Baxter International (BAX) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 21, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		503,610,722
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,852	$ 2,951
Accounts receivable, net of allowances of $125 in 2022 and $122 in 2021	2,473	2,629
Inventories	2,663	2,453
Prepaid expenses and other current assets	894	839
Total current assets	7,882	8,872
Property, plant and equipment, net	4,976	5,178
Goodwill	9,644	9,836
Other intangible assets, net	7,459	7,792
Operating lease right-of-use assets	566	630
Other non-current assets	1,304	1,213
Total assets	31,831	33,521
Current liabilities:
Short-term debt	200	301
Current maturities of long-term debt and finance lease obligations	208	210
Accounts payable	1,282	1,246
Accrued expenses and other current liabilities	2,226	2,479
Total current liabilities	3,916	4,236
Long-term debt and finance lease obligations, less current portion	16,278	17,149
Operating lease liabilities	470	522
Other non-current liabilities	2,264	2,493
Total liabilities	22,928	24,400
Commitments and contingencies
Equity:
Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2022 and 2021	683	683
Common stock in treasury, at cost,179,687,824 shares in 2022 and 181,879,516 shares in 2021	(11,409)	(11,488)
Additional contributed capital	6,253	6,197
Retained earnings	17,099	17,065
Accumulated other comprehensive (loss) income	(3,767)	(3,380)
Total Baxter stockholders’ equity	8,859	9,077
Noncontrolling interests	44	44
Total equity	8,903	9,121
Total liabilities and equity	$ 31,831	$ 33,521

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for accounts receivable, current	$ 125	$ 122
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)	179,687,824	181,879,516

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 3,746	$ 3,098	$ 7,453	$ 6,044
Cost of sales	2,293	1,865	4,652	3,666
Gross margin	1,453	1,233	2,801	2,378
Selling, general and administrative expenses	976	675	2,028	1,302
Research and development expenses	148	139	298	267
Other operating income, net	(11)	(5)	(28)	(5)
Operating income	340	424	503	814
Interest expense, net	89	34	174	68
Other (income) expense, net	(44)	(2)	(60)	3
Income before income taxes	295	392	389	743
Income tax expense	40	91	61	142
Net income	255	301	328	601
Net income attributable to noncontrolling interests	3	3	5	5
Net income attributable to Baxter stockholders	$ 252	$ 298	$ 323	$ 596
Earnings per share
Basic (in dollars per share)	$ 0.50	$ 0.59	$ 0.64	$ 1.18
Diluted (in dollars per share)	$ 0.50	$ 0.59	$ 0.64	$ 1.17
Weighted-average number of shares outstanding
Basic (in shares)	504	503	503	504
Diluted (in shares)	508	509	508	510

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 255	$ 301	$ 328	$ 601
Other comprehensive income (loss), net of tax:
Currency translation adjustments, net of tax expense (benefit) of $2 and $(4) for the three months ended June 30, 2022 and 2021, respectively, and ($9) and $13 for the six months ended June 30, 2022 and 2021, respectively.	(417)	88	(432)	(120)
Pension and other postretirement benefits, net of tax expense of $5 and $3 for the three months ended June 30, 2022 and 2021, respectively, and $8 and $11 for the six months ended June 30, 2022 and 2021, respectively.	23	11	32	41
Hedging activities, net of tax expense of $4 and $2 for the three months ended June 30, 2022 and 2021, respectively, and $3 and $5 for the six months ended June 30, 2022 and 2021, respectively.	13	5	11	17
Available-for-sale debt securities, net of tax expense of zero for the three months ended June 30, 2022 and 2021, respectively, and $1 and zero for the six months ended June 30, 2022 and 2021, respectively.	1	0	2	0
Total other comprehensive income (loss), net of tax	(380)	104	(387)	(62)
Comprehensive income (loss)	(125)	405	(59)	539
Less: Comprehensive income attributable to noncontrolling interests	3	3	5	5
Comprehensive income (loss) attributable to Baxter stockholders	$ (128)	$ 402	$ (64)	$ 534

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, tax	$ 2	$ (4)	$ (9)	$ 13
Pension and other postretirement benefits, tax	5	3	8	11
Hedging activities, tax	4	2	3	5
Debt securities, tax	$ 0	$ 0	$ 1	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Millions	Total	Total Baxter stockholders' equity	Common stock	Common stock in treasury	Additional contributed capital	Retained earnings	Accumulated other comprehensive income (loss)	Noncontrolling interests
Balance, beginning of period (in shares) at Dec. 31, 2020			683,000,000
Balance, beginning of period (in usd) at Dec. 31, 2020	$ 8,726	$ 8,689	$ 683	$ (11,051)	$ 6,043	$ 16,328	$ (3,314)	$ 37
Balance, beginning of period, treasury (in shares) at Dec. 31, 2020				179,000,000
Gains (losses)
Net income	601	596				596		5
Other comprehensive income (loss)	$ (62)	(62)					(62)
Purchases of treasury stock (in shares)	7,300,000			7,000,000
Purchases of treasury stock	$ (600)	(600)		$ (600)
Stock issued under employee benefit plans and other (in shares)				2,000,000
Stock issued under employee benefit plans and other	137	137		$ 90	47
Dividends declared on common stock	(266)	(266)				(266)
Change in noncontrolling interests	(1)							(1)
Balance, end of period (in shares) at Jun. 30, 2021			683,000,000
Balance, end of period (in usd) at Jun. 30, 2021	8,535	8,494	$ 683	$ (11,561)	6,090	16,658	(3,376)	41
Balance, end of period, treasury (in shares) at Jun. 30, 2021				184,000,000
Balance, beginning of period (in shares) at Mar. 31, 2021			683,000,000
Balance, beginning of period (in usd) at Mar. 31, 2021	8,490	8,452	$ 683	$ (11,296)	6,043	16,502	(3,480)	38
Balance, beginning of period, treasury (in shares) at Mar. 31, 2021				181,000,000
Gains (losses)
Net income	301	298				298		3
Other comprehensive income (loss)	104	104					104
Purchases of treasury stock (in shares)				3,000,000
Purchases of treasury stock	(300)	(300)		$ (300)
Stock issued under employee benefit plans and other	82	82		35	47
Dividends declared on common stock	(142)	(142)				(142)
Balance, end of period (in shares) at Jun. 30, 2021			683,000,000
Balance, end of period (in usd) at Jun. 30, 2021	$ 8,535	8,494	$ 683	$ (11,561)	6,090	16,658	(3,376)	41
Balance, end of period, treasury (in shares) at Jun. 30, 2021				184,000,000
Balance, beginning of period (in shares) at Dec. 31, 2021	683,494,944		683,000,000
Balance, beginning of period (in usd) at Dec. 31, 2021	$ 9,121	9,077	$ 683	$ (11,488)	6,197	17,065	(3,380)	44
Balance, beginning of period, treasury (in shares) at Dec. 31, 2021	181,879,516			182,000,000
Gains (losses)
Net income	$ 328	323				323		5
Other comprehensive income (loss)	(387)	(387)					(387)
Purchases of treasury stock	(8)	(8)		$ (8)
Stock issued under employee benefit plans and other (in shares)				2,000,000
Stock issued under employee benefit plans and other	143	143		$ 87	56
Dividends declared on common stock	(289)	(289)				(289)
Change in noncontrolling interests	$ (5)							(5)
Balance, end of period (in shares) at Jun. 30, 2022	683,494,944		683,000,000
Balance, end of period (in usd) at Jun. 30, 2022	$ 8,903	8,859	$ 683	$ (11,409)	6,253	17,099	(3,767)	44
Balance, end of period, treasury (in shares) at Jun. 30, 2022	179,687,824			180,000,000
Balance, beginning of period (in shares) at Mar. 31, 2022			683,000,000
Balance, beginning of period (in usd) at Mar. 31, 2022	$ 9,119	9,075	$ 683	$ (11,422)	6,207	16,994	(3,387)	44
Balance, beginning of period, treasury (in shares) at Mar. 31, 2022				180,000,000
Gains (losses)
Net income	255	252				252		3
Other comprehensive income (loss)	$ (380)	(380)					(380)
Purchases of treasury stock (in shares)	100,000
Purchases of treasury stock	$ (8)	(8)		$ (8)
Stock issued under employee benefit plans and other	67	67		21	46
Dividends declared on common stock	(147)	(147)				(147)
Change in noncontrolling interests	$ (3)							(3)
Balance, end of period (in shares) at Jun. 30, 2022	683,494,944		683,000,000
Balance, end of period (in usd) at Jun. 30, 2022	$ 8,903	$ 8,859	$ 683	$ (11,409)	$ 6,253	$ 17,099	$ (3,767)	$ 44
Balance, end of period, treasury (in shares) at Jun. 30, 2022	179,687,824			180,000,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Cash flows from operations
Net income		$ 328	$ 601
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization		735	439
Deferred income taxes		(87)	(36)
Stock compensation		77	59
Net periodic pension and other postretirement costs		28	51
Other		(41)	10
Changes in balance sheet items:
Accounts receivable, net		43	(42)
Inventories		(308)	(155)
Prepaid expenses and other current assets		(67)	(24)
Accounts payable		91	(9)
Accrued expenses and other current liabilities		(231)	(9)
Other		(86)	(31)
Cash flows from operations		482	854
Cash flows from investing activities
Capital expenditures		(311)	(329)
Acquisitions, net of cash acquired, and investments		(190)	(417)
Other investing activities, net		10	20
Cash flows from investing activities		(491)	(726)
Cash flows from financing activities
Repayments of debt		(749)	0
Net increases (decreases) in debt with original maturities of three months or less		(45)	51
Cash dividends on common stock		(281)	(249)
Proceeds from stock issued under employee benefit plans		88	93
Purchases of treasury stock		0	(565)
Other financing activities, net		(30)	(37)
Cash flows from financing activities		(1,017)	(707)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(74)	(17)
Decrease in cash, cash equivalents and restricted cash		(1,100)	(596)
Cash, cash equivalents and restricted cash at beginning of period	[1]	2,956	3,736
Cash, cash equivalents and restricted cash at end of period	[1]	1,856	3,140
Cash and cash equivalents		1,852	3,136
Restricted cash included in prepaid expenses and other current assets		$ 4	$ 4
[1]The following table provides a reconciliation of cash, cash equivalents and restricted cash shown above to the amounts reported within the condensed consolidated balance sheet as of June 30, 2022, December 31, 2021, and June 30, 2021 (in millions): June 30, 2022 December 31, 2021 June 30, 2021 Cash and cash equivalents $ 1,852 $ 2,951 $ 3,136 Restricted cash included in prepaid expenses and other current assets 4 5 4 Cash, cash equivalents and restricted cash $ 1,856 $ 2,956 $ 3,140

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
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) for interim financial reporting. 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 Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Annual Report). 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. Risks and Uncertainties Related to COVID-19 and Global Economic and Other Conditions Our global operations expose us to risks associated with public health crises and epidemics/pandemics, such as the novel strain of coronavirus (COVID-19). 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. 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. As a result, 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. 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 Omicron variants, subvariants 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, moratoriums on elective procedures and mandatory quarantines and travel restrictions). These measures have caused, and may continue to cause in the future, increased levels of absenteeism, including at our manufacturing and distributing facilities. 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. 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 to our global supply chain in recent periods, including production delays and interruptions, increased costs and shortages of raw materials and component parts (including resins and electromechanical devices) and higher transportation costs, resulting from the pandemic and other exogenous factors including significant weather events, elevated inflation levels, disruptions to certain ports of call around the world, the war in Ukraine and certain other geopolitical events. We may continue to experience these and other challenges related to our supply chain in future periods. These challenges, including the unavailability of certain raw materials and component parts, have also had a negative impact on our sales for certain product categories due to our inability to fully satisfy demand and may continue to have a negative impact on our sales in the future. 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. New Accounting Standards Recently adopted accounting pronouncements As of January 1, 2022, we adopted Accounting Standards Update (ASU) 2021-05, Leases (Topic 842), which requires a lessor to classify a lease with variable lease payments (that do not depend on an index or rate) as an operating lease if (1) the lease would have been classified as a sales-type or direct financing lease, and (2) the lessor would

