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STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stock Options Fair Value Assumptions

The weighted-average assumptions used in estimating the fair value of stock options granted during each year, along with the weighted-average grant-date fair values, were as follows:

years ended December 31			2023			2022			2021
Expected volatility			27		%	24		%	24		%
Expected life (in years)			6.0			5.5			5.5
Risk-free interest rate			4.2		%	1.8		%	0.8		%
Dividend yield			3.0		%	1.3		%	1.3		%
Fair value per stock option			$	9		$	18		$	16

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2023 and the outstanding stock options as of December 31, 2023.

(options and aggregate intrinsic values in thousands)			Options			Weighted- average exercise price			Weighted- average remaining contractual term (in years)			Aggregate intrinsic value
Outstanding as of January 1, 2023			19,641			$	63.51
Granted			4,361			$	39.03
Exercised			(1,204)			$	38.13
Forfeited			(1,232)			$	57.33
Expired			(2,099)			$	69.36
Outstanding as of December 31, 2023			19,467			$	59.35		5.29			$	3,688
Vested or expected to vest as of December 31, 2023			18,994			$	59.69		5.20			$	3,635
Exercisable as of December 31, 2023			13,987			$	61.93		4.02			$	3,458

Summary of Nonvested RSU Activity

The following table summarizes nonvested RSU activity for the year ended December 31, 2023.

(share units in thousands)			Share units			Weighted- average grant-date fair value
Nonvested RSUs as of January 1, 2023			1,912			$	79.51
Granted			3,443			$	39.21
Vested			(752)			$	76.02
Forfeited			(597)			$	51.13
Nonvested RSUs as of December 31, 2023			4,006			$	49.77

Performance Stock Units Fair Value

The assumptions used in estimating the fair value of these PSUs granted during the period, along with the grant-date fair values, were as follows:

years ended December 31			2023			2022			2021
Baxter volatility			27		%	27		%	28		%
Peer group volatility			23%-54%			24%-54%			26%-81%
Correlation of returns			0.23-0.48			0.21-0.61			0.05-0.65
Risk-free interest rate			4.6		%	1.6		%	0.3		%
Fair value per PSU			$	30		$	102		$	86

Summary of Nonvested Performance Stock Unit Activity

The following table summarizes nonvested PSU activity for the year ended December 31, 2023.

(share units in thousands)			Share units			Weighted- average grant-date fair value
Nonvested PSUs as of January 1, 2023			698			$	85.00
Granted			451			$	29.57
Vested			(80)			$	76.25
Forfeited			(340)			$	73.52
Nonvested PSUs as of December 31, 2023			729			$	57.03

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