Baxter International (BAX) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		510,177,606
Amendment Flag	false
Document Fiscal Year Focus	2024
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 | NYSE Chicago
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,095	$ 3,194
Accounts receivable, net of allowances of $123 in 2024 and $129 in 2023	2,639	2,690
Inventories	2,985	2,824
Prepaid expenses and other current assets	874	892
Total current assets	8,593	9,600
Property, plant and equipment, net	4,314	4,433
Goodwill	6,001	6,514
Other intangible assets, net	5,741	6,079
Operating lease right-of-use assets	524	524
Other non-current assets	1,139	1,126
Total assets	26,312	28,276
Current liabilities:
Current maturities of long-term debt and finance lease obligations	2,468	2,668
Accounts payable	1,251	1,241
Accrued expenses and other current liabilities	2,412	2,594
Total current liabilities	6,131	6,503
Long-term debt and finance lease obligations, less current portion	10,436	11,130
Operating lease liabilities	439	438
Other non-current liabilities	1,598	1,737
Total liabilities	18,604	19,808
Commitments and contingencies
Equity:
Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2024 and 2023	683	683
Common stock in treasury, at cost, 173,429,843 shares in 2024 and 175,861,893 shares in 2023	(11,104)	(11,230)
Additional contributed capital	6,353	6,389
Retained earnings	15,539	16,114
Accumulated other comprehensive loss	(3,828)	(3,554)
Total Baxter stockholders’ equity	7,643	8,402
Noncontrolling interests	65	66
Total equity	7,708	8,468
Total liabilities and equity	$ 26,312	$ 28,276

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for accounts receivable, current	$ 123	$ 129
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)	173,429,843	175,861,893

Condensed Consolidated Statemen

Condensed Consolidated Statements of Loss (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 3,812	$ 3,707	$ 7,404	$ 7,220
Cost of sales	2,381	2,596	4,586	4,834
Gross margin	1,431	1,111	2,818	2,386
Selling, general and administrative expenses	1,021	964	2,048	1,959
Research and development expenses	173	165	349	329
Goodwill impairment	430	0	430	0
Other operating income, net	(1)	(1)	(4)	(14)
Operating income (loss)	(192)	(17)	(5)	112
Interest expense, net	85	124	163	241
Other (income) expense, net	20	(42)	27	(40)
Loss from continuing operations before income taxes	(257)	(183)	(141)	(169)
Income tax expense	54	10	131	24
Loss from continuing operations	(311)	(193)	(272)	(193)
Income from discontinued operations, net of tax	0	54	0	99
Net loss	(311)	(139)	(272)	(94)
Less: Comprehensive income attributable to noncontrolling interests	3	2	5	3
Net loss attributable to Baxter stockholders	$ (314)	$ (141)	$ (277)	$ (97)
Loss from continuing operations per common share
Income from continuing operations per common share, basic (in dollars per share)	$ (0.62)	$ (0.39)	$ (0.54)	$ (0.39)
Income from continuing operations per common share, diluted (in dollars per share)	(0.62)	(0.39)	(0.54)	(0.39)
Income from discontinued operations per common share
Income from discontinued operations per common share, basic (in dollars per share)	0	0.11	0	0.20
Income from discontinued operations per common share, diluted (in dollars per share)	0	0.11	0	0.20
Loss per common share
Basic (in dollars per share)	(0.62)	(0.28)	(0.54)	(0.19)
Diluted (in dollars per share)	$ (0.62)	$ (0.28)	$ (0.54)	$ (0.19)
Weighted-average number of shares outstanding
Basic (in shares)	510	506	509	506
Diluted (in shares)	510	506	509	506

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Loss from continuing operations	$ (311)	$ (193)	$ (272)	$ (193)
Other comprehensive income (loss) from continuing operations, net of tax:
Currency translation adjustments, net of tax expense (benefit) of $2 and $4 for the three months ended June 30, 2024 and 2023, respectively, and $13 and ($9) for the six months ended June 30, 2024 and 2023, respectively.	(108)	(76)	(292)	5
Pension and other postretirement benefits, net of tax expense (benefit) of ($1) and ($2) for the three months ended June 30, 2024 and 2023, respectively, and $2 and ($3) for the six months ended June 30, 2024 and 2023, respectively.	(1)	(5)	3	(11)
Hedging activities, net of tax expense (benefit) of $1 and $2 for the three months ended June 30, 2024 and 2023, respectively and $3 and $1 for the six months ended June 30, 2024 and 2023, respectively.	3	7	11	5
Total other comprehensive loss from continuing operations, net of tax	(106)	(74)	(278)	(1)
Comprehensive loss from continuing operations	(417)	(267)	(550)	(194)
Income from discontinued operations, net of tax	0	54	0	99
Other comprehensive income (loss) from discontinued operations, net of tax - currency translation adjustments	0	(1)	0	20
Comprehensive income from discontinued operations	0	53	0	119
Comprehensive loss	(417)	(214)	(550)	(75)
Less: Comprehensive income attributable to noncontrolling interests	3	2	5	3
Less: Other comprehensive loss attributable to noncontrolling interests	0	0	(4)	0
Comprehensive loss attributable to Baxter stockholders	$ (420)	$ (216)	$ (551)	$ (78)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, tax	$ 2	$ 4	$ 13	$ (9)
Pension and other postretirement benefits, tax	(1)	(2)	2	(3)
Hedging activities, tax	1	2	3	1
Less: Comprehensive income attributable to noncontrolling interests	3	2	5	3
Less: Other comprehensive loss attributable to noncontrolling interests	$ 0	$ 0	$ (4)	$ 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 loss	Noncontrolling interests
Balance, beginning of period (in shares) at Dec. 31, 2022			683,000,000
Balance, beginning of period (in usd) at Dec. 31, 2022	$ 5,895	$ 5,833	$ 683	$ (11,389)	$ 6,322	$ 14,050	$ (3,833)	$ 62
Balance, treasury, beginning period (in shares) at Dec. 31, 2022				179,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(94)	(97)				(97)		3
Other comprehensive income (loss)	19	19					19
Stock issued under employee benefit plans and other (in shares)				(2,000,000)
Stock issued under employee benefit plans and other	112	112		$ 93	19
Dividends declared on common stock	(298)	(298)				(298)
Change in noncontrolling interests	(3)							(3)
Balance, end of period (in shares) at Jun. 30, 2023			683,000,000
Balance, end of period (in usd) at Jun. 30, 2023	5,631	5,569	$ 683	$ (11,296)	6,341	13,655	(3,814)	62
Balance, treasury, ending period (in shares) at Jun. 30, 2023				177,000,000
Balance, beginning of period (in shares) at Mar. 31, 2023			683,000,000
Balance, beginning of period (in usd) at Mar. 31, 2023	5,941	5,879	$ 683	$ (11,324)	6,312	13,947	(3,739)	62
Balance, treasury, beginning period (in shares) at Mar. 31, 2023				178,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(139)	(141)				(141)		2
Other comprehensive income (loss)	(75)	(75)					(75)
Stock issued under employee benefit plans and other (in shares)				(1,000,000)
Stock issued under employee benefit plans and other	57	57		$ 28	29
Dividends declared on common stock	(151)	(151)				(151)
Change in noncontrolling interests	(2)							(2)
Balance, end of period (in shares) at Jun. 30, 2023			683,000,000
Balance, end of period (in usd) at Jun. 30, 2023	5,631	5,569	$ 683	$ (11,296)	6,341	13,655	(3,814)	62
Balance, treasury, ending period (in shares) at Jun. 30, 2023				177,000,000
Balance, beginning of period (in shares) at Dec. 31, 2023			683,000,000
Balance, beginning of period (in usd) at Dec. 31, 2023	$ 8,468	8,402	$ 683	$ (11,230)	6,389	16,114	(3,554)	66
Balance, treasury, beginning period (in shares) at Dec. 31, 2023	175,861,893			176,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (272)	(277)				(277)		5
Other comprehensive income (loss)	(278)	(274)					(274)	(4)
Stock issued under employee benefit plans and other (in shares)				(3,000,000)
Stock issued under employee benefit plans and other	90	90		$ 126	(36)
Dividends declared on common stock	(298)	(298)				(298)
Change in noncontrolling interests	(2)							(2)
Balance, end of period (in shares) at Jun. 30, 2024			683,000,000
Balance, end of period (in usd) at Jun. 30, 2024	$ 7,708	7,643	$ 683	$ (11,104)	6,353	15,539	(3,828)	65
Balance, treasury, ending period (in shares) at Jun. 30, 2024	173,429,843			173,000,000
Balance, beginning of period (in shares) at Mar. 31, 2024			683,000,000
Balance, beginning of period (in usd) at Mar. 31, 2024	$ 8,235	8,173	$ 683	$ (11,130)	6,339	16,003	(3,722)	62
Balance, treasury, beginning period (in shares) at Mar. 31, 2024				174,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(311)	(314)				(314)		3
Other comprehensive income (loss)	(106)	(106)					(106)
Stock issued under employee benefit plans and other (in shares)				(1,000,000)
Stock issued under employee benefit plans and other	40	40		$ 26	14
Dividends declared on common stock	(150)	(150)				(150)
Balance, end of period (in shares) at Jun. 30, 2024			683,000,000
Balance, end of period (in usd) at Jun. 30, 2024	$ 7,708	$ 7,643	$ 683	$ (11,104)	$ 6,353	$ 15,539	$ (3,828)	$ 65
Balance, treasury, ending period (in shares) at Jun. 30, 2024	173,429,843			173,000,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Cash flows from operations
Net loss		$ (272)	$ (94)
Less: Income from discontinued operations, net of tax		0	99
Loss from continuing operations		(272)	(193)
Adjustments to reconcile net loss to cash flows from operations:
Depreciation and amortization		623	628
Deferred income taxes		(135)	(156)
Stock compensation		53	62
Net periodic pension and other postretirement costs		(11)	(8)
Goodwill impairment		430	0
Other long-lived asset impairments		11	271
Other		24	31
Changes in balance sheet items:
Accounts receivable, net		(23)	102
Inventories		(229)	(209)
Prepaid expenses and other current assets		(44)	(39)
Accounts payable		64	157
Accrued expenses and other current liabilities		(165)	160
Other		(48)	(26)
Cash flows from operations – continuing operations		278	780
Cash flows from operations – discontinued operations		0	50
Cash flows from operations		278	830
Cash flows from investing activities
Capital expenditures		(292)	(328)
Acquisitions of developed technology and investments		(7)	(3)
Proceeds from sale of marketable equity securities		34	0
Other investing activities, net		8	5
Cash flows from investing activities - continuing operations		(257)	(326)
Cash flows from investing activities - discontinued operations		0	(17)
Cash flows from investing activities		(257)	(343)
Cash flows from financing activities
Repayments of debt		(824)	(142)
Net (decreases) increases in debt with original maturities of three months or less		0	(51)
Cash dividends on common stock		(295)	(292)
Proceeds from stock issued under employee benefit plans		52	54
Other financing activities, net		(9)	(61)
Cash flows from financing activities		(1,076)	(492)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(47)	9
Increase (decrease) in cash, cash equivalents and restricted cash		(1,102)	4
Cash, cash equivalents and restricted cash at beginning of period	[1]	3,198	1,722
Cash, cash equivalents and restricted cash at end of period	[1]	$ 2,096	$ 1,726
[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, 2024, December 31, 2023, and June 30, 2023 (in millions): June 30, 2024 December 31, 2023 June 30, 2023 Cash and cash equivalents $ 2,095 $ 3,194 $ 1,722 Restricted cash included in other non-current assets 1 4 4 Cash, cash equivalents and restricted cash $ 2,096 $ 3,198 $ 1,726

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents		$ 2,095	$ 3,194	$ 1,722
Restricted cash included in other non-current assets		1	4	4
Cash, cash equivalents and restricted cash	[1]	$ 2,096	$ 3,198	$ 1,726
[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, 2024, December 31, 2023, and June 30, 2023 (in millions): June 30, 2024 December 31, 2023 June 30, 2023 Cash and cash equivalents $ 2,095 $ 3,194 $ 1,722 Restricted cash included in other non-current assets 1 4 4 Cash, cash equivalents and restricted cash $ 2,096 $ 3,198 $ 1,726

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The unaudited interim condensed consolidated financial statements of Baxter International Inc. and its subsidiaries (we, our or Baxter) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) in the United States have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Annual Report). In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. All such adjustments, unless otherwise noted herein, are of a normal, recurring nature. The results of operations for the current interim period are not necessarily indicative of the results of operations to be expected for the full year. In January 2023, we announced our intention to separate our Kidney Care business into a new, publicly traded company. In March 2024, we announced that we have been in recent discussions with select private equity investors to explore a potential sale of our Kidney Care business in lieu of the proposed spinoff. Regardless of the separation structure ultimately selected, the separation of our Kidney Care business is currently expected to be completed in late 2024 or early 2025, subject to the satisfaction of customary conditions. Risks and Uncertainties Supply Constraints and Global Economic Conditions We have experienced significant challenges to our global supply chain (which we experienced most acutely in 2022), 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 and access to shipping lanes around the world, the war in Ukraine, the conflict in the Middle East (including attacks on merchant ships in the Red Sea), tensions amongst China, Taiwan, and the U.S., and other geopolitical events. 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. While we have seen meaningful improvements in the availability of certain component parts and improved pricing of certain raw materials and on certain transportation costs, these challenges may have a negative impact on our results of operations in the future.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On September 29, 2023, we sold our BioPharma Solutions (BPS) business to Advent International and Warburg Pincus (collectively, the "buyers"). The BPS business, which was historically reported within our former Americas segment, provided contract manufacturing and development services, which include sterile fill-finish manufacturing and support services across clinical and commercial applications, primarily serving customers in the pharmaceutical industry. BPS was historically operated through our former, wholly-owned subsidiaries Baxter Pharmaceutical Solutions LLC, a Delaware limited liability company, and Baxter Oncology GmbH, a German limited liability company (collectively, the divested entities). We concluded that our BPS business met the criteria to be classified as held-for-sale in May 2023. A component of an entity is reported in discontinued operations after meeting the criteria for held-for-sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. We analyzed the quantitative and qualitative factors relevant to the divestiture of our BPS business, including its significance to our overall net income and earnings per share, and determined that those conditions for discontinued operations presentation had been met. As such, the financial position, results of operations and cash flows of that business are reported as discontinued operations in the accompanying condensed consolidated financial statements. Prior period amounts have been adjusted to reflect discontinued operations presentation. At closing of the transaction, Baxter entered into a Transition Services Agreement (TSA) and a Master Commercial Manufacturing and Supply Agreement (MSA) with the divested entities. Pursuant to the TSA, Baxter and the divested entities provide to each other, on an interim basis, specific transition services for up to 24 months post-closing to help ensure business continuity and minimize disruptions. Services provided under the TSA include finance, information technology, human resources, integrated supply chain, and certain other administrative services. Pursuant to the MSA, the divested entities provide development, manufacturing, regulatory, and other related services for certain Baxter pharmaceutical products for up to 5 years post-closing (with certain extension rights as provided therein). Results of Discontinued Operations The following table summarizes the major classes of line items included in income from discontinued operations, net of tax, for the three and six months ended June 30, 2023: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2023 Net sales $ 142 $ 278 Cost of sales 71 135 Gross margin 71 143 Selling, general and administrative expenses 14 29 Research and development expenses 1 1 Other (income) expense, net (1) — Income from discontinued operations before income taxes 57 113 Income tax expense 3 14 Income from discontinued operations, net of tax $ 54 $ 99 For the three and six months ended June 30, 2023, selling, general and administrative expenses (SG&A) include $8 million and $15 million, respectively, of separation-related costs incurred in connection with the sale of BPS.