ACQUISITIONS AND OTHER ARRANGEM

ACQUISITIONS AND OTHER ARRANGEMENTS	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND OTHER ARRANGEMENTS	ACQUISITIONS AND OTHER ARRANGEMENTS Hillrom On December 13, 2021, we completed our acquisition of all outstanding equity interests of Hill-Rom Holdings, Inc. (Hillrom) for a purchase price of $10.5 billion. Including the assumption of Hillrom's outstanding debt, the enterprise value of the transaction was approximately $12.8 billion. Under the terms of the transaction agreement, Hillrom shareholders received $156.00 in cash per outstanding Hillrom common share. The following table summarizes the fair value of the total consideration paid: (in millions) Cash consideration paid to Hillrom shareholders (a) $ 10,474 Fair value of equity awards issued to Hillrom equity award holders (b) 2 Total Consideration $ 10,476 (a) Represents cash consideration transferred of $156.00 per outstanding Hillrom common share to existing shareholders and holders of equity awards that vested at closing pursuant to their original terms. (b) Represents the pre-acquisition service portion of the fair value of 668 thousand replacement restricted stock units issued to Hillrom equity award holders at closing. The valuation of assets acquired and liabilities assumed has not yet been finalized as of June 30, 2022. Finalization of the valuation during the measurement period could result in a change in the amounts recorded for acquired intangible assets, goodwill and income taxes among other items. The completion of the valuation will occur no later than one year from the acquisition date. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date: (in millions) Assets acquired and liabilities assumed Cash and cash equivalents $ 399 Accounts receivable 562 Inventories 557 Prepaid expenses and other current assets 49 Property, plant and equipment 502 Goodwill 6,820 Other intangible assets 6,029 Operating lease right-of-use assets 74 Other non-current assets 132 Short-term debt (250) Accounts payable (140) Accrued expenses and other current liabilities (557) Long-term debt and finance lease obligations (2,118) Operating lease liabilities (57) Other non-current liabilities (1,526) Total assets acquired and liabilities assumed $ 10,476 In the first half of 2022 we recorded measurement period adjustments, primarily impacting accounts receivable, other intangible assets, and deferred income tax liabilities. Individually the measurement period adjustments were not material and in total increased goodwill by $35 million. The measurement period adjustments did not have a significant impact to our results of operations. The goodwill from the Hillrom acquisition, which is not deductible for tax purposes, includes the value of an assembled workforce as well as the overall strategic benefits provided to our product portfolio and is included in the Hillrom segment. For the six months ended June 30, 2022, we recognized $159 million of incremental costs of sales from the fair value step-ups on acquired Hillrom inventory that was sold in the first quarter. Other Business Development Activities In March 2022, we entered into an agreement with a subsidiary of Pfizer Inc. to acquire the rights to Zosyn, a premixed frozen piperacillin-tazobactam product, in the U.S. and Canada. Zosyn is used for the treatment of intra-abdominal infections, nosocomial pneumonia, skin and skin structure infections, female pelvic infections and community-acquired pneumonia. Under the terms of the acquisition, we paid the acquisition price of $122 million currently, received specified intellectual property, including patent rights, in the first quarter and will receive additional intellectual property, including the product rights to Zosyn, in the first quarter of 2023. Under the arrangement, we are entitled to receive profit sharing payments from sales of Zosyn until the product rights transfer to us in March 2023. The transaction has been accounted for as an asset acquisition, as substantially all of the fair value of the assets being acquired under the arrangement was concentrated in the product rights that we will receive, which we classify as a developed technology intangible asset. Accordingly, the $122 million purchase price was primarily allocated to the developed technology intangible asset class and will be amortized over an estimated useful life of 9 years.

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL FINANCIAL INFORMATION	SUPPLEMENTAL FINANCIAL INFORMATION Allowance for Doubtful Accounts The following table is a summary of the changes in our allowance for doubtful accounts for the three and six months ended June 30, 2022 and 2021. Three months ended Six months ended (in millions) 2022 2021 2022 2021 Balance at beginning of period $ 129 $ 120 $ 122 $ 125 Charged to costs and expenses 3 (4) 9 (3) Write-offs (1) (1) (2) (1) Currency translation adjustments (6) 2 (4) (4) Balance at end of period $ 125 $ 117 $ 125 $ 117 Inventories (in millions) June 30, December 31, Raw materials $ 678 $ 591 Work in process 317 300 Finished goods 1,668 1,562 Inventories $ 2,663 $ 2,453 Property, Plant and Equipment, Net (in millions) June 30, December 31, Property, plant and equipment, at cost $ 11,504 $ 11,728 Accumulated depreciation (6,528) (6,550) Property, plant and equipment, net $ 4,976 $ 5,178 Interest Expense, Net Three months ended Six months ended (in millions) 2022 2021 2022 2021 Interest expense, net of capitalized interest $ 93 $ 37 $ 181 $ 74 Interest income (4) (3) (7) (6) Interest expense, net $ 89 $ 34 $ 174 $ 68 Other (Income) Expense, Net Three months ended Six months ended (in millions) 2022 2021 2022 2021 Foreign exchange (gains) losses, net $ (15) $ 8 $ (26) $ 5 Pension and other postretirement benefit plans (7) 3 (12) 7 Pension curtailment (11) — (11) — Change in fair value of marketable equity securities (8) (9) (8) (7) Other, net (3) (4) (3) (2) Other (income) expense, net $ (44) $ (2) $ (60) $ 3 Non-Cash Operating and Investing Activities Right-of-use operating lease assets obtained in exchange for lease obligations for the six months ended June 30, 2022 and 2021 were $23 million and $21 million, respectively. Purchases of property, plant and equipment included in accounts payable as of June 30, 2022 and 2021 were $66 million and $70 million, respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 2022
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 Hillrom Total Balance as of December 31, 2021 $ 2,517 $ 309 $ 224 $ 6,786 $ 9,836 Acquisition accounting adjustments — — — 35 35 Currency translation (150) (17) (14) (46) (227) Balance as of June 30, 2022 $ 2,367 $ 292 $ 210 $ 6,775 $ 9,644 As of June 30, 2022, there were no reductions in goodwill relating to impairment losses. Other intangible assets, net The following is a summary of our other intangible assets. Indefinite-lived intangible assets (in millions) Customer relationships Developed technology, including patents Other amortized intangible assets Trade names In process Research and Development Total June 30, 2022 Gross other intangible assets $ 3,452 $ 3,802 $ 319 $ 1,910 $ 230 $ 9,713 Accumulated amortization (347) (1,685) (222) — — (2,254) Other intangible assets, net $ 3,105 $ 2,117 $ 97 $ 1,910 $ 230 $ 7,459 December 31, 2021 Gross other intangible assets $ 3,437 $ 3,801 $ 344 $ 1,910 $ 230 $ 9,722 Accumulated amortization (162) (1,556) (212) — — (1,930) Other intangible assets, net $ 3,275 $ 2,245 $ 132 $ 1,910 $ 230 $ 7,792 Intangible asset amortization expense was $193 million and $67 million for the three months ended June 30, 2022 and 2021, respectively, and $410 million and $131 million for the six months ended June 30, 2022 and 2021.

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS Significant Debt Activity In the first half of 2022, we repaid $335 million of our $2.0 billion three-year term loan facility and $355 million of our $2.0 billion five-year term loan facility. The loss from the early extinguishment of this debt was not significant. In December 2021, we issued $800 million of 0.868% senior notes due in 2023, $1.4 billion of 1.322% senior notes due in 2024, $1.45 billion of 1.915% senior notes due in 2027, $1.25 billion of 2.272% senior notes due in 2028, $1.55 billion of 2.539% senior notes due in 2032, $750 million of 3.132% senior notes due in 2051, $300 million of floating rate senior notes due in 2023 and $300 million of floating rate senior notes due in 2024 (collectively, the Hillrom notes) to fund a portion of the consideration for the Hillrom acquisition, repay certain indebtedness of Hillrom and to pay fees and expenses related to the foregoing. In conjunction with the issuances of the Hillrom notes, we entered into a registration rights agreement in which we agreed to file a registration statement with the SEC with respect to an offer to exchange the Hillrom notes for new issues of notes with the same terms registered under the Securities Act of 1933, as amended. Those exchange offers with respect to the Hillrom notes were completed in June 2022. Credit Facilities Our U.S. dollar-denominated revolving credit facility has a capacity of $2.5 billion and our Euro-denominated revolving credit facility has a capacity of €200 million. Each of the facilities matures in 2026. There were no borrowings outstanding under these credit facilities as of June 30, 2022 or December 31, 2021. Our U.S. dollar-denominated revolving credit facility guarantees our obligations under commercial paper borrowings, which reduces our borrowing capacity by the amount of such outstanding commercial paper borrowings. Commercial Paper As of June 30, 2022, we had $200 million of commercial paper outstanding with a weighted-average interest rate of 1.8% and an original weighted-average term of 51 days. As of December 31, 2021, we had $300 million of commercial paper outstanding with a weighted-average interest rate of 0.27% and an original weighted-average term of 88 days.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021, our total recorded reserves with respect to legal and environmental matters were $38 million and $72 million, respectively. We have established reserves for certain of the matters discussed below. We are not able to estimate the amount or range of any loss for certain contingencies for which there is no reserve or additional loss for matters already reserved. While our liability in connection with these claims cannot be estimated and the resolution thereof in any reporting period could have a significant impact on our results of operations and cash flows for that period, the outcome of these legal proceedings is not expected to have a material adverse effect on our consolidated financial position. While we believe that we have valid defenses in the matters set forth below, litigation is inherently uncertain, excessive verdicts do occur, and we may incur material judgments or enter into material settlements of claims. In addition to the matters described below, we remain subject to the risk of future administrative and legal actions. With respect to governmental and regulatory matters, these actions may lead to product recalls, injunctions, and other restrictions on our operations 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 noted above, we are involved in an ongoing environmental remediations associated with historic operations at certain of our facilities. As of June 30, 2022 and December 31, 2021, our environmental reserves, which are measured on an undiscounted basis, were $18 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 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 alleged 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 and the settlement became effective on September 13, 2021. As initially disclosed in our Form 8-K on October 24, 2019, we voluntarily advised the staff of the SEC of an internal investigation into certain intra-company transactions that impacted our previously reported non-operating foreign exchanges gains and losses. We also received a stockholder request for inspection of our books and records in connection with the October 24, 2019 announcement. The Company has cooperated with the staff of the SEC in its investigation into related matters, and on February 18, 2022, we reached a settlement with the SEC. Without admitting or denying the findings in the administrative order issued by the SEC, we agreed to pay a civil penalty of $18 million and to cease and desist from violations of specified provisions of the federal securities laws and related rules. In the order, the SEC acknowledged the Company’s cooperation. We paid the penalty in the first quarter of 2022. 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 were not material to our financial results, which were paid in the fourth quarter of 2021. We have since resolved, without litigation, additional claims of injuries from exposure to ethylene oxide at Mountain Home for amounts within accruals previously established as of December 31, 2021. The settlement of these claims does not preclude potential future lawsuits. In July 2021, Hill-Rom, Inc. received a subpoena (from the United States Office of Inspector General for the Department of Health and Human Services (the DHHS) requesting documents and information related to compliance with the False Claims Act and the Anti-Kickback Statute. Hillrom has been working with the DHHS and the DOJ to provide information responsive to the subpoena. Hillrom also voluntarily began a related internal review and Hillrom and now Baxter have been cooperating fully with the DHHS and the DOJ with respect to these matters. The DHHS often issues this type of subpoena when investigating alleged violations of the False Claims Act. On December 28, 2021, Linet Americas, Inc. (Linet) filed a complaint against Hill-Rom Holdings, Inc., Hill-Rom Company, Inc., and Hill-Rom Services, Inc. in the United States District Court for the Northern District of Illinois, captioned Linet Americas, Inc. v. Hill-Rom Holdings, Inc.; Hill-Rom Company, Inc.; Hill-Rom Services, Inc. Linet alleges that Hillrom violated Sections 1, 2 and 3 of The Sherman Antitrust Act of 1890 and the Illinois Antitrust Act by allegedly engaging in anti-competitive conduct in alleged markets for standard, ICU and birthing beds. Hillrom filed an answer to the complaint on January 28, 2022 and filed on May 27, 2022, a motion challenging certain aspects of plaintiff's case.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Cash Dividends Cash dividends declared per share for the three and six months ended June 30, 2022 were $0.29 and $0.57. Cash dividends declared per share for the three and six months ended June 30, 2021 were $0.28 and $0.525. Stock Repurchase Programs

