Baxter International (BAX) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 21, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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		500,693,441
Amendment Flag	false
Document Fiscal Year Focus	2021
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
Common Stock, $1.00 par value | Chicago Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	BAX (NYSE)
Security Exchange Name	CHX
0.4% Global Notes due 2024 | New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	0.4% Global Notes due 2024
Trading Symbol	BAX 24
Security Exchange Name	NYSE
1.3% Global Notes due 2025 | New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	1.3% Global Notes due 2025
Trading Symbol	BAX 25
Security Exchange Name	NYSE
1.3% Global Notes due 2029 | New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	1.3% Global Notes due 2029
Trading Symbol	BAX 29
Security Exchange Name	NYSE
3.95% Global Notes due 2030 | New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	3.95% Global Notes due 2030
Trading Symbol	BAX 30
Security Exchange Name	NYSE
1.73% Global Notes due 2031 | New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	1.73% Global Notes due 2031
Trading Symbol	BAX 31
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 3,258	$ 3,730
Accounts receivable, net of allowances of $115 in 2021 and $125 in 2020	2,074	2,007
Inventories	2,025	1,916
Prepaid expenses and other current assets	810	758
Total current assets	8,167	8,411
Property, plant and equipment, net	4,582	4,722
Goodwill	3,098	3,217
Other intangible assets, net	1,876	1,671
Operating lease right-of-use assets	581	603
Other non-current assets	1,503	1,395
Total assets	19,807	20,019
Current liabilities:
Short-term debt	301	0
Current maturities of long-term debt and finance lease obligations	209	406
Accounts payable	999	1,043
Accrued expenses and other current liabilities	1,932	1,884
Total current liabilities	3,441	3,333
Long-term debt and finance lease obligations	5,446	5,786
Operating lease liabilities	484	501
Other non-current liabilities	1,621	1,673
Total liabilities	10,992	11,293
Commitments and contingencies
Equity:
Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2021 and 2020	683	683
Common stock in treasury, at cost,182,847,640 shares in 2021 and 178,580,208 shares in 2020	(11,529)	(11,051)
Additional contributed capital	6,131	6,043
Retained earnings	16,967	16,328
Accumulated other comprehensive (loss) income	(3,482)	(3,314)
Total Baxter stockholders’ equity	8,770	8,689
Noncontrolling interests	45	37
Total equity	8,815	8,726
Total liabilities and equity	$ 19,807	$ 20,019

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for accounts receivable, current	$ 115	$ 125
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)	182,847,640	178,580,208

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales	$ 3,226	$ 2,972	$ 9,270	$ 8,492
Cost of sales	1,905	1,777	5,571	5,096
Gross margin	1,321	1,195	3,699	3,396
Selling, general and administrative expenses	680	601	1,982	1,819
Research and development expenses	129	123	396	386
Other operating expense (income), net	(1)	1	(6)	(19)
Operating income	513	470	1,327	1,210
Interest expense, net	50	39	118	96
Other expense, net	12	16	15	32
Income before income taxes	451	415	1,194	1,082
Income tax (benefit) expense	(1)	56	141	143
Net income	452	359	1,053	939
Net income attributable to noncontrolling interests	2	3	7	5
Net income attributable to Baxter stockholders	$ 450	$ 356	$ 1,046	$ 934
Earnings per share
Basic (in dollars per share)	$ 0.90	$ 0.70	$ 2.08	$ 1.83
Diluted (in dollars per share)	$ 0.89	$ 0.69	$ 2.06	$ 1.81
Weighted-average number of shares outstanding
Basic (in shares)	500	511	503	509
Diluted (in shares)	506	518	509	517

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 452	$ 359	$ 1,053	$ 939
Other comprehensive income (loss), net of tax:
Currency translation adjustments, net of tax expense (benefit) of $3 and $18 for the three months ended September 30, 2021 and 2020, respectively, and $16 and $12 for the nine months ended September 30, 2021 and 2020, respectively	(137)	127	(257)	(43)
Pension and other postretirement benefits, net of tax expense of $8 and $0 for the three months ended September 30, 2021 and 2020, respectively, and $19 and $7 for the nine months ended September 30, 2021 and 2020, respectively	22	0	63	26
Hedging activities, net of tax expense (benefit) of $3 and $5 for the three months ended September 30, 2021 and 2020, respectively, and $8 and ($33) for the nine months ended September 30, 2021 and 2020, respectively	9	22	26	(112)
Total other comprehensive income (loss), net of tax	(106)	149	(168)	(129)
Comprehensive income	346	508	885	810
Less: Comprehensive income attributable to noncontrolling interests	2	3	7	5
Comprehensive income attributable to Baxter stockholders	$ 344	$ 505	$ 878	$ 805

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, tax	$ 3	$ 18	$ 16	$ 12
Pension and other postretirement benefits, tax	8	0	19	7
Hedging activities, tax	$ 3	$ 5	$ 8	$ (33)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Baxter stockholders' equity	Total Baxter stockholders' equityCumulative Effect, Period of Adoption, Adjustment	Common stock	Common stock in treasury	Additional contributed capital	Retained earnings	Retained earningsCumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive income (loss)	Noncontrolling interests
Beginning of period (in shares) at Dec. 31, 2019					683,000,000
Beginning of period at Dec. 31, 2019	$ 7,912	$ (4)	$ 7,882	$ (4)	$ 683	$ (10,764)	$ 5,955	$ 15,718	$ (4)	$ (3,710)	$ 30
Beginning of period, treasury shares (in shares) at Dec. 31, 2019						177,000,000
Gains (losses)
Net income	939		934					934			5
Other comprehensive income (loss)	(129)		(129)							(129)
Stock issued under employee benefit plans and other (in shares)						(4,000,000)
Stock issued under employee benefit plans and other	247		247			$ 193	54
Dividends declared on common stock	(363)		(363)					(363)
End of period (in shares) at Sep. 30, 2020					683,000,000
End of period at Sep. 30, 2020	8,602		8,567		$ 683	$ (10,571)	6,009	16,285		(3,839)	35
End of period, treasury shares (in shares) at Sep. 30, 2020						173,000,000
Beginning of period (in shares) at Jun. 30, 2020					683,000,000
Beginning of period at Jun. 30, 2020	8,160		8,128		$ 683	$ (10,597)	5,975	16,055		(3,988)	32
Beginning of period, treasury shares (in shares) at Jun. 30, 2020						173,000,000
Gains (losses)
Net income	359		356					356			3
Other comprehensive income (loss)	149		149							149
Stock issued under employee benefit plans and other (in shares)						0
Stock issued under employee benefit plans and other	60		60			$ 26	34
Dividends declared on common stock	(126)		(126)					(126)
End of period (in shares) at Sep. 30, 2020					683,000,000
End of period at Sep. 30, 2020	$ 8,602		8,567		$ 683	$ (10,571)	6,009	16,285		(3,839)	35
End of period, treasury shares (in shares) at Sep. 30, 2020						173,000,000
Beginning of period (in shares) at Dec. 31, 2020	683,494,944				683,000,000
Beginning of period at Dec. 31, 2020	$ 8,726		8,689		$ 683	$ (11,051)	6,043	16,328		(3,314)	37
Beginning of period, treasury shares (in shares) at Dec. 31, 2020	178,580,208					179,000,000
Gains (losses)
Net income	$ 1,053		1,046					1,046			7
Other comprehensive income (loss)	$ (168)		(168)							(168)
Purchases of treasury stock (in shares)	7,300,000					7,000,000
Purchases of treasury stock	$ (600)		(600)			$ (600)	0
Stock issued under employee benefit plans and other (in shares)						(3,000,000)
Stock issued under employee benefit plans and other	210		210			$ 122	88	0
Dividends declared on common stock	(407)		(407)					(407)
Change in noncontrolling interests	$ 1										1
End of period (in shares) at Sep. 30, 2021	683,494,944				683,000,000
End of period at Sep. 30, 2021	$ 8,815		8,770		$ 683	$ (11,529)	6,131	16,967		(3,482)	45
End of period, treasury shares (in shares) at Sep. 30, 2021	182,847,640					183,000,000
Beginning of period (in shares) at Jun. 30, 2021					683,000,000
Beginning of period at Jun. 30, 2021	$ 8,535		8,494		$ 683	$ (11,561)	6,090	16,658		(3,376)	41
Beginning of period, treasury shares (in shares) at Jun. 30, 2021						184,000,000
Gains (losses)
Net income	452		450					450			2
Other comprehensive income (loss)	(106)		(106)							(106)
Stock issued under employee benefit plans and other (in shares)						(1,000,000)
Stock issued under employee benefit plans and other	73		73			$ 32	41
Dividends declared on common stock	(141)		(141)					(141)
Change in noncontrolling interests	$ 2										2
End of period (in shares) at Sep. 30, 2021	683,494,944				683,000,000
End of period at Sep. 30, 2021	$ 8,815		$ 8,770		$ 683	$ (11,529)	$ 6,131	$ 16,967		$ (3,482)	$ 45
End of period, treasury shares (in shares) at Sep. 30, 2021	182,847,640					183,000,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Cash flows from operations
Net income		$ 1,053	$ 939
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization		645	610
Deferred income taxes		(98)	(45)
Stock compensation		93	97
Net periodic pension and other postretirement costs		77	59
Intangible asset impairment		0	17
Other		46	54
Changes in balance sheet items:
Accounts receivable, net		(128)	(108)
Inventories		(149)	(305)
Prepaid expenses and other current assets		(51)	(60)
Accounts payable		14	(28)
Accrued expenses and other current liabilities		91	64
Other		(64)	(136)
Cash flows from operations – continuing operations		1,529	1,158
Cash flows from operations – discontinued operations		0	(2)
Cash flows from operations		1,529	1,156
Cash flows from investing activities
Capital expenditures		(508)	(472)
Acquisitions, net of cash acquired, and investments		(463)	(466)
Other investing activities, net		38	23
Cash flows from investing activities		(933)	(915)
Cash flows from financing activities
Repayments of debt		(407)	0
Issuances of debt		50	1,240
Net increase (decrease) in debt with original maturities of three months or less		251	(226)
Cash dividends on common stock		(390)	(348)
Proceeds from stock issued under employee benefit plans		135	180
Purchases of treasury stock		(600)	0
Debt issuance costs		(37)	(3)
Other financing activities, net		(33)	(45)
Cash flows from financing activities		(1,031)	798
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(40)	(8)
Increase (decrease) in cash, cash equivalents and restricted cash		(475)	1,031
Cash, cash equivalents and restricted cash at beginning of period	[1]	3,736	3,335
Cash, cash equivalents and restricted cash at end of period	[1]	$ 3,261	$ 4,366
[1]	We did not have any restricted cash balances as of December 31, 2019. 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, 2021, December 31, 2020, and September 30, 2020 (in millions): September 30, 2021 December 31, 2020 September 30, 2020 Cash and cash equivalents $ 3,258 $ 3,730 $ 4,359 Restricted cash included in prepaid expenses and other current assets 3 6 7 Cash, cash equivalents and restricted cash $ 3,261 $ 3,736 $ 4,366

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions		Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Statement of Cash Flows [Abstract]
Cash and cash equivalents		$ 3,258	$ 3,730	$ 4,359
Restricted cash included in prepaid expenses and other current assets		3	6	7
Cash, cash equivalents and restricted cash	[1]	$ 3,261	$ 3,736	$ 4,366
[1]	We did not have any restricted cash balances as of December 31, 2019. 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, 2021, December 31, 2020, and September 30, 2020 (in millions): September 30, 2021 December 31, 2020 September 30, 2020 Cash and cash equivalents $ 3,258 $ 3,730 $ 4,359 Restricted cash included in prepaid expenses and other current assets 3 6 7 Cash, cash equivalents and restricted cash $ 3,261 $ 3,736 $ 4,366

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
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 or our) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, certain information and footnote 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 Current Report on Form 8-K filed with the SEC on April 29, 2021 (2020 Annual Report), which revised and superseded the corresponding sections of the Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation 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 results of operations for the current interim period are not necessarily indicative of the results of operations to be expected for the full year. Certain reclassifications have been made to conform the prior period condensed consolidated statements to the current period presentation. Risks and Uncertainties Related to COVID-19