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Balance at beginning of period $ 121 $ 122 $ 129 $ 114 Charged to costs and expenses 3 9 2 16 Write-offs (1) (5) (7) (6) Currency translation adjustments — 2 (1) 4 Balance at end of period $ 123 $ 128 $ 123 $ 128 Inventories (in millions) June 30, December 31, Raw materials $ 750 $ 731 Work in process 308 285 Finished goods 1,927 1,808 Inventories $ 2,985 $ 2,824 Property, Plant and Equipment, Net (in millions) June 30, December 31, Property, plant and equipment, at cost $ 10,774 $ 11,223 Accumulated depreciation (6,460) (6,790) Property, plant and equipment, net $ 4,314 $ 4,433 Impairment of Manufacturing Facility Our manufacturing facility in Opelika, Alabama was one of three Baxter manufacturing facilities that produced dialyzers used in hemodialysis (HD) treatments. The competitive environment has increased the global supply of those products and, in connection with our initiatives to streamline our manufacturing footprint and improve our profitability, we made the decision in the second quarter of 2023 to cease production of dialyzers at the Opelika facility near the end of 2023. As a result of our decision to cease dialyzer production at this manufacturing facility, we performed a trigger-based recoverability assessment of its long-lived assets, which consist of a building and manufacturing equipment, including specialized equipment used in the production of dialyzers. The carrying amount of that asset group exceeded the estimated undiscounted cash flows expected to be generated, and we recognized an impairment charge of $243 million, classified within cost of sales in the accompanying condensed consolidated statements of loss, during the second quarter of 2023 to reduce the carrying amounts to their estimated fair values. The fair values of the building and manufacturing equipment tested for impairment during the second quarter of 2023 were determined based on transaction prices of comparable assets. Significant assumptions used in the determination of the fair values included the identification of representative comparable assets. Our long-lived asset fair value measurements are classified as Level 3 in the fair value hierarchy because they involve significant unobservable inputs. Interest Expense, Net Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Interest expense, net of capitalized interest $ 104 $ 132 $ 207 $ 259 Interest income (19) (8) (44) (18) Interest expense, net $ 85 $ 124 $ 163 $ 241 Other (Income) Expense, Net Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Foreign exchange losses, net $ — $ 22 $ 14 36 Pension and other postretirement benefit plans (10) (11) (22) (21) Change in fair value of marketable equity securities — 11 (4) 6 Non-marketable investment impairments — 23 — 23 Other, net (10) (3) (15) (4) Other (income) expense, net $ (20) $ 42 $ (27) $ 40 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, 2024 and 2023 were $47 million and $45 million, respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS, NET	GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill The following is a reconciliation of goodwill by segment. (in millions) Medical Products and Therapies Healthcare Systems and Technologies Pharmaceuticals Kidney Care Total Balance as of December 31, 2023 $ 1,241 $ 3,989 $ 563 $ 721 $ 6,514 Impairment — — — (430) (430) Currency translation (37) (8) (16) (22) (83) Balance as of June 30, 2024 $ 1,204 $ 3,981 $ 547 $ 269 $ 6,001 Goodwill Impairment In March 2024, we announced that we had been in recent discussions with select private equity investors to explore a potential sale of our Kidney Care business in lieu of the previously announced proposed spinoff of that business. While we have not finalized our decision with respect to the ultimate structure of the proposed Kidney Care separation at the time of this filing, we received bids from prospective buyers in June 2024 following the completion of a related due diligence process in connection with a potential sale transaction. If we were to sell our overall Kidney Care business at a price consistent with the bid we received that we believe to be most representative of fair value, we would recognize a significant gain, although the expected net pre-tax proceeds would be less than the sum of the individual fair values that we previously estimated for the two reporting units within our Kidney Care segment in connection with our most recent goodwill impairment assessments. Additionally, the fair value of our Chronic Therapies reporting unit within our Kidney Care segment exceeded its carrying value by only 6% as of November 1, 2023, the date of our most recent goodwill impairment test for that reporting unit. As a result of those factors, we performed an interim goodwill impairment assessment of our Chronic Therapies reporting unit in the second quarter of 2024, which resulted in a pre-tax goodwill impairment charge of $430 million, representing all of the goodwill of that reporting unit. The fair value of our Chronic Therapies reporting unit was determined based on a discounted cash flow model (an income approach) and earnings multiples (a market approach) based on the guideline public company method. Significant assumptions used in the determination of the fair value of the reporting unit included forecasted cash flows, discount rates, terminal growth rates, and earnings multiples. The discounted cash flow model used to determine the fair value of our Chronic Therapies reporting unit included our most recent cash flow projections, a 12.5% discount rate, and a 2.5% terminal growth rate, and multiples of forward-looking EBITDA ranged from 4.75 to 5.00. Our Chronic Therapies reporting unit fair value measurement is classified as Level 3 in the fair value hierarchy because it involves significant unobservable inputs. The fair value of the remaining reporting unit within our Kidney Care segment, Acute Therapies, significantly exceeded its carrying value as of its most recent goodwill impairment test and we determined that an interim goodwill impairment test of that reporting unit was not required. However, in connection with the interim goodwill impairment test of our Chronic Therapies reporting unit during the second quarter of 2024, we also performed a fair value measurement of our Acute Therapies reporting unit and we calibrated the sum of the fair values of those two Kidney Care reporting units to the bid we received for the overall Kidney Care business that we believe to be most representative of fair value. 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 Trade names Other amortized intangible assets Trade names In process Research and Development Total June 30, 2024 Gross other intangible assets $ 3,442 $ 3,806 $ 1,097 $ 118 $ 680 $ 157 $ 9,300 Accumulated amortization (802) (2,451) (206) (100) — — (3,559) Other intangible assets, net $ 2,640 $ 1,355 $ 891 $ 18 $ 680 $ 157 $ 5,741 December 31, 2023 Gross other intangible assets $ 3,446 $ 3,823 $ 1,106 $ 120 $ 680 $ 157 $ 9,332 Accumulated amortization (689) (2,285) (180) (99) — — (3,253) Other intangible assets, net $ 2,757 $ 1,538 $ 926 $ 21 $ 680 $ 157 $ 6,079

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS Credit Facilities On July 17, 2024, we entered into a credit agreement in which a group of banks have committed to provide us senior unsecured term loans in an aggregate principal amount of up to $2.05 billion ("the bridge facility"). Borrowings under the bridge facility will be available in up to three drawings to fund (a) the refinancing of our 1.322% Senior Notes due November 29, 2024, our Floating Rate Notes due November 29, 2024, and certain borrowings under our existing term loan facility and (b) payment of certain U.S. tax liabilities arising from internal reorganization transactions related to the proposed separation of our Kidney Care business. Borrowings under the bridge facility will bear interest at a rate based on our long-term debt ratings in effect from time to time and the interest rate on any borrowings outstanding beyond December 31, 2024 would increase by 0.25%. We will also incur a ticking fee on undrawn commitments at a rate based on our long-term debt ratings in effect from time to time. The banks’ funding commitments under the bridge facility will terminate upon the earliest to occur of: (i) our consummation of the debt repayments and tax payments described above without us having borrowed under the bridge facility, (ii) our election to terminate the commitments under the bridge facility, (iii) our receipt of net cash proceeds from certain transactions (including from the separation of our Kidney Care business), (iv) the occurrence of three drawings under the bridge facility, and (v) December 31, 2024. Outstanding borrowings under the bridge facility will mature on the earlier of 364 days from the first funding date and November 24, 2025. Additionally, we are required to use the net cash proceeds from certain transactions (including from the separation of our Kidney Care business) to repay any outstanding borrowings under the bridge facility. The bridge facility contains financial and other covenants, including a net leverage covenant, and provides for customary events of default. In the first quarter of 2024, we amended the credit agreements governing our U.S. dollar-denominated term loan credit facility and revolving credit facility and the guaranty agreement with respect to our Euro-denominated revolving credit facility to increase the maximum net leverage ratio covenant for the six fiscal quarters ending June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025. The amendment further provides for the reduction of the capacity under our U.S dollar-denominated revolving credit facility from $2.50 billion to $2.00 billion on the earlier of September 30, 2024 or the date of the sale or spinoff of our Kidney Care business. Costs incurred in connection with the amendment were not material. In addition to our U.S. dollar-denominated revolving credit facility with a current capacity of $2.50 billion, 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, 2024 or December 31, 2023. Our commercial paper borrowing arrangements require us to maintain undrawn borrowing capacity under our credit facilities for an amount at least equal to our outstanding commercial paper borrowings. Based on our covenant calculations as of June 30, 2024 we have capacity to draw on the full amounts under our credit facilities. I n the first six months of 2024, we repaid $822 million of senior notes at maturity.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
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 than any other amount, the minimum amount in the range is accrued. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. As of June 30, 2024 and December 31, 2023, our total recorded reserves with respect to legal and environmental matters were $30 million and $31 million, respectively. We have established reserves for certain of the matters discussed below. We are not able to estimate the amount or range of any loss for certain contingencies for which there is no reserve or additional loss for matters already reserved. While our liability in connection with these claims cannot be estimated and the resolution thereof in any reporting period could have a significant impact on our results of operations and cash flows for that period, the outcome of these legal proceedings is not expected to have a material adverse effect on our consolidated financial position. While we believe that we have valid defenses in the matters set forth below, litigation is inherently uncertain, excessive verdicts do occur, and we may incur material judgments or enter into material settlements of claims. In addition to the matters described below, we remain subject to the risk of future administrative and legal actions. With respect to governmental and regulatory matters, these actions may lead to product recalls, injunctions, and other restrictions on our operations (including our ability to launch new products) and monetary sanctions, including significant civil or criminal penalties. With respect to intellectual property, we may be exposed to significant litigation concerning the scope of our and others’ rights. Such litigation could result in a loss of patent protection or the ability to market products, which could lead to a significant loss of sales, or otherwise materially affect future results of operations. Environmental We are involved as a potentially responsible party (PRP) for environmental clean-up costs at six Superfund sites. Under the U.S. Superfund statute and many state laws, generators of hazardous waste sent to a disposal or recycling site are liable for site cleanup if contaminants from that property later leak into the environment. The laws generally provide that a PRP may be held jointly and severally liable for the costs of investigating and remediating the site. Separate from these Superfund cases noted above, we are involved in ongoing environmental remediations associated with historic operations at certain of our facilities. As of June 30, 2024 and December 31, 2023, our environmental reserves, which are measured on an undiscounted basis, were $14 million and $15 million, respectively. After considering these reserves, the outcome of these matters is not expected to have a material adverse effect on our financial position or results of operations. General Litigation In March 2020, two lawsuits were filed against us in the Northern District of Illinois by plaintiffs alleging injuries as a result of exposure to ethylene oxide used in our manufacturing facility in Mountain Home, Arkansas to sterilize certain of our products. The plaintiffs sought damages, including compensatory and punitive damages in an unspecified amount, and unspecified injunctive and declaratory relief. The parties reached an agreement to settle these lawsuits in the third quarter of 2021 for amounts that were not material to our financial results, which were paid in the fourth quarter of 2021. We have since resolved, without litigation, additional claims of injuries from exposure to ethylene oxide at Mountain Home for amounts within accruals previously established as of December 31, 2021. On October 20, 2022, a lawsuit was filed against us in the Western District of Arkansas alleging injury as a result of exposure to ethylene oxide at Mountain Home. On December 16, 2022, we filed a motion to dismiss and for a more definite statement. In response, Plaintiffs filed a First Amended Complaint on January 6, 2023. We answered the First Amended Complaint on January 27, 2023. The parties reached an agreement to settle this lawsuit in the third quarter of 2023 for an amount that was not material to our financial results, which was paid in the fourth quarter of 2023. The case was dismissed on October 17, 2023. Since December 2023, 24 lawsuits have been filed against us in the Circuit Court of Cook County, Illinois by plaintiffs alleging injuries as a result of exposure to ethylene oxide used by several companies, including historic use by us for sterilization at our facility in Round Lake, Illinois. The plaintiffs seek damages in an unspecified amount. On July 16, 2024, Plaintiffs' counsel filed an omnibus motion seeking leave to add certain defendants to hundreds of previously-filed lawsuits, including Baxter with respect to 40 cases. The motion was denied on July 25, 2024, without prejudice to refiling multiple motions each addressing smaller groupings of cases and defendants. We acquired Hill-Rom Holdings, Inc. (Hillrom) on December 13, 2021. In July 2021, Hill-Rom, Inc., a wholly-owned subsidiary of Hillrom, received a subpoena from the United States Office of Inspector General for the Department of Health and Human Services (the DHHS) requesting documents and information related to compliance with the False Claims Act and the Anti-Kickback Statute. The subpoena was related to a lawsuit brought under the qui tam provisions of the False Claims Act. The allegations included in the unsealed complaint relate to conduct prior to our acquisition of Hillrom, and the division involved is no longer operational. Hillrom voluntarily began a related internal review, and Hillrom and Baxter cooperated fully with the DHHS and the Department of Justice (DOJ) with respect to this matter. In January 2024, the parties reached an agreement to settle the allegations. We paid the settlement amounts, which were not material to our financial results, in January 2024 and the matter was dismissed in February 2024. In October 2022, the DOJ issued a separate Civil Investigative Demand (CID) addressed to Hillrom, requesting documents and information related to compliance with the False Claims Act and the Anti-Kickback Statute. Baxter is cooperating fully with the DOJ in responding to the CID. The DHHS and DOJ often issue these types of requests 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 and 2 of The Sherman Antitrust Act of 1890, Section 3 of the Clayton Act, and the Illinois Antitrust Act by allegedly engaging in anti-competitive conduct in alleged markets for standard, ICU and birthing beds. Hillrom filed an answer to the complaint on January 28, 2022 and filed a motion challenging certain aspects of plaintiff's case on May 27, 2022, which was denied on January 17, 2024, subject to further discovery. On June 20, 2024, Reading Hospital filed a putative class action complaint against Hill-Rom Holdings, Inc., Hill-Rom Company, Inc., and Hill-Rom Services, Inc. in the United States District Court for the Eastern District of Pennsylvania. The complaint alleges that Hillrom violated Sections 1 and 2 of The Sherman Antitrust Act and Section 3 of the Clayton Act by allegedly engaging in anti-competitive conduct in alleged markets for standard, ICU and birthing beds. The plaintiff filed the action on behalf of itself and all "direct purchasers of Standard Hospital Beds, ICU Beds, and/or Birthing Beds from Hill-Rom during a period beginning at least as early as June 20, 2020” and continuing past the date of filing.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Cash Dividends Cash dividends declared per share for the three months ended June 30, 2024 and 2023 were $0.29 and for the six months ended June 30, 2024 and 2023 were $0.58. Stock Repurchase Programs