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021. (in millions) CTA Pension and OPEB plans Hedging activities Available-for-sale Debt securities Total Gains (losses) Balance as of December 31, 2021 $ (2,907) $ (347) $ (126) $ — $ (3,380) Other comprehensive income (loss) before reclassifications (432) 19 13 2 (398) Amounts reclassified from AOCI (a) — 13 (2) — 11 Net other comprehensive income (loss) (432) 32 11 2 (387) Balance as of June 30, 2022 $ (3,339) $ (315) $ (115) $ 2 $ (3,767) (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 (120) 8 1 (111) Amounts reclassified from AOCI (a) — 33 16 49 Net other comprehensive income (loss) (120) 41 17 (62) Balance as of June 30, 2021 $ (2,707) $ (533) $ (136) $ (3,376) (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 six months ended June 30, 2022 and 2021. Amounts reclassified from AOCI (a) (in millions) Three months ended June 30, 2022 Six months ended Location of impact in income statement Pension and OPEB items Amortization of net losses and prior service costs or credits $ (8) $ (17) Other (income) expense, net Less: Tax effect 2 4 Income tax expense $ (6) $ (13) Net of tax Gains (losses) on hedging activities Foreign exchange contracts $ 3 $ 5 Cost of sales Interest rate contracts (2) (3) Interest expense, net 1 2 Total before tax Less: Tax effect — — Income tax expense $ 1 $ 2 Net of tax Total reclassifications for the period $ (5) $ (11) Total net of tax (a) Amounts in parentheses indicate reductions to net income Amounts reclassified from AOCI (a) (in millions) Three months ended June 30, 2021 Six months ended June 30, 2021 Location of impact in income statement Amortization of pension and OPEB items Amortization of net losses and prior service costs or credits $ (20) $ (41) Other expense, net Less: Tax effect 4 8 Income tax expense $ (16) $ (33) Net of tax Gains on hedging activities Foreign exchange contracts $ (8) $ (18) Cost of sales Interest rate contracts (2) (3) Interest expense, net (10) (21) Total before tax Less: Tax effect 3 5 Income tax expense $ (7) $ (16) Net of tax Total reclassifications for the period $ (23) $ (49) Total net of tax 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	6 Months Ended
	Jun. 30, 2022
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. Most of our performance obligations are satisfied at a point in time. This includes sales of our broad portfolio of essential healthcare products across our geographic segments including acute and chronic dialysis therapies; sterile IV solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; hospital beds and services; surgical tables, lights and pendants; and patient monitoring and diagnostic technologies. For most of those 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 June 30, 2022, we had $10.8 billion of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of more than one year, which are primarily included in the 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 15% of this amount as revenue over the remainder of 2022, 30% in 2023, 25% in 2024, 15% in 2025 and 15% thereafter. 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 six months ended June 30, 2022 and 2021 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 $2.3 billion and $2.4 billion as of June 30, 2022 and December 31, 2021, 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) June 30, December 31, Contract manufacturing services $ 62 $ 50 Software sales 41 45 Bundled equipment and consumable medical products contracts 120 100 Contract assets $ 223 $ 195 The following table summarizes the classification of contract assets and contract liabilities as reported in the condensed consolidated balance sheets: (in millions) June 30, December 31, Prepaid expenses and other current assets $ 102 $ 84 Other non-current assets 121 111 Contract assets $ 223 $ 195 Accrued expenses and other current liabilities $ 153 $ 162 Other non-current liabilities 80 84 Contract liabilities $ 233 $ 246 Contract liabilities represent deferred revenues that arise as a result of cash received from customers or where the timing of billing for services precedes satisfaction of our performance obligations. Such remaining performance obligations represent the portion of the contract price for which work has not been performed and are primarily related to our installation and service contracts. We expect to satisfy the majority of the remaining performance obligations and recognize revenue related to installation and service contracts within the next 12 months with most of the non-current performance obligations satisfied within 24 months. The following table summarizes contract liability activity for the six months ended June 30, 2022. The contract liability balance represents the transaction price allocated to the remaining performance obligations. Six months ended Balance at beginning of period $ 246 New revenue deferrals 282 Revenue recognized upon satisfaction of performance obligations (290) Currency translation (5) Balance at end of period $ 233 During the six months ended June 30, 2021, the amount of revenue recognized that was included in contract liabilities as of December 31, 2020 was not significant. Disaggregation of Net Sales In connection with our acquisition of Hillrom in December 2021, we added three new product categories: Patient Support Systems, Front Line Care and Surgical Solutions. The following tables disaggregate our net sales from contracts with customers by product category between the U.S. and international: Three Months Ended June 30, 2022 2021 (in millions) U.S. International Total U.S. International Total Renal Care 1 $ 225 $ 706 $ 931 $ 217 $ 747 $ 964 Medication Delivery 2 459 251 710 444 253 697 Pharmaceuticals 3 164 364 528 162 384 546 Clinical Nutrition 4 90 140 230 84 153 237 Advanced Surgery 5 151 112 263 144 112 256 Acute Therapies 6 58 115 173 61 127 188 BioPharma Solutions 7 75 88 163 65 118 183 Patient Support Systems 8 284 80 364 — — — Front Line Care 9 202 80 282 — — — Surgical Solutions 10 36 33 69 — — — Other 11 20 13 33 21 6 27 Total Baxter $ 1,764 $ 1,982 $ 3,746 $ 1,198 $ 1,900 $ 3,098 Six Months Ended June 30, 2022 2021 (in millions) U.S. International Total U.S. International Total Renal Care 1 $ 450 $ 1,375 $ 1,825 $ 433 $ 1,453 $ 1,886 Medication Delivery 2 931 485 1,416 855 494 1,349 Pharmaceuticals 3 321 728 1,049 362 736 1,098 Clinical Nutrition 4 174 283 457 167 304 471 Advanced Surgery 5 287 204 491 270 203 473 Acute Therapies 6 126 235 361 142 253 395 BioPharma Solutions 7 127 192 319 109 209 318 Patient Support Systems 8 579 168 747 — — — Front Line Care 9 409 167 576 — — — Surgical Solutions 10 73 74 147 — — — Other 11 44 21 65 40 14 54 Total Baxter $ 3,521 $ 3,932 $ 7,453 $ 2,378 $ 3,666 $ 6,044 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 Patient Support Systems includes sales of our connected care solutions: devices, software, communications and integration technologies. 9 Front Line Care includes sales of our integrated patient monitoring and diagnostic technologies to help diagnose, treat and manage a wide variety of illness and diseases, including respiratory therapy, cardiology, vision screening and physical assessment. 10 Surgical Solutions includes sales of our surgical video technologies, tables, lights, pendants, precision positioning devices and other accessories. 11 Other includes sales of miscellaneous product and service offerings. Lease Revenue We lease smart beds, such as bariatric, critical care, maternal, and home care beds, as well as other surfaces, to customers during periods of peak demand or for specialty purposes. We also 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 six months ended June 30, 2022 and 2021 were: (in millions) Three months ended June 30, 2022 Six months ended June 30, 2022 Sales-type lease revenue $ 5 $ 8 Operating lease revenue 113 235 Variable lease revenue 12 32 Total lease revenue $ 130 $ 275 (in millions) Three months ended June 30, 2021 Six months ended June 30, 2021 Sales-type lease revenue $ 10 $ 16 Operating lease revenue 35 69 Variable lease revenue 15 32 Total lease revenue $ 60 $ 117 Our net investment in sales-type leases was $101 million as of June 30, 2022, of which $21 million originated in 2018 and prior, $21 million in 2019, $28 million in 2020, $25 million in 2021, and $6 million in 2022.

BUSINESS OPTIMIZATION CHARGES

BUSINESS OPTIMIZATION CHARGES	6 Months Ended
	Jun. 30, 2022
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. In the current period, restructuring charges include actions taken in connection with our integration of Hillrom. From the commencement of our business optimization activities in the second half of 2015 through June 30, 2022, we have incurred cumulative pre-tax costs of $1.3 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, primarily related to implementation of business optimization programs, of approximately $29 million through the completion of initiatives that are currently underway. We continue to pursue cost savings initiatives, including those related to our integration of Hillrom, and, to the extent further cost savings opportunities are identified, we would incur additional restructuring charges and costs to implement business optimization programs in future periods. During the three and six months ended June 30, 2022 and 2021, we recorded the following charges related to business optimization programs. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Restructuring charges $ 26 $ 10 $ 93 $ 35 Costs to implement business optimization programs 16 8 30 10 Total business optimization charges $ 42 $ 18 $ 123 $ 45 For segment reporting purposes, business optimization charges are unallocated expenses. Costs to implement business optimization programs for the three and six months ended June 30, 2022 and 2021, 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 six months ended June 30, 2022 and 2021, we recorded the following restructuring charges. Three months ended June 30, 2022 (in millions) COGS SG&A Total Employee termination costs $ 4 $ 16 $ 20 Contract termination and other costs — 5 5 Asset impairments — 1 1 Total restructuring charges $ 4 $ 22 $ 26 Three months ended June 30, 2021 (in millions) COGS SG&A Total Employee termination costs $ 8 $ 1 $ 9 Asset impairments 1 — 1 Total restructuring charges $ 9 $ 1 $ 10 Six months ended June 30, 2022 (in millions) COGS SG&A Total Employee termination costs $ 6 $ 63 $ 69 Contract termination and other costs — 17 17 Asset impairments — 7 7 Total restructuring charges $ 6 $ 87 $ 93 Six months ended June 30, 2021 (in millions) COGS SG&A Total Employee termination costs $ 24 $ 6 $ 30 Asset impairments 5 — 5 Total restructuring charges $ 29 $ 6 $ 35 The following table summarizes activity in the liability related to our restructuring initiatives. (in millions) Liability balance as of December 31, 2021 $ 109 Charges 92 Payments (70) Reserve adjustments (6) Currency translation (9) Liability balance as of June 30, 2022 $ 116 Substantially all of our restructuring liabilities as of June 30, 2022 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 2023.