ACQUISITIONS AND OTHER ARRANGEM

ACQUISITIONS AND OTHER ARRANGEMENTS	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND OTHER ARRANGEMENTS	ACQUISITIONS AND OTHER ARRANGEMENTS Proposed Acquisition of Hillrom On September 2, 2021, we announced that we have entered into a definitive agreement to acquire all of the outstanding equity interests of Hill-Rom Holdings, Inc. (Hillrom) for total cash consideration of approximately $10.5 billion. Including the assumption of Hillrom's outstanding debt obligations, the enterprise value of the transaction will be approximately $12.4 billion. Under the terms of the transaction agreement, Hillrom shareholders will receive $156.00 in cash for each Hillrom share. The transaction is expected to close in early 2022, subject to the approval of Hillrom shareholders a nd the satisfaction of customary closing conditions, including regulatory approvals. Hillrom is a global medical technology leader whose products and services help enable earlier diagnosis and treatment, optimize surgical efficiency, and accelerate patient recovery while simplifying clinical communication and shifting care closer to home. Hillrom makes those outcomes possible through digital and connected care solutions and collaboration tools, including smart bed systems, patient monitoring and diagnostic technologies, respiratory health devices, advanced equipment for the surgical space and more, delivering actionable, real-time insights at the point of care. In connection with the proposed acquisition of Hillrom, on September 1, 2021, we entered into a bridge facility commitment letter with JPMorgan Chase Bank, N.A. (JP Morgan) and Citigroup Global Markets Inc. (Citi) pursuant to which JP Morgan and Citi have committed to provide a 364-day senior unsecured bridge term loan facility in an aggregate principal amount of $11.4 billion (the Bridge Facility) for the purpose of funding the consideration for the Hillrom acquisition, refinancing certain indebtedness of Hillrom, and paying fees and expenses related to the foregoing. Loans under the Bridge Facility will bear interest at variable rates, will be due 364 days after the loan is issued and contain various covenants, including a maximum net leverage ratio. The Bridge Facility included upfront fees of $40 million that will increase to $53 million if the Bridge Facility is not terminated within 120 days of the date the Bridge Facility was executed. The commitments in respect of the Bridge Facility were syndicated to additional financial institutions on September 30, 2021. Undrawn commitments in respect of the Bridge Facility will be subject to a ticking fee commencing on the later of (x) the date that definitive documentation with respect to the Bridge Facility is executed and (y) November 30, 2021 at a rate per annum equal to 0.125%. Loans under the Bridge Facility, if funded, will bear interest at variable rates, will be due 364 days after the initial funding of such loans and contain various covenants, including a maximum net leverage ratio. In addition, loans drawn under the Bridge Facility will be subject to a duration fee equal to (i) 0.5% of the outstanding loans on the 90 th day after the initial funding of such loans, (ii) 0.75% of the outstanding loans on the 180 th day after the initial funding of such loans and (iii) 1% of the outstanding loans on the 270 th day after the initial funding of such loans. On September 30, 2021, we entered into a term loan credit agreement (the Term Loan Credit Agreement), pursuant to which a syndicate of financial institutions has committed to provide us with a senior unsecured term loan facility in an aggregate principal amount of $4.0 billion (the Term Loan Facility), consisting of a $2.0 billion three-year term loan and a $2.0 billion five-year term loan. Loans under the Term Loan Facility will be available on the closing date of the Hillrom acquisition to fund the consideration for the Hillrom acquisition, refinance certain indebtedness of Hillrom, and pay fees and expenses related to the foregoing. Loans under the Term Loan Facility will bear interest at variable rates, will be subject to amortization at an annual rate of 0.625% for the first year and 1.25% thereafter (with loans outstanding under the five -year tranche subject to amortization at an annual rate of 1.875% after the second anniversary of the commencement of amortization and 2.500% after the third anniversary of the commencement of amortization). The Term Loan Credit Agreement contains various covenants, including a maximum net leverage ratio. Undrawn commitments under the Term Loan Facility are subject to a ticking fee commencing on November 30, 2021 at a rate per annum equal to 0.125%. The aggregate principal amount of the commitments under the Term Loan Facility have replaced a corresponding amount under the commitment letter in respect of the Bridge Facility, in accordance with the terms of the commitment letter. As a result, there are now $7.4 billion in bridge facility commitments remaining. We expect to replace these remaining commitments with cash on the balance sheet and/or permanent financing in the form of the issuance of debt securities prior to the closing of the proposed acquisition of Hillrom. Transderm Scop In March 2021, we acquired the rights to Transderm Scop (TDS) for the U.S. and specified territories outside of the U.S. from subsidiaries of GlaxoSmithKline for an upfront purchase price of $60 million including the cost of acquired inventory and the potential for additional cash consideration of $30 million, which had an acquisition-date fair value of $24 million, based upon regulatory approval of a new contract manufacturer by a specified date. We previously sold this product under a distribution license to the U.S. institutional market. TDS is indicated for post-operative nausea and vomiting in the U.S. and motion sickness in European markets. W e concluded that the acquired assets met the definition of a business and accounted for the transaction as a business combination using the acquisition method of accounting. The fair value of the potential contingent consideration payment was estimated by applying a probability- weighted expected payment model and is a Level 3 fair value measurement due to the significant estimates and assumptions used by management in establishing the estimated fair value. The following table summarizes the fair value of the consideration transferred: (in millions) Cash $ 60 Contingent Consideration 24 Total Consideration $ 84 The following table summarizes the fair value of the assets acquired as of the acquisition date: (in millions) Assets acquired Inventory $ 16 Goodwill 1 Other intangible assets 67 Total assets acquired $ 84 The results of operations of the acquired business have been included in our consolidated statement of income since the date the business was acquired and were not material for the three and nine months ended September 30, 2021. We allocated $64 million of the total consideration to the TDS developed product rights with an estimated useful life of 9 years and $3 million to customer relationships with an estimated useful life of 7 years. The fair values of the intangible assets were determined using the income approach. The discount rates used to measure the intangible assets were 22.5% for developed product rights and 15.5% for customer relationships. We consider the fair values of the intangible assets to be Level 3 measurements due to the significant estimates and assumptions used by management in establishing the estimated fair values. The goodwill, which is deductible for tax purposes, includes the value of overall strategic benefits provided to our pharmaceutical portfolio and is included in the Americas segment. PerClot In July 2021, we acquired certain assets related to PerClot Polysaccharide Hemostatic System (PerClot), including distribution rights for the U.S. and specified territories outside of the U.S., from CryoLife, Inc. for an upfront purchase price of $25 million and the potential for additional cash consideration of up to $36 million, which had an acquisition-date fair value of $28 million, based upon regulatory and commercial milestones. PerClot is an absorbable powder hemostat indicated for use in surgical procedures, including cardiac, vascular, orthopedic, spinal, neurological, gynecological, ENT and trauma surgery as an adjunct hemostat when control of bleeding from capillary, venous, or arteriolar vessels by pressure, ligature, and other conventional means is either ineffective or impractical. PerClot is approved for distribution in the European Union and other markets and is expected to be submitted for Pre-Market Approval (PMA) for distribution in the U.S. in the fourth quarter of 2021. We concluded that the acquired assets met the definition of a business and accounted for the transaction as a business combination using the acquisition method of accounting. The fair values of the potential contingent consideration payments were estimated by applying probability-weighted expected payment models and are Level 3 fair value measurements due to the significant estimates and assumptions used by management in establishing the estimated fair values. The following table summarizes the fair value of the consideration transferred: (in millions) Cash $ 25 Contingent Consideration 28 Total Consideration $ 53 The following table summarizes the fair value of the assets acquired as of the acquisition date: (in millions) Assets acquired Goodwill $ 4 Other intangible assets $ 49 Total assets acquired $ 53 The valuation of the assets acquired are preliminary and measurement period adjustments may be recorded in the future as we finalize our fair value estimates. The results of operations of the acquired business have been included in our consolidated statement of income since the date the business was acquired and were not material for the three and nine months ended September 30, 2021. We allocated $39 million of the total consideration to an in-process research and development (IPR&D) asset with an indefinite useful life, $9 million to the approved PerClot developed product rights with an estimated useful life of 10 years and $1 million to customer relationships with an estimated useful life of 10 years. The fair values of the intangible assets were determined using the income approach. The discount rates used to measure the intangible assets were 18.7% for IPR&D, 16.0% for developed product rights and 15.0% for customer relationships. We consider the fair values of the intangible assets to be Level 3 measurements due to the significant estimates and assumptions used by management in establishing the estimated fair values. The goodwill, which is deductible for tax purposes, includes the value of overall strategic benefits provided to our surgical portfolio of hemostats and sealants and is included in the Americas and EMEA segments. We have not presented pro forma financial information for either of the 2021 business combinations because their results are not material to our consolidated financial statements. Caelyx and Doxil In February 2021, we acquired the rights to Caelyx and Doxil, the branded versions of liposomal doxorubicin, from a subsidiary of Johnson & Johnson for specified territories outside of the U.S. We previously acquired the U.S. rights to this product in 2019. Liposomal doxorubicin is a chemotherapy medicine used to treat various types of cancer. The transaction was accounted for as an asset acquisition, as substantially all of the fair value of the gross assets acquired was concentrated in the developed technology intangible asset. The purchase price of $325 million was allocated to the assets acquired, which included a $314 million developed-technology intangible asset with an estimated useful life of 9 years and an $11 million customer relationship intangible asset with an estimated useful life of 8 years. Net sales related to this acquisition were $32 million and $73 million, respectively, for the three and nine months ended September 30, 2021.

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL FINANCIAL INFORMATION	SUPPLEMENTAL FINANCIAL INFORMATION Interest Expense, Net Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Interest expense, net of capitalized interest $ 54 $ 42 $ 128 $ 112 Interest income (4) (3) (10) (16) Interest expense, net $ 50 $ 39 $ 118 $ 96 Other Expense, Net Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Foreign exchange (gains) losses, net $ — $ 23 $ 5 $ 44 Pension and other postretirement benefit plans 4 — 11 (2) Change in fair value of marketable equity securities 9 (9) 2 (9) Other, net (1) 2 (3) (1) Other expense, net $ 12 $ 16 $ 15 $ 32 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, 2021 and 2020. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Balance at beginning of period $ 117 $ 120 $ 125 $ 112 Adoption of new accounting standard — — — 4 Charged to costs and expenses 2 3 (1) 15 Write-offs (2) (3) (3) (4) Currency translation adjustments (2) 2 (6) (5) Balance at end of period $ 115 $ 122 $ 115 $ 122 Inventories (in millions) September 30, December 31, Raw materials $ 479 $ 460 Work in process 219 196 Finished goods 1,327 1,260 Inventories $ 2,025 $ 1,916 Property, Plant and Equipment, Net (in millions) September 30, December 31, Property, plant and equipment, at cost $ 11,171 $ 11,271 Accumulated depreciation (6,589) (6,549) Property, plant and equipment, net $ 4,582 $ 4,722 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, 2021 and 2020 were $69 million and $42 million, respectively. Right-of-use finance lease assets obtained in exchange for lease obligations for the nine months ended September 30, 2020 were $7 million.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2021
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 business segment. (in millions) Americas EMEA APAC Total Balance as of December 31, 2020 $ 2,574 $ 406 $ 237 $ 3,217 Reallocation of goodwill 81 (81) — — Acquisitions 4 1 — 5 Currency translation (103) (12) (9) (124) Balance as of September 30, 2021 $ 2,556 $ 314 $ 228 $ 3,098 As of September 30, 2021, there were no reductions in goodwill relating to impairment losses. As discussed in Note 16 - Segment Information, we made a change to our reportable segments in the first quarter of 2021. As a result of this change, we reallocated goodwill from our EMEA segment to the Americas segment using a relative fair value approach. In addition, we completed an assessment of any potential goodwill impairment for all reporting units immediately prior to the reallocation and determined that no impairment existed. Other intangible assets, net The following is a summary of our other intangible assets. (in millions) Developed technology, including patents Other amortized intangible assets Indefinite-lived intangible assets Total September 30, 2021 Gross other intangible assets $ 3,019 $ 498 $ 207 $ 3,724 Accumulated amortization (1,502) (346) — (1,848) Other intangible assets, net $ 1,517 $ 152 $ 207 $ 1,876 December 31, 2020 Gross other intangible assets $ 2,713 $ 495 $ 169 $ 3,377 Accumulated amortization (1,374) (332) — (1,706) Other intangible assets, net $ 1,339 $ 163 $ 169 $ 1,671 Intangible asset amortization expense was $68 million and $57 million for the three months ended September 30, 2021 and 2020, respectively, and $199 million and $165 million for the nine months ended September 30, 2021 and 2020, respectively. In the second quarter of 2020, we recognized an impairment charge of $17 million related to a developed-technology intangible asset due to a decline in market expectations for the related product. The fair value of the intangible asset was measured using a discounted cash flow approach and the charge is classified within cost of sales in the accompanying condensed consolidated statement of income. We consider the fair value of the asset to be a Level 3 measurement due to the significant estimates and assumptions we used in establishing the estimated fair value.