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Comprehensive income includes all changes in stockholders’ equity that do not arise from transactions with stockholders, and consists of net income (loss), cumulative translation adjustments (CTA), certain gains and losses from pension and other postretirement employee benefit (OPEB) plans, gains and losses on cash flow hedges, and unrealized gains and losses on available-for-sale debt securities. The following table is a net-of-tax summary of the changes in accumulated other comprehensive income (loss) (AOCI) by component for the six months ended June 30, 2024 and 2023. Gains (losses) (in millions) CTA Pension and OPEB plans Hedging activities Available-for-sale debt securities Total Balance as of December 31, 2023 $ (2,985) $ (452) $ (120) $ 3 $ (3,554) Other comprehensive income (loss) before reclassifications (288) 5 9 — (274) Amounts reclassified from AOCI (a) — (2) 2 — — Net other comprehensive income (loss) (288) 3 11 — (274) Balance as of June 30, 2024 $ (3,273) $ (449) $ (109) $ 3 $ (3,828) Gains (losses) (in millions) CTA Pension and OPEB plans Hedging activities Available-for-sale debt securities Total Balance as of December 31, 2022 $ (3,386) $ (331) $ (119) $ 3 $ (3,833) Other comprehensive income (loss) before reclassifications 25 (4) 8 — 29 Amounts reclassified from AOCI (a) — (7) (3) — (10) Net other comprehensive income (loss) 25 (11) 5 — 19 Balance as of June 30, 2023 $ (3,361) $ (342) $ (114) $ 3 $ (3,814) (a) See table below for details about these reclassifications. The following is a summary of the amounts reclassified from AOCI to net income (loss) during the three and six months ended June 30, 2024 and 2023. Amounts reclassified from AOCI (a) (in millions) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Location of impact in income statement Pension and OPEB items Amortization of net losses and prior service costs or credits $ 1 $ 3 Other (income) expense, net Less: Tax effect — (1) Income tax expense $ 1 $ 2 Net of tax Gains (losses) on hedging activities Foreign exchange contracts $ 3 $ 5 Cost of sales Interest rate contracts (2) (3) Interest expense, net Fair value hedges (2) (5) Other (income) expense, net (1) (3) Total before tax Less: Tax effect 1 1 Income tax expense $ — $ (2) Net of tax Total reclassifications for the period $ 1 $ — Total net of tax Amounts reclassified from AOCI (a) (in millions) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Location of impact in income statement Pension and OPEB items Amortization of net losses and prior service costs or credits $ 5 $ 10 Other (income) expense, net Less: Tax effect (1) (3) Income tax expense $ 4 $ 7 Net of tax Gains (losses) on hedging activities Foreign exchange contracts $ 3 $ 7 Cost of sales Interest rate contracts (2) (3) Interest expense, net 1 4 Total before tax Less: Tax effect — (1) Income tax expense $ 1 $ 3 Net of tax Total reclassifications for the period $ 5 $ 10 Total net of tax (a) Amounts in parentheses indicate reductions to net income

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2024
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. Our primary customers are hospitals, healthcare distribution companies, dialysis providers, and government agencies that purchase healthcare products on behalf of providers. Most of our performance obligations are satisfied at a point in time. This includes sales of our broad portfolio of essential healthcare products across our business segments. We earn revenues from 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; smart bed systems; patient monitoring and diagnostic technologies; respiratory health devices; and advanced equipment for the surgical space. For most of those offerings, our performance obligation is satisfied upon delivery to the customer. Shipping and handling activities are considered to be fulfillment activities and are not considered to be a separate performance obligation. To a lesser extent, we enter into arrangements for which revenue may be recognized over time. For example, we lease medical equipment to customers under operating lease arrangements and recognize the related revenues on a monthly basis over the lease term. Our Healthcare Systems and Technologies segment includes connected care solutions and collaboration tools that are implemented over time. We recognize revenue for these arrangements over time or at a point in time depending on our evaluation of when the customer obtains control of the promised goods or services. We also earn revenue from contract manufacturing activities, which is recognized over time as the services are performed. Revenue is recognized over time when we are creating or enhancing an asset that the customer controls as the asset is created or enhanced or our performance does not create an asset with an alternative use and we have an enforceable right to payment for performance completed. As of June 30, 2024, we had $4.16 billion of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of more than one year, which are primarily included in the Medical Products and Therapies and Kidney Care segments. 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 35% of this amount as revenue over the remainder of 2024, 30% in 2025, 25% in 2026, and 10% in 2027. Significant Judgments Revenues from product sales are recorded at the net sales 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 as reductions of accounts receivable, net on the condensed consolidated balance sheets. Management's estimates take into consideration historical experience, current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. Overall, these reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of the contract using the expected value method. The amount of variable consideration included in the net sales price is limited to the amount for which it is probable that a significant reversal in revenue will not occur when the related uncertainty is resolved. Revenue recognized during the three and six months ended June 30, 2024 and 2023 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 $2.37 billion and $2.43 billion as of June 30, 2024 and December 31, 2023, respectively. For contract manufacturing arrangements, revenue is primarily recognized throughout the production cycle, which typically lasts up to 90 days, resulting in the recognition of contract assets until the related services are completed and the customers are billed. Additionally, for certain arrangements containing a performance obligation to deliver software that can be used with medical devices, we recognize revenue upon delivery of the software, which results in the recognition of contract assets when customers are billed over time, generally over one one The following table summarizes our contract assets: (in millions) June 30, December 31, Contract manufacturing services $ 6 $ 5 Software sales 45 44 Bundled equipment and consumable medical products contracts 102 117 Contract assets $ 153 $ 166 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, 2024 and 2023. The contract liability balance represents the transaction price allocated to the remaining performance obligations. Six Months Ended June 30, (in millions) 2024 2023 Balance at beginning of period $ 194 $ 194 New revenue deferrals 254 271 Revenue recognized upon satisfaction of performance obligations (266) (267) Currency translation 1 1 Balance at end of period $ 183 $ 199 For the six months ended June 30, 2024 and 2023, $80 million and $64 million of revenue was recognized that was included in contract liabilities as of December 31, 2023 and 2022, respectively. 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 $ 53 $ 53 Other non-current assets 100 113 Contract assets $ 153 $ 166 Accrued expenses and other current liabilities $ 142 $ 148 Other non-current liabilities 41 46 Contract liabilities $ 183 $ 194 Disaggregation of Net Sales Refer to Note 16 for additional information on our net sales including the disaggregation of net sales within each of our segments and net sales by geographic location. Lease Revenue We lease medical equipment, such as smart beds, renal dialysis equipment, and infusion pumps, to customers, often 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, 2024 and 2023 were: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Sales-type lease revenue $ 3 $ 3 $ 6 $ 7 Operating lease revenue 105 132 249 256 Variable lease revenue 14 14 30 29 Total lease revenue $ 122 $ 149 $ 285 $ 292 Our net investment in sales-type leases was $70 million as of June 30, 2024, of which $29 million originated in 2020 and prior, $15 million in 2021, $11 million in 2022, $10 million in 2023, and $5 million in 2024.

BUSINESS OPTIMIZATION CHARGES

BUSINESS OPTIMIZATION CHARGES	6 Months Ended
	Jun. 30, 2024
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. The related costs of those actions consisted primarily of employee termination costs, implementation costs, contract termination costs, and asset impairments. We currently expect to incur additional pre-tax costs, primarily related to the implementation of business optimization programs, of approximately $7 million through the completion of initiatives that are currently underway. We continue to pursue cost savings initiatives, including those related to our newly implemented operating model, intended to simplify and streamline our operations, and to the extent further cost savings opportunities are identified (including after completion of the proposed Kidney Care separation), 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, 2024 and 2023, we recorded the following charges related to business optimization programs. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Restructuring charges $ 9 $ 287 $ 56 $ 397 Costs to implement business optimization programs 11 6 21 30 Total business optimization charges $ 20 $ 293 $ 77 $ 427 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, 2024 and 2023, 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, 2024 and 2023, we recorded the following restructuring charges. Three months ended June 30, 2024 (in millions) COGS SG&A R&D Total Employee termination costs $ (2) $ 3 $ (3) $ (2) Contract termination and other costs 3 — — 3 Asset impairments 8 — — 8 Total restructuring charges $ 9 $ 3 $ (3) $ 9 Three months ended June 30, 2023 (in millions) COGS SG&A R&D Total Employee termination costs $ 9 $ 19 $ — $ 28 Contract termination and other costs — 2 — 2 Asset impairments 257 — — 257 Total restructuring charges $ 266 $ 21 $ — $ 287 Six months ended June 30, 2024 (in millions) COGS SG&A R&D Total Employee termination costs $ 3 $ 18 $ 13 $ 34 Contract termination and other costs 4 5 — 9 Asset impairments 13 — — 13 Total restructuring charges $ 20 $ 23 $ 13 $ 56 Six months ended June 30, 2023 (in millions) COGS SG&A R&D Total Employee termination costs $ 26 $ 82 $ 7 $ 115 Contract termination and other costs 3 2 — 5 Asset impairments 269 8 — 277 Total restructuring charges $ 298 $ 92 $ 7 $ 397 For the three months ended June 30, 2024, $6 million of the restructuring charges reflected in the table above, consisting of asset impairments, related to a transfer of a manufacturing production line as part of our initiatives to optimize our global manufacturing and supply chain organization. For the six months ended June 30, 2024, $27 million of the restructuring charges reflected in the table above were related to a program to centralize certain of our R&D activities into a new location, and to our recent implementation of a new operating model intended to simplify and streamline our operations. For the three and six months ended June 30, 2023, $19 million and $97 million, respectively, of the restructuring charges reflected in the table above, consisting of employee termination costs, were related to the implementation of our previously announced new operating model intended to simplify and streamline our operations. For the three and six months ended June 30, 2023, $253 million of the restructuring charges reflected in the table above, consisting of $243 million of long-lived asset impairment charges and $10 million of employee termination costs, were related to our decision to cease production at one of our dialyzer manufacturing facilities in connection with our initiatives to streamline our manufacturing footprint and improve our profitability. See Note 3 for additional information. The following table summarizes activity in the liability related to our restructuring initiatives. (in millions) Liability balance as of December 31, 2023 $ 128 Charges 60 Payments (64) Reserve adjustments (17) Currency translation 7 Liability balance as of June 30, 2024 $ 114 Substantially all of our restructuring liabilities as of June 30, 2024 relate to employee termination costs, with the remaining liabilities attributable to contract termination costs. Substantially all of the cash payments for those liabilities are expected to be disbursed by the end of 2025.