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS	6 Months Ended
	Jun. 30, 2022
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 Six months ended (in millions) 2022 2021 2022 2021 Pension benefits Service cost $ 21 $ 22 $ 40 $ 44 Interest cost 24 18 48 36 Expected return on plan assets (40) (36) (79) (72) Amortization of net losses and prior service costs 11 23 23 46 Net periodic pension cost $ 16 $ 27 $ 32 $ 54 OPEB Interest cost $ 1 $ 1 $ 2 $ 2 Amortization of net loss and prior service credit (3) (3) (6) (5) Net periodic OPEB cost (income) $ (2) $ (2) $ (4) $ (3) U.S. Hillrom Pension Plan Amendment

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective income tax rate was 13.6% and 23.2% for the three months ended June 30, 2022 and 2021, respectively, and 15.7% and 19.1% for the six months ended June 30, 2022 and 2021, 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 and six months ended June 30, 2022, 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 discrete tax matters in various jurisdictions, of which none were individually material, partially offset by an increase in our liabilities for uncertain tax positions. For the three and six months ended June 30, 2021, 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 decreases in accrued withholding taxes in several foreign jurisdictions, partially offset by an unfavorable court decision in a foreign jurisdiction related to an uncertain tax position.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
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 Six months ended (in millions) 2022 2021 2022 2021 Basic shares 504 503 503 504 Effect of dilutive securities 4 6 5 6 Diluted shares 508 509 508 510 The effect of dilutive securities includes unexercised stock options, unvested RSUs and contingently issuable shares related to granted PSUs. The computation of diluted EPS excludes 12 million and 8 million equity awards for the three and six months ended June 30, 2022, respectively, and 7 million equity awards for the three and six months ended June 30, 2021, 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	6 Months Ended
	Jun. 30, 2022
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, Turkish Lira, 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 generally 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 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 $403 million and $377 million as of June 30, 2022 and December 31, 2021, respectively. The maximum term over which we have cash flow hedge contracts in place related to forecasted transactions at June 30, 2022 is 12 months for foreign exchange contracts. There were no outstanding interest rate contracts designated as cash flow hedges as of June 30, 2022 and December 31, 2021. 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 June 30, 2022 and December 31, 2021. 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 June 30, 2022, we had an accumulated pre-tax unrealized translation gain in AOCI of $139 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 six months of 2022 or 2021 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 six months of 2022 or 2021. If we remove a net investment hedge designation, any gains or losses recognized in AOCI are 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 six months of 2022 or 2021. 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 $998 million as of June 30, 2022 and $851 million as of December 31, 2021. 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 June 30, 2022 and 2021. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI into income (in millions) 2022 2021 2022 2021 Cash flow hedges Interest rate contracts $ — $ — Interest expense, net $ (2) $ (2) Foreign exchange contracts 19 (3) Cost of sales 3 (8) Net investment hedges 143 (31) Other (income) expense, net — — Total $ 162 $ (34) $ 1 $ (10) Location of gain (loss) in income statement Gain (loss) recognized in income (in millions) 2022 2021 Undesignated derivative instruments Foreign exchange contracts Other (income) expense, net $ (26) $ 3 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 six months ended June 30, 2022 and 2021. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI (in millions) 2022 2021 2022 2021 Cash flow hedges Interest rate contracts $ — $ — Interest expense, net $ (3) $ (3) Foreign exchange contracts 16 1 Cost of sales 5 (18) Net investment hedges 185 83 Other (income) expense, net — — Total $ 201 $ 84 $ 2 $ (21) Location of gain (loss) Gain (loss) recognized in income (in millions) 2022 2021 Undesignated derivative instruments Foreign exchange contracts Other (income) expense, net $ (23) $ (19) As of June 30, 2022, $7 million of deferred, net after-tax gains 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 June 30, 2022. 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 $ 14 Accrued expenses and other current liabilities $ — Total derivative instruments designated as hedges 14 — Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets — Accrued expenses and other current liabilities 9 Total derivative instruments $ 14 $ 9 The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 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 $ 6 Accrued expenses and other current liabilities $ 3 Total derivative instruments designated as hedges 6 3 Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets 2 Accrued expenses and other current liabilities 2 Total derivative instruments $ 8 $ 5 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. June 30, 2022 December 31, 2021 (in millions) Asset Liability Asset Liability Gross amounts recognized in the condensed consolidated balance sheets $ 14 $ 9 $ 8 $ 5 Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet (3) (3) (2) (2) Total $ 11 $ 6 $ 6 $ 3 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 June 30, 2022 Balance as of December 31, 2021 Balance as of June 30, 2022 Balance as of December 31, 2021 Long-term debt $ 101 $ 101 $ 4 $ 4 (a) These fair value hedges were terminated in 2018 and earlier periods.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 14 $ — $ 14 $ — Available-for-sale debt securities 44 — — 44 Marketable equity securities 30 30 — — Total $ 88 $ 30 $ 14 $ 44 Liabilities Foreign exchange contracts $ 9 $ — $ 9 $ — Contingent payments related to acquisitions 113 — — 113 Total $ 122 $ — $ 9 $ 113 Basis of fair value measurement (in millions) Balance as of December 31, 2021 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 8 $ — $ 8 $ — Available-for-sale debt securities 30 — — 30 Marketable equity securities 10 10 — — Total $ 48 $ 10 $ 8 $ 30 Liabilities Foreign exchange contracts $ 5 $ — $ 5 $ — Contingent payments related to acquisitions 143 — — 143 Total $ 148 $ — $ 5 $ 143 As of June 30, 2022 and December 31, 2021, cash and cash equivalents of $1.9 billion and $3.0 billion, respectively, included money market and other short-term funds of approximately $247 million and $816 million, 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. Available-for-sale debt securities, which consist of convertible debt and convertible redeemable preferred shares issued by nonpublic entities, are measured using discounted cash flow and option pricing models. Those available-for-sale debt securities are classified as Level 3 fair value measurements when there are no observable transactions near the balance sheet date due to the lack of observable data over certain fair value inputs such as equity volatility. The fair values of available-for-sale debt securities increase when interest rates decrease, equity volatility increases, or the fair values of the equity shares underlying the conversion options increase. Contingent payments related to acquisitions, which consist of milestone payments and sales-based payments, are valued using discounted cash flow techniques. 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 and available-for-sale debt securities. Three months ended June 30, 2022 2021 (in millions) Contingent payments related to acquisitions Available-for-sale debt securities Contingent payments related to acquisitions Fair value at beginning of period $ 124 $ 53 $ 38 Change in fair value recognized in earnings (11) — (5) Change in fair value recognized in AOCI — 1 — Transfers out of Level 3 — (10) — Currency translation — — 1 Fair value at end of period $ 113 $ 44 $ 34 Six months ended June 30, 2022 2021 (in millions) Contingent payments related to acquisitions Available-for-sale debt securities Contingent payments related to acquisitions Fair value at beginning of period $ 143 $ 30 $ 30 Additions — 21 24 Change in fair value recognized in earnings (28) — (5) Change in fair value recognized in AOCI — 3 — Payments (2) — (16) Transfers out of Level 3 — (10) — Currency translation — — 1 Fair value at end of period $ 113 $ 44 $ 34 During the second quarter and first half of 2022, $8 million of available-for-sale debt securities that were previously classified as Level 3 converted to marketable equity securities, which are classified as Level 1 in the fair value hierarchy, upon the initial public offering of the investee. 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 June 30, 2022 and December 31, 2021. Book values Fair values(a) (in millions) 2022 2021 2022 2021 Liabilities Short-term debt $ 200 $ 301 $ 200 $ 301 Current maturities of long-term debt and finance lease obligations 208 210 207 212 Long-term debt and finance lease obligations 16,278 17,149 14,996 17,568 (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 current and long-term debt were computed by multiplying price by the notional amount of the respective debt instruments. Price is calculated using the stated terms of the respective debt instrument and yield curves commensurate with our credit risk. The carrying values of other financial instruments, 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 $104 million as of June 30, 2022 and $114 million as of December 31, 2021. Those investments are included in Other non-current assets on our condensed consolidated balance sheets.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION We manage our business based on four segments, consisting of the following geographic segments related to our legacy Baxter business: Americas (North and South America), EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific), and a new global segment for the acquired Hillrom business. The Americas, EMEA and APAC 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. The Hillrom segment provides digital and connected care solutions and collaboration tools, including smart bed systems, patient monitoring and diagnostic technologies, respiratory health devices, and advanced equipment for the surgical space. 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, manufacturing variances and centrally managed supply chain costs, product category support costs, stock compensation expense, certain employee benefit plan costs, and certain gains, losses, and other charges (such as business optimization, acquisition and integration costs, intangible asset amortization and asset impairments). For the period from our acquisition of Hillrom on December 13, 2021 through December 31, 2021, we previously included all costs incurred by the Hillrom business within that segment, including the types of costs described in the preceding sentence that are maintained at Corporate for our legacy Baxter segments. In connection with our ongoing integration activities, beginning in the first quarter 2022, we have updated the measure of profitability for our Hillrom segment by excluding such unallocated costs, consistent with our legacy Baxter segments. Those unallocated costs related to Hillrom, which totaled $61 million and $280 million for the three and six months ended June 30, 2022, respectively, are now presented within Corporate as well. 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 Six months ended (in millions) 2022 2021 2022 2021 Net sales: Americas $ 1,646 $ 1,624 $ 3,272 $ 3,184 EMEA 738 783 1,437 1,521 APAC 647 691 1,274 1,339 Hillrom 715 — 1,470 — Total net sales $ 3,746 $ 3,098 $ 7,453 $ 6,044 Operating income : Americas $ 567 $ 632 $ 1,177 $ 1,231 EMEA 169 159 288 294 APAC 156 152 307 290 Hillrom 149 — 349 — Total segment operating income $ 1,041 $ 943 $ 2,121 $ 1,815 The following is a reconciliation of segment operating income to income before income taxes per the condensed consolidated statements of income. Three months ended Six months ended (in millions) 2022 2021 2022 2021 Total segment operating income $ 1,041 $ 943 $ 2,121 $ 1,815 Corporate and other (701) (519) (1,618) (1,001) Total operating income 340 424 503 814 Interest expense, net 89 34 174 68 Other (income) expense, net (44) (2) (60) 3 Income before income taxes $ 295 $ 392 $ 389 $ 743 Refer to Note 9 for additional information on Net Sales by product category.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2022
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) for interim financial reporting. 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 Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Annual Report).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.
Risks and Uncertainties Related to COVID-19 and Global Economic Conditions	Risks and Uncertainties Related to COVID-19 and Global Economic and Other Conditions Our global operations expose us to risks associated with public health crises and epidemics/pandemics, such as the novel strain of coronavirus (COVID-19). 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. 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. As a result, 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. 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 Omicron variants, subvariants 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, moratoriums on elective procedures and mandatory quarantines and travel restrictions). These measures have caused, and may continue to cause in the future, increased levels of absenteeism, including at our manufacturing and distributing facilities. 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. 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 to our global supply chain in recent periods, including production delays and interruptions, increased costs and shortages of raw materials and component parts (including resins and electromechanical devices) and higher transportation costs, resulting from the pandemic and other exogenous factors including significant weather events, elevated inflation levels, disruptions to certain ports of call around the world, the war in Ukraine and certain other geopolitical events. We may continue to experience these and other challenges related to our supply chain in future periods. These challenges, including the unavailability of certain raw materials and component parts, have also had a negative impact on our sales for certain product categories due to our inability to fully satisfy demand and may continue to have a negative impact on our sales in the future.
New Accounting Standards	New Accounting Standards Recently adopted accounting pronouncements As of January 1, 2022, we adopted Accounting Standards Update (ASU) 2021-05, Leases (Topic 842), which requires a lessor to classify a lease with variable lease payments (that do not depend on an index or rate) as an operating lease if (1) the lease would have been classified as a sales-type or direct financing lease, and (2) the lessor would

