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SEGMENT INFORMATION (Tables) | 6 Months Ended
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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) |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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