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Pension benefits Service cost $ 4 $ 7 $ 11 $ 13 Interest cost 38 35 76 72 Expected return on plan assets (49) (43) (99) (87) Amortization of net losses and prior service costs 4 1 7 2 Net periodic pension cost $ (3) $ — $ (5) $ — OPEB Interest cost $ 2 $ 2 $ 4 $ 4 Amortization of net loss and prior service credit (5) (6) (10) (12) Net periodic OPEB cost (income) $ (3) $ (4) $ (6) $ (8)

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective income tax rate was (21.0)% and (5.5)% for the three months ended June 30, 2024 and 2023, respectively, and (92.9)% and (14.2)% for the six months ended June 30, 2024 and 2023, respectively. Our effective income tax rate can differ from the 21% U.S. federal statutory rate due to a number of factors, including foreign rate differences, tax incentives, non-deductible expenses, non-taxable income, increases or decreases in valuation allowances, increases or decreases in liabilities for uncertain tax positions, and excess tax benefits or shortfalls on stock compensation awards. For the three months ended June 30, 2024, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily driven by a non-deductible goodwill impairment, an increase in income tax expense resulting from internal reorganization transactions related to the proposed separation of our Kidney Care segment, separation costs that are partially non-deductible, and an unfavorable geographic earnings mix. For the six months ended June 30, 2024, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily driven by a non-deductible goodwill impairment, an increase in income tax expense resulting from internal reorganization transactions related to the proposed separation of our Kidney Care segment, an increase in a valuation allowance in a foreign jurisdiction resulting from changes in future projected income, an increase in our liabilities for various uncertain tax positions, an unfavorable geographic earnings mix, and separation costs that are partially non-deductible. For the three and six months ended June 30, 2023, the difference between our effective income tax rate and the U.S. federal statutory rate was primarily attributable to a $30 million increase in the valuation allowance related to a deferred tax asset from a tax basis step-up that arose from previously enacted Swiss tax reform legislation and a favorable geographic earnings mix.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The numerator for both basic and diluted earnings per share (EPS) is net income (loss) attributable to Baxter stockholders. The denominator for basic EPS is the weighted-average number of shares outstanding during the period. The dilutive effect of outstanding stock options, RSUs and PSUs is reflected in the denominator for diluted EPS using the treasury stock method. The following table is a reconciliation of income (loss) from continuing operations to net income (loss) attributable to Baxter stockholders. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Loss from continuing operations $ (311) $ (193) $ (272) $ (193) Less: Net income attributable to noncontrolling interests 3 2 5 3 Loss from continuing operations attributable to Baxter stockholders (314) (195) (277) (196) Income from discontinued operations — 54 — 99 Net loss attributable to Baxter stockholders $ (314) $ (141) $ (277) $ (97) The following table is a reconciliation of basic shares and diluted shares. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2023 2022 Basic shares 510 506 509 506 Effect of dilutive securities — — — — Diluted shares 510 506 509 506 Basic and diluted shares are the same for the three and six months ended June 30, 2024 and 2023

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2024
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, Japanese Yen, Swedish Krona, Polish Zloty, Mexican Peso, Australian Dollar, Canadian Dollar, Korean Won, Colombian Peso, Brazilian Real, Turkish Lira, and Indian Rupee. We manage our foreign currency exposures on a consolidated basis, which allows us to net exposures and take advantage of any natural offsets. In addition, we use derivative and nonderivative instruments to further reduce our net exposure to foreign exchange risk. Gains and losses on the hedging instruments offset losses and gains on the hedged transactions and reduce the earnings and equity volatility resulting from changes in foreign exchange rates. Financial market and currency volatility may limit our ability to cost-effectively hedge these exposures. We are also exposed to the risk that our earnings and cash flows could be adversely impacted by fluctuations in interest rates. Our policy is to manage interest costs using the mix of fixed- and floating-rate debt that we believe is appropriate at that time. To manage this mix in a cost-efficient manner, we periodically enter into interest rate swaps in which we agree to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional amount. We do not hold any instruments for trading purposes and none of our outstanding derivative instruments contain credit-risk-related contingent features. Derivative instruments are recognized as either assets or liabilities at fair value in the condensed consolidated balance sheets and are classified as short-term or long-term based on the scheduled maturity of the instrument. We designate certain of our derivatives and foreign-currency denominated debt as hedging instruments in cash flow, fair value or net investment hedges. Cash Flow 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 $252 million and $340 million as of June 30, 2024 and December 31, 2023, respectively. The maximum term over which we have cash flow hedge contracts in place related to forecasted transactions at June 30, 2024 is 12 months for foreign exchange contracts. There were no outstanding interest rate contracts designated as cash flow hedges as of June 30, 2024 and December 31, 2023. 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, 2024 and December 31, 2023. In October 2023, we entered into a foreign currency forward contract with a notional amount of $798 million and designated that derivative as a fair value hedge of our €750 million of 0.40% senior notes due May 2024. This forward contract matured in May 2024. Net Investment Hed g es In May 2017, we issued €600 million of 1.3% senior notes due May 2025. In May 2019, we issued €750 million of 1.3% senior notes due May 2029. We have designated these debt obligations as hedges of our net investment in our European operations and, as a result, mark to spot rate adjustments on the outstanding debt balances are recorded as a component of AOCI. In May 2019, we issued €750 million of 0.40% senior notes due May 2024. We had designated these debt obligations as hedges of our investment in our European operations and, as a result, mark to spot rate adjustments of the outstanding debt balances were previously recorded as a component of AOCI. In October 2023, we dedesignated this previously designated net investment hedge and concurrently entered into a fair value hedging relationship as discussed in the "Fair Value Hedges" section above. As of June 30, 2024, we had an accumulated pre-tax unrealized translation gain in AOCI of $86 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 cash flow hedge dedesignations in the first six months of 2024 or 2023 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 2024 or 2023. If we remove a net investment hedge designation, any gain or loss recognized in AOCI is not reclassified to earnings until we sell, liquidate, or deconsolidate the foreign investments that were being hedged. There were no net investment hedges terminated during the first six months of 2024 or 2023. 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 $741 million as of June 30, 2024 and $709 million as of December 31, 2023. 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, 2024 and 2023. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI into income (in millions) 2024 2023 2024 2023 Cash flow hedges Interest rate contracts $ — $ — Interest expense, net $ (2) $ (2) Foreign exchange contracts 4 10 Cost of sales 3 3 Fair value hedges Foreign exchange contracts (1) — Other (income) expense, net (2) — Net investment hedges 11 10 Other (income) expense, net — — Total $ 14 $ 20 $ (1) $ 1 Location of gain (loss) in income statement Gain (loss) recognized in income (in millions) 2024 2023 Fair value hedges Foreign exchange contracts Other (income) expense, net $ (1) $ — Undesignated derivative instruments Foreign exchange contracts Other (income) expense, net 4 (15) Total $ 3 $ (15) 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, 2024 and 2023. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI into income (in millions) 2024 2023 2024 2023 Cash flow hedges Interest rate contracts $ — $ — Interest expense, net $ (3) $ (3) Foreign exchange contracts 14 10 Cost of sales 5 7 Fair value hedges Foreign exchange contracts (3) — Other (income) expense, net (5) — Net investment hedges 49 (38) Other (income) expense, net — — Total $ 60 $ (28) $ (3) $ 4 Location of gain (loss) in income statement Gain (loss) recognized in income (in millions) 2024 2023 Fair value hedges Foreign exchange contracts Other (income) expense, net $ (24) $ — Undesignated derivative instruments Foreign exchange contracts Other (income) expense, net (13) (18) Total $ (37) $ (18) As of June 30, 2024, $2 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, 2024. Derivatives in asset positions Derivatives in liability positions (in millions) Balance sheet location Fair value Balance sheet location Fair value Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets $ 1 Accrued expenses and other current liabilities $ 6 Derivative instruments designated as hedges Foreign exchange contracts Prepaid expenses and other current assets 6 Accrued expenses and other current liabilities — Total derivative instruments $ 7 $ 6 The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2023. Derivatives in asset positions Derivatives in liability positions (in millions) Balance sheet location Fair value Balance sheet location Fair value Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets $ 47 Accrued expenses and other current liabilities $ — Derivative instruments designated as hedges Foreign exchange contracts Prepaid expenses and other current assets 4 Accrued expenses and other current liabilities 5 Total derivative instruments $ 51 $ 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, 2024 December 31, 2023 (in millions) Asset Liability Asset Liability Gross amounts recognized in the condensed consolidated balance sheets $ 7 $ 6 $ 51 $ 5 Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet (1) (1) (5) (5) Total $ 6 $ 5 $ 46 $ — 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, 2024 Balance as of December 31, 2023 Balance as of June 30, 2024 Balance as of December 31, 2023 Long-term debt $ 100 $ 100 $ 3 $ 3 (a) These fair value hedges were terminated in 2018 and earlier periods.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
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, 2024 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 7 $ — $ 7 $ — Available-for-sale debt securities 22 — — 22 Marketable equity securities 12 12 — — Total $ 41 $ 12 $ 7 $ 22 Liabilities Foreign exchange contracts $ 6 $ — $ 6 $ — Contingent payments related to acquisitions 14 — — 14 Total $ 20 $ — $ 6 $ 14 Basis of fair value measurement (in millions) Balance as of December 31, 2023 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 51 $ — $ 51 $ — Available-for-sale debt securities 22 — — 22 Marketable equity securities 44 44 — — Total $ 117 $ 44 $ 51 $ 22 Liabilities Foreign exchange contracts $ 5 $ — $ 5 $ — Contingent payments related to acquisitions 14 — — 14 Total $ 19 $ — $ 5 $ 14 As of June 30, 2024 and December 31, 2023, cash and cash equivalents of $2.10 billion and $3.19 billion, respectively, included money market funds of approximately $628 million and $1.63 billion, respectively, which are considered Level 2 in the fair value hierarchy. For assets that are measured using quoted prices in active markets, the fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. A majority of the derivatives entered into by us are valued using internal valuation techniques as no quoted market prices exist for such instruments. The principal techniques used to value these instruments are discounted cash flow and Black-Scholes models. The key inputs, which are considered observable and vary depending on the type of derivative, include contractual terms, interest rate yield curves, foreign exchange rates and volatility. Available-for-sale debt securities, which consist of convertible debt and convertible redeemable preferred shares issued by nonpublic entities, are measured using discounted cash flow and option pricing models. Those available-for-sale debt securities are classified as Level 3 fair value measurements when there are no observable transactions near the balance sheet date due to the lack of observable data over certain fair value inputs such as equity volatility. The fair values of available-for-sale debt securities increase when interest rates decrease, equity volatility increases, or the fair values of the equity shares underlying the conversion options increase. Contingent payments related to acquisitions, which consist of milestone payments and sales-based payments, are valued using discounted cash flow techniques incorporating management's expectations of future outcomes. The fair value of milestone payments increases as the estimated probability of payment increases or the expected timing of payments is accelerated. The fair value of sales-based payments is based upon probability-weighted future revenue estimates, and increases as revenue estimates increase, probability weighting of higher revenue scenarios increases or the expected timing of payment is accelerated. 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, 2024 2023 (in millions) Contingent payments related to acquisitions Available-for-sale debt securities Contingent payments related to acquisitions Available-for-sale debt securities Fair value at beginning of period $ 14 $ 22 $ 70 $ 42 Change in fair value recognized in earnings — — (1) (5) Payments — — (48) — Fair value at end of period $ 14 $ 22 $ 21 $ 37 Six Months Ended June 30, 2024 2023 (in millions) Contingent payments related to acquisitions Available-for-sale debt securities Contingent payments related to acquisitions Available-for-sale debt securities Fair value at beginning of period $ 14 $ 22 $ 84 $ 47 Change in fair value recognized in earnings — — (14) (5) Transfers out of Level 3 — — — (5) Payments — — (49) — Fair value at end of period $ 14 $ 22 $ 21 $ 37 During the six months ended June 30, 2023, available-for-sale debt securities were reclassified from Level 3, upon conversion to marketable equity securities, which are classified as Level 1 in the fair value hierarchy, upon initial public offerings of the investees. 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, 2024 and December 31, 2023. Book values Fair values(a) (in millions) 2024 2023 2024 2023 Liabilities Current maturities of long-term debt and finance lease obligations $ 2,468 $ 2,668 $ 2,442 $ 2,621 Long-term debt and finance lease obligations 10,436 11,130 9,256 10,067 (a) These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs. The estimated fair values of current and long-term debt were computed by multiplying price by the notional amount of the respective debt instruments. Price is calculated using the stated terms of the respective debt instrument and yield curves commensurate with our credit risk. The carrying values of other financial instruments not presented in the above table, such as accounts receivable and accounts payable, approximate their fair values due to the short-term maturities of most of those assets and liabilities. Investments Without Readily Determinable Fair Values The carrying values of equity investments without readily determinable fair values that we measure at cost, less impairment were $67 million as of June 30, 2024 and $66 million as of December 31, 2023. When applicable, we also adjust the measurement of such equity investments for observable prices in orderly transactions for an identical or similar investment of the same issuer. Those investments are included in Other non-current assets on our condensed consolidated balance sheets. During the quarter ended June 30, 2023, several of our investees either completed or were in the process of undertaking new financing rounds at lower enterprise valuations as compared to their valuations at the time of our investments. As a result, we recognized $18 million of impairments of equity investments without readily determinable fair values in the prior year period. In addition, we recognized a $5 million impairment of a convertible debt investment, which is accounted for as an available-for-sale security, during the second quarter of 2023. The fair value measurements of investments in non-marketable equity and convertible debt securities are classified as Level 3 in the fair value hierarchy because they involve significant unobservable inputs.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION In the third quarter of 2023, we completed the implementation of a new operating model intended to simplify and streamline our operations and better align our manufacturing and supply chain to our commercial activities. Under this new operating model, our business is comprised of four segments: Medical Products and Therapies, Healthcare Systems and Technologies, Pharmaceuticals, and Kidney Care (which we are planning to divest through either a sale or spinoff, as discussed in Note 1). Our segments were changed during the third quarter of 2023 to align with our new operating model and prior period segment disclosures have been revised to reflect the new segment presentation. The Medical Products and Therapies segment includes sales of our sterile IV solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant, and adhesion prevention products. The Healthcare Systems and Technologies segment includes sales of our connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices, and advanced equipment for the surgical space, including operating room integration technologies, precision positioning devices, and other accessories. The Pharmaceuticals segment includes sales of specialty injectable pharmaceuticals, inhaled anesthesia, and drug compounding. The Kidney Care segment includes sales of chronic and acute dialysis therapies and services, including peritoneal dialysis, hemodialysis, continuous renal replacement therapies, and other organ support therapies. Other sales not allocated to a segment primarily include sales of products and services provided directly through certain of our manufacturing facilities and royalty income under a business development arrangement that ended in early 2023 when we acquired the related product rights. Disaggregation of Net Sales The following tables present our U.S. and International disaggregated net sales. Intersegment sales, which are eliminated in consolidation, are not presented in the table below. Three Months Ended June 30, 2024 2023 (in millions) U.S. International Total U.S. International Total Infusion Therapies and Technologies $ 579 $ 466 $ 1,045 $ 570 $ 434 $ 1,004 Advanced Surgery 150 127 277 150 122 272 Medical Products and Therapies 729 593 1,322 720 556 1,276 Care and Connectivity Solutions 332 120 452 311 125 436 Front Line Care 218 78 296 227 80 307 Healthcare Systems and Technologies 550 198 748 538 205 743 Injectables and Anesthesia 197 144 341 182 150 332 Drug Compounding — 261 261 — 218 218 Pharmaceuticals 197 405 602 182 368 550 Chronic Therapies 1 228 689 917 230 698 928 Acute Therapies 1 77 124 201 64 124 188 Kidney Care 305 813 1,118 294 822 1,116 Other 1 16 6 22 16 6 22 Total Baxter $ 1,797 $ 2,015 $ 3,812 $ 1,750 $ 1,957 $ 3,707 Six Months Ended June 30, 2024 2023 (in millions) U.S. International Total U.S. International Total Infusion Therapies and Technologies $ 1,105 $ 906 $ 2,011 $ 1,084 $ 831 $ 1,915 Advanced Surgery 297 243 540 294 224 518 Medical Products and Therapies 1,402 1,149 2,551 1,378 1,055 2,433 Care and Connectivity Solutions 610 244 854 609 256 865 Front Line Care 413 148 561 448 161 609 Healthcare Systems and Technologies 1,023 392 1,415 1,057 417 1,474 Injectables and Anesthesia 388 281 669 355 282 637 Drug Compounding — 511 511 — 436 436 Pharmaceuticals 388 792 1,180 355 718 1,073 Chronic Therapies 1 454 1,351 1,805 459 1,353 1,812 Acute Therapies 1 162 253 415 128 248 376 Kidney Care 616 1,604 2,220 587 1,601 2,188 Other 1 27 11 38 40 12 52 Total Baxter $ 3,456 $ 3,948 $ 7,404 $ 3,417 $ 3,803 $ 7,220 1 In connection with our segment change in the third quarter of 2023, we reclassified $8 million and $16 million of sales for the three and six months ended June 30, 2023, respectively, from Chronic Therapies to Acute Therapies to conform to the current period presentation. Geographic Sales Information Our net sales are attributed to the following geographic regions based on the location of the customer. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 1,797 $ 1,750 $ 3,456 $ 3,417 Emerging markets 1 844 839 1,622 1,596 Rest of world 2 1,171 1,118 2,326 2,207 Total Baxter $ 3,812 $ 3,707 $ 7,404 $ 7,220 1 Emerging markets includes sales from our operations in Eastern Europe, the Middle East, Africa, Latin America, and Asia (except for Japan). 2 Rest of world includes sales from our operations in Western Europe, Canada, Japan, Australia, and New Zealand. Segment Operating Income We use segment operating income to evaluate the performance of our segments and to make resource allocation decisions. Segment operating income represents income before income taxes, interest and other non-operating income or expense, unallocated corporate costs, intangible asset amortization, and other special items. Special items, which are presented below in our reconciliations of segment operating income to income from continuing operations before income taxes, are excluded from segment operating income because they are highly variable, difficult to predict and of a size that may substantially impact our reported results of operations for the period. Most global functional support costs, overhead costs and other shared costs that benefit our segments are allocated to those segments. Corporate costs that are not allocated to our segments, as well as any differences between actual corporate costs and the amounts allocated to our segments, are presented as unallocated corporate costs. The following table presents our segment operating income and reconciliations of segment operating income to income (loss) from continuing operations before income taxes. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Medical Products and Therapies $ 238 $ 264 $ 465 $ 461 Healthcare Systems and Technologies 120 100 187 212 Pharmaceuticals 75 89 153 176 Kidney Care 83 55 242 112 Other 9 6 13 13 Total 525 514 1,060 974 Unallocated corporate costs (3) (25) (23) (46) Intangible asset amortization expense (167) (157) (333) (319) Goodwill impairment (430) — (430) — Business optimization items (20) (293) (77) (427) Acquisition and integration items (6) (7) (11) — Separation-related costs (81) (37) (173) (46) European Medical Devices Regulation (10) (12) (18) (24) Total operating income (loss) (192) (17) (5) 112 Interest expense, net 85 124 163 241 Other (income) expense, net (20) 42 (27) 40 Loss from continuing operations before income taxes $ (257) $ (183) $ (141) $ (169) Our chief operating decision maker does not receive any asset information by reportable segment and, accordingly, we do not report asset information by reportable segment.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss attributable to Baxter stockholders	$ (314)	$ (141)	$ (277)	$ (97)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The unaudited interim condensed consolidated financial statements of Baxter International Inc. and its subsidiaries (we, our or Baxter) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) in the United States have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Annual Report).
Risks and Uncertainties	Risks and Uncertainties Supply Constraints and Global Economic Conditions We have experienced significant challenges to our global supply chain (which we experienced most acutely in 2022), 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 and access to shipping lanes around the world, the war in Ukraine, the conflict in the Middle East (including attacks on merchant ships in the Red Sea), tensions amongst China, Taiwan, and the U.S., and other geopolitical events. 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. While we have seen meaningful improvements in the availability of certain component parts and improved pricing of certain raw materials and on certain transportation costs, these challenges may have a negative impact on our results of operations in the future.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Results of Discontinued Operations and Assets and Liabilities of Discontinued Operations	The following table summarizes the major classes of line items included in income from discontinued operations, net of tax, for the three and six months ended June 30, 2023: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2023 Net sales $ 142 $ 278 Cost of sales 71 135 Gross margin 71 143 Selling, general and administrative expenses 14 29 Research and development expenses 1 1 Other (income) expense, net (1) — Income from discontinued operations before income taxes 57 113 Income tax expense 3 14 Income from discontinued operations, net of tax $ 54 $ 99