ACQUISITIONS AND OTHER ARRANG_2

ACQUISITIONS AND OTHER ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the fair value of the total consideration paid: (in millions) Cash consideration paid to Hillrom shareholders (a) $ 10,474 Fair value of equity awards issued to Hillrom equity award holders (b) 2 Total Consideration $ 10,476 (a) Represents cash consideration transferred of $156.00 per outstanding Hillrom common share to existing shareholders and holders of equity awards that vested at closing pursuant to their original terms. (b) Represents the pre-acquisition service portion of the fair value of 668 thousand replacement restricted stock units issued to Hillrom equity award holders at closing.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date: (in millions) Assets acquired and liabilities assumed Cash and cash equivalents $ 399 Accounts receivable 562 Inventories 557 Prepaid expenses and other current assets 49 Property, plant and equipment 502 Goodwill 6,820 Other intangible assets 6,029 Operating lease right-of-use assets 74 Other non-current assets 132 Short-term debt (250) Accounts payable (140) Accrued expenses and other current liabilities (557) Long-term debt and finance lease obligations (2,118) Operating lease liabilities (57) Other non-current liabilities (1,526) Total assets acquired and liabilities assumed $ 10,476

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The following table is a summary of the changes in our allowance for doubtful accounts for the three and six months ended June 30, 2022 and 2021. Three months ended Six months ended (in millions) 2022 2021 2022 2021 Balance at beginning of period $ 129 $ 120 $ 122 $ 125 Charged to costs and expenses 3 (4) 9 (3) Write-offs (1) (1) (2) (1) Currency translation adjustments (6) 2 (4) (4) Balance at end of period $ 125 $ 117 $ 125 $ 117
Inventories	Inventories (in millions) June 30, December 31, Raw materials $ 678 $ 591 Work in process 317 300 Finished goods 1,668 1,562 Inventories $ 2,663 $ 2,453
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net (in millions) June 30, December 31, Property, plant and equipment, at cost $ 11,504 $ 11,728 Accumulated depreciation (6,528) (6,550) Property, plant and equipment, net $ 4,976 $ 5,178
Interest Expense, Net	Interest Expense, Net Three months ended Six months ended (in millions) 2022 2021 2022 2021 Interest expense, net of capitalized interest $ 93 $ 37 $ 181 $ 74 Interest income (4) (3) (7) (6) Interest expense, net $ 89 $ 34 $ 174 $ 68
Other (Income) Expense, Net	Other (Income) Expense, Net Three months ended Six months ended (in millions) 2022 2021 2022 2021 Foreign exchange (gains) losses, net $ (15) $ 8 $ (26) $ 5 Pension and other postretirement benefit plans (7) 3 (12) 7 Pension curtailment (11) — (11) — Change in fair value of marketable equity securities (8) (9) (8) (7) Other, net (3) (4) (3) (2) Other (income) expense, net $ (44) $ (2) $ (60) $ 3

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	The following is a reconciliation of goodwill by business segment. (in millions) Americas EMEA APAC Hillrom Total Balance as of December 31, 2021 $ 2,517 $ 309 $ 224 $ 6,786 $ 9,836 Acquisition accounting adjustments — — — 35 35 Currency translation (150) (17) (14) (46) (227) Balance as of June 30, 2022 $ 2,367 $ 292 $ 210 $ 6,775 $ 9,644
Other Intangible Assets, Net	The following is a summary of our other intangible assets. Indefinite-lived intangible assets (in millions) Customer relationships Developed technology, including patents Other amortized intangible assets Trade names In process Research and Development Total June 30, 2022 Gross other intangible assets $ 3,452 $ 3,802 $ 319 $ 1,910 $ 230 $ 9,713 Accumulated amortization (347) (1,685) (222) — — (2,254) Other intangible assets, net $ 3,105 $ 2,117 $ 97 $ 1,910 $ 230 $ 7,459 December 31, 2021 Gross other intangible assets $ 3,437 $ 3,801 $ 344 $ 1,910 $ 230 $ 9,722 Accumulated amortization (162) (1,556) (212) — — (1,930) Other intangible assets, net $ 3,275 $ 2,245 $ 132 $ 1,910 $ 230 $ 7,792

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021. (in millions) CTA Pension and OPEB plans Hedging activities Available-for-sale Debt securities Total Gains (losses) Balance as of December 31, 2021 $ (2,907) $ (347) $ (126) $ — $ (3,380) Other comprehensive income (loss) before reclassifications (432) 19 13 2 (398) Amounts reclassified from AOCI (a) — 13 (2) — 11 Net other comprehensive income (loss) (432) 32 11 2 (387) Balance as of June 30, 2022 $ (3,339) $ (315) $ (115) $ 2 $ (3,767) (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 (120) 8 1 (111) Amounts reclassified from AOCI (a) — 33 16 49 Net other comprehensive income (loss) (120) 41 17 (62) Balance as of June 30, 2021 $ (2,707) $ (533) $ (136) $ (3,376) (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 six months ended June 30, 2022 and 2021. Amounts reclassified from AOCI (a) (in millions) Three months ended June 30, 2022 Six months ended Location of impact in income statement Pension and OPEB items Amortization of net losses and prior service costs or credits $ (8) $ (17) Other (income) expense, net Less: Tax effect 2 4 Income tax expense $ (6) $ (13) Net of tax Gains (losses) on hedging activities Foreign exchange contracts $ 3 $ 5 Cost of sales Interest rate contracts (2) (3) Interest expense, net 1 2 Total before tax Less: Tax effect — — Income tax expense $ 1 $ 2 Net of tax Total reclassifications for the period $ (5) $ (11) Total net of tax (a) Amounts in parentheses indicate reductions to net income

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset	The following table summarizes our contract assets: (in millions) June 30, December 31, Contract manufacturing services $ 62 $ 50 Software sales 41 45 Bundled equipment and consumable medical products contracts 120 100 Contract assets $ 223 $ 195 The following table summarizes the classification of contract assets and contract liabilities as reported in the condensed consolidated balance sheets: (in millions) June 30, December 31, Prepaid expenses and other current assets $ 102 $ 84 Other non-current assets 121 111 Contract assets $ 223 $ 195 Accrued expenses and other current liabilities $ 153 $ 162 Other non-current liabilities 80 84 Contract liabilities $ 233 $ 246 The following table summarizes contract liability activity for the six months ended June 30, 2022. The contract liability balance represents the transaction price allocated to the remaining performance obligations. Six months ended Balance at beginning of period $ 246 New revenue deferrals 282 Revenue recognized upon satisfaction of performance obligations (290) Currency translation (5) Balance at end of period $ 233
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 June 30, 2022 2021 (in millions) U.S. International Total U.S. International Total Renal Care 1 $ 225 $ 706 $ 931 $ 217 $ 747 $ 964 Medication Delivery 2 459 251 710 444 253 697 Pharmaceuticals 3 164 364 528 162 384 546 Clinical Nutrition 4 90 140 230 84 153 237 Advanced Surgery 5 151 112 263 144 112 256 Acute Therapies 6 58 115 173 61 127 188 BioPharma Solutions 7 75 88 163 65 118 183 Patient Support Systems 8 284 80 364 — — — Front Line Care 9 202 80 282 — — — Surgical Solutions 10 36 33 69 — — — Other 11 20 13 33 21 6 27 Total Baxter $ 1,764 $ 1,982 $ 3,746 $ 1,198 $ 1,900 $ 3,098 Six Months Ended June 30, 2022 2021 (in millions) U.S. International Total U.S. International Total Renal Care 1 $ 450 $ 1,375 $ 1,825 $ 433 $ 1,453 $ 1,886 Medication Delivery 2 931 485 1,416 855 494 1,349 Pharmaceuticals 3 321 728 1,049 362 736 1,098 Clinical Nutrition 4 174 283 457 167 304 471 Advanced Surgery 5 287 204 491 270 203 473 Acute Therapies 6 126 235 361 142 253 395 BioPharma Solutions 7 127 192 319 109 209 318 Patient Support Systems 8 579 168 747 — — — Front Line Care 9 409 167 576 — — — Surgical Solutions 10 73 74 147 — — — Other 11 44 21 65 40 14 54 Total Baxter $ 3,521 $ 3,932 $ 7,453 $ 2,378 $ 3,666 $ 6,044 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 Patient Support Systems includes sales of our connected care solutions: devices, software, communications and integration technologies. 9 Front Line Care includes sales of our integrated patient monitoring and diagnostic technologies to help diagnose, treat and manage a wide variety of illness and diseases, including respiratory therapy, cardiology, vision screening and physical assessment. 10 Surgical Solutions includes sales of our surgical video technologies, tables, lights, pendants, precision positioning devices and other accessories. 11 Other includes sales of miscellaneous product and service offerings.
Sales-type Lease, Lease Income	The components of lease revenue for the three and six months ended June 30, 2022 and 2021 were: (in millions) Three months ended June 30, 2022 Six months ended June 30, 2022 Sales-type lease revenue $ 5 $ 8 Operating lease revenue 113 235 Variable lease revenue 12 32 Total lease revenue $ 130 $ 275 (in millions) Three months ended June 30, 2021 Six months ended June 30, 2021 Sales-type lease revenue $ 10 $ 16 Operating lease revenue 35 69 Variable lease revenue 15 32 Total lease revenue $ 60 $ 117
Operating Lease, Lease Income	The components of lease revenue for the three and six months ended June 30, 2022 and 2021 were: (in millions) Three months ended June 30, 2022 Six months ended June 30, 2022 Sales-type lease revenue $ 5 $ 8 Operating lease revenue 113 235 Variable lease revenue 12 32 Total lease revenue $ 130 $ 275 (in millions) Three months ended June 30, 2021 Six months ended June 30, 2021 Sales-type lease revenue $ 10 $ 16 Operating lease revenue 35 69 Variable lease revenue 15 32 Total lease revenue $ 60 $ 117

BUSINESS OPTIMIZATION CHARGES (

BUSINESS OPTIMIZATION CHARGES (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Summary of Business Optimization Charges	During the three and six months ended June 30, 2022 and 2021, we recorded the following charges related to business optimization programs. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Restructuring charges $ 26 $ 10 $ 93 $ 35 Costs to implement business optimization programs 16 8 30 10 Total business optimization charges $ 42 $ 18 $ 123 $ 45
Components of Restructuring Charges	During the three and six months ended June 30, 2022 and 2021, we recorded the following restructuring charges. Three months ended June 30, 2022 (in millions) COGS SG&A Total Employee termination costs $ 4 $ 16 $ 20 Contract termination and other costs — 5 5 Asset impairments — 1 1 Total restructuring charges $ 4 $ 22 $ 26 Three months ended June 30, 2021 (in millions) COGS SG&A Total Employee termination costs $ 8 $ 1 $ 9 Asset impairments 1 — 1 Total restructuring charges $ 9 $ 1 $ 10 Six months ended June 30, 2022 (in millions) COGS SG&A Total Employee termination costs $ 6 $ 63 $ 69 Contract termination and other costs — 17 17 Asset impairments — 7 7 Total restructuring charges $ 6 $ 87 $ 93 Six months ended June 30, 2021 (in millions) COGS SG&A Total Employee termination costs $ 24 $ 6 $ 30 Asset impairments 5 — 5 Total restructuring charges $ 29 $ 6 $ 35
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, 2021 $ 109 Charges 92 Payments (70) Reserve adjustments (6) Currency translation (9) Liability balance as of June 30, 2022 $ 116

