 752 734 2,201 2,136
Selling, general and administrative expenses 286 291 867 868
Research and development expenses 41 53 163 160
Other segment items (23) (4) (76) (4)
Segment operating income 273 268 756 733
Operating Segments | Healthcare Systems & Technologies        
Segment Reporting Information [Line Items]        
Net sales 773 752 2,244 2,167
Cost of sales 410 368 1,154 1,094
Selling, general and administrative expenses 219 203 658 612
Research and development expenses 48 45 142 138
Other segment items (8) 0 (25) 0
Segment operating income 104 136 315 323
Operating Segments | Pharmaceuticals        
Segment Reporting Information [Line Items]        
Net sales 632 588 1,825 1,768
Cost of sales 450 408 1,274 1,197
Selling, general and administrative expenses 107 95 316 289
Research and development expenses 26 23 77 67
Other segment items (7) 4 (25) 4
Segment operating income $ 56 $ 58 $ 183 $ 211
v3.25.3
SEGMENT INFORMATION - Operating Income to Income Before Income Taxes Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment operating income $ 172 $ 155 $ 421 $ 449
Intangible asset amortization expense 147 159 453 471
Interest expense, net 58 87 180 251
Other (income) expense, net (7) (1) (10) (34)
Income (loss) from continuing operations before income taxes 121 69 251 232
Depreciation 90 95 288 281
Operating Segments | Medical Products & Therapies        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment operating income 273 268 756 733
Depreciation 50 50 157 152
Operating Segments | Healthcare Systems & Technologies        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment operating income 104 136 315 323
Depreciation 26 29 83 83
Operating Segments | Pharmaceuticals        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment operating income 56 58 183 211
Depreciation 14 16 48 46
Operating Segments | Reportable Segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment operating income 433 462 1,254 1,267
Segment Reconciling Items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Unallocated corporate costs (15) (73) (36) (227)
Intangible asset amortization expense (147) (159) (453) (471)
Legal matters 0 (17) (11) (17)
Business optimization items (38) (18) (100) (49)
Acquisition and integration items (8) (5) (14) (16)
Separation-related costs (13) 0 (40) 0
European Medical Devices Regulation (5) (9) (15) (25)
Hurricane Helene costs (8) (25) (123) (25)
Product-related items (32) (3) (61) (3)
Segment Reconciling Items | Reportable Segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Other $ 5 $ 2 $ 20 $ 15