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Balance at beginning of period $ 121 $ 122 $ 129 $ 114 Charged to costs and expenses 3 9 2 16 Write-offs (1) (5) (7) (6) Currency translation adjustments — 2 (1) 4 Balance at end of period $ 123 $ 128 $ 123 $ 128
Inventories	Inventories (in millions) June 30, December 31, Raw materials $ 750 $ 731 Work in process 308 285 Finished goods 1,927 1,808 Inventories $ 2,985 $ 2,824
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net (in millions) June 30, December 31, Property, plant and equipment, at cost $ 10,774 $ 11,223 Accumulated depreciation (6,460) (6,790) Property, plant and equipment, net $ 4,314 $ 4,433
Interest Expense, Net	Interest Expense, Net Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Interest expense, net of capitalized interest $ 104 $ 132 $ 207 $ 259 Interest income (19) (8) (44) (18) Interest expense, net $ 85 $ 124 $ 163 $ 241
Other (Income) Expense-, Net	Other (Income) Expense, Net Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Foreign exchange losses, net $ — $ 22 $ 14 36 Pension and other postretirement benefit plans (10) (11) (22) (21) Change in fair value of marketable equity securities — 11 (4) 6 Non-marketable investment impairments — 23 — 23 Other, net (10) (3) (15) (4) Other (income) expense, net $ (20) $ 42 $ (27) $ 40

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	The following is a reconciliation of goodwill by segment. (in millions) Medical Products and Therapies Healthcare Systems and Technologies Pharmaceuticals Kidney Care Total Balance as of December 31, 2023 $ 1,241 $ 3,989 $ 563 $ 721 $ 6,514 Impairment — — — (430) (430) Currency translation (37) (8) (16) (22) (83) Balance as of June 30, 2024 $ 1,204 $ 3,981 $ 547 $ 269 $ 6,001
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 Trade names Other amortized intangible assets Trade names In process Research and Development Total June 30, 2024 Gross other intangible assets $ 3,442 $ 3,806 $ 1,097 $ 118 $ 680 $ 157 $ 9,300 Accumulated amortization (802) (2,451) (206) (100) — — (3,559) Other intangible assets, net $ 2,640 $ 1,355 $ 891 $ 18 $ 680 $ 157 $ 5,741 December 31, 2023 Gross other intangible assets $ 3,446 $ 3,823 $ 1,106 $ 120 $ 680 $ 157 $ 9,332 Accumulated amortization (689) (2,285) (180) (99) — — (3,253) Other intangible assets, net $ 2,757 $ 1,538 $ 926 $ 21 $ 680 $ 157 $ 6,079

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2024
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 income (loss) (AOCI) by component for the six months ended June 30, 2024 and 2023. Gains (losses) (in millions) CTA Pension and OPEB plans Hedging activities Available-for-sale debt securities Total Balance as of December 31, 2023 $ (2,985) $ (452) $ (120) $ 3 $ (3,554) Other comprehensive income (loss) before reclassifications (288) 5 9 — (274) Amounts reclassified from AOCI (a) — (2) 2 — — Net other comprehensive income (loss) (288) 3 11 — (274) Balance as of June 30, 2024 $ (3,273) $ (449) $ (109) $ 3 $ (3,828) Gains (losses) (in millions) CTA Pension and OPEB plans Hedging activities Available-for-sale debt securities Total Balance as of December 31, 2022 $ (3,386) $ (331) $ (119) $ 3 $ (3,833) Other comprehensive income (loss) before reclassifications 25 (4) 8 — 29 Amounts reclassified from AOCI (a) — (7) (3) — (10) Net other comprehensive income (loss) 25 (11) 5 — 19 Balance as of June 30, 2023 $ (3,361) $ (342) $ (114) $ 3 $ (3,814) (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 (loss) during the three and six months ended June 30, 2024 and 2023. Amounts reclassified from AOCI (a) (in millions) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Location of impact in income statement Pension and OPEB items Amortization of net losses and prior service costs or credits $ 1 $ 3 Other (income) expense, net Less: Tax effect — (1) Income tax expense $ 1 $ 2 Net of tax Gains (losses) on hedging activities Foreign exchange contracts $ 3 $ 5 Cost of sales Interest rate contracts (2) (3) Interest expense, net Fair value hedges (2) (5) Other (income) expense, net (1) (3) Total before tax Less: Tax effect 1 1 Income tax expense $ — $ (2) Net of tax Total reclassifications for the period $ 1 $ — Total net of tax Amounts reclassified from AOCI (a) (in millions) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Location of impact in income statement Pension and OPEB items Amortization of net losses and prior service costs or credits $ 5 $ 10 Other (income) expense, net Less: Tax effect (1) (3) Income tax expense $ 4 $ 7 Net of tax Gains (losses) on hedging activities Foreign exchange contracts $ 3 $ 7 Cost of sales Interest rate contracts (2) (3) Interest expense, net 1 4 Total before tax Less: Tax effect — (1) Income tax expense $ 1 $ 3 Net of tax Total reclassifications for the period $ 5 $ 10 Total net of tax (a) Amounts in parentheses indicate reductions to net income

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2024
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 $ 6 $ 5 Software sales 45 44 Bundled equipment and consumable medical products contracts 102 117 Contract assets $ 153 $ 166 The following table summarizes contract liability activity for the six months ended June 30, 2024 and 2023. The contract liability balance represents the transaction price allocated to the remaining performance obligations. Six Months Ended June 30, (in millions) 2024 2023 Balance at beginning of period $ 194 $ 194 New revenue deferrals 254 271 Revenue recognized upon satisfaction of performance obligations (266) (267) Currency translation 1 1 Balance at end of period $ 183 $ 199 For the six months ended June 30, 2024 and 2023, $80 million and $64 million of revenue was recognized that was included in contract liabilities as of December 31, 2023 and 2022, respectively. 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 $ 53 $ 53 Other non-current assets 100 113 Contract assets $ 153 $ 166 Accrued expenses and other current liabilities $ 142 $ 148 Other non-current liabilities 41 46 Contract liabilities $ 183 $ 194
Sales-type Lease, Lease Income	The components of lease revenue for the three and six months ended June 30, 2024 and 2023 were: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Sales-type lease revenue $ 3 $ 3 $ 6 $ 7 Operating lease revenue 105 132 249 256 Variable lease revenue 14 14 30 29 Total lease revenue $ 122 $ 149 $ 285 $ 292
Operating Lease, Lease Income	The components of lease revenue for the three and six months ended June 30, 2024 and 2023 were: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Sales-type lease revenue $ 3 $ 3 $ 6 $ 7 Operating lease revenue 105 132 249 256 Variable lease revenue 14 14 30 29 Total lease revenue $ 122 $ 149 $ 285 $ 292

BUSINESS OPTIMIZATION CHARGES (

BUSINESS OPTIMIZATION CHARGES (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Summary of Business Optimization Charges	During the three and six months ended June 30, 2024 and 2023, we recorded the following charges related to business optimization programs. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Restructuring charges $ 9 $ 287 $ 56 $ 397 Costs to implement business optimization programs 11 6 21 30 Total business optimization charges $ 20 $ 293 $ 77 $ 427
Components of Restructuring Charges	During the three and six months ended June 30, 2024 and 2023, we recorded the following restructuring charges. Three months ended June 30, 2024 (in millions) COGS SG&A R&D Total Employee termination costs $ (2) $ 3 $ (3) $ (2) Contract termination and other costs 3 — — 3 Asset impairments 8 — — 8 Total restructuring charges $ 9 $ 3 $ (3) $ 9 Three months ended June 30, 2023 (in millions) COGS SG&A R&D Total Employee termination costs $ 9 $ 19 $ — $ 28 Contract termination and other costs — 2 — 2 Asset impairments 257 — — 257 Total restructuring charges $ 266 $ 21 $ — $ 287 Six months ended June 30, 2024 (in millions) COGS SG&A R&D Total Employee termination costs $ 3 $ 18 $ 13 $ 34 Contract termination and other costs 4 5 — 9 Asset impairments 13 — — 13 Total restructuring charges $ 20 $ 23 $ 13 $ 56 Six months ended June 30, 2023 (in millions) COGS SG&A R&D Total Employee termination costs $ 26 $ 82 $ 7 $ 115 Contract termination and other costs 3 2 — 5 Asset impairments 269 8 — 277 Total restructuring charges $ 298 $ 92 $ 7 $ 397
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, 2023 $ 128 Charges 60 Payments (64) Reserve adjustments (17) Currency translation 7 Liability balance as of June 30, 2024 $ 114