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six months ended (in millions) 2022 2021 2022 2021 Pension benefits Service cost $ 21 $ 22 $ 40 $ 44 Interest cost 24 18 48 36 Expected return on plan assets (40) (36) (79) (72) Amortization of net losses and prior service costs 11 23 23 46 Net periodic pension cost $ 16 $ 27 $ 32 $ 54 OPEB Interest cost $ 1 $ 1 $ 2 $ 2 Amortization of net loss and prior service credit (3) (3) (6) (5) Net periodic OPEB cost (income) $ (2) $ (2) $ (4) $ (3)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six months ended (in millions) 2022 2021 2022 2021 Basic shares 504 503 503 504 Effect of dilutive securities 4 6 5 6 Diluted shares 508 509 508 510

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and 2021. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI into income (in millions) 2022 2021 2022 2021 Cash flow hedges Interest rate contracts $ — $ — Interest expense, net $ (2) $ (2) Foreign exchange contracts 19 (3) Cost of sales 3 (8) Net investment hedges 143 (31) Other (income) expense, net — — Total $ 162 $ (34) $ 1 $ (10) Location of gain (loss) in income statement Gain (loss) recognized in income (in millions) 2022 2021 Undesignated derivative instruments Foreign exchange contracts Other (income) expense, net $ (26) $ 3 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 six months ended June 30, 2022 and 2021. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI (in millions) 2022 2021 2022 2021 Cash flow hedges Interest rate contracts $ — $ — Interest expense, net $ (3) $ (3) Foreign exchange contracts 16 1 Cost of sales 5 (18) Net investment hedges 185 83 Other (income) expense, net — — Total $ 201 $ 84 $ 2 $ (21) Location of gain (loss) Gain (loss) recognized in income (in millions) 2022 2021 Undesignated derivative instruments Foreign exchange contracts Other (income) expense, net $ (23) $ (19)
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 June 30, 2022. 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 $ 14 Accrued expenses and other current liabilities $ — Total derivative instruments designated as hedges 14 — Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets — Accrued expenses and other current liabilities 9 Total derivative instruments $ 14 $ 9 The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 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 $ 6 Accrued expenses and other current liabilities $ 3 Total derivative instruments designated as hedges 6 3 Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets 2 Accrued expenses and other current liabilities 2 Total derivative instruments $ 8 $ 5
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. June 30, 2022 December 31, 2021 (in millions) Asset Liability Asset Liability Gross amounts recognized in the condensed consolidated balance sheets $ 14 $ 9 $ 8 $ 5 Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet (3) (3) (2) (2) Total $ 11 $ 6 $ 6 $ 3
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 June 30, 2022 Balance as of December 31, 2021 Balance as of June 30, 2022 Balance as of December 31, 2021 Long-term debt $ 101 $ 101 $ 4 $ 4 (a) These fair value hedges were terminated in 2018 and earlier periods.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 14 $ — $ 14 $ — Available-for-sale debt securities 44 — — 44 Marketable equity securities 30 30 — — Total $ 88 $ 30 $ 14 $ 44 Liabilities Foreign exchange contracts $ 9 $ — $ 9 $ — Contingent payments related to acquisitions 113 — — 113 Total $ 122 $ — $ 9 $ 113 Basis of fair value measurement (in millions) Balance as of December 31, 2021 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 8 $ — $ 8 $ — Available-for-sale debt securities 30 — — 30 Marketable equity securities 10 10 — — Total $ 48 $ 10 $ 8 $ 30 Liabilities Foreign exchange contracts $ 5 $ — $ 5 $ — Contingent payments related to acquisitions 143 — — 143 Total $ 148 $ — $ 5 $ 143
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 and available-for-sale debt securities. Three months ended June 30, 2022 2021 (in millions) Contingent payments related to acquisitions Available-for-sale debt securities Contingent payments related to acquisitions Fair value at beginning of period $ 124 $ 53 $ 38 Change in fair value recognized in earnings (11) — (5) Change in fair value recognized in AOCI — 1 — Transfers out of Level 3 — (10) — Currency translation — — 1 Fair value at end of period $ 113 $ 44 $ 34 Six months ended June 30, 2022 2021 (in millions) Contingent payments related to acquisitions Available-for-sale debt securities Contingent payments related to acquisitions Fair value at beginning of period $ 143 $ 30 $ 30 Additions — 21 24 Change in fair value recognized in earnings (28) — (5) Change in fair value recognized in AOCI — 3 — Payments (2) — (16) Transfers out of Level 3 — (10) — Currency translation — — 1 Fair value at end of period $ 113 $ 44 $ 34 During the second quarter and first half of 2022, $8 million of available-for-sale debt securities that were previously classified as Level 3 converted to marketable equity securities, which are classified as Level 1 in the fair value hierarchy, upon the initial public offering of the investee.
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 June 30, 2022 and December 31, 2021. Book values Fair values(a) (in millions) 2022 2021 2022 2021 Liabilities Short-term debt $ 200 $ 301 $ 200 $ 301 Current maturities of long-term debt and finance lease obligations 208 210 207 212 Long-term debt and finance lease obligations 16,278 17,149 14,996 17,568

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary of Financial Information for Our Segments	Financial information for our segments is as follows. Three months ended Six months ended (in millions) 2022 2021 2022 2021 Net sales: Americas $ 1,646 $ 1,624 $ 3,272 $ 3,184 EMEA 738 783 1,437 1,521 APAC 647 691 1,274 1,339 Hillrom 715 — 1,470 — Total net sales $ 3,746 $ 3,098 $ 7,453 $ 6,044 Operating income : Americas $ 567 $ 632 $ 1,177 $ 1,231 EMEA 169 159 288 294 APAC 156 152 307 290 Hillrom 149 — 349 — Total segment operating income $ 1,041 $ 943 $ 2,121 $ 1,815
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 Six months ended (in millions) 2022 2021 2022 2021 Total segment operating income $ 1,041 $ 943 $ 2,121 $ 1,815 Corporate and other (701) (519) (1,618) (1,001) Total operating income 340 424 503 814 Interest expense, net 89 34 174 68 Other (income) expense, net (44) (2) (60) 3 Income before income taxes $ 295 $ 392 $ 389 $ 743

ACQUISITIONS AND OTHER ARRANG_3

ACQUISITIONS AND OTHER ARRANGEMENTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Dec. 13, 2021	Jun. 30, 2022
Business Acquisition [Line Items]
Acquisition accounting adjustments		$ 35
Hillrom
Business Acquisition [Line Items]
Cash consideration	$ 10,500
Enterprise value	$ 12,800
Cash consideration transferred (in usd per share)	$ 156
Acquisition accounting adjustments		35
Incremental costs of sales		$ 159

ACQUISITIONS AND OTHER ARRANG_4

ACQUISITIONS AND OTHER ARRANGEMENTS - Schedule of Total Consideration for Hillrom (Details) - Hillrom $ / shares in Units, shares in Thousands, $ in Millions	Dec. 13, 2021 USD ($) $ / shares shares
Acquisitions And Collaborations [Line Items]
Cash consideration paid to Hillrom shareholders	$ 10,474
Fair value of equity awards issued to Hillrom equity award holders	2
Total Consideration	$ 10,476
Cash consideration transferred (in usd per share) | $ / shares	$ 156
Business acquisition, equity interest issued or issuable (in shares) | shares	668

ACQUISITIONS AND OTHER ARRANG_5

ACQUISITIONS AND OTHER ARRANGEMENTS - Summary of Fair Value of Assets Acquired and Liabilities Assumed for Hillrom (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 13, 2021
Acquisitions And Collaborations [Line Items]
Goodwill	$ 9,644	$ 9,836
Hillrom
Acquisitions And Collaborations [Line Items]
Cash and cash equivalents			$ 399
Accounts receivable			562
Inventories			557
Prepaid expenses and other current assets			49
Property, plant and equipment			502
Goodwill			6,820
Other intangible assets			6,029
Operating lease right-of-use assets			74
Other non-current assets			132
Short-term debt			(250)
Accounts payable			(140)
Accrued expenses and other current liabilities			(557)
Long-term debt and finance lease obligations			(2,118)
Operating lease liabilities			(57)
Other non-current liabilities			(1,526)
Total assets acquired and liabilities assumed			$ 10,476

ACQUISITIONS AND OTHER ARRANG_6

ACQUISITIONS AND OTHER ARRANGEMENTS - Other Business Development Activities (Details) - Zosyn $ in Millions	1 Months Ended
	Mar. 31, 2022 USD ($)
Business Acquisition [Line Items]
Acquisition price	$ 122
Developed Technology Intangible Asset
Business Acquisition [Line Items]
Weighted-average useful life	9 years

SUPPLEMENTAL FINANCIAL INFORM_3

SUPPLEMENTAL FINANCIAL INFORMATION - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of period	$ 129	$ 120	$ 122	$ 125
Charged to costs and expenses	3	(4)	9	(3)
Write-offs	(1)	(1)	(2)	(1)
Currency translation adjustments	(6)	2	(4)	(4)
Balance at end of period	$ 125	$ 117	$ 125	$ 117

SUPPLEMENTAL FINANCIAL INFORM_4

SUPPLEMENTAL FINANCIAL INFORMATION - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 678	$ 591
Work in process	317	300
Finished goods	1,668	1,562
Inventories	$ 2,663	$ 2,453

SUPPLEMENTAL FINANCIAL INFORM_5

SUPPLEMENTAL FINANCIAL INFORMATION - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property, plant and equipment, at cost	$ 11,504	$ 11,728
Accumulated depreciation	(6,528)	(6,550)
Property, plant and equipment, net	$ 4,976	$ 5,178

SUPPLEMENTAL FINANCIAL INFORM_6

SUPPLEMENTAL FINANCIAL INFORMATION - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest Income Expense Net
Interest expense, net of capitalized interest	$ 93	$ 37	$ 181	$ 74
Interest income	(4)	(3)	(7)	(6)
Interest expense, net	$ 89	$ 34	$ 174	$ 68

SUPPLEMENTAL FINANCIAL INFORM_7

SUPPLEMENTAL FINANCIAL INFORMATION - Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income, net
Foreign exchange (gains) losses, net	$ (15)	$ 8	$ (26)	$ 5
Pension and other postretirement benefit plans	(7)	3	(12)	7
Pension curtailment	(11)	0	(11)	0
Change in fair value of marketable equity securities	(8)	(9)	(8)	(7)
Other, net	(3)	(4)	(3)	(2)
Other (income) expense, net	$ (44)	$ (2)	$ (60)	$ 3

SUPPLEMENTAL FINANCIAL INFORM_8

SUPPLEMENTAL FINANCIAL INFORMATION - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Right-of-use asset obtained in exchange for operating lease liability	$ 23	$ 21
Unsettled share repurchases	8	35
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Capital expenditures incurred but not yet paid	$ 66	$ 70