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS Significant Debt Activity In connection with the proposed acquisition of Hillrom, we entered into the Bridge Facility and the Term Loan Agreement that would provide for total debt commitments of $11.4 billion for the purpose of funding the consideration for the Hillrom acquisition, refinancing certain indebtedness of Hillrom, and paying fees and expenses related to the foregoing. Refer to Note 2 for additional information. In 2020, we issued $500 million of 3.95% senior notes due in 2030 and $650 million of 1.73% senior notes due in 2031 (the Notes). In conjunction with the issuances of the Notes, we entered into registration rights agreements in which we agreed to file a registration statement with the SEC with respect to an offer to exchange the Notes for new issues of Notes with the same terms registered under the Securities Act of 1933. Those exchange offers with respect to the Notes were completed in May 2021. In July 2021, Baxter redeemed $400 million in 1.7% Senior Notes due August 2021, which was partially funded by the issuance of commercial paper. Credit Facilities On September 30, 2021, we entered into a new U.S. dollar-denominated revolving credit facility (the USD Revolver), and on October 1, 2021, we amended our existing Euro-denominated revolving credit facility (as amended, the Euro Revolver). Our USD Revolver has a capacity of $2.5 billion and our Euro Revolver has a capacity of €200 million. Each of the facilities matures in 2026. The facilities enable us to borrow funds on an unsecured basis at variable interest rates, and contain various covenants, including a maximum net leverage ratio. Fees under the credit facilities are 0.09% annually as of September 30, 2021 and are based on our credit ratings and the total capacity of the facility. Prior to entering into the USD Revolver and the Euro Revolver, our previous U.S. dollar-denominated revolving credit facility and Euro-denominated revolving credit facility had a maximum capacity of $2.0 billion and €200 million, respectively. Fees under these credit facilities were 0.09% annually as of December 31, 2020 and were based on our credit ratings and the total capacity of the facility. There were no borrowings outstanding under these credit facilities as of September 30, 2021 or December 31, 2020. Commercial Paper As of September 30, 2021, we had $300 million of commercial paper outstanding with a weighted-average interest rate of 0.23% and an original weighted-average term of 90 days. There was no commercial paper outstanding as of December 31, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are involved in product liability, patent, commercial, 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, 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, 2021 and December 31, 2020, our total recorded reserves with respect to legal and environmental matters were $73 million and $40 million, respectively, and we had a $7 million insurance receivable as of September 30, 2021. We have established reserves for certain of the matters discussed below. We are not able to estimate the amount or range of any loss for certain contingencies for which there is no reserve or additional loss for matters already reserved. While our liability in connection with these claims cannot be estimated and the resolution thereof in any reporting period could have a significant impact on our results of operations and cash flows for that period, the outcome of these legal proceedings is not expected to have a material adverse effect on our consolidated financial position. While we believe that we have valid defenses in the matters set forth below, litigation is inherently uncertain, excessive verdicts do occur, and we may incur material judgments or enter into material settlements of claims. In addition to the matters described below, we remain subject to the risk of future administrative and legal actions. With respect to governmental and regulatory matters, these actions may lead to product recalls, injunctions, and other restrictions on our operations and monetary sanctions, including significant civil or criminal penalties. With respect to intellectual property, we may be exposed to significant litigation concerning the scope of our and others’ rights. Such litigation could result in a loss of patent protection or the ability to market products, which could lead to a significant loss of sales, or otherwise materially affect future results of operations. Environmental We are involved as a potentially responsible party (PRP) for environmental clean-up costs at six Superfund sites. 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, we are involved in an ongoing voluntary environmental remediation associated with historic operations at our Irvine, California, United States facility. As of September 30, 2021 and December 31, 2020, our environmental reserves, which are measured on an undiscounted basis, were $18 million and $20 million, respectively. After considering these reserves, the outcome of these matters is not expected to have a material adverse effect on our financial position or results of operations. General Litigation In November 2016, a putative antitrust class action complaint seeking monetary and injunctive relief was filed in the United States District Court for the Northern District of Illinois. The complaint alleges a conspiracy among manufacturers of IV solutions to restrict output and affect pricing in connection with a shortage of such solutions. Similar parallel actions subsequently were filed. In January 2017, a single consolidated complaint covering these matters was filed in the Northern District of Illinois. We filed a motion to dismiss the consolidated complaint in February 2017. The court granted our motion to dismiss the consolidated complaint without prejudice in July 2018. The plaintiffs filed an amended complaint, which we moved to dismiss on November 9, 2018. The court granted our motion to dismiss the amended complaint with prejudice on April 3, 2020. The plaintiffs did not file an appeal. In April 2017, we became aware of a criminal investigation by the U.S. Department of Justice (DOJ), Antitrust Division and a federal grand jury in the United States District Court for the Eastern District of Pennsylvania. We and an employee received subpoenas seeking production of documents and testimony regarding the manufacturing, selling, pricing and shortages of IV solutions and containers (including saline solutions and certain other injectable medicines sold by us) and communications with competitors regarding the same. On November 30, 2018, the DOJ notified us that it had closed the investigation. The New York Attorney General had also requested that we provide information regarding business practices in the IV saline industry. We cooperated with that request and have been advised that the matter has now been closed. In August 2019, we were named in an amended complaint filed by Fayette County, Georgia in the MDL In re: National Prescription Opiate Litigation pending in the U.S. District Court, Northern District of Ohio. The complaint alleges that multiple manufacturers and distributors of opiate products improperly marketed and diverted these products, which caused harm to Fayette County. The complaint is limited in its allegations as to Baxter and does not distinguish between injectable opiate products and orally administered opiates. We manufactured generic injectable opiate products in our facility in Cherry Hill, NJ, which we divested in 2011. In November 2019, we and certain of our officers were named in a class action complaint captioned Ethan E. Silverman et al. v. Baxter International Inc. et al. that was filed in the United States District Court for the Northern District of Illinois. The plaintiff, who allegedly purchased shares of our common stock during the specified class period, filed this putative class action on behalf of himself and shareholders who acquired Baxter common stock between February 21, 2019 and October 23, 2019. The plaintiff alleges that we and certain officers 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 certain intra-company transactions undertaken for the purpose of generating foreign exchange gains or avoiding foreign exchange losses, as well as our internal controls over financial reporting. On January 29, 2020, the Court appointed Varma Mutual Pension Insurance Company and Louisiana Municipal Police Employees Retirement System as lead plaintiffs in the case. Plaintiffs filed an amended complaint on June 25, 2020 containing substantially the same allegations. On August 24, 2020, we filed a motion to dismiss the amended complaint. On January 12, 2021, the Court granted our motion to dismiss the amended complaint but gave plaintiffs an opportunity to file a further-amended complaint. The parties reached an agreement to settle the case for $16 million, subject to the completion of confirmatory discovery and final approval by the Court. The Court granted final approval of the settlement on August 11, 2021. We were fully reserved for the settlement amount as of September 30, 2021. In addition, we have received a stockholder request for inspection of our books and records in connection with the announcement made in our Form 8-K on October 24, 2019 that we had commenced an internal investigation into certain intra-company transactions that impacted our previously reported non-operating foreign exchange gains and losses. As initially disclosed on October 24, 2019, we also voluntarily advised the staff of the SEC of our internal investigation and we are continuing to cooperate with the staff of the SEC. 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 agreement to settle these lawsuits in the third quarter of 2021 for amounts that are not material to our financial results. The settlement of these claims does not preclude potential future lawsuits on behalf of other plaintiffs.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Stock Options Award Modification In the first quarter of 2020, we modified the terms of stock option awards granted to 123 employees. Specifically, we extended the term for certain stock options that were scheduled to expire in the first quarter of 2020 as applicable employees were not permitted to exercise these awards due to our announcement in February 2020 that our previously issued financial statements should no longer be relied upon. The stock options were extended in order to allow impacted employees to exercise their stock option awards for a brief period once we became current with our SEC reporting obligations, which occurred in March 2020. As a result of the modifications, we recognized an additional $8 million of stock compensation expense during the quarter ended March 31, 2020. Cash Dividends Cash dividends declared per share for the three and nine months ended September 30, 2021 were $0.280 and $0.805, respectively. Cash dividends declared per share for the three and nine months ended September 30, 2020 were $0.245 and $0.710, respectively. Stock Repurchase Programs

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOMEComprehensive income includes all changes in stockholders’ equity that do not arise from transactions with stockholders, and consists of net income, currency translation adjustments (CTA), certain gains and losses from pension and other postretirement employee benefit (OPEB) plans and gains and losses on cash flow hedges. The following table is a net-of-tax summary of the changes in accumulated other comprehensive (loss) income (AOCI) by component for the nine months ended September 30, 2021 and 2020. (in millions) CTA Pension and OPEB plans Hedging activities Total Gains (losses) Balance as of December 31, 2020 $ (2,587) $ (574) $ (153) $ (3,314) Other comprehensive income (loss) before reclassifications (257) 13 5 (239) Amounts reclassified from AOCI (a) — 50 21 71 Net other comprehensive income (loss) (257) 63 26 (168) Balance as of September 30, 2021 $ (2,844) $ (511) $ (127) $ (3,482) (in millions) CTA Pension and OPEB plans Hedging activities Total Gains (losses) Balance as of December 31, 2019 $ (2,954) $ (715) $ (41) $ (3,710) Other comprehensive income (loss) before (43) (9) (110) (162) Amounts reclassified from AOCI (a) — 35 (2) 33 Net other comprehensive income (loss) (43) 26 (112) (129) Balance as of September 30, 2020 $ (2,997) $ (689) $ (153) $ (3,839) (a) See table below for details about these reclassifications. The following is a summary of the amounts reclassified from AOCI to net income during the three and nine months ended September 30, 2021 and 2020. Amounts reclassified from AOCI (a) (in millions) Three months ended September 30, 2021 Nine months ended Location of impact in income statement Amortization of pension and OPEB items Amortization of net losses and prior service costs or credits $ (21) $ (62) Other expense, net Less: Tax effect 4 12 Income tax expense $ (17) $ (50) Net of tax Gains (losses) on hedging activities Foreign exchange contracts $ (5) $ (23) Cost of sales Interest rate contracts (1) (4) Interest expense, net (6) (27) Total before tax Less: Tax effect 1 6 Income tax expense $ (5) $ (21) Net of tax Total reclassifications for the period $ (22) $ (71) Total net of tax (a) Amounts in parentheses indicate reductions to net income Amounts reclassified from AOCI (a) (in millions) Three months ended September 30, 2020 Nine months ended September 30, 2020 Location of impact in income statement Amortization of pension and OPEB items Amortization of net losses and prior service costs or credits $ (14) $ (44) Other expense, net Less: Tax effect 3 9 Income tax expense $ (11) $ (35) Net of tax Gains on hedging activities Foreign exchange contracts $ (2) $ 2 Cost of sales Less: Tax effect 1 — Income tax expense $ (1) $ 2 Net of tax Total reclassifications for the period $ (12) $ (33) 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.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2021
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 30-90 days. The majority of our performance obligations are satisfied at a point in time. This includes sales of our broad portfolio of essential healthcare products across our geographic segments including acute and chronic dialysis therapies; sterile IV solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; and surgical hemostat and sealant products. For a majority of these sales, 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, in all of our segments, we enter into other types of contracts including contract manufacturing arrangements, equipment leases, and certain subscription software and licensing arrangements. 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. 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, 2021, we had $8.3 billion of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more, which are primarily included in the Americas 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 10% of this amount as revenue over the remainder of 2021, 30% in each of 2022 and 2023 and 15% in each of 2024 and 2025. Significant Judgments Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration primarily related to rebates and wholesaler 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 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, 2021 and 2020 related to performance obligations satisfied in prior periods was not material. Additionally, our contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately and determining the allocation of the transaction price may require significant judgement. Contract Balances The timing of revenue recognition, billings and cash collections results in the recognition of trade accounts receivable, unbilled receivables, contract assets and customer advances and deposits (contract liabilities) on our condensed consolidated balance sheets. Net trade accounts receivable was $1.8 billion and $1.7 billion as of September 30, 2021 and December 31, 2020, 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 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 one The following table summarizes our contract assets: (in millions) September 30, December 31, Contract manufacturing services $ 73 $ 47 Software sales 38 40 Bundled equipment and consumable medical products contracts 82 47 Contract assets $ 193 $ 134 The following table summarizes the classification of contract assets and contract liabilities as reported in the condensed consolidated balance sheets: (in millions) September 30, December 31, Prepaid expenses and other current assets $ 104 $ 70 Other non-current assets 89 64 Contract assets $ 193 $ 134 Accrued expenses and other current liabilities $ 39 $ 32 Other non-current liabilities 52 34 Contract liabilities $ 91 $ 66 Contract liabilities are recognized when a customer pays consideration before we transfer goods or provide services. During the nine months ended September 30, 2021 and 2020, the amount of revenue recognized that was included in contract liabilities as of December 31, 2020 and 2019 was not significant. Disaggregation of Net Sales Beginning in the first quarter of 2021, our product category net sales disclosures (previously referred to as global business units (GBUs)) separately present net sales from our BioPharma Solutions business, which was previously included within Other. Concurrent with that disaggregation of net sales from our BioPharma Solutions business, we have also allocated certain previously unallocated sales deductions from Other to various categories, primarily based on their respective net sales. Net sales for the three and nine months ended September 30, 2020 have been recast to conform to the current period presentation. The following tables disaggregate our net sales from contracts with customers by product category between the U.S. and international: Three Months Ended September 30, 2021 2020 (in millions) U.S. International Total U.S. International Total Renal Care 1 $ 222 $ 759 $ 981 $ 216 $ 739 $ 955 Medication Delivery 2 490 257 747 419 246 665 Pharmaceuticals 3 188 401 589 209 330 539 Clinical Nutrition 4 88 156 244 87 147 234 Advanced Surgery 5 135 114 249 138 97 235 Acute Therapies 6 69 116 185 72 105 177 BioPharma Solutions 7 109 97 206 84 57 141 Other 8 18 7 25 19 7 26 Total Baxter $ 1,319 $ 1,907 $ 3,226 $ 1,244 $ 1,728 $ 2,972 Nine Months Ended September 30, 2021 2020 (in millions) U.S. International Total U.S. International Total Renal Care 1 $ 655 $ 2,212 $ 2,867 $ 629 $ 2,115 $ 2,744 Medication Delivery 2 1,345 751 2,096 1,262 686 1,948 Pharmaceuticals 3 550 1,137 1,687 637 899 1,536 Clinical Nutrition 4 255 460 715 241 426 667 Advanced Surgery 5 405 317 722 369 258 627 Acute Therapies 6 211 369 580 204 315 519 BioPharma Solutions 7 218 306 524 186 185 371 Other 8 58 21 79 60 20 80 Total Baxter $ 3,697 $ 5,573 $ 9,270 $ 3,588 $ 4,904 $ 8,492 1 Renal Care includes sales of our peritoneal dialysis (PD), hemodialysis (HD) and additional dialysis therapies and services. 2 Medication Delivery includes sales of our intravenous (IV) therapies, infusion pumps, administration sets and drug reconstitution devices. 3 Pharmaceuticals includes sales of our premixed and oncology drug platforms, inhaled anesthesia and critical care products and pharmacy compounding services. 4 Clinical Nutrition includes sales of our parenteral nutrition (PN) therapies and related products. 5 Advanced Surgery includes sales of our biological products and medical devices used in surgical procedures for hemostasis, tissue sealing and adhesion prevention. 6 Acute Therapies includes sales of our continuous renal replacement therapies (CRRT) and other organ support therapies focused in the intensive care unit (ICU). 7 BioPharma Solutions includes sales of contracted services we provide to various pharmaceutical and biopharmaceutical companies. 8 Other includes sales of miscellaneous product and service offerings. Lease Revenue We lease medical equipment, such as renal dialysis equipment and infusion pumps, to customers, primarily in conjunction with arrangements to provide consumable medical products such as dialysis therapies, 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, 2021 were: (in millions) Three months ended September 30, 2021 Nine months ended September 30, 2021 Sales-type lease revenue $ 3 $ 19 Operating lease revenue 21 90 Variable lease revenue 27 59 Total lease revenue $ 51 $ 168 The components of lease revenue for the three and nine months ended September 30, 2020 were: (in millions) Three months ended September 30, 2020 Nine months ended September 30, 2020 Sales-type lease revenue $ 11 $ 27 Operating lease revenue 16 44 Variable lease revenue 19 57 Total lease revenue $ 46 $ 128 Our net investment in sales-type leases was $119 million as of September 30, 2021, of which $16 million originated in 2017 and prior, $29 million in 2018, $26 million in 2019, $33 million in 2020 and $15 million in 2021.