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Pension benefits Service cost $ 4 $ 7 $ 11 $ 13 Interest cost 38 35 76 72 Expected return on plan assets (49) (43) (99) (87) Amortization of net losses and prior service costs 4 1 7 2 Net periodic pension cost $ (3) $ — $ (5) $ — OPEB Interest cost $ 2 $ 2 $ 4 $ 4 Amortization of net loss and prior service credit (5) (6) (10) (12) Net periodic OPEB cost (income) $ (3) $ (4) $ (6) $ (8)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) attributable to Stockholder	The following table is a reconciliation of income (loss) from continuing operations to net income (loss) attributable to Baxter stockholders. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Loss from continuing operations $ (311) $ (193) $ (272) $ (193) Less: Net income attributable to noncontrolling interests 3 2 5 3 Loss from continuing operations attributable to Baxter stockholders (314) (195) (277) (196) Income from discontinued operations — 54 — 99 Net loss attributable to Baxter stockholders $ (314) $ (141) $ (277) $ (97)
Reconciliation of Basic Shares to Diluted Shares	The following table is a reconciliation of basic shares and diluted shares. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2023 2022 Basic shares 510 506 509 506 Effect of dilutive securities — — — — Diluted shares 510 506 509 506

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI into income (in millions) 2024 2023 2024 2023 Cash flow hedges Interest rate contracts $ — $ — Interest expense, net $ (2) $ (2) Foreign exchange contracts 4 10 Cost of sales 3 3 Fair value hedges Foreign exchange contracts (1) — Other (income) expense, net (2) — Net investment hedges 11 10 Other (income) expense, net — — Total $ 14 $ 20 $ (1) $ 1 Location of gain (loss) in income statement Gain (loss) recognized in income (in millions) 2024 2023 Fair value hedges Foreign exchange contracts Other (income) expense, net $ (1) $ — Undesignated derivative instruments Foreign exchange contracts Other (income) expense, net 4 (15) Total $ 3 $ (15) 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, 2024 and 2023. Gain (loss) recognized in OCI Location of gain (loss) Gain (loss) reclassified from AOCI into income (in millions) 2024 2023 2024 2023 Cash flow hedges Interest rate contracts $ — $ — Interest expense, net $ (3) $ (3) Foreign exchange contracts 14 10 Cost of sales 5 7 Fair value hedges Foreign exchange contracts (3) — Other (income) expense, net (5) — Net investment hedges 49 (38) Other (income) expense, net — — Total $ 60 $ (28) $ (3) $ 4 Location of gain (loss) in income statement Gain (loss) recognized in income (in millions) 2024 2023 Fair value hedges Foreign exchange contracts Other (income) expense, net $ (24) $ — Undesignated derivative instruments Foreign exchange contracts Other (income) expense, net (13) (18) Total $ (37) $ (18)
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, 2024. Derivatives in asset positions Derivatives in liability positions (in millions) Balance sheet location Fair value Balance sheet location Fair value Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets $ 1 Accrued expenses and other current liabilities $ 6 Derivative instruments designated as hedges Foreign exchange contracts Prepaid expenses and other current assets 6 Accrued expenses and other current liabilities — Total derivative instruments $ 7 $ 6 The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance sheet as of December 31, 2023. Derivatives in asset positions Derivatives in liability positions (in millions) Balance sheet location Fair value Balance sheet location Fair value Undesignated derivative instruments Foreign exchange contracts Prepaid expenses and other current assets $ 47 Accrued expenses and other current liabilities $ — Derivative instruments designated as hedges Foreign exchange contracts Prepaid expenses and other current assets 4 Accrued expenses and other current liabilities 5 Total derivative instruments $ 51 $ 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, 2024 December 31, 2023 (in millions) Asset Liability Asset Liability Gross amounts recognized in the condensed consolidated balance sheets $ 7 $ 6 $ 51 $ 5 Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet (1) (1) (5) (5) Total $ 6 $ 5 $ 46 $ —
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, 2024 Balance as of December 31, 2023 Balance as of June 30, 2024 Balance as of December 31, 2023 Long-term debt $ 100 $ 100 $ 3 $ 3 (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, 2024
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, 2024 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 7 $ — $ 7 $ — Available-for-sale debt securities 22 — — 22 Marketable equity securities 12 12 — — Total $ 41 $ 12 $ 7 $ 22 Liabilities Foreign exchange contracts $ 6 $ — $ 6 $ — Contingent payments related to acquisitions 14 — — 14 Total $ 20 $ — $ 6 $ 14 Basis of fair value measurement (in millions) Balance as of December 31, 2023 Quoted prices in active markets for identical assets Significant other Significant Assets Foreign exchange contracts $ 51 $ — $ 51 $ — Available-for-sale debt securities 22 — — 22 Marketable equity securities 44 44 — — Total $ 117 $ 44 $ 51 $ 22 Liabilities Foreign exchange contracts $ 5 $ — $ 5 $ — Contingent payments related to acquisitions 14 — — 14 Total $ 19 $ — $ 5 $ 14
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, 2024 2023 (in millions) Contingent payments related to acquisitions Available-for-sale debt securities Contingent payments related to acquisitions Available-for-sale debt securities Fair value at beginning of period $ 14 $ 22 $ 70 $ 42 Change in fair value recognized in earnings — — (1) (5) Payments — — (48) — Fair value at end of period $ 14 $ 22 $ 21 $ 37 Six Months Ended June 30, 2024 2023 (in millions) Contingent payments related to acquisitions Available-for-sale debt securities Contingent payments related to acquisitions Available-for-sale debt securities Fair value at beginning of period $ 14 $ 22 $ 84 $ 47 Change in fair value recognized in earnings — — (14) (5) Transfers out of Level 3 — — — (5) Payments — — (49) — Fair value at end of period $ 14 $ 22 $ 21 $ 37
Book Values and Fair Values of Financial Instruments	For these financial instruments, the following table provides the values recognized in the condensed consolidated balance sheets and the estimated fair values as of June 30, 2024 and December 31, 2023. Book values Fair values(a) (in millions) 2024 2023 2024 2023 Liabilities Current maturities of long-term debt and finance lease obligations $ 2,468 $ 2,668 $ 2,442 $ 2,621 Long-term debt and finance lease obligations 10,436 11,130 9,256 10,067 (a) These fair value amounts are classified as Level 2 within the fair value hierarchy as they are estimated based on observable inputs.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Financial Information for Our Segments	The following tables present our U.S. and International disaggregated net sales. Intersegment sales, which are eliminated in consolidation, are not presented in the table below. Three Months Ended June 30, 2024 2023 (in millions) U.S. International Total U.S. International Total Infusion Therapies and Technologies $ 579 $ 466 $ 1,045 $ 570 $ 434 $ 1,004 Advanced Surgery 150 127 277 150 122 272 Medical Products and Therapies 729 593 1,322 720 556 1,276 Care and Connectivity Solutions 332 120 452 311 125 436 Front Line Care 218 78 296 227 80 307 Healthcare Systems and Technologies 550 198 748 538 205 743 Injectables and Anesthesia 197 144 341 182 150 332 Drug Compounding — 261 261 — 218 218 Pharmaceuticals 197 405 602 182 368 550 Chronic Therapies 1 228 689 917 230 698 928 Acute Therapies 1 77 124 201 64 124 188 Kidney Care 305 813 1,118 294 822 1,116 Other 1 16 6 22 16 6 22 Total Baxter $ 1,797 $ 2,015 $ 3,812 $ 1,750 $ 1,957 $ 3,707 Six Months Ended June 30, 2024 2023 (in millions) U.S. International Total U.S. International Total Infusion Therapies and Technologies $ 1,105 $ 906 $ 2,011 $ 1,084 $ 831 $ 1,915 Advanced Surgery 297 243 540 294 224 518 Medical Products and Therapies 1,402 1,149 2,551 1,378 1,055 2,433 Care and Connectivity Solutions 610 244 854 609 256 865 Front Line Care 413 148 561 448 161 609 Healthcare Systems and Technologies 1,023 392 1,415 1,057 417 1,474 Injectables and Anesthesia 388 281 669 355 282 637 Drug Compounding — 511 511 — 436 436 Pharmaceuticals 388 792 1,180 355 718 1,073 Chronic Therapies 1 454 1,351 1,805 459 1,353 1,812 Acute Therapies 1 162 253 415 128 248 376 Kidney Care 616 1,604 2,220 587 1,601 2,188 Other 1 27 11 38 40 12 52 Total Baxter $ 3,456 $ 3,948 $ 7,404 $ 3,417 $ 3,803 $ 7,220 1 In connection with our segment change in the third quarter of 2023, we reclassified $8 million and $16 million of sales for the three and six months ended June 30, 2023, respectively, from Chronic Therapies to Acute Therapies to conform to the current period presentation.
Revenue from External Customers by Geographic Areas	Our net sales are attributed to the following geographic regions based on the location of the customer. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 1,797 $ 1,750 $ 3,456 $ 3,417 Emerging markets 1 844 839 1,622 1,596 Rest of world 2 1,171 1,118 2,326 2,207 Total Baxter $ 3,812 $ 3,707 $ 7,404 $ 7,220 1 Emerging markets includes sales from our operations in Eastern Europe, the Middle East, Africa, Latin America, and Asia (except for Japan). 2 Rest of world includes sales from our operations in Western Europe, Canada, Japan, Australia, and New Zealand.
Operating Income to Income Before Income Taxes Reconciliation	The following table presents our segment operating income and reconciliations of segment operating income to income (loss) from continuing operations before income taxes. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Medical Products and Therapies $ 238 $ 264 $ 465 $ 461 Healthcare Systems and Technologies 120 100 187 212 Pharmaceuticals 75 89 153 176 Kidney Care 83 55 242 112 Other 9 6 13 13 Total 525 514 1,060 974 Unallocated corporate costs (3) (25) (23) (46) Intangible asset amortization expense (167) (157) (333) (319) Goodwill impairment (430) — (430) — Business optimization items (20) (293) (77) (427) Acquisition and integration items (6) (7) (11) — Separation-related costs (81) (37) (173) (46) European Medical Devices Regulation (10) (12) (18) (24) Total operating income (loss) (192) (17) (5) 112 Interest expense, net 85 124 163 241 Other (income) expense, net (20) 42 (27) 40 Loss from continuing operations before income taxes $ (257) $ (183) $ (141) $ (169)

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction service agreement, period	24 months
Manufacturing and supply agreement, period	5 years
Discontinued Operations, Disposed of by Sale | BioPharma Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Separation costs		$ 8	$ 15

DISCONTINUED OPERATIONS - Major

DISCONTINUED OPERATIONS - Major Classes of Line Items in Income From Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other (income) expense, net	$ (20)	$ 42	$ (27)	$ 40
Income from discontinued operations, net of tax	$ 0	54	$ 0	99
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		142		278
Cost of sales		71		135
Gross margin		71		143
Selling, general and administrative expenses		14		29
Research and development expenses		1		1
Other (income) expense, net		(1)		0
Income from discontinued operations before income taxes		57		113
Income tax expense		3		14
Income from discontinued operations, net of tax		$ 54		$ 99

SUPPLEMENTAL FINANCIAL INFORM_3

SUPPLEMENTAL FINANCIAL INFORMATION - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of period	$ 121	$ 122	$ 129	$ 114
Charged to costs and expenses	3	9	2	16
Write-offs	(1)	(5)	(7)	(6)
Currency translation adjustments	0	2	(1)	4
Balance at end of period	$ 123	$ 128	$ 123	$ 128

SUPPLEMENTAL FINANCIAL INFORM_4

SUPPLEMENTAL FINANCIAL INFORMATION - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 750	$ 731
Work in process	308	285
Finished goods	1,927	1,808
Inventories	$ 2,985	$ 2,824

SUPPLEMENTAL FINANCIAL INFORM_5

SUPPLEMENTAL FINANCIAL INFORMATION - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property, plant and equipment, at cost	$ 10,774	$ 11,223
Accumulated depreciation	(6,460)	(6,790)
Property, plant and equipment, net	$ 4,314	$ 4,433

SUPPLEMENTAL FINANCIAL INFORM_6

SUPPLEMENTAL FINANCIAL INFORMATION - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest Income Expense Net
Interest expense, net of capitalized interest	$ 104	$ 132	$ 207	$ 259
Interest income	(19)	(8)	(44)	(18)
Interest expense, net	$ 85	$ 124	$ 163	$ 241

SUPPLEMENTAL FINANCIAL INFORM_7

SUPPLEMENTAL FINANCIAL INFORMATION - Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income, net
Foreign exchange losses, net	$ 0	$ 22	$ 14	$ 36
Pension and other postretirement benefit plans	(10)	(11)	(22)	(21)
Change in fair value of marketable equity securities	0	11	(4)	6
Non-marketable investment impairments	0	23	0	23
Other, net	(10)	(3)	(15)	(4)
Other (income) expense, net	$ (20)	$ 42	$ (27)	$ 40

SUPPLEMENTAL FINANCIAL INFORM_8

SUPPLEMENTAL FINANCIAL INFORMATION - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Right-of-use asset obtained in exchange for operating lease liability		$ 47	$ 45
Other long-lived asset impairments		11	271
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Capital expenditures incurred but not yet paid		$ 52	$ 57
Manufacturing Facility
Property, Plant and Equipment [Line Items]
Other long-lived asset impairments	$ 243

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 6,514
Impairment	$ (430)	$ 0	(430)	$ 0
Currency translation			(83)
Goodwill, ending balance	6,001		6,001
Medical Products and Therapies
Goodwill [Roll Forward]
Goodwill, beginning balance			1,241
Impairment			0
Currency translation			(37)
Goodwill, ending balance	1,204		1,204
Healthcare Systems and Technologies
Goodwill [Roll Forward]
Goodwill, beginning balance			3,989
Impairment			0
Currency translation			(8)
Goodwill, ending balance	3,981		3,981
Pharmaceuticals
Goodwill [Roll Forward]
Goodwill, beginning balance			563
Impairment			0
Currency translation			(16)
Goodwill, ending balance	547		547
Kidney Care
Goodwill [Roll Forward]
Goodwill, beginning balance			721
Impairment	(430)		(430)
Currency translation			(22)
Goodwill, ending balance	$ 269		$ 269