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 9,836
Acquisition accounting adjustments	35
Currency translation	(227)
Goodwill, ending balance	9,644
Americas
Goodwill [Roll Forward]
Goodwill, beginning balance	2,517
Acquisition accounting adjustments	0
Currency translation	(150)
Goodwill, ending balance	2,367
EMEA
Goodwill [Roll Forward]
Goodwill, beginning balance	309
Acquisition accounting adjustments	0
Currency translation	(17)
Goodwill, ending balance	292
APAC
Goodwill [Roll Forward]
Goodwill, beginning balance	224
Acquisition accounting adjustments	0
Currency translation	(14)
Goodwill, ending balance	210
Hillrom
Goodwill [Roll Forward]
Goodwill, beginning balance	6,786
Acquisition accounting adjustments	35
Currency translation	(46)
Goodwill, ending balance	$ 6,775

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss			$ 0
Intangible asset amortization expense	$ 193,000,000	$ 67,000,000	$ 410,000,000	$ 131,000,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other Intangible Assets, Net (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets	$ 9,713	$ 9,722
Accumulated amortization	(2,254)	(1,930)
Other intangible assets, net	7,459	7,792
In process Research and Development
Intangible Asset Excluding Goodwill [Line Items]
Indefinite-lived intangible assets	230	230
Trade names
Intangible Asset Excluding Goodwill [Line Items]
Indefinite-lived intangible assets	1,910	1,910
Customer relationships
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets	3,452	3,437
Accumulated amortization	(347)	(162)
Other intangible assets, net	3,105	3,275
Developed technology, including patents
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets	3,802	3,801
Accumulated amortization	(1,685)	(1,556)
Other intangible assets, net	2,117	2,245
Other amortized intangible assets
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets	319	344
Accumulated amortization	(222)	(212)
Other intangible assets, net	$ 97	$ 132

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2022 EUR (€)
Debt Instrument [Line Items]
Commercial paper, average outstanding	$ 200,000,000	$ 300,000,000
Weighted-average interest rate	1.80%	0.27%	1.80%
Original weighted-average term	51 days	88 days
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, current borrowing capacity	$ 2,500,000,000		€ 200
Borrowings outstanding	0	$ 0
Senior Three Year Term Loan | Senior Notes
Debt Instrument [Line Items]
Repaid debt	335,000,000
Senior notes	$ 2,000,000,000
Weighted-average term	3 years		3 years
Senior Five Year Term Loan | Senior Notes
Debt Instrument [Line Items]
Repaid debt	$ 355,000,000
Senior notes	$ 2,000,000,000
Weighted-average term	5 years		5 years
Senior Notes Due 2023 | Senior Notes
Debt Instrument [Line Items]
Senior notes		$ 800,000,000
Zero Point Eight Six Eight Percentage Senior Notes Due May Two Thousand And Twenty Three
Debt Instrument [Line Items]
Senior notes, interest rate		0.868%
Senior Notes Due 2024 | Senior Notes
Debt Instrument [Line Items]
Senior notes		$ 1,400,000,000
One Point Three Two Two Percentage Notes Due Two Thousand And Twenty Four
Debt Instrument [Line Items]
Senior notes, interest rate		1.322%
Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Senior notes		$ 1,450,000,000
One Point Nine One Five Percent Debentures Due Two Thousand And Twenty Seven
Debt Instrument [Line Items]
Senior notes, interest rate		1.915%
Senior Notes Due 2028 | Senior Notes
Debt Instrument [Line Items]
Senior notes		$ 1,250,000,000
Two Point Two Seven Two Percent Due Two Thousand And Twenty Eight
Debt Instrument [Line Items]
Senior notes, interest rate		2.272%
Senior Notes Due 2032 | Senior Notes
Debt Instrument [Line Items]
Senior notes		$ 1,550,000,000
Two Point Five Three Nine Percentage Notes Due Two Thousand And Thirty Two
Debt Instrument [Line Items]
Senior notes, interest rate		2.539%
Senior Notes Due 2051 | Senior Notes
Debt Instrument [Line Items]
Senior notes		$ 750,000,000
Three Point One Three Two Percent Notes Due Two Thousand And Fifty One
Debt Instrument [Line Items]
Senior notes, interest rate		3.132%
Floating-rate notes due Two Thousand And Twenty Three | Senior Notes
Debt Instrument [Line Items]
Senior notes		$ 300,000,000
Floating-rate notes due Two Thousand And Twenty Four | Senior Notes
Debt Instrument [Line Items]
Senior notes		$ 300,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions			6 Months Ended
	Feb. 18, 2022 USD ($)	Jan. 12, 2021 USD ($)	Jun. 30, 2022 USD ($) site	Dec. 31, 2021 USD ($)	Mar. 31, 2020 lawsuit
Loss Contingencies [Line Items]
Litigation reserve			$ 38	$ 72
Agreement to settle the case		$ 16
Civil settlement amount	$ 18
Number of lawsuits | lawsuit					2
Superfund Sites | Environmental Clean-up
Loss Contingencies [Line Items]
Number of sites | site			6
Environmental reserves			$ 18	$ 18

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Billions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Oct. 31, 2020	Nov. 30, 2018	Feb. 28, 2018	Nov. 30, 2016	Jul. 31, 2012
Share-Based Payment Arrangement [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.29	$ 0.28	$ 0.57	$ 0.525
Stock repurchase program, authorized amount									$ 2
Stock repurchase program, additional authorized amount					$ 1.5	$ 2	$ 1.5	$ 1.5
Purchases of treasury stock (in shares)	0.1			7.3
Remaining value available under stock repurchase programs	$ 1.3		$ 1.3

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of Changes in AOCI by Component (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Gains (losses)
Balance, beginning of period (in usd)	$ 9,119	$ 8,490	$ 9,121	$ 8,726
Other comprehensive income (loss) before reclassifications			(398)	(111)
Amounts reclassified from AOCI			11	49
Net other comprehensive income (loss)	(380)	104	(387)	(62)
Balance, end of period (in usd)	8,903	8,535	8,903	8,535
CTA
Gains (losses)
Balance, beginning of period (in usd)			(2,907)	(2,587)
Other comprehensive income (loss) before reclassifications			(432)	(120)
Amounts reclassified from AOCI			0	0
Net other comprehensive income (loss)			(432)	(120)
Balance, end of period (in usd)	(3,339)	(2,707)	(3,339)	(2,707)
Pension and OPEB plans
Gains (losses)
Balance, beginning of period (in usd)			(347)	(574)
Other comprehensive income (loss) before reclassifications			19	8
Amounts reclassified from AOCI			13	33
Net other comprehensive income (loss)			32	41
Balance, end of period (in usd)	(315)	(533)	(315)	(533)
Hedging activities
Gains (losses)
Balance, beginning of period (in usd)			(126)	(153)
Other comprehensive income (loss) before reclassifications			13	1
Amounts reclassified from AOCI			(2)	16
Net other comprehensive income (loss)			11	17
Balance, end of period (in usd)	(115)	(136)	(115)	(136)
Available-for-sale Debt securities
Gains (losses)
Balance, beginning of period (in usd)			0
Other comprehensive income (loss) before reclassifications			2
Amounts reclassified from AOCI			0
Net other comprehensive income (loss)			2
Balance, end of period (in usd)	2		2
Total
Gains (losses)
Balance, beginning of period (in usd)			(3,380)	(3,314)
Balance, end of period (in usd)	$ (3,767)	$ (3,376)	$ (3,767)	$ (3,376)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of Amounts Reclassification from AOCI to Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	$ 44	$ 2	$ 60	$ (3)
Income tax expense	(40)	(91)	(61)	(142)
Cost of sales	(2,293)	(1,865)	(4,652)	(3,666)
Total before tax	295	392	389	743
Total net of tax	252	298	323	596
Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total net of tax	(5)	(23)	(11)	(49)
Pension and OPEB items | Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	(8)	(20)	(17)	(41)
Income tax expense	2	4	4	8
Total net of tax	(6)	(16)	(13)	(33)
Gains (losses) on hedging activities | Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	0	3	0	5
Total before tax	1	(10)	2	(21)
Total net of tax	1	(7)	2	(16)
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	3	(8)	5	(18)
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	$ (2)	$ (2)	$ (3)	$ (3)

REVENUES - Additional Informati

REVENUES - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue From Contract With Customer [Line Items]
Net trade accounts receivable	$ 2,300	$ 2,400
Sales-type lease, net of investment in lease	101
Sales-type leases, receivables	$ 6	$ 25	$ 28	$ 21	$ 21
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	Jun. 30, 2022 USD ($)
Revenue From Contract With Customer [Line Items]
Transaction price allocated to remaining performance obligations	$ 10.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01
Revenue From Contract With Customer [Line Items]
Remaining revenue performance obligation, percentage of revenue expected to be recognized	15%
Remaining performance obligations period	6 months
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%
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	25%
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%
Remaining performance obligations period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue From Contract With Customer [Line Items]
Remaining revenue performance obligation, percentage of revenue expected to be recognized	15%
Remaining performance obligations period

REVENUES - Contract Assets and

REVENUES - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Revenue From Contract With Customer [Line Items]
Contract assets	$ 223	$ 223	$ 195
Contract liabilities	233	233	246
Revenue From Contract With Customer [Roll Forward]
Balance at beginning of period		246
New revenue deferrals		282
Revenue recognized upon satisfaction of performance obligations		(290)
Currency translation	(5)
Balance at end of period	233	233
Prepaid expenses and other current assets
Revenue From Contract With Customer [Line Items]
Contract assets	102	102	84
Other non-current assets
Revenue From Contract With Customer [Line Items]
Contract assets	121	121	111
Accrued expenses and other current liabilities
Revenue From Contract With Customer [Line Items]
Contract liabilities	153	153	162
Revenue From Contract With Customer [Roll Forward]
Balance at beginning of period		162
Balance at end of period	153	153
Other non-current liabilities
Revenue From Contract With Customer [Line Items]
Contract liabilities	80	80	84
Revenue From Contract With Customer [Roll Forward]
Balance at beginning of period		84
Balance at end of period	80	80
Contract manufacturing services
Revenue From Contract With Customer [Line Items]
Contract assets	62	62	50
Software sales
Revenue From Contract With Customer [Line Items]
Contract assets	41	41	45
Bundled equipment and consumable medical products contracts
Revenue From Contract With Customer [Line Items]
Contract assets	$ 120	$ 120	$ 100

