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QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY FINANCIAL DATA (UNAUDITED) |
QUARTERLY FINANCIAL DATA (UNAUDITED)
The following table represents data from our unaudited consolidated statements of operations for the most recent eight quarters. This quarterly information has been prepared on the same basis as the consolidated financial statements and includes all normal recurring adjustments necessary to fairly state the information for the periods presented. The results of operations of any quarter are not necessarily indicative of the results that may be expected for any future period.
| 2023
(in millions, except per share data) | First Quarter | Second Quarter 2 | Third Quarter 3 | Fourth Quarter | Full Year 1
Net sales | $ | 3,513 |  | $ | 3,707 |  | $ | 3,708 |  | $ | 3,885 |  | $ | 14,813 |
Gross margin | 1,275 |  | 1,111 |  | 1,117 |  | 1,472 |  | 4,975 |
Income (loss) from continuing operations | — |  | (193) |  | 51 |  | 73 |  | (69) |
Income (loss) from discontinued operations | 45 |  | 54 |  | 2,460 |  | 173 |  | 2,732 |
Net income (loss) | 45 |  | (139) |  | 2,511 |  | 246 |  | 2,663 |
Net income (loss) attributable to Baxter stockholders | 44 |  | (141) |  | 2,508 |  | 245 |  | 2,656 |
Income (loss) from continuing operations per common share |  |  |  |  |
Basic | $ | 0.00 |  | $ | (0.39) |  | $ | 0.09 |  | $ | 0.14 |  | $ | (0.15) |
Diluted | $ | 0.00 |  | $ | (0.39) |  | $ | 0.09 |  | $ | 0.14 |  | $ | (0.15) |
Income (loss) from discontinued operations per common share |  |  |  |  |
Basic | $ | 0.09 |  | $ | 0.11 |  | $ | 4.85 |  | $ | 0.34 |  | $ | 5.40 |
Diluted | $ | 0.09 |  | $ | 0.11 |  | $ | 4.83 |  | $ | 0.34 |  | $ | 5.40 |
Net Income (loss) per common share |  |  |  |  |
Basic | $ | 0.09 |  | $ | (0.28) |  | $ | 4.95 |  | $ | 0.48 |  | $ | 5.25 |
Diluted | $ | 0.09 |  | $ | (0.28) |  | $ | 4.93 |  | $ | 0.48 |  | $ | 5.25 |
| 2022
(in millions, except per share data) | First Quarter | Second Quarter | Third Quarter 4 | Fourth Quarter | Full Year 1
Net sales | $ | 3,558 |  | $ | 3,594 |  | $ | 3,609 |  | $ | 3,745 |  | $ | 14,506 |
Gross margin | 1,262 |  | 1,371 |  | 1,045 |  | 1,388 |  | 5,066 |
Income (loss) from continuing operations | 8 |  | 185 |  | (2,991) |  | 144 |  | (2,654) |
Income from discontinued operations | 65 |  | 70 |  | 57 |  | 41 |  | 233 |
Net income (loss) | 73 |  | 255 |  | (2,934) |  | 185 |  | (2,421) |
Net income (loss) attributable to Baxter stockholders | 71 |  | 252 |  | (2,937) |  | 181 |  | (2,433) |
Income (loss) from continuing operations per common share |  |  |  |  |
Basic | $ | 0.01 |  | $ | 0.36 |  | $ | (5.94) |  | $ | 0.28 |  | $ | (5.29) |
Diluted | $ | 0.01 |  | $ | 0.36 |  | $ | (5.94) |  | $ | 0.28 |  | $ | (5.29) |
Income from discontinued operations per common share |  |  |  |  |
Basic | $ | 0.13 |  | $ | 0.14 |  | $ | 0.11 |  | $ | 0.08 |  | $ | 0.46 |
Diluted | $ | 0.13 |  | $ | 0.14 |  | $ | 0.11 |  | $ | 0.08 |  | $ | 0.46 |
Net Income (loss) per common share |  |  |  |  |
Basic | $ | 0.14 |  | $ | 0.50 |  | $ | (5.83) |  | $ | 0.36 |  | $ | (4.83) |
Diluted | $ | 0.14 |  | $ | 0.50 |  | $ | (5.83) |  | $ | 0.36 |  | $ | (4.83) |
1 The sum of per share amounts for quarterly periods may not equal full year amounts due to rounding. 2 Our results from continuing operations for the quarter ended June 30, 2023 included $243 million of long-lived asset impairment charges resulting from our decision to cease production at one of our dialyzer manufacturing facilities. 3 Our results from continuing operations for the quarter ended September 30, 2023 included $267 million of long-lived asset impairment charges related to our HD business and our results from discontinued operations for that quarterly period included a gain of $2.88 billion from the sale of our BPS business. 4 Our results from continuing operations for the quarter ended September 30, 2022 included $2.79 billion of goodwill impairments and $332 million of long-lived asset impairments related to assets acquired in connection with our December 2021 acquisition of Hillrom.

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