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other Intangible Assets, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets	$ 9,300	$ 9,332
Accumulated amortization	(3,559)	(3,253)
Other intangible assets, net	5,741	6,079
Trade names
Intangible Asset Excluding Goodwill [Line Items]
Indefinite-lived intangible assets	680	680
Accumulated amortization	0	0
In process Research and Development
Intangible Asset Excluding Goodwill [Line Items]
Indefinite-lived intangible assets	157	157
Accumulated amortization	0	0
Customer relationships
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets, finite-lived	3,442	3,446
Accumulated amortization	(802)	(689)
Other intangible assets, net, finite-lived	2,640	2,757
Developed technology, including patents
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets, finite-lived	3,806	3,823
Accumulated amortization	(2,451)	(2,285)
Other intangible assets, net, finite-lived	1,355	1,538
Trade names
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets, finite-lived	1,097	1,106
Accumulated amortization	(206)	(180)
Other intangible assets, net, finite-lived	891	926
Other amortized intangible assets
Intangible Asset Excluding Goodwill [Line Items]
Gross other intangible assets, finite-lived	118	120
Accumulated amortization	(100)	(99)
Other intangible assets, net, finite-lived	$ 18	$ 21

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Nov. 01, 2023
Goodwill [Line Items]
Goodwill impairment	$ 430	$ 0	$ 430	$ 0
Intangible asset amortization expense	167	$ 157	333	$ 319
Kidney Care
Goodwill [Line Items]
Percentage of fair value in excess of carrying value					6%
Goodwill impairment	$ 430		$ 430
Chronic Therapies | Discount Rate
Goodwill [Line Items]
Discount rate used to measure reporting unit	0.125		0.125
Chronic Therapies | Terminal Growth Rate
Goodwill [Line Items]
Discount rate used to measure reporting unit	0.025		0.025
Chronic Therapies | EBITDA | Minimum
Goodwill [Line Items]
Discount rate used to measure reporting unit	4.75		4.75
Chronic Therapies | EBITDA | Maximum
Goodwill [Line Items]
Discount rate used to measure reporting unit	5		5

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2025	Sep. 30, 2024 USD ($)	Jul. 17, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of debt	$ 824,000,000	$ 142,000,000
Senior Notes
Debt Instrument [Line Items]
Repayments of debt	822,000,000
Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Senior notes, interest rate					1.322%
Senior Notes | Forecast
Debt Instrument [Line Items]
Rate increase following December 31, 2024 milestone			0.25%
Bridge Facility | Senior Unsecured Term Loans | Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 2,050,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, current borrowing capacity	2,500,000,000					€ 200	$ 2,500,000,000
Borrowings outstanding	$ 0							$ 0
Revolving Credit Facility | Forecast
Debt Instrument [Line Items]
Line of credit, current borrowing capacity				$ 2,000,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) site lawsuit	Jul. 16, 2024 lawsuit	Dec. 31, 2023 USD ($)	Mar. 31, 2020 lawsuit
Loss Contingencies [Line Items]
Litigation reserve | $	$ 30		$ 31
Exposure to Ethylene Oxide
Loss Contingencies [Line Items]
Number of lawsuits | lawsuit	24			2
Exposure to Ethylene Oxide | Subsequent Event
Loss Contingencies [Line Items]
Number of lawsuits | lawsuit		40
Superfund Sites | Environmental Clean-up
Loss Contingencies [Line Items]
Number of sites | site	6
Environmental reserves | $	$ 14		$ 15

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.29	$ 0.29	$ 0.58	$ 0.58
Purchases of treasury stock (in shares)			0	0
Remaining value available under stock repurchase programs	$ 1,300		$ 1,300

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Changes in AOCI by Component (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period (in usd)	$ 8,468	$ 5,895
Other comprehensive income (loss) before reclassifications	(274)	29
Amounts reclassified from AOCI	0	(10)
Net other comprehensive income (loss)	(274)	19
Balance, end of period (in usd)	7,708	5,631
CTA
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period (in usd)	(2,985)	(3,386)
Other comprehensive income (loss) before reclassifications	(288)	25
Amounts reclassified from AOCI	0	0
Net other comprehensive income (loss)	(288)	25
Balance, end of period (in usd)	(3,273)	(3,361)
Pension and OPEB plans
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period (in usd)	(452)	(331)
Other comprehensive income (loss) before reclassifications	5	(4)
Amounts reclassified from AOCI	(2)	(7)
Net other comprehensive income (loss)	3	(11)
Balance, end of period (in usd)	(449)	(342)
Hedging activities
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period (in usd)	(120)	(119)
Other comprehensive income (loss) before reclassifications	9	8
Amounts reclassified from AOCI	2	(3)
Net other comprehensive income (loss)	11	5
Balance, end of period (in usd)	(109)	(114)
Available-for-sale debt securities
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period (in usd)	3	3
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Net other comprehensive income (loss)	0	0
Balance, end of period (in usd)	3	3
Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period (in usd)	(3,554)	(3,833)
Balance, end of period (in usd)	$ (3,828)	$ (3,814)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Amounts Reclassification from AOCI to Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	$ 20	$ (42)	$ 27	$ (40)
Income tax expense	(54)	(10)	(131)	(24)
Cost of sales	(2,381)	(2,596)	(4,586)	(4,834)
Interest expense, net	(85)	(124)	(163)	(241)
Loss from continuing operations before income taxes	(257)	(183)	(141)	(169)
Net loss attributable to Baxter stockholders	(314)	(141)	(277)	(97)
Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net loss attributable to Baxter stockholders	1	5	0	10
Amounts reclassified from AOCI | Pension and OPEB items
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	1	5	3	10
Income tax expense	0	(1)	(1)	(3)
Net loss attributable to Baxter stockholders	1	4	2	7
Amounts reclassified from AOCI | Gains (losses) on hedging activities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	1	0	1	(1)
Loss from continuing operations before income taxes	(1)	1	(3)	4
Net loss attributable to Baxter stockholders	0	1	(2)	3
Amounts reclassified from AOCI | Gains (losses) on hedging activities | Foreign exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	3	3	5	7
Amounts reclassified from AOCI | Gains (losses) on hedging activities | Interest rate contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	(2)	$ (2)	(3)	$ (3)
Amounts reclassified from AOCI | Gains (losses) on hedging activities | Fair value hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	$ (2)		$ (5)

REVENUES - Additional Informati

REVENUES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue From Contract With Customer [Line Items]
Transaction price allocated to remaining performance obligations	$ 4,160		$ 4,160
Revenue related to performance obligations	0	$ 0	0	$ 0
Net trade accounts receivable	2,370		2,370		$ 2,430
Revenue recognized upon satisfaction of performance obligations			80	$ 64
Sales-type lease, net of investment in lease	70		70
2020
Revenue From Contract With Customer [Line Items]
Sales-type leases, receivables	29		29
2021
Revenue From Contract With Customer [Line Items]
Sales-type leases, receivables	15		15
2022
Revenue From Contract With Customer [Line Items]
Sales-type leases, receivables	11		11
2023
Revenue From Contract With Customer [Line Items]
Sales-type leases, receivables	10		10
2024
Revenue From Contract With Customer [Line Items]
Sales-type leases, receivables	$ 5		$ 5
Minimum
Revenue From Contract With Customer [Line Items]
Global payment terms			30 days
Minimum | Software sales
Revenue From Contract With Customer [Line Items]
Revenue recognized contract period			1 year
Minimum | Consumable Medical Products
Revenue From Contract With Customer [Line Items]
Revenue recognized contract period			1 year
Maximum
Revenue From Contract With Customer [Line Items]
Global payment terms			90 days
Maximum | Contract manufacturing services
Revenue From Contract With Customer [Line Items]
Revenue recognized contract period			90 days
Maximum | Software sales
Revenue From Contract With Customer [Line Items]
Revenue recognized contract period			5 years
Maximum | Consumable Medical Products
Revenue From Contract With Customer [Line Items]
Revenue recognized contract period			7 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue From Contract With Customer [Line Items]
Remaining revenue performance obligation, percentage of revenue expected to be recognized	35%		35%
Remaining performance obligations period	6 months		6 months
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	30%		30%
Remaining performance obligations period	1 year		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	25%		25%
Remaining performance obligations period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue From Contract With Customer [Line Items]
Remaining revenue performance obligation, percentage of revenue expected to be recognized	10%		10%
Remaining performance obligations period	1 year		1 year

REVENUES - Contract Assets and

REVENUES - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue From Contract With Customer [Line Items]
Contract assets	$ 153		$ 166
Contract liabilities	183	$ 199	194
Revenue From Contract With Customer [Roll Forward]
Balance at beginning of period	194	194
New revenue deferrals	254	271
Revenue recognized upon satisfaction of performance obligations	(266)	(267)
Currency translation	1	1
Balance at end of period	183	$ 199
Prepaid expenses and other current assets
Revenue From Contract With Customer [Line Items]
Contract assets	53		53
Other non-current assets
Revenue From Contract With Customer [Line Items]
Contract assets	100		113
Accrued expenses and other current liabilities
Revenue From Contract With Customer [Line Items]
Contract liabilities	142		148
Revenue From Contract With Customer [Roll Forward]
Balance at beginning of period	148
Balance at end of period	142
Other non-current liabilities
Revenue From Contract With Customer [Line Items]
Contract liabilities	41		46
Revenue From Contract With Customer [Roll Forward]
Balance at beginning of period	46
Balance at end of period	41
Contract manufacturing services
Revenue From Contract With Customer [Line Items]
Contract assets	6		5
Software sales
Revenue From Contract With Customer [Line Items]
Contract assets	45		44
Bundled equipment and consumable medical products contracts
Revenue From Contract With Customer [Line Items]
Contract assets	$ 102		$ 117

REVENUES - Lease Revenue (Detai

REVENUES - Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Sales-type lease revenue	$ 3	$ 3	$ 6	$ 7
Operating lease revenue	105	132	249	256
Variable lease revenue	14	14	30	29
Total lease revenue	$ 122	$ 149	$ 285	$ 292

BUSINESS OPTIMIZATION CHARGES -

BUSINESS OPTIMIZATION CHARGES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Expected additional pre-tax costs	$ 7		$ 7
Charges	9	$ 287	56	$ 397
Exit Of Manufacturing Facility
Restructuring Cost and Reserve [Line Items]
Charges		253		253
Employee termination costs
Restructuring Cost and Reserve [Line Items]
Charges	(2)	28	34	115
Employee termination costs | New Operating Model
Restructuring Cost and Reserve [Line Items]
Charges		19	27	97
Employee termination costs | Exit Of Manufacturing Facility
Restructuring Cost and Reserve [Line Items]
Charges		10		10
Contract termination and other costs
Restructuring Cost and Reserve [Line Items]
Charges	3	2	9	5
Asset impairments
Restructuring Cost and Reserve [Line Items]
Charges	8	257	$ 13	277
Asset impairments | New Operating Model
Restructuring Cost and Reserve [Line Items]
Charges	$ 6
Asset impairments | Exit Of Manufacturing Facility
Restructuring Cost and Reserve [Line Items]
Charges		$ 243		$ 243

BUSINESS OPTIMIZATION CHARGES_2

BUSINESS OPTIMIZATION CHARGES - Summary of Business Optimization Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 9	$ 287	$ 56	$ 397
Business Optimization Programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9	287	56	397
Costs to implement business optimization programs	11	6	21	30
Total business optimization charges	$ 20	$ 293	$ 77	$ 427

BUSINESS OPTIMIZATION CHARGES_3

BUSINESS OPTIMIZATION CHARGES - Components of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 9	$ 287	$ 56	$ 397
COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9	266	20	298
SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3	21	23	92
R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(3)	0	13	7
Employee termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(2)	28	34	115
Employee termination costs | COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(2)	9	3	26
Employee termination costs | SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3	19	18	82
Employee termination costs | R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(3)	0	13	7
Contract termination and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3	2	9	5
Contract termination and other costs | COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3	0	4	3
Contract termination and other costs | SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	2	5	2
Contract termination and other costs | R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	0	0
Asset impairments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8	257	13	277
Asset impairments | COGS
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8	257	13	269
Asset impairments | SG&A
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	0	8
Asset impairments | R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0	$ 0	$ 0

BUSINESS OPTIMIZATION CHARGES_4

BUSINESS OPTIMIZATION CHARGES - Summary of Activity in Reserves Related to Restructuring Initiatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Charges	$ 9	$ 287	$ 56	$ 397
Severance and Other Employee Related Costs
Restructuring Reserve [Roll Forward]
Reserve, beginning balance			128
Charges			60
Payments			(64)
Reserve adjustments			(17)
Currency translation			7
Reserve, ending balance	$ 114		$ 114

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension benefits
Net periodic benefit cost
Service cost	$ 4	$ 7	$ 11	$ 13
Interest cost	38	35	76	72
Expected return on plan assets	(49)	(43)	(99)	(87)
Amortization of net losses and prior service costs	4	1	7	2
Net periodic pension cost (income)	(3)	0	(5)	0
OPEB
Net periodic benefit cost
Interest cost	2	2	4	4
Amortization of net losses and prior service costs	(5)	(6)	(10)	(12)
Net periodic pension cost (income)	$ (3)	$ (4)	$ (6)	$ (8)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(21.00%)	(5.50%)	(92.90%)	(14.20%)
U.S. Federal statutory rate			21%
Increase in valuation allowance		$ 30		$ 30

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Net Income (Loss) Attributable to Stockholder (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Loss from continuing operations	$ (311)	$ (193)	$ (272)	$ (193)
Less: Comprehensive income attributable to noncontrolling interests	3	2	5	3
Loss from continuing operations attributable to Baxter stockholders	(314)	(195)	(277)	(196)
Income from discontinued operations, net of tax	0	54	0	99
Net loss attributable to Baxter stockholders	$ (314)	$ (141)	$ (277)	$ (97)