BUSINESS OPTIMIZATION CHARGES

BUSINESS OPTIMIZATION CHARGES	9 Months Ended
	Sep. 30, 2021
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, optimizing the manufacturing footprint, R&D operations and supply chain network, employing disciplined cost management, and centralizing and streamlining certain support functions. From the commencement of our business optimization activities in the second half of 2015 through September 30, 2021, we have incurred cumulative pre-tax costs of $1.2 billion related to these actions. The costs consisted primarily of employee termination costs, implementation costs, contract termination costs, asset impairments and accelerated depreciation. We currently expect to incur additional pre-tax costs of approximately $35 million through the completion of the initiatives that are currently underway, primarily related to implementation costs. We continue to pursue cost savings initiatives and, to the extent further cost savings opportunities are identified, we may incur additional restructuring charges and costs to implement business optimization programs in future periods. During the three and nine months ended September 30, 2021 and 2020, we recorded the following charges related to business optimization programs. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Restructuring charges $ 32 $ 26 $ 67 $ 58 Costs to implement business optimization programs 4 6 14 19 Total business optimization charges $ 36 $ 32 $ 81 $ 77 For segment reporting purposes, business optimization charges are unallocated expenses. Costs to implement business optimization programs for the three and nine months ended September 30, 2021 and 2020, 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, 2021 and 2020, we recorded the following restructuring charges. Three months ended September 30, 2021 (in millions) COGS SG&A R&D Total Employee termination costs $ 11 $ 8 $ — $ 19 Contract termination and other costs — 2 — 2 Asset impairments 11 — — 11 Total restructuring charges $ 22 $ 10 $ — $ 32 Three months ended September 30, 2020 (in millions) COGS SG&A R&D Total Employee termination costs $ 4 $ 15 $ 1 $ 20 Contract termination and other costs 1 3 — 4 Asset impairments — 2 — 2 Total restructuring charges $ 5 $ 20 $ 1 $ 26 Nine months ended September 30, 2021 (in millions) COGS SG&A R&D Total Employee termination costs $ 35 $ 14 $ — $ 49 Contract termination and other costs — 2 — 2 Asset impairments 16 — — 16 Total restructuring charges $ 51 $ 16 $ — $ 67 Nine months ended September 30, 2020 (in millions) COGS SG&A R&D Total Employee termination costs $ 9 $ 34 $ (1) $ 42 Contract termination and other costs 3 3 — 6 Asset impairments 8 2 — 10 Total restructuring charges $ 20 $ 39 $ (1) $ 58 In conjunction with our business optimization initiatives in the first quarter of 2020, we sold property that resulted in a gain of $17 million. This gain is reflected within other operating expense (income), net in our condensed consolidated statement of income for the nine months ended September 30, 2020. The following table summarizes activity in the liability related to our restructuring initiatives. (in millions) Liability balance as of December 31, 2020 $ 113 Charges 54 Payments (62) Reserve adjustments (3) Currency translation (6) Liability balance as of September 30, 2021 $ 96 Substantially all of our restructuring liabilities as of September 30, 2021 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 2022.

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS	9 Months Ended
	Sep. 30, 2021
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 Nine months ended (in millions) 2021 2020 2021 2020 Pension benefits Service cost $ 22 $ 20 $ 66 $ 61 Interest cost 18 24 54 71 Expected return on plan assets (36) (40) (108) (121) Amortization of net losses and prior service costs 23 19 69 57 Net periodic pension cost $ 27 $ 23 $ 81 $ 68 OPEB Interest cost $ 1 $ 2 $ 3 $ 4 Amortization of net loss and prior service credit (2) (5) (7) (13) Net periodic OPEB cost (income) $ (1) $ (3) $ (4) $ (9)

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective income tax rate was (0.2)% and 13.5% for the three months ended September 30, 2021 and 2020, respectively, and 11.8% and 13.2% for the nine months ended September 30, 2021 and 2020, 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, increases or decreases in valuation allowances and liabilities for uncertain tax positions and excess tax benefits on stock compensation awards. For the three months ended September 30, 2021, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily attributable to a $58 million tax benefit related to a tax-deductible foreign statutory loss on an investment in a foreign subsidiary, as well as changes related to our ability to realize tax credit carryforwards based on a favorable tax ruling in a foreign jurisdiction. For the nine months ended September 30, 2021, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily attributable to a $58 million tax benefit related to a tax-deductible foreign statutory loss on an investment in a foreign subsidiary, as well as a favorable geographic earnings mix and changes related to our ability to realize tax credit carryforwards based on a favorable tax ruling in a foreign jurisdiction. For the three months ended September 30, 2020, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily attributable to a favorable geographic earnings mix and changes related to our ability to realize foreign tax credits.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHAREThe numerator for both basic and diluted earnings per share (EPS) is net income attributable to Baxter stockholders. The denominator for basic EPS is the weighted-average number of shares outstanding during the period. The dilutive effect of outstanding stock options, RSUs and PSUs is reflected in the denominator for diluted EPS using the treasury stock method. The following table is a reconciliation of basic shares to diluted shares. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Basic shares 500 511 503 509 Effect of dilutive securities 6 7 6 8 Diluted shares 506 518 509 517 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 7 million equity awards for the three and nine months ended September 30, 2021, respectively, and 4 million and 3 million equity awards for the three and nine months ended September 30, 2020, respectively, because their inclusion would have had an anti-dilutive effect on diluted EPS. Refer to Note 7 for additional information regarding items impacting basic and diluted shares.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2021
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, Chinese Renminbi, Korean Won, Australian Dollar, Canadian Dollar, Japanese Yen, Colombian Peso, Brazilian Real, Mexican Peso, Indian Rupee and Swedish Krona. 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 the 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. All 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 Hed g es 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 item. Option premiums or net premiums paid are initially recorded as assets and reclassified to other comprehensive income (OCI) over the life of the option, and then recognized in earnings consistent with the underlying hedged item. Cash flow hedges are classified in cost of sales and interest expense, net, and are primarily related to forecasted third-party sales denominated in foreign currencies, 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 $365 million and $345 million as of September 30, 2021 and December 31, 2020, respectively. The maximum term over which we have cash flow hedge contracts in place related to forecasted transactions at September 30, 2021 is 12 months for foreign exchange contracts. There were no outstanding interest rate contracts designated as cash flow hedges as of September 30, 2021 and December 31, 2020. Fair Value Hed g es 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, 2021 and December 31, 2020. Net Investment Hed g es In May 2017, we issued €600 million of senior notes due May 2025. In May 2019, we issued €750 million of senior notes due May 2024 and €750 million of 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. As of September 30, 2021, we had an accumulated pre-tax unrealized translation loss in AOCI of $102 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 items. 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 hedge dedesignations in the first nine months of 2021 or 2020 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 2021 or 2020. 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. There were no net investment hedges terminated during the first nine months of 2021 or 2020. 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. The total notional amount of undesignated derivative instruments was $1.0 billion as of September 30, 2021 and December 31, 2020. 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, 2021 and 2020. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI into income (in millions) 2021 2020 2021 2020 Cash flow hedges Interest rate contracts $ — $ 31 Interest expense, net $ (1) $ — Foreign exchange contracts 6 (6) Cost of sales (5) (2) Net investment hedges 60 (103) Other expense, net — — Total $ 66 $ (78) $ (6) $ (2) Location of gain (loss) in income statement Gain (loss) recognized in income (in millions) 2021 2020 Undesignated derivative instruments Foreign exchange contracts Other expense, net $ (7) $ 7 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, 2021 and 2020. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI (in millions) 2021 2020 2021 2020 Cash flow hedges Interest rate contracts $ — $ (144) Interest expense, net $ (4) $ — Foreign exchange contracts 7 1 Cost of sales (23) 2 Net investment hedges 143 (104) Other expense, net — — Total $ 150 $ (247) $ (27) $ 2 Location of gain (loss) Gain (loss) recognized in income (in millions) 2021 2020 Undesignated derivative instruments Foreign exchange contracts Other expense, net $ (26) $ 22 As of September 30, 2021, $1 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, 2021. Derivatives in asset positions Derivatives in liability positions (in millions) Balance sheet location Fair value Balance sheet location Fair value Derivative instruments designated as hedges Foreign exchange contracts Prepaid expenses and other current assets $ 7 Accrued expenses and other current liabilities $ 2 Total derivative instruments designated as hedges 7 2 Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets 2 Accrued expenses and other current liabilities 6 Total derivative instruments $ 9 $ 8 The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2020. Derivatives in asset positions Derivatives in liability positions (in millions) Balance sheet location Fair value Balance sheet location Fair value Derivative instruments designated as hedges Foreign exchange contracts Prepaid expenses and other current assets $ — Accrued expenses and other current liabilities $ 17 Total derivative instruments designated as hedges — 17 Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets 11 Accrued expenses and other current liabilities 2 Total derivative instruments $ 11 $ 19 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, 2021 December 31, 2020 (in millions) Asset Liability Asset Liability Gross amounts recognized in the consolidated balance sheet $ 9 $ 8 $ 11 $ 19 Gross amount subject to offset in master netting arrangements not offset in the consolidated balance sheet (2) (2) (6) (6) Total $ 7 $ 6 $ 5 $ 13 The following table presents the amounts recorded on the condensed consolidated balance sheet related to fair value hedges: Carrying amount of hedged item Cumulative amount of fair value hedging adjustment included (in millions) Balance as of September 30, 2021 Balance as of December 31, 2020 Balance as of September 30, 2021 Balance as of December 31, 2020 Long-term debt $ 102 $ 102 $ 4 $ 5 (a) These fair value hedges were terminated in 2018 and earlier periods.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
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, 2021 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 9 $ — $ 9 $ — Debt securities 30 — 30 — Marketable equity securities 15 15 — — Total $ 54 $ 15 $ 39 $ — Liabilities Foreign exchange contracts $ 8 $ — $ 8 $ — Contingent payments related to acquisitions 61 — — 61 Total $ 69 $ — $ 8 $ 61 Basis of fair value measurement (in millions) Balance as of December 31, 2020 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 11 $ — $ 11 $ — Debt securities 13 — 13 — Marketable equity securities 17 17 — — Total $ 41 $ 17 $ 24 $ — Liabilities Foreign exchange contracts $ 19 $ — $ 19 $ — Contingent payments related to acquisitions 30 — — 30 Total $ 49 $ — $ 19 $ 30 As of September 30, 2021 and December 31, 2020, cash and cash equivalents of $3.3 billion and $3.7 billion, respectively, included money market and other short-term funds of approximately $1.5 billion and $1.8 billion, respectively, which 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. The 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. Contingent payments related to acquisitions, which consist of milestone payments and sales-based payments, are valued using discounted cash flow techniques. The fair value of milestone payments reflects management’s expectations of probability of payment, and increases as the 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. The following table is a reconciliation of recurring fair value measurements that use significant unobservable inputs (Level 3), which consist of contingent payments related to acquisitions. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Fair value at beginning of period $ 34 $ 39 $ 30 $ 39 Additions 28 — 52 4 Change in fair value recognized in earnings (1) 1 (6) (2) Payments — (10) (16) (11) Currency translation — — 1 — Fair value at end of period $ 61 $ 30 $ 61 $ 30 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, 2021 and December 31, 2020. Book values Fair values(a) (in millions) 2021 2020 2021 2020 Liabilities Short-term debt $ 301 $ — $ 301 $ — Current maturities of long-term debt and finance lease obligations 209 406 213 409 Long-term debt and finance lease obligations 5,446 5,786 5,950 6,471 (a) These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs. The carrying value of short-term debt approximates its fair value due to the short-term maturities of the obligations. The estimated fair values of 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, such as accounts receivable and accounts payable, approximate their fair values due to the short-term maturities of most of those assets and liabilities. Equity investments not measured at fair value are comprised of other equity investments without readily determinable fair values and were $108 million at September 30, 2021 and $105 million at December 31, 2020. Those investments are included in Other non-current assets on our condensed consolidated balance sheets.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION We manage our business based on three geographical segments: Americas (North and South America), EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific). Our segments provide a broad portfolio of essential healthcare products, including acute and chronic dialysis therapies; sterile IV solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; and surgical hemostat and sealant products. In the first quarter of 2021, the information provided to our Chief Executive Officer for purposes of allocating resources and assessing performance was updated to reallocate contracted services activities performed at a German manufacturing facility from our EMEA segment to our Americas segment. The contracted services performed at that facility are part of our BioPharma Solutions business, which is managed as part of the Americas segment. Accordingly, the reported financial results of the Americas segment now include the contracted services activities performed at that facility. Segment results for the three and nine months ended September 30, 2020 have been recast to conform to the current period presentation. We use operating income on a segment basis to make resource allocation decisions and assess the ongoing performance of our business segments. Intersegment sales are eliminated in consolidation. Certain items are maintained at Corporate and are not allocated to a segment. They primarily include corporate headquarters costs, certain R&D costs, certain product category support costs, stock compensation expense, certain employee benefit plan costs, certain foreign currency hedging activities, and certain gains, losses, and other charges (such as business optimization, acquisition and integration costs, intangible asset amortization and asset impairments). Our chief operating decision maker does not receive any asset information by operating segment and, accordingly, we do not report asset information by operating segment. Financial information for our segments is as follows. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Net sales: Americas $ 1,727 $ 1,606 $ 4,911 $ 4,640 EMEA 779 720 2,300 2,077 APAC 720 646 2,059 1,775 Total net sales $ 3,226 $ 2,972 $ 9,270 $ 8,492 Operating income : Americas $ 676 $ 611 $ 1,907 $ 1,726 EMEA 167 126 461 364 APAC 166 161 456 432 Total segment operating income $ 1,009 $ 898 $ 2,824 $ 2,522 The following is a reconciliation of segment operating income to income before income taxes per the condensed consolidated statements of income. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Total segment operating income $ 1,009 $ 898 $ 2,824 $ 2,522 Corporate and other (496) (428) (1,497) (1,312) Total operating income 513 470 1,327 1,210 Interest expense, net 50 39 118 96 Other expense, net 12 16 15 32 Income before income taxes $ 451 $ 415 $ 1,194 $ 1,082 Refer to Note 9 for additional information on Net Sales by product category.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2021
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 or our) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, certain information and footnote 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 Current Report on Form 8-K filed with the SEC on April 29, 2021 (2020 Annual Report), which revised and superseded the corresponding sections of the Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation 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 results of operations for the current interim period are not necessarily indicative of the results of operations to be expected for the full year.
Reclassifications	Certain reclassifications have been made to conform the prior period condensed consolidated statements to the current period presentation.
Risks and Uncertainties Related to COVID-19	Risks and Uncertainties Related to COVID-19 Our global operations expose us to risks associated with public health crises and epidemics/pandemics, such as the COVID-19 pandemic. COVID-19 has had, and we expect will continue to have, an adverse impact on our operations, supply chains and distribution systems and has increased and we expect will continue to increase our expenses, including as a result of impacts associated with preventive and precautionary measures that we, other businesses and governments have taken and continue to take. Initial measures taken in 2020 led to unprecedented restrictions on, disruptions in, and other related impacts on business and personal activities, including a shift in healthcare priorities, which resulted in a significant decline in medical procedures in 2020. The pandemic has created significant volatility in the demand for our products. For further information about our revenues by product category, refer to Note 9 - Revenues. Significant uncertainty remains regarding the duration and overall impact of the COVID-19 pandemic. For example, concerns remain regarding the pace of economic recovery due to virus resurgence across the globe from the Delta variant and other virus mutations as well as vaccine distribution and hesitancy. The U.S. and other governments may continue existing measures or implement new restrictions and other requirements in light of the continuing spread of the pandemic (including with respect to mandatory vaccinations for certain of our employees). Due to the uncertainty caused by the pandemic, our operating performance and financial results, particularly in the short term, may be subject to volatility. We have experienced significant challenges, including lengthy delays, shortages and interruptions, posed by the pandemic and other exogenous factors (including significant weather events and disruptions to certain ports of call around the world) to our global supply chain, including the cost and availability of raw materials and component parts (including resins and electromechanical devices) and higher transportation costs, and may experience these and other challenges in future periods. Many of our manufacturing plant and distribution center personnel are currently unvaccinated, and we may also experience employee resistance in complying with current and future government vaccine and testing mandates, which may cause labor shortages significantly impacting manufacturing production and distribution center productivity. We expect that these challenges as well as evolving governmental restrictions and requirements, among other factors, may continue to have an adverse effect on our business.