REVENUES - Net Sales from Contr

REVENUES - Net Sales from Contracts with Customers by Global Business Unit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue From Contract With Customer [Line Items]
Net sales	$ 3,746	$ 3,098	$ 7,453	$ 6,044
U.S.
Revenue From Contract With Customer [Line Items]
Net sales	1,764	1,198	3,521	2,378
International
Revenue From Contract With Customer [Line Items]
Net sales	1,982	1,900	3,932	3,666
Renal Care
Revenue From Contract With Customer [Line Items]
Net sales	931	964	1,825	1,886
Renal Care | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	225	217	450	433
Renal Care | International
Revenue From Contract With Customer [Line Items]
Net sales	706	747	1,375	1,453
Medication Delivery
Revenue From Contract With Customer [Line Items]
Net sales	710	697	1,416	1,349
Medication Delivery | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	459	444	931	855
Medication Delivery | International
Revenue From Contract With Customer [Line Items]
Net sales	251	253	485	494
Pharmaceuticals
Revenue From Contract With Customer [Line Items]
Net sales	528	546	1,049	1,098
Pharmaceuticals | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	164	162	321	362
Pharmaceuticals | International
Revenue From Contract With Customer [Line Items]
Net sales	364	384	728	736
Clinical Nutrition
Revenue From Contract With Customer [Line Items]
Net sales	230	237	457	471
Clinical Nutrition | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	90	84	174	167
Clinical Nutrition | International
Revenue From Contract With Customer [Line Items]
Net sales	140	153	283	304
Advanced Surgery
Revenue From Contract With Customer [Line Items]
Net sales	263	256	491	473
Advanced Surgery | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	151	144	287	270
Advanced Surgery | International
Revenue From Contract With Customer [Line Items]
Net sales	112	112	204	203
Acute Therapies
Revenue From Contract With Customer [Line Items]
Net sales	173	188	361	395
Acute Therapies | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	58	61	126	142
Acute Therapies | International
Revenue From Contract With Customer [Line Items]
Net sales	115	127	235	253
BioPharma Solutions
Revenue From Contract With Customer [Line Items]
Net sales	163	183	319	318
BioPharma Solutions | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	75	65	127	109
BioPharma Solutions | International
Revenue From Contract With Customer [Line Items]
Net sales	88	118	192	209
Patient Support Systems
Revenue From Contract With Customer [Line Items]
Net sales	364	0	747	0
Patient Support Systems | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	284	0	579	0
Patient Support Systems | International
Revenue From Contract With Customer [Line Items]
Net sales	80	0	168	0
Front Line Care
Revenue From Contract With Customer [Line Items]
Net sales	282	0	576	0
Front Line Care | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	202	0	409	0
Front Line Care | International
Revenue From Contract With Customer [Line Items]
Net sales	80	0	167	0
Surgical Solutions
Revenue From Contract With Customer [Line Items]
Net sales	69	0	147	0
Surgical Solutions | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	36	0	73	0
Surgical Solutions | International
Revenue From Contract With Customer [Line Items]
Net sales	33	0	74	0
Other
Revenue From Contract With Customer [Line Items]
Net sales	33	27	65	54
Other | U.S.
Revenue From Contract With Customer [Line Items]
Net sales	20	21	44	40
Other | International
Revenue From Contract With Customer [Line Items]
Net sales	$ 13	$ 6	$ 21	$ 14

REVENUES - Lease Revenue (Detai

REVENUES - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Sales-type lease revenue	$ 5	$ 10	$ 8	$ 16
Operating lease revenue	113	35	235	69
Variable lease revenue	12	15	32	32
Total lease revenue	$ 130	$ 60	$ 275	$ 117

BUSINESS OPTIMIZATION CHARGES -

BUSINESS OPTIMIZATION CHARGES - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($)
Restructuring and Related Activities [Abstract]
Cumulative pre-tax costs incurred	$ 1,300
Expected additional pre-tax costs	$ 29

BUSINESS OPTIMIZATION CHARGES_2

BUSINESS OPTIMIZATION CHARGES - Summary of Business Optimization Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 26	$ 10	$ 93	$ 35
Business Optimization Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	26	10	93	35
Costs to implement business optimization programs	16	8	30	10
Total business optimization charges	$ 42	$ 18	$ 123	$ 45

BUSINESS OPTIMIZATION CHARGES_3

BUSINESS OPTIMIZATION CHARGES - Components of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 26	$ 10	$ 93	$ 35
COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4	9	6	29
SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	22	1	87	6
Employee termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	20	9	69	30
Employee termination costs | COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4	8	6	24
Employee termination costs | SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	16	1	63	6
Contract termination and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5		17
Contract termination and other costs | COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		0
Contract termination and other costs | SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5		17
Asset impairments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1	1	7	5
Asset impairments | COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	1	0	5
Asset impairments | SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1	$ 0	$ 7	$ 0

BUSINESS OPTIMIZATION CHARGES_4

BUSINESS OPTIMIZATION CHARGES - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Charges	$ 26	$ 10	$ 93	$ 35
Severance and Other Employee Related Costs
Restructuring Reserve [Roll Forward]
Reserve, beginning balance			109
Charges			92
Payments			(70)
Reserve adjustments			(6)
Currency translation			(9)
Reserve, ending balance	$ 116		$ 116

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 31, 2022
Net periodic benefit cost
Projected benefit obligation					$ 11
Pension benefits
Net periodic benefit cost
Service cost	$ 21	$ 22	$ 40	$ 44
Interest cost	24	18	48	36
Expected return on plan assets	(40)	(36)	(79)	(72)
Amortization of net losses and prior service costs	11	23	23	46
Net periodic pension cost (income)	16	27	32	54
OPEB
Net periodic benefit cost
Interest cost	1	1	2	2
Amortization of net losses and prior service costs	(3)	(3)	(6)	(5)
Net periodic pension cost (income)	$ (2)	$ (2)	$ (4)	$ (3)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	13.60%	23.20%	15.70%	19.10%
U.S. Federal statutory rate			21%

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Basic Shares to Diluted Shares (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of Basic Shares to Diluted Shares
Basic (in shares)	504	503	503	504
Effect of dilutive securities (in shares)	4	6	5	6
Diluted (in shares)	508	509	508	510

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of EPS (in shares)	12	7	8	7

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) € in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2019 EUR (€)	May 31, 2017 EUR (€)
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	7,000,000
Undesignated derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	998,000,000		$ 851,000,000
Net investment hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated pre-tax unrealized translation gain in AOCI	139,000,000
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	$ 403,000,000		377,000,000
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

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), net investment hedge, gain (loss), before reclassification and tax	$ 143	$ (31)
Other comprehensive income (loss), cash flow hedge and net investment hedge, gain (loss), before reclassification, tax	162	(34)	$ 201	$ 84
Other comprehensive income (loss), reclassification adjustment from AOCI, cash flow hedges and net investment hedges, net of tax	1	(10)	2	(21)
Other (income) 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			185	83
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax	0	0
Interest rate contracts | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(2)	(2)
Interest rate contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax			0	0
Interest rate contracts | Cash Flow Hedging | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax			(3)	(3)
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax	19	(3)
Foreign exchange contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	3	(8)
Foreign exchange contracts | Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income, undesignated derivative instruments	$ (26)	$ 3	(23)	(19)
Foreign exchange contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax			16	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			$ 5	$ (18)

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Classification and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 14	$ 8
Derivative liability, fair value	9	5
Derivative instruments designated as hedges
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	14	6
Derivative liability, fair value	0	3
Derivative instruments designated as hedges | Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	14	6
Derivative instruments designated as hedges | Foreign exchange contracts | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	0	3
Undesignated derivative instruments | Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	0	2
Undesignated derivative instruments | Foreign exchange contracts | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 9	$ 2

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Positions Presented On Net Basis (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Asset
Derivative asset, fair value	$ 14	$ 8
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet	(3)	(2)
Derivative asset, fair value, total	11	6
Liability
Derivative liability, fair value	9	5
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet	(3)	(2)
Derivative liability, fair value, total	$ 6	$ 3

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	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Carrying amount of hedged item	$ 101	$ 101
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item	$ 4	$ 4

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	Jun. 30, 2022	Dec. 31, 2021
Assets
Foreign exchange contracts	$ 14	$ 8
Available-for-sale debt securities	44	30
Marketable equity securities	30	10
Total assets	88	48
Liabilities
Foreign exchange contracts	9	5
Contingent payments related to acquisitions	113	143
Total liabilities	122	148
Quoted prices in active markets for identical assets (Level 1)
Assets
Foreign exchange contracts	0	0
Available-for-sale debt securities	0	0
Marketable equity securities	30	10
Total assets	30	10
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	14	8
Available-for-sale debt securities	0	0
Marketable equity securities	0	0
Total assets	14	8
Liabilities
Foreign exchange contracts	9	5
Contingent payments related to acquisitions	0	0
Total liabilities	9	5
Significant unobservable inputs (Level 3)
Assets
Foreign exchange contracts	0	0
Available-for-sale debt securities	44	30
Marketable equity securities	0	0
Total assets	44	30
Liabilities
Foreign exchange contracts	0	0
Contingent payments related to acquisitions	113	143
Total liabilities	$ 113	$ 143

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Fair Value Disclosures [Line Items]
Cash and cash equivalents	$ 1,852	$ 2,951	$ 3,136
Other Assets
Fair Value Disclosures [Line Items]
Other equity investments without readily determinable fair values	104	114
Significant other observable inputs (Level 2)
Fair Value Disclosures [Line Items]
Money market funds, at carrying value	$ 247	$ 816

FAIR VALUE MEASUREMENTS - Recon

FAIR VALUE MEASUREMENTS - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale debt securities
Available-for-sale debt securities
Fair value at beginning of period	$ 53		$ 30
Additions			21
Change in fair value recognized in earnings	0		0
Change in fair value recognized in AOCI	1		3
Transfers out of Level 3	(10)		(10)
Currency translation	0		0
Fair value at end of period	44		44
Transfers out of Level 3	8		8
Acquisition-related Costs
Contingent payments related to acquisitions
Fair value at beginning of period	113	$ 34	113	$ 34	$ 124	$ 143	$ 38	$ 30
Additions			0	24
Change in fair value recognized in earnings	(11)	(5)	(28)	(5)
Change in fair value recognized in AOCI	0	0	0	0
Payments			(2)	(16)
Transfers out of Level 3	0	0	0	0
Currency translation	0	1	0	1
Fair value at end of period	$ 113	$ 34	$ 113	$ 34

FAIR VALUE MEASUREMENTS - Book

FAIR VALUE MEASUREMENTS - Book Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Book values
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]
Short-term debt	$ 200	$ 301
Current maturities of long-term debt and finance lease obligations	208	210
Long-term debt and finance lease obligations	16,278	17,149
Fair values
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]
Short-term debt	200	301
Current maturities of long-term debt and finance lease obligations	207	212
Long-term debt and finance lease obligations	$ 14,996	$ 17,568

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Financial Information for Our Segments (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			4
Total net sales	$ 3,746	$ 3,098	$ 7,453	$ 6,044
Total segment operating income	340	424	503	814
Operating Segments
Segment Reporting Information [Line Items]
Total net sales	3,746	3,098	7,453	6,044
Total segment operating income	1,041	943	2,121	1,815
Operating Segments | Americas
Segment Reporting Information [Line Items]
Total net sales	1,646	1,624	3,272	3,184
Total segment operating income	567	632	1,177	1,231
Operating Segments | EMEA
Segment Reporting Information [Line Items]
Total net sales	738	783	1,437	1,521
Total segment operating income	169	159	288	294
Operating Segments | APAC
Segment Reporting Information [Line Items]
Total net sales	647	691	1,274	1,339
Total segment operating income	156	152	307	290
Operating Segments | Hillrom
Segment Reporting Information [Line Items]
Total net sales	715	0	1,470	0
Total segment operating income	149	0	349	0
Corporate and other
Segment Reporting Information [Line Items]
Total segment operating income	(701)	$ (519)	(1,618)	$ (1,001)
Corporate and other | Hillrom
Segment Reporting Information [Line Items]
Total segment operating income	$ 61		$ 280

SEGMENT INFORMATION - Operating

SEGMENT INFORMATION - Operating Income to Income Before Income Taxes Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment operating income	$ 340	$ 424	$ 503	$ 814
Interest expense, net	89	34	174	68
Other (income) expense, net	(44)	(2)	(60)	3
Income before income taxes	295	392	389	743
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment operating income	1,041	943	2,121	1,815
Corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment operating income	$ (701)	$ (519)	$ (1,618)	$ (1,001)

Uncategorized Items - bax-20220

Label	Element	Value
Restricted Cash	us-gaap_RestrictedCash	$ 5,000,000