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Basic Shares to Diluted Shares (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of Basic Shares to Diluted Shares
Basic (in shares)	510	506	509	506
Effect of dilutive securities (in shares)	0	0	0	0
Diluted (in shares)	510	506	509	506
Loss from continuing operations	$ (311)	$ (193)	$ (272)	$ (193)
Less: Comprehensive income attributable to noncontrolling interests	3	2	5	3
Income from discontinued operations, net of tax	0	54	0	99
Net loss attributable to Baxter stockholders	(314)	(141)	(277)	(97)
Loss from continuing operations	$ (314)	$ (195)	$ (277)	$ (196)

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of EPS (in shares)	25	27	25	25

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) € in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 EUR (€)	May 31, 2019 EUR (€)	May 31, 2017 EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fair value, terminated	$ 0	$ 0
Derivative, net investment terminated	0	0
Deferred, net after-tax gains on derivative instruments	2,000,000
Undesignated derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	741,000,000		$ 709,000,000
Derivative instruments designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	0	$ 0
Net investment hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated pre-tax unrealized translation gain in AOCI	86,000,000
1.30% Senior Notes Due May 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Senior notes | €							€ 600
Senior notes, interest rate							1.30%
0.4% Senior Notes Due May 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Senior notes | €					€ 750	€ 750
Senior notes, interest rate				0.40%	0.40%	0.40%
1.3% Senior Notes Due May 2029
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Senior notes | €						€ 750
Senior notes, interest rate							1.30%
Interest rate contracts | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fair value, net	0		0
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 252,000,000		340,000,000
Maximum length of time hedge in cash flow hedge	12 months
Fair value hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount				$ 798,000,000
Interest rate swap | Fair value hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fair value, net	$ 0		$ 0

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge and net investment hedge, gain (loss), before reclassification, tax	$ 14	$ 20	$ 60	$ (28)
Other comprehensive income (loss), reclassification adjustment from AOCI, cash flow hedges and net investment hedges, net of tax	(1)	1	(3)	4
Total	3	(15)	(37)	(18)
Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts	(1)	0	(3)	0
Fair value hedges | Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive (income) expense, derivative, excluded component, increase (decrease), adjustments, before tax	(2)	0	(5)	0
Earnings, fair value hedge, gain (loss), reclassification, before tax	(1)	0	(24)	0
Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), net investment hedge, gain (loss), before reclassification and tax	11	10	49	(38)
Net Investment Hedging | Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Net investment hedges	0	0	0	0
Interest rate contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax	0	0	0	0
Interest rate contracts | Cash Flow Hedging | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(2)	(2)	(3)	(3)
Foreign exchange contracts | Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income, undesignated derivative instruments	4	(15)	(13)	(18)
Foreign exchange contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, tax	4	10	14	10
Foreign exchange contracts | Cash Flow Hedging | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	$ 3	$ 3	$ 5	$ 7

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Classification and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 7	$ 51
Derivative liability, fair value	6	5
Derivative instruments designated as hedges | Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	6	4
Derivative instruments designated as hedges | Foreign exchange contracts | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	0	5
Undesignated derivative instruments | Foreign exchange contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	1	47
Undesignated derivative instruments | Foreign exchange contracts | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 6	$ 0

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Positions Presented On Net Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Asset
Gross amounts recognized in the condensed consolidated balance sheets	$ 7	$ 51
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet	(1)	(5)
Derivative asset, fair value, total	6	46
Liability
Gross amounts recognized in the condensed consolidated balance sheets	6	5
Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet	(1)	(5)
Derivative liability, fair value, total	$ 5	$ 0

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, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Carrying amount of hedged item	$ 100	$ 100
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item	$ 3	$ 3

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, 2024	Dec. 31, 2023
Assets
Foreign exchange contracts	$ 7	$ 51
Available-for-sale debt securities	22	22
Marketable equity securities	12	44
Total assets	41	117
Liabilities
Foreign exchange contracts	6	5
Contingent payments related to acquisitions	14	14
Total liabilities	20	19
Quoted prices in active markets for identical assets (Level 1)
Assets
Foreign exchange contracts	0	0
Available-for-sale debt securities	0	0
Marketable equity securities	12	44
Total assets	12	44
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	7	51
Available-for-sale debt securities	0	0
Marketable equity securities	0	0
Total assets	7	51
Liabilities
Foreign exchange contracts	6	5
Contingent payments related to acquisitions	0	0
Total liabilities	6	5
Significant unobservable inputs (Level 3)
Assets
Foreign exchange contracts	0	0
Available-for-sale debt securities	22	22
Marketable equity securities	0	0
Total assets	22	22
Liabilities
Foreign exchange contracts	0	0
Contingent payments related to acquisitions	14	14
Total liabilities	$ 14	$ 14

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Disclosures [Line Items]
Cash and cash equivalents	$ 2,095	$ 1,722	$ 2,095	$ 1,722	$ 3,194
Impairment of investments without readily determinable value		18
Debt Securities
Fair Value Disclosures [Line Items]
Impairment of convertible debt investment		5
Available-for-sale debt securities
Fair Value Disclosures [Line Items]
Impairment of convertible debt investment	0	$ 5	0	$ 5
Other Assets
Fair Value Disclosures [Line Items]
Other equity investments without readily determinable fair values	67		67		66
Significant other observable inputs (Level 2)
Fair Value Disclosures [Line Items]
Money market funds, at carrying value	$ 628		$ 628		$ 1,630

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Contingent payments related to acquisitions
Contingent payments related to acquisitions
Fair value at beginning of period	$ 14	$ 21	$ 14	$ 21	$ 14	$ 14	$ 70	$ 84
Change in fair value recognized in earnings	0	(1)	0	(14)
Transfers out of Level 3			0	0
Payments	0	(48)	0	(49)
Fair value at end of period	14	21	14	21
Available-for-sale debt securities
Available-for-sale debt securities
Fair value at beginning of period	22	42	22	47
Change in fair value recognized in earnings	0	(5)	0	(5)
Transfers out of Level 3			0	(5)
Payments	0	0	0	0
Fair value at end of period	$ 22	$ 37	$ 22	$ 37

FAIR VALUE MEASUREMENTS - Book

FAIR VALUE MEASUREMENTS - Book Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Book values
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]
Current maturities of long-term debt and finance lease obligations	$ 2,468	$ 2,668
Long-term debt and finance lease obligations	10,436	11,130
Fair values
Fair Value And Carrying Value By Balance Sheet Grouping [Line Items]
Current maturities of long-term debt and finance lease obligations	2,442	2,621
Long-term debt and finance lease obligations	$ 9,256	$ 10,067

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	4

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Financial Information for Our Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 3,812	$ 3,707	$ 7,404	$ 7,220
United States
Segment Reporting Information [Line Items]
Net sales	1,797	1,750	3,456	3,417
International
Segment Reporting Information [Line Items]
Net sales	2,015	1,957	3,948	3,803
Operating Segments | Medical Products and Therapies
Segment Reporting Information [Line Items]
Net sales	1,322	1,276	2,551	2,433
Operating Segments | Healthcare Systems and Technologies
Segment Reporting Information [Line Items]
Net sales	748	743	1,415	1,474
Operating Segments | Pharmaceuticals
Segment Reporting Information [Line Items]
Net sales	602	550	1,180	1,073
Operating Segments | Kidney Care
Segment Reporting Information [Line Items]
Net sales	1,118	1,116	2,220	2,188
Operating Segments | United States | Medical Products and Therapies
Segment Reporting Information [Line Items]
Net sales	729	720	1,402	1,378
Operating Segments | United States | Healthcare Systems and Technologies
Segment Reporting Information [Line Items]
Net sales	550	538	1,023	1,057
Operating Segments | United States | Pharmaceuticals
Segment Reporting Information [Line Items]
Net sales	197	182	388	355
Operating Segments | United States | Kidney Care
Segment Reporting Information [Line Items]
Net sales	305	294	616	587
Operating Segments | International | Medical Products and Therapies
Segment Reporting Information [Line Items]
Net sales	593	556	1,149	1,055
Operating Segments | International | Healthcare Systems and Technologies
Segment Reporting Information [Line Items]
Net sales	198	205	392	417
Operating Segments | International | Pharmaceuticals
Segment Reporting Information [Line Items]
Net sales	405	368	792	718
Operating Segments | International | Kidney Care
Segment Reporting Information [Line Items]
Net sales	813	822	1,604	1,601
Operating Segments | Infusion Therapies and Technologies | Medical Products and Therapies
Segment Reporting Information [Line Items]
Net sales	1,045	1,004	2,011	1,915
Operating Segments | Infusion Therapies and Technologies | United States | Medical Products and Therapies
Segment Reporting Information [Line Items]
Net sales	579	570	1,105	1,084
Operating Segments | Infusion Therapies and Technologies | International | Medical Products and Therapies
Segment Reporting Information [Line Items]
Net sales	466	434	906	831
Operating Segments | Advanced Surgery | Medical Products and Therapies
Segment Reporting Information [Line Items]
Net sales	277	272	540	518
Operating Segments | Advanced Surgery | United States | Medical Products and Therapies
Segment Reporting Information [Line Items]
Net sales	150	150	297	294
Operating Segments | Advanced Surgery | International | Medical Products and Therapies
Segment Reporting Information [Line Items]
Net sales	127	122	243	224
Operating Segments | Care and Connectivity Solutions | Healthcare Systems and Technologies
Segment Reporting Information [Line Items]
Net sales	452	436	854	865
Operating Segments | Care and Connectivity Solutions | United States | Healthcare Systems and Technologies
Segment Reporting Information [Line Items]
Net sales	332	311	610	609
Operating Segments | Care and Connectivity Solutions | International | Healthcare Systems and Technologies
Segment Reporting Information [Line Items]
Net sales	120	125	244	256
Operating Segments | Front Line Care | Healthcare Systems and Technologies
Segment Reporting Information [Line Items]
Net sales	296	307	561	609
Operating Segments | Front Line Care | United States | Healthcare Systems and Technologies
Segment Reporting Information [Line Items]
Net sales	218	227	413	448
Operating Segments | Front Line Care | International | Healthcare Systems and Technologies
Segment Reporting Information [Line Items]
Net sales	78	80	148	161
Operating Segments | Injectables and Anesthesia | Pharmaceuticals
Segment Reporting Information [Line Items]
Net sales	341	332	669	637
Operating Segments | Injectables and Anesthesia | United States | Pharmaceuticals
Segment Reporting Information [Line Items]
Net sales	197	182	388	355
Operating Segments | Injectables and Anesthesia | International | Pharmaceuticals
Segment Reporting Information [Line Items]
Net sales	144	150	281	282
Operating Segments | Drug Compounding | Pharmaceuticals
Segment Reporting Information [Line Items]
Net sales	261	218	511	436
Operating Segments | Drug Compounding | United States | Pharmaceuticals
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Operating Segments | Drug Compounding | International | Pharmaceuticals
Segment Reporting Information [Line Items]
Net sales	261	218	511	436
Operating Segments | Chronic Renal | Revision of Prior Period, Reclassification, Adjustment
Segment Reporting Information [Line Items]
Net sales		(8)		(16)
Operating Segments | Chronic Renal | Kidney Care
Segment Reporting Information [Line Items]
Net sales	917	928	1,805	1,812
Operating Segments | Chronic Renal | United States | Kidney Care
Segment Reporting Information [Line Items]
Net sales	228	230	454	459
Operating Segments | Chronic Renal | International | Kidney Care
Segment Reporting Information [Line Items]
Net sales	689	698	1,351	1,353
Operating Segments | Acute Therapies | Revision of Prior Period, Reclassification, Adjustment
Segment Reporting Information [Line Items]
Net sales		8		16
Operating Segments | Acute Therapies | Kidney Care
Segment Reporting Information [Line Items]
Net sales	201	188	415	376
Operating Segments | Acute Therapies | United States | Kidney Care
Segment Reporting Information [Line Items]
Net sales	77	64	162	128
Operating Segments | Acute Therapies | International | Kidney Care
Segment Reporting Information [Line Items]
Net sales	124	124	253	248
Other
Segment Reporting Information [Line Items]
Net sales	22	22	38	52
Other | United States
Segment Reporting Information [Line Items]
Net sales	16	16	27	40
Other | International
Segment Reporting Information [Line Items]
Net sales	$ 6	$ 6	$ 11	$ 12

SEGMENT INFORMATION - Revenue r

SEGMENT INFORMATION - Revenue rom External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 3,812	$ 3,707	$ 7,404	$ 7,220
United States
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	1,797	1,750	3,456	3,417
Emerging Markets
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	844	839	1,622	1,596
Rest of world
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 1,171	$ 1,118	$ 2,326	$ 2,207

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total	$ (192)	$ (17)	$ (5)	$ 112
Intangible asset amortization expense	167	157	333	319
Operating income (loss)	(192)	(17)	(5)	112
Interest expense, net	85	124	163	241
Other (income) expense, net	(20)	42	(27)	40
Loss from continuing operations before income taxes	(257)	(183)	(141)	(169)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total	525	514	1,060	974
Operating income (loss)	525	514	1,060	974
Operating Segments | Medical Products and Therapies
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total	238	264	465	461
Operating income (loss)	238	264	465	461
Operating Segments | Healthcare Systems and Technologies
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total	120	100	187	212
Operating income (loss)	120	100	187	212
Operating Segments | Pharmaceuticals
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total	75	89	153	176
Operating income (loss)	75	89	153	176
Operating Segments | Kidney Care
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total	83	55	242	112
Operating income (loss)	83	55	242	112
Operating Segments | Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total	9	6	13	13
Operating income (loss)	9	6	13	13
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Unallocated corporate costs	(3)	(25)	(23)	(46)
Intangible asset amortization expense	(167)	(157)	(333)	(319)
Goodwill impairment	(430)	0	(430)	0
Business optimization items	(20)	(293)	(77)	(427)
Acquisition and integration items	(6)	(7)	(11)	0
Separation-related costs	(81)	(37)	(173)	(46)
European Medical Devices Regulation	$ (10)	$ (12)	$ (18)	$ (24)