ACQUISITIONS AND OTHER ARRANG_2

ACQUISITIONS AND OTHER ARRANGEMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the fair value of the consideration transferred: (in millions) Cash $ 60 Contingent Consideration 24 Total Consideration $ 84 The following table summarizes the fair value of the assets acquired as of the acquisition date: (in millions) Assets acquired Inventory $ 16 Goodwill 1 Other intangible assets 67 Total assets acquired $ 84 The following table summarizes the fair value of the consideration transferred: (in millions) Cash $ 25 Contingent Consideration 28 Total Consideration $ 53 The following table summarizes the fair value of the assets acquired as of the acquisition date: (in millions) Assets acquired Goodwill $ 4 Other intangible assets $ 49 Total assets acquired $ 53

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest Expense, Net	Interest Expense, Net Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Interest expense, net of capitalized interest $ 54 $ 42 $ 128 $ 112 Interest income (4) (3) (10) (16) Interest expense, net $ 50 $ 39 $ 118 $ 96
Other (Income) Expense, Net	Other Expense, Net Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Foreign exchange (gains) losses, net $ — $ 23 $ 5 $ 44 Pension and other postretirement benefit plans 4 — 11 (2) Change in fair value of marketable equity securities 9 (9) 2 (9) Other, net (1) 2 (3) (1) Other expense, net $ 12 $ 16 $ 15 $ 32
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, 2021 and 2020. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Balance at beginning of period $ 117 $ 120 $ 125 $ 112 Adoption of new accounting standard — — — 4 Charged to costs and expenses 2 3 (1) 15 Write-offs (2) (3) (3) (4) Currency translation adjustments (2) 2 (6) (5) Balance at end of period $ 115 $ 122 $ 115 $ 122
Inventories	Inventories (in millions) September 30, December 31, Raw materials $ 479 $ 460 Work in process 219 196 Finished goods 1,327 1,260 Inventories $ 2,025 $ 1,916
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net (in millions) September 30, December 31, Property, plant and equipment, at cost $ 11,171 $ 11,271 Accumulated depreciation (6,589) (6,549) Property, plant and equipment, net $ 4,582 $ 4,722

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	The following is a reconciliation of goodwill by business segment. (in millions) Americas EMEA APAC Total Balance as of December 31, 2020 $ 2,574 $ 406 $ 237 $ 3,217 Reallocation of goodwill 81 (81) — — Acquisitions 4 1 — 5 Currency translation (103) (12) (9) (124) Balance as of September 30, 2021 $ 2,556 $ 314 $ 228 $ 3,098
Other Intangible Assets, Net	The following is a summary of our other intangible assets. (in millions) Developed technology, including patents Other amortized intangible assets Indefinite-lived intangible assets Total September 30, 2021 Gross other intangible assets $ 3,019 $ 498 $ 207 $ 3,724 Accumulated amortization (1,502) (346) — (1,848) Other intangible assets, net $ 1,517 $ 152 $ 207 $ 1,876 December 31, 2020 Gross other intangible assets $ 2,713 $ 495 $ 169 $ 3,377 Accumulated amortization (1,374) (332) — (1,706) Other intangible assets, net $ 1,339 $ 163 $ 169 $ 1,671

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Summary of Changes in AOCI by Component	The following table is a net-of-tax summary of the changes in accumulated other comprehensive (loss) income (AOCI) by component for the nine months ended September 30, 2021 and 2020. (in millions) CTA Pension and OPEB plans Hedging activities Total Gains (losses) Balance as of December 31, 2020 $ (2,587) $ (574) $ (153) $ (3,314) Other comprehensive income (loss) before reclassifications (257) 13 5 (239) Amounts reclassified from AOCI (a) — 50 21 71 Net other comprehensive income (loss) (257) 63 26 (168) Balance as of September 30, 2021 $ (2,844) $ (511) $ (127) $ (3,482) (in millions) CTA Pension and OPEB plans Hedging activities Total Gains (losses) Balance as of December 31, 2019 $ (2,954) $ (715) $ (41) $ (3,710) Other comprehensive income (loss) before (43) (9) (110) (162) Amounts reclassified from AOCI (a) — 35 (2) 33 Net other comprehensive income (loss) (43) 26 (112) (129) Balance as of September 30, 2020 $ (2,997) $ (689) $ (153) $ (3,839) (a) See table below for details about these reclassifications.
Summary of Reclassification from AOCI to Net Income	The following is a summary of the amounts reclassified from AOCI to net income during the three and nine months ended September 30, 2021 and 2020. Amounts reclassified from AOCI (a) (in millions) Three months ended September 30, 2021 Nine months ended Location of impact in income statement Amortization of pension and OPEB items Amortization of net losses and prior service costs or credits $ (21) $ (62) Other expense, net Less: Tax effect 4 12 Income tax expense $ (17) $ (50) Net of tax Gains (losses) on hedging activities Foreign exchange contracts $ (5) $ (23) Cost of sales Interest rate contracts (1) (4) Interest expense, net (6) (27) Total before tax Less: Tax effect 1 6 Income tax expense $ (5) $ (21) Net of tax Total reclassifications for the period $ (22) $ (71) Total net of tax (a) Amounts in parentheses indicate reductions to net income Amounts reclassified from AOCI (a) (in millions) Three months ended September 30, 2020 Nine months ended September 30, 2020 Location of impact in income statement Amortization of pension and OPEB items Amortization of net losses and prior service costs or credits $ (14) $ (44) Other expense, net Less: Tax effect 3 9 Income tax expense $ (11) $ (35) Net of tax Gains on hedging activities Foreign exchange contracts $ (2) $ 2 Cost of sales Less: Tax effect 1 — Income tax expense $ (1) $ 2 Net of tax Total reclassifications for the period $ (12) $ (33) Total net of tax (a) Amounts in parentheses indicate reductions to net income

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset	The following table summarizes our contract assets: (in millions) September 30, December 31, Contract manufacturing services $ 73 $ 47 Software sales 38 40 Bundled equipment and consumable medical products contracts 82 47 Contract assets $ 193 $ 134 The following table summarizes the classification of contract assets and contract liabilities as reported in the condensed consolidated balance sheets: (in millions) September 30, December 31, Prepaid expenses and other current assets $ 104 $ 70 Other non-current assets 89 64 Contract assets $ 193 $ 134 Accrued expenses and other current liabilities $ 39 $ 32 Other non-current liabilities 52 34 Contract liabilities $ 91 $ 66
Net Sales from Contracts with Customers by Global Business Unit	The following tables disaggregate our net sales from contracts with customers by product category between the U.S. and international: Three Months Ended September 30, 2021 2020 (in millions) U.S. International Total U.S. International Total Renal Care 1 $ 222 $ 759 $ 981 $ 216 $ 739 $ 955 Medication Delivery 2 490 257 747 419 246 665 Pharmaceuticals 3 188 401 589 209 330 539 Clinical Nutrition 4 88 156 244 87 147 234 Advanced Surgery 5 135 114 249 138 97 235 Acute Therapies 6 69 116 185 72 105 177 BioPharma Solutions 7 109 97 206 84 57 141 Other 8 18 7 25 19 7 26 Total Baxter $ 1,319 $ 1,907 $ 3,226 $ 1,244 $ 1,728 $ 2,972 Nine Months Ended September 30, 2021 2020 (in millions) U.S. International Total U.S. International Total Renal Care 1 $ 655 $ 2,212 $ 2,867 $ 629 $ 2,115 $ 2,744 Medication Delivery 2 1,345 751 2,096 1,262 686 1,948 Pharmaceuticals 3 550 1,137 1,687 637 899 1,536 Clinical Nutrition 4 255 460 715 241 426 667 Advanced Surgery 5 405 317 722 369 258 627 Acute Therapies 6 211 369 580 204 315 519 BioPharma Solutions 7 218 306 524 186 185 371 Other 8 58 21 79 60 20 80 Total Baxter $ 3,697 $ 5,573 $ 9,270 $ 3,588 $ 4,904 $ 8,492 1 Renal Care includes sales of our peritoneal dialysis (PD), hemodialysis (HD) and additional dialysis therapies and services. 2 Medication Delivery includes sales of our intravenous (IV) therapies, infusion pumps, administration sets and drug reconstitution devices. 3 Pharmaceuticals includes sales of our premixed and oncology drug platforms, inhaled anesthesia and critical care products and pharmacy compounding services. 4 Clinical Nutrition includes sales of our parenteral nutrition (PN) therapies and related products. 5 Advanced Surgery includes sales of our biological products and medical devices used in surgical procedures for hemostasis, tissue sealing and adhesion prevention. 6 Acute Therapies includes sales of our continuous renal replacement therapies (CRRT) and other organ support therapies focused in the intensive care unit (ICU). 7 BioPharma Solutions includes sales of contracted services we provide to various pharmaceutical and biopharmaceutical companies. 8 Other includes sales of miscellaneous product and service offerings.
Sales-type Lease, Lease Income	The components of lease revenue for the three and nine months ended September 30, 2021 were: (in millions) Three months ended September 30, 2021 Nine months ended September 30, 2021 Sales-type lease revenue $ 3 $ 19 Operating lease revenue 21 90 Variable lease revenue 27 59 Total lease revenue $ 51 $ 168 The components of lease revenue for the three and nine months ended September 30, 2020 were: (in millions) Three months ended September 30, 2020 Nine months ended September 30, 2020 Sales-type lease revenue $ 11 $ 27 Operating lease revenue 16 44 Variable lease revenue 19 57 Total lease revenue $ 46 $ 128
Operating Lease, Lease Income	The components of lease revenue for the three and nine months ended September 30, 2021 were: (in millions) Three months ended September 30, 2021 Nine months ended September 30, 2021 Sales-type lease revenue $ 3 $ 19 Operating lease revenue 21 90 Variable lease revenue 27 59 Total lease revenue $ 51 $ 168 The components of lease revenue for the three and nine months ended September 30, 2020 were: (in millions) Three months ended September 30, 2020 Nine months ended September 30, 2020 Sales-type lease revenue $ 11 $ 27 Operating lease revenue 16 44 Variable lease revenue 19 57 Total lease revenue $ 46 $ 128

BUSINESS OPTIMIZATION CHARGES (

BUSINESS OPTIMIZATION CHARGES (Tables)	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Summary of Business Optimization Charges	During the three and nine months ended September 30, 2021 and 2020, we recorded the following charges related to business optimization programs. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Restructuring charges $ 32 $ 26 $ 67 $ 58 Costs to implement business optimization programs 4 6 14 19 Total business optimization charges $ 36 $ 32 $ 81 $ 77
Components of Restructuring Charges	During the three and nine months ended September 30, 2021 and 2020, we recorded the following restructuring charges. Three months ended September 30, 2021 (in millions) COGS SG&A R&D Total Employee termination costs $ 11 $ 8 $ — $ 19 Contract termination and other costs — 2 — 2 Asset impairments 11 — — 11 Total restructuring charges $ 22 $ 10 $ — $ 32 Three months ended September 30, 2020 (in millions) COGS SG&A R&D Total Employee termination costs $ 4 $ 15 $ 1 $ 20 Contract termination and other costs 1 3 — 4 Asset impairments — 2 — 2 Total restructuring charges $ 5 $ 20 $ 1 $ 26 Nine months ended September 30, 2021 (in millions) COGS SG&A R&D Total Employee termination costs $ 35 $ 14 $ — $ 49 Contract termination and other costs — 2 — 2 Asset impairments 16 — — 16 Total restructuring charges $ 51 $ 16 $ — $ 67 Nine months ended September 30, 2020 (in millions) COGS SG&A R&D Total Employee termination costs $ 9 $ 34 $ (1) $ 42 Contract termination and other costs 3 3 — 6 Asset impairments 8 2 — 10 Total restructuring charges $ 20 $ 39 $ (1) $ 58
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, 2020 $ 113 Charges 54 Payments (62) Reserve adjustments (3) Currency translation (6) Liability balance as of September 30, 2021 $ 96

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS (Tables)	9 Months Ended
	Sep. 30, 2021
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 Nine months ended (in millions) 2021 2020 2021 2020 Pension benefits Service cost $ 22 $ 20 $ 66 $ 61 Interest cost 18 24 54 71 Expected return on plan assets (36) (40) (108) (121) Amortization of net losses and prior service costs 23 19 69 57 Net periodic pension cost $ 27 $ 23 $ 81 $ 68 OPEB Interest cost $ 1 $ 2 $ 3 $ 4 Amortization of net loss and prior service credit (2) (5) (7) (13) Net periodic OPEB cost (income) $ (1) $ (3) $ (4) $ (9)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Reconciliation of Basic Shares to Diluted Shares	The following table is a reconciliation of basic shares to diluted shares. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Basic shares 500 511 503 509 Effect of dilutive securities 6 7 6 8 Diluted shares 506 518 509 517

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI into income (in millions) 2021 2020 2021 2020 Cash flow hedges Interest rate contracts $ — $ 31 Interest expense, net $ (1) $ — Foreign exchange contracts 6 (6) Cost of sales (5) (2) Net investment hedges 60 (103) Other expense, net — — Total $ 66 $ (78) $ (6) $ (2) Location of gain (loss) in income statement Gain (loss) recognized in income (in millions) 2021 2020 Undesignated derivative instruments Foreign exchange contracts Other expense, net $ (7) $ 7 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, 2021 and 2020. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI (in millions) 2021 2020 2021 2020 Cash flow hedges Interest rate contracts $ — $ (144) Interest expense, net $ (4) $ — Foreign exchange contracts 7 1 Cost of sales (23) 2 Net investment hedges 143 (104) Other expense, net — — Total $ 150 $ (247) $ (27) $ 2 Location of gain (loss) Gain (loss) recognized in income (in millions) 2021 2020 Undesignated derivative instruments Foreign exchange contracts Other expense, net $ (26) $ 22
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, 2021. Derivatives in asset positions Derivatives in liability positions (in millions) Balance sheet location Fair value Balance sheet location Fair value Derivative instruments designated as hedges Foreign exchange contracts Prepaid expenses and other current assets $ 7 Accrued expenses and other current liabilities $ 2 Total derivative instruments designated as hedges 7 2 Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets 2 Accrued expenses and other current liabilities 6 Total derivative instruments $ 9 $ 8 The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2020. Derivatives in asset positions Derivatives in liability positions (in millions) Balance sheet location Fair value Balance sheet location Fair value Derivative instruments designated as hedges Foreign exchange contracts Prepaid expenses and other current assets $ — Accrued expenses and other current liabilities $ 17 Total derivative instruments designated as hedges — 17 Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets 11 Accrued expenses and other current liabilities 2 Total derivative instruments $ 11 $ 19
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, 2021 December 31, 2020 (in millions) Asset Liability Asset Liability Gross amounts recognized in the consolidated balance sheet $ 9 $ 8 $ 11 $ 19 Gross amount subject to offset in master netting arrangements not offset in the consolidated balance sheet (2) (2) (6) (6) Total $ 7 $ 6 $ 5 $ 13
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 item Cumulative amount of fair value hedging adjustment included (in millions) Balance as of September 30, 2021 Balance as of December 31, 2020 Balance as of September 30, 2021 Balance as of December 31, 2020 Long-term debt $ 102 $ 102 $ 4 $ 5 (a) These fair value hedges were terminated in 2018 and earlier periods.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 9 $ — $ 9 $ — Debt securities 30 — 30 — Marketable equity securities 15 15 — — Total $ 54 $ 15 $ 39 $ — Liabilities Foreign exchange contracts $ 8 $ — $ 8 $ — Contingent payments related to acquisitions 61 — — 61 Total $ 69 $ — $ 8 $ 61 Basis of fair value measurement (in millions) Balance as of December 31, 2020 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 11 $ — $ 11 $ — Debt securities 13 — 13 — Marketable equity securities 17 17 — — Total $ 41 $ 17 $ 24 $ — Liabilities Foreign exchange contracts $ 19 $ — $ 19 $ — Contingent payments related to acquisitions 30 — — 30 Total $ 49 $ — $ 19 $ 30
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 contingent payments related to acquisitions. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Fair value at beginning of period $ 34 $ 39 $ 30 $ 39 Additions 28 — 52 4 Change in fair value recognized in earnings (1) 1 (6) (2) Payments — (10) (16) (11) Currency translation — — 1 — Fair value at end of period $ 61 $ 30 $ 61 $ 30
Book Values and Fair Values of Financial Instruments	the following table provides the values recognized in the condensed consolidated balance sheets and the estimated fair values as of September 30, 2021 and December 31, 2020. Book values Fair values(a) (in millions) 2021 2020 2021 2020 Liabilities Short-term debt $ 301 $ — $ 301 $ — Current maturities of long-term debt and finance lease obligations 209 406 213 409 Long-term debt and finance lease obligations 5,446 5,786 5,950 6,471

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summary of Financial Information for Our Segments	Financial information for our segments is as follows. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Net sales: Americas $ 1,727 $ 1,606 $ 4,911 $ 4,640 EMEA 779 720 2,300 2,077 APAC 720 646 2,059 1,775 Total net sales $ 3,226 $ 2,972 $ 9,270 $ 8,492 Operating income : Americas $ 676 $ 611 $ 1,907 $ 1,726 EMEA 167 126 461 364 APAC 166 161 456 432 Total segment operating income $ 1,009 $ 898 $ 2,824 $ 2,522
Operating Income to Income Before Income Taxes Reconciliation	The following is a reconciliation of segment operating income to income before income taxes per the condensed consolidated statements of income. Three months ended Nine months ended (in millions) 2021 2020 2021 2020 Total segment operating income $ 1,009 $ 898 $ 2,824 $ 2,522 Corporate and other (496) (428) (1,497) (1,312) Total operating income 513 470 1,327 1,210 Interest expense, net 50 39 118 96 Other expense, net 12 16 15 32 Income before income taxes $ 451 $ 415 $ 1,194 $ 1,082

ACQUISITIONS AND OTHER ARRANG_3

ACQUISITIONS AND OTHER ARRANGEMENTS - Additional Information (Details)	Sep. 30, 2021USD ($)	Sep. 02, 2021USD ($)$ / shares	Sep. 01, 2021USD ($)	Jul. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Feb. 28, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Business Acquisition [Line Items]
Payments to acquire productive assets									$ 508,000,000	$ 472,000,000
Net sales							$ 3,226,000,000	$ 2,972,000,000	9,270,000,000	$ 8,492,000,000
Caelyx and Doxil
Business Acquisition [Line Items]
Payments to acquire productive assets						$ 325,000,000
Net sales							32,000,000		73,000,000
Customer Relationships | Caelyx and Doxil
Business Acquisition [Line Items]
Weighted-average useful life						8 years
Payments to acquire productive assets						$ 11,000,000
Developed Technology Intangible Asset | Caelyx and Doxil
Business Acquisition [Line Items]
Weighted-average useful life						9 years
Payments to acquire productive assets						$ 314,000,000
Bridge Facility
Business Acquisition [Line Items]
Debt instrument term			364 days
364-day Senior Unsecured Bridge Term Loan | Bridge Facility
Business Acquisition [Line Items]
Senior notes			$ 11,400,000,000
Period after which upfront fee will increase			120 days
364-day Senior Unsecured Bridge Term Loan | Bridge Facility | Minimum
Business Acquisition [Line Items]
Upfront fee (percent)			$ 40,000,000
364-day Senior Unsecured Bridge Term Loan | Bridge Facility | Maximum
Business Acquisition [Line Items]
Debt instrument term			364 days
Upfront fee (percent)			$ 53,000,000
Undrawn commitments ticking fee (percent)			0.125%
364-day Senior Unsecured Bridge Term Loan | Bridge Facility | 90th day after initial funding | Maximum
Business Acquisition [Line Items]
Duration fee (percent)			0.50%
364-day Senior Unsecured Bridge Term Loan | Bridge Facility | 180th day after initial funding | Maximum
Business Acquisition [Line Items]
Duration fee (percent)			0.75%
364-day Senior Unsecured Bridge Term Loan | Bridge Facility | 270th day after initial funding | Maximum
Business Acquisition [Line Items]
Duration fee (percent)			1.00%
Term Loan Credit Agreement | Term Loan Facility
Business Acquisition [Line Items]
Fees under the credit facilities (percent)	0.125%
Line of credit facility, maximum borrowing capacity	$ 4,000,000,000						$ 4,000,000,000		$ 4,000,000,000
Term Loan Credit Agreement | Term Loan Facility | First year
Business Acquisition [Line Items]
Loans annual amortization rate (percent)	0.625%						0.625%		0.625%
Term Loan Credit Agreement | Term Loan Facility | After first year
Business Acquisition [Line Items]
Loans annual amortization rate (percent)	1.25%						1.25%		1.25%
Term Loan Credit Agreement | Bridge Facility
Business Acquisition [Line Items]
Line of credit facility, accordion feature, decrease limit	$ 7,400,000,000						$ 7,400,000,000		$ 7,400,000,000
Three Year Term Loan | Term Loan Facility
Business Acquisition [Line Items]
Debt instrument term	3 years
Line of credit facility, maximum borrowing capacity	$ 2,000,000,000						2,000,000,000		2,000,000,000
Five Year Term Loan | Term Loan Facility
Business Acquisition [Line Items]
Debt instrument term	5 years
Line of credit facility, maximum borrowing capacity	$ 2,000,000,000						$ 2,000,000,000		$ 2,000,000,000
Five Year Term Loan | Term Loan Facility | After second anniversary
Business Acquisition [Line Items]
Loans annual amortization rate (percent)	1.875%						1.875%		1.875%
Five Year Term Loan | Term Loan Facility | After third anniversary
Business Acquisition [Line Items]
Loans annual amortization rate (percent)	2.50%						2.50%		2.50%
Hillrom
Business Acquisition [Line Items]
Cash consideration		$ 10,500,000,000
Business​ combination​ consideration​ transferred		$ 12,400,000,000
Acquire businesses, per share, cash paid (in dollars per share) | $ / shares		$ 156
Glaxo Smith Kline | Transderm Scop
Business Acquisition [Line Items]
Business​ combination​ consideration​ transferred					$ 84,000,000
Cash					60,000,000
Contingent consideration					30,000,000
Contingent consideration, fair value					24,000,000
Glaxo Smith Kline | Transderm Scop | Developed Product Rights
Business Acquisition [Line Items]
Fair value of asset acquired					$ 64,000,000
Weighted-average useful life					9 years
Glaxo Smith Kline | Transderm Scop | Developed Product Rights | Measurement Input, Discount Rate
Business Acquisition [Line Items]
Discount rate used to measure intangible assets					0.225
Glaxo Smith Kline | Transderm Scop | Customer Relationships
Business Acquisition [Line Items]
Fair value of asset acquired					$ 3,000,000
Weighted-average useful life					7 years
Glaxo Smith Kline | Transderm Scop | Customer Relationships | Measurement Input, Discount Rate
Business Acquisition [Line Items]
Discount rate used to measure intangible assets					0.155
Cryo Life | PerClot
Business Acquisition [Line Items]
Business​ combination​ consideration​ transferred				$ 53,000,000
Cash				25,000,000
Contingent consideration				36,000,000
Contingent consideration, fair value				28,000,000
Cryo Life | PerClot | In Process Research and Development
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired				$ 39,000,000
Cryo Life | PerClot | Measurement Input, Discount Rate | In Process Research and Development
Business Acquisition [Line Items]
Discount rate used to measure intangible assets				0.187
Cryo Life | PerClot | Developed Product Rights
Business Acquisition [Line Items]
Fair value of asset acquired				$ 9,000,000
Weighted-average useful life				10 years
Cryo Life | PerClot | Developed Product Rights | Measurement Input, Discount Rate
Business Acquisition [Line Items]
Discount rate used to measure intangible assets				0.160
Cryo Life | PerClot | Customer Relationships
Business Acquisition [Line Items]
Fair value of asset acquired				$ 1,000,000
Weighted-average useful life				10 years
Cryo Life | PerClot | Customer Relationships | Measurement Input, Discount Rate
Business Acquisition [Line Items]
Discount rate used to measure intangible assets				0.150

ACQUISITIONS AND OTHER ARRANG_4

ACQUISITIONS AND OTHER ARRANGEMENTS - Schedule of Fair Value of Consideration Transferred (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2021	Mar. 31, 2021
Transderm Scop | Glaxo Smith Kline
Business Acquisition [Line Items]
Cash		$ 60
Contingent Consideration		24
Total Consideration		$ 84
PerClot | Cryo Life
Business Acquisition [Line Items]
Cash	$ 25
Contingent Consideration	28
Total Consideration	$ 53

ACQUISITIONS AND OTHER ARRANG_5

ACQUISITIONS AND OTHER ARRANGEMENTS - Fair Value of Assets Acquired (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jul. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets acquired
Goodwill	$ 3,098			$ 3,217
Transderm Scop | Glaxo Smith Kline
Assets acquired
Inventory			$ 16
Goodwill			1
Other intangible assets			67
Total assets acquired			$ 84
PerClot | Cryo Life
Assets acquired
Goodwill		$ 4
Other intangible assets		49
Total assets acquired		$ 53

SUPPLEMENTAL FINANCIAL INFORM_3

SUPPLEMENTAL FINANCIAL INFORMATION - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest Income Expense Net
Interest expense, net of capitalized interest	$ 54	$ 42	$ 128	$ 112
Interest income	(4)	(3)	(10)	(16)
Interest expense, net	$ 50	$ 39	$ 118	$ 96

SUPPLEMENTAL FINANCIAL INFORM_4

SUPPLEMENTAL FINANCIAL INFORMATION - Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income, net
Foreign exchange (gains) losses, net	$ 0	$ 23	$ 5	$ 44
Pension and other postretirement benefit plans	4	0	11	(2)
Change in fair value of marketable equity securities	9	(9)	2	(9)
Other, net	(1)	2	(3)	(1)
Other expense, net	$ 12	$ 16	$ 15	$ 32

SUPPLEMENTAL FINANCIAL INFORM_5

SUPPLEMENTAL FINANCIAL INFORMATION - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of period	$ 117	$ 120	$ 125	$ 112
Adoption of new accounting standard	0	0	0	4
Charged to costs and expenses	2	3	(1)	15
Write-offs	(2)	(3)	(3)	(4)
Currency translation adjustments	(2)	2	(6)	(5)
Balance at end of period	$ 115	$ 122	$ 115	$ 122

SUPPLEMENTAL FINANCIAL INFORM_6

SUPPLEMENTAL FINANCIAL INFORMATION - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 479	$ 460
Work in process	219	196
Finished goods	1,327	1,260
Inventories	$ 2,025	$ 1,916

SUPPLEMENTAL FINANCIAL INFORM_7

SUPPLEMENTAL FINANCIAL INFORMATION - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property, plant and equipment, at cost	$ 11,171	$ 11,271
Accumulated depreciation	(6,589)	(6,549)
Property, plant and equipment, net	$ 4,582	$ 4,722

SUPPLEMENTAL FINANCIAL INFORM_8

SUPPLEMENTAL FINANCIAL INFORMATION - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Right-of-use asset obtained in exchange for operating lease liability	$ 69	$ 42
Right-of-use asset obtained in exchange for finance lease liability		7
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Capital expenditures incurred but not yet paid	$ 49	$ 48

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 3,217
Reallocation of goodwill	0
Acquisitions	5
Currency translation	(124)
Goodwill, ending balance	3,098
Americas
Goodwill [Roll Forward]
Goodwill, beginning balance	2,574
Reallocation of goodwill	81
Acquisitions	4
Currency translation	(103)
Goodwill, ending balance	2,556
EMEA
Goodwill [Roll Forward]
Goodwill, beginning balance	406
Reallocation of goodwill	(81)
Acquisitions	1
Currency translation	(12)
Goodwill, ending balance	314
APAC
Goodwill [Roll Forward]
Goodwill, beginning balance	237
Reallocation of goodwill	0
Acquisitions	0
Currency translation	(9)
Goodwill, ending balance	$ 228

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Intangible Asset Excluding Goodwill [Line Items]
Goodwill, impairment loss				$ 0
Intangible asset amortization expense	$ 68,000,000	$ 57,000,000		$ 199,000,000	$ 165,000,000
Developed Technology Intangible Asset
Intangible Asset Excluding Goodwill [Line Items]
Impairment of intangible assets			$ 17,000,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets	$ 3,724	$ 3,377
Accumulated amortization	(1,848)	(1,706)
Other intangible assets	207	169
Other intangible assets, net	1,876	1,671
Developed technology, including patents
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets	3,019	2,713
Accumulated amortization	(1,502)	(1,374)
Other intangible assets, net	1,517	1,339
Other amortized intangible assets
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets	498	495
Accumulated amortization	(346)	(332)
Other intangible assets, net	$ 152	$ 163

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details)	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Oct. 01, 2021EUR (€)	Sep. 30, 2021EUR (€)	Sep. 01, 2021USD ($)	Jul. 31, 2021USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, current borrowing capacity	$ 2,500,000,000	$ 2,500,000,000
Fees under the credit facilities (percent)		0.09%	0.09%
Line of credit facility, maximum borrowing capacity	2,000,000,000	$ 2,000,000,000			€ 200,000,000
Borrowings outstanding	0	0	$ 0
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Line of credit, current borrowing capacity | €				€ 200,000,000
Commercial Paper
Debt Instrument [Line Items]
Line of credit, current borrowing capacity	$ 300,000,000	$ 300,000,000	0
Weighted-average term	90 days	90 days			90 days
Line of credit facility, interest rate during period	0.23%
364-day Senior Unsecured Bridge Term Loan | Bridge Facility
Debt Instrument [Line Items]
Senior notes						$ 11,400,000,000
Senior Notes Due 2030 | Senior Notes
Debt Instrument [Line Items]
Senior notes			$ 500,000,000
Senior notes, interest rate			3.95%
Senior Notes Due 2031 | Senior Notes
Debt Instrument [Line Items]
Senior notes			$ 650,000,000
Senior notes, interest rate			1.73%
Senior Notes Due 2021 | Senior Notes
Debt Instrument [Line Items]
Senior notes							$ 400,000,000
Senior notes, interest rate							1.70%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Apr. 20, 2021USD ($)	Sep. 30, 2021USD ($)site	Dec. 31, 2020USD ($)	Mar. 31, 2020lawsuit
Loss Contingencies [Line Items]
Litigation reserve		$ 73	$ 40
Litigation related receivables		$ 7
Agreement to settle the case	$ 16
Number of lawsuits | lawsuit				2
Superfund Sites | Environmental Clean-up
Loss Contingencies [Line Items]
Number of sites | site		6
Environmental reserves		$ 18	$ 20

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, shares in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020$ / shares	Mar. 31, 2020USD ($)employee	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020$ / shares	Oct. 31, 2020USD ($)	Nov. 30, 2018USD ($)	Feb. 28, 2018USD ($)	Nov. 30, 2016USD ($)	Jul. 31, 2012USD ($)
Stockholders Equity Note [Line Items]
Number of employees affected | employee			123
Cash dividends declared per common share (in dollars per share) | $ / shares	$ 0.280	$ 0.245		$ 0.805	$ 0.710
Stock repurchase program, authorized amount										$ 2,000,000,000
Stock repurchase program, additional authorized amount						$ 1,500,000,000	$ 2,000,000,000	$ 1,500,000,000	$ 1,500,000,000
Purchases of treasury stock (in shares) | shares				7.3
Remaining value available under stock repurchase programs	$ 1,300,000,000			$ 1,300,000,000
Employee Stock Option
Stockholders Equity Note [Line Items]
Incremental compensation cost			$ 8,000,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of Changes in AOCI by Component (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gains (losses)
Beginning of period	$ 8,535	$ 8,160	$ 8,726	$ 7,912
Other comprehensive income (loss) before reclassifications			(239)	(162)
Amounts reclassified from AOCI			71	33
Total other comprehensive income (loss), net of tax	(106)	149	(168)	(129)
End of period	8,815	8,602	8,815	8,602
CTA
Gains (losses)
Beginning of period			(2,587)	(2,954)
Other comprehensive income (loss) before reclassifications			(257)	(43)
Amounts reclassified from AOCI			0	0
Total other comprehensive income (loss), net of tax			(257)	(43)
End of period	(2,844)	(2,997)	(2,844)	(2,997)
Pension and OPEB plans
Gains (losses)
Beginning of period			(574)	(715)
Other comprehensive income (loss) before reclassifications			13	(9)
Amounts reclassified from AOCI			50	35
Total other comprehensive income (loss), net of tax			63	26
End of period	(511)	(689)	(511)	(689)
Hedging activities
Gains (losses)
Beginning of period			(153)	(41)
Other comprehensive income (loss) before reclassifications			5	(110)
Amounts reclassified from AOCI			21	(2)
Total other comprehensive income (loss), net of tax			26	(112)
End of period	(127)	(153)	(127)	(153)
Accumulated Other Comprehensive Income (Loss)
Gains (losses)
Beginning of period			(3,314)	(3,710)
End of period	$ (3,482)	$ (3,839)	$ (3,482)	$ (3,839)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of Amounts Reclassification from AOCI to Net Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net	$ (12)	$ (16)	$ (15)	$ (32)
Income tax (benefit) expense	1	(56)	(141)	(143)
Cost of sales	(1,905)	(1,777)	(5,571)	(5,096)
Income before income taxes	451	415	1,194	1,082
Net income (loss) attributable to Baxter	450	356	1,046	934
Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss) attributable to Baxter	(22)	(12)	(71)	(33)
Amortization of pension and OPEB items | Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net	(21)	(14)	(62)	(44)
Income tax (benefit) expense	4	3	12	9
Net income (loss) attributable to Baxter	(17)	(11)	(50)	(35)
Gains (losses) on hedging activities | Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax (benefit) expense	1	1	6	0
Income before income taxes	(6)		(27)
Net income (loss) attributable to Baxter	(5)	(1)	(21)	2
Gains (losses) on hedging activities | Foreign exchange contracts | Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	(5)	$ (2)	(23)	$ 2
Gains (losses) on hedging activities | Interest rate contracts | Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ (1)		$ (4)

REVENUES - Additional Informati

REVENUES - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue From Contract With Customer [Line Items]
Net trade accounts receivable	$ 1,800	$ 1,700
Sales-type lease, net of investment in lease	119
Sales-type leases, receivables	$ 15	$ 33	$ 26	$ 29	$ 16
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

REVENUES - Remaining Performanc

REVENUES - Remaining Performance Obligations (Details) $ in Billions	Sep. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Transaction price allocated to remaining performance obligations	$ 8.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Revenue From Contract With Customer [Line Items]
Remaining revenue performance obligation, percentage of revenue expected to be recognized	10.00%
Remaining performance obligations period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue From Contract With Customer [Line Items]
Remaining revenue performance obligation, percentage of revenue expected to be recognized	30.00%
Remaining performance obligations period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue From Contract With Customer [Line Items]
Remaining revenue performance obligation, percentage of revenue expected to be recognized	30.00%
Remaining performance obligations period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue From Contract With Customer [Line Items]
Remaining revenue performance obligation, percentage of revenue expected to be recognized	15.00%
Remaining performance obligations period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue From Contract With Customer [Line Items]
Remaining revenue performance obligation, percentage of revenue expected to be recognized	15.00%
Remaining performance obligations period	1 year

REVENUES - Contract Assets and

REVENUES - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Line Items]
Contract assets	$ 193	$ 134
Contract liabilities	91	66
Prepaid expenses and other current assets
Revenue From Contract With Customer [Line Items]
Contract assets	104	70
Other non-current assets
Revenue From Contract With Customer [Line Items]
Contract assets	89	64
Accrued expenses and other current liabilities
Revenue From Contract With Customer [Line Items]
Contract liabilities	39	32
Other non-current liabilities
Revenue From Contract With Customer [Line Items]
Contract liabilities	52	34
Contract manufacturing services
Revenue From Contract With Customer [Line Items]
Contract assets	73	47
Software sales
Revenue From Contract With Customer [Line Items]
Contract assets	38	40
Bundled equipment and consumable medical products contracts
Revenue From Contract With Customer [Line Items]
Contract assets	$ 82	$ 47

REVENUES - Net Sales from Contr

REVENUES - Net Sales from Contracts with Customers by Global Business Unit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue From Contract With Customer [Line Items]
Net sales	$ 3,226	$ 2,972	$ 9,270	$ 8,492
U.S.
Revenue From Contract With Customer [Line Items]
Net sales	1,319	1,244	3,697	3,588
International
Revenue From Contract With Customer [Line Items]
Net sales	1,907	1,728	5,573	4,904
Renal Care
Revenue From Contract With Customer [Line Items]
Net sales	981	955	2,867	2,744
Renal Care | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	222	216	655	629
Renal Care | International
Revenue From Contract With Customer [Line Items]
Net sales	759	739	2,212	2,115
Medication Delivery
Revenue From Contract With Customer [Line Items]
Net sales	747	665	2,096	1,948
Medication Delivery | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	490	419	1,345	1,262
Medication Delivery | International
Revenue From Contract With Customer [Line Items]
Net sales	257	246	751	686
Pharmaceuticals
Revenue From Contract With Customer [Line Items]
Net sales	589	539	1,687	1,536
Pharmaceuticals | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	188	209	550	637
Pharmaceuticals | International
Revenue From Contract With Customer [Line Items]
Net sales	401	330	1,137	899
Clinical Nutrition
Revenue From Contract With Customer [Line Items]
Net sales	244	234	715	667
Clinical Nutrition | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	88	87	255	241
Clinical Nutrition | International
Revenue From Contract With Customer [Line Items]
Net sales	156	147	460	426
Advanced Surgery
Revenue From Contract With Customer [Line Items]
Net sales	249	235	722	627
Advanced Surgery | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	135	138	405	369
Advanced Surgery | International
Revenue From Contract With Customer [Line Items]
Net sales	114	97	317	258
Acute Therapies
Revenue From Contract With Customer [Line Items]
Net sales	185	177	580	519
Acute Therapies | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	69	72	211	204
Acute Therapies | International
Revenue From Contract With Customer [Line Items]
Net sales	116	105	369	315
BioPharma Solutions
Revenue From Contract With Customer [Line Items]
Net sales	206	141	524	371
BioPharma Solutions | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	109	84	218	186
BioPharma Solutions | International
Revenue From Contract With Customer [Line Items]
Net sales	97	57	306	185
Other
Revenue From Contract With Customer [Line Items]
Net sales	25	26	79	80
Other | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	18	19	58	60
Other | International
Revenue From Contract With Customer [Line Items]
Net sales	$ 7	$ 7	$ 21	$ 20

REVENUES - Lease Revenue (Detai

REVENUES - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Sales-type lease revenue	$ 3	$ 11	$ 19	$ 27
Operating lease revenue	21	16	90	44
Variable lease revenue	27	19	59	57
Total lease revenue	$ 51	$ 46	$ 168	$ 128

BUSINESS OPTIMIZATION CHARGES -

BUSINESS OPTIMIZATION CHARGES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Cumulative pre-tax costs incurred		$ 1,200
Expected additional pre-tax costs		$ 35
Sale of properties	$ 17

BUSINESS OPTIMIZATION CHARGES_2

BUSINESS OPTIMIZATION CHARGES - Summary of Business Optimization Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 32	$ 26	$ 67	$ 58
Business Optimization Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	32	26	67	58
Costs to implement business optimization programs	4	6	14	19
Total business optimization charges	$ 36	$ 32	$ 81	$ 77

BUSINESS OPTIMIZATION CHARGES_3

BUSINESS OPTIMIZATION CHARGES - Components of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 32	$ 26	$ 67	$ 58
COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	22	5	51	20
SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	10	20	16	39
R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	1	0	(1)
Employee termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	19	20	49	42
Employee termination costs | COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	11	4	35	9
Employee termination costs | SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8	15	14	34
Employee termination costs | R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	1	0	(1)
Contract termination and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2	4	2	6
Contract termination and other costs | COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	1	0	3
Contract termination and other costs | SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2	3	2	3
Contract termination and other costs | R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	0	0
Asset impairments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	11	2	16	10
Asset impairments | COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	11	0	16	8
Asset impairments | SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	2	0	2
Asset impairments | R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0	$ 0	$ 0

BUSINESS OPTIMIZATION CHARGES_4

BUSINESS OPTIMIZATION CHARGES - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Charges	$ 32	$ 26	$ 67	$ 58
Severance and Other Employee Related Costs
Restructuring Reserve [Roll Forward]
Reserve, beginning balance			113
Charges			54
Payments			(62)
Reserve adjustments			(3)
Currency translation			(6)
Reserve, ending balance	$ 96		$ 96

PENSION AND OTHER POSTRETIREM_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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension benefits
Net periodic benefit cost
Service cost	$ 22	$ 20	$ 66	$ 61
Interest cost	18	24	54	71
Expected return on plan assets	(36)	(40)	(108)	(121)
Amortization of net losses and prior service costs (credit)	23	19	69	57
Net periodic cost (income)	27	23	81	68
OPEB
Net periodic benefit cost
Interest cost	1	2	3	4
Amortization of net losses and prior service costs (credit)	(2)	(5)	(7)	(13)
Net periodic cost (income)	$ (1)	$ (3)	$ (4)	$ (9)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.20%)	13.50%	11.80%	13.20%
U.S. Federal statutory rate			21.00%
Tax deductible foreign statutory loss on investment in foreign subsidiary	$ 58		$ 58

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Basic Shares to Diluted Shares (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of Basic Shares to Diluted Shares
Basic (in shares)	500	511	503	509
Effect of dilutive securities (in shares)	6	7	6	8
Diluted (in shares)	506	518	509	517

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of EPS (in shares)	7	4	7	3

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) € in Millions	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	May 31, 2019EUR (€)	May 31, 2017EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 0	$ 0
Derivative, fair value, terminated	0	0
Derivative, net investment terminated	0	$ 0
Deferred, net after-tax gains on derivative instruments	1,000,000
Net investment hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated pre-tax unrealized translation gain in AOCI	102,000,000
1.30% Senior Notes due May 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Senior notes | €					€ 600
0.4% Senior Notes Due in May 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Senior notes | €				€ 750
1.3% Senior Notes Due in May 2029
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Senior notes | €				€ 750
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 365,000,000		$ 345,000,000
Maximum length of time hedge in cash flow hedge	12 months
Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fair value, net	$ 0		0
Interest rate swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fair value, net	0		0
Forward contract | Undesignated derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 1,000,000,000		$ 1,000,000,000

DERIVATIVE INSTRUMENTS AND HE_4

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), net investment hedge, gain (loss), before reclassification and tax	$ 60	$ (103)
Other comprehensive income (loss), cash flow hedge and net investment hedge, gain (loss), before reclassification, tax	66	(78)	$ 150	$ (247)
Other comprehensive income (loss), reclassification adjustment from AOCI, cash flow hedges and net investment hedges, net of tax	(6)	(2)	(27)	2
Other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), net investment hedge, gain (loss), before reclassification and tax	0	0	0	0
Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), net investment hedge, gain (loss), before reclassification and tax			143	(104)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax	0	31
Interest rate contracts | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(1)	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	(144)
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			(4)	0
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax	6	(6)
Foreign exchange contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(5)	(2)
Foreign exchange contracts | Other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income, undesignated derivative instruments	$ (7)	$ 7	(26)	22
Foreign exchange contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax			7	1
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			$ (23)	$ 2

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Classification and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 9	$ 11
Derivative liability, fair value	8	19
Derivative instruments designated as hedges
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	7	0
Derivative liability, fair value	2	17
Derivative instruments designated as hedges | Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	7	0
Derivative instruments designated as hedges | Foreign exchange contracts | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	2	17
Undesignated derivative instruments | Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	2	11
Undesignated derivative instruments | Foreign exchange contracts | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 6	$ 2

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Positions Presented On Net Basis (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Asset
Gross amounts recognized in the consolidated balance sheet	$ 9	$ 11
Gross amount subject to offset in master netting arrangements not offset in the consolidated balance sheet	(2)	(6)
Total, asset	7	5
Liability
Gross amounts recognized in the consolidated balance sheet	8	19
Gross amount subject to offset in master netting arrangements not offset in the consolidated balance sheet	(2)	(6)
Total, liability	$ 6	$ 13

DERIVATIVE INSTRUMENTS AND HE_7

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, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Carrying amount of hedged item	$ 102	$ 102
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item	$ 4	$ 5

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Foreign exchange contracts	$ 9	$ 11
Debt securities	30	13
Marketable equity securities	15	17
Total assets	54	41
Liabilities
Foreign exchange contracts	8	19
Contingent payments related to acquisitions	61	30
Total liabilities	69	49
Quoted prices in active markets for identical assets (Level 1)
Assets
Foreign exchange contracts	0	0
Debt securities	0	0
Marketable equity securities	15	17
Total assets	15	17
Liabilities
Foreign exchange contracts	0	0
Contingent payments related to acquisitions	0	0
Total liabilities	0	0
Significant other observable inputs (Level 2)
Assets
Foreign exchange contracts	9	11
Debt securities	30	13
Marketable equity securities	0	0
Total assets	39	24
Liabilities
Foreign exchange contracts	8	19
Contingent payments related to acquisitions	0	0
Total liabilities	8	19
Significant unobservable inputs (Level 3)
Assets
Foreign exchange contracts	0	0
Debt securities	0	0
Marketable equity securities	0	0
Total assets	0	0
Liabilities
Foreign exchange contracts	0	0
Contingent payments related to acquisitions	61	30
Total liabilities	$ 61	$ 30

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Fair Value Disclosures [Line Items]
Cash and cash equivalents	$ 3,258	$ 3,730	$ 4,359
Other Assets
Fair Value Disclosures [Line Items]
Other equity investments without readily determinable fair values	108	105
Significant other observable inputs (Level 2)
Fair Value Disclosures [Line Items]
Money market funds, at carrying value	$ 1,500	$ 1,800

FAIR VALUE MEASUREMENTS - Recon

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 34	$ 39	$ 30	$ 39
Additions	28	0	52	4
Change in fair value recognized in earnings	(1)	1	(6)	(2)
Payments	0	(10)	(16)	(11)
Currency translation	0	0	1	0
Fair value at end of period	$ 61	$ 30	$ 61	$ 30

FAIR VALUE MEASUREMENTS - Book

FAIR VALUE MEASUREMENTS - Book Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Book values
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]
Short-term debt	$ 301	$ 0
Current maturities of long-term debt and finance lease obligations	209	406
Long-term debt and finance lease obligations	5,446	5,786
Fair values
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]
Short-term debt	301	0
Current maturities of long-term debt and finance lease obligations	213	409
Long-term debt and finance lease obligations	$ 5,950	$ 6,471

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Financial Information for Our Segments (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			3
Total net sales	$ 3,226	$ 2,972	$ 9,270	$ 8,492
Total segment operating income	513	470	1,327	1,210
Operating Segments
Segment Reporting Information [Line Items]
Total net sales	3,226	2,972	9,270	8,492
Total segment operating income	1,009	898	2,824	2,522
Operating Segments | Americas
Segment Reporting Information [Line Items]
Total net sales	1,727	1,606	4,911	4,640
Total segment operating income	676	611	1,907	1,726
Operating Segments | EMEA
Segment Reporting Information [Line Items]
Total net sales	779	720	2,300	2,077
Total segment operating income	167	126	461	364
Operating Segments | APAC
Segment Reporting Information [Line Items]
Total net sales	720	646	2,059	1,775
Total segment operating income	$ 166	$ 161	$ 456	$ 432

SEGMENT INFORMATION - Operating

SEGMENT INFORMATION - Operating Income to Income Before Income Taxes Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total operating income	$ 513	$ 470	$ 1,327	$ 1,210
Interest expense, net	50	39	118	96
Other expense, net	12	16	15	32
Income before income taxes	451	415	1,194	1,082
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total operating income	1,009	898	2,824	2,522
Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total operating income	$ (496)	$ (428)	$ (1,497)	$ (1,312)

Uncategorized Items - bax-20210

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]