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DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Results of Discontinued Operations and Assets and Liabilities of Discontinued Operations
The following tables summarize the major classes of line items included in income (loss) from discontinued operations, net of tax, for the three and nine months ended September 30, 2024 and 2023:
Kidney CareBioPharma SolutionsTotal
Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,
(in millions)202420232024202320242023
Net sales$1,155 $1,109 $— $191 $1,155 $1,300 
Cost of sales731 1,048 — 81 731 1,129 
Gross margin424 61 — 110 424 171 
Selling, general and administrative expenses278 258 — 15 278 273 
Research and development expenses41 33 — 1 41 34 
Other operating income, net(1)— — — (1)— 
Operating income (loss)106 (230)— 94 106 (136)
Interest expense, net1 1 — — 1 1 
Other (income) expense, net(8)5 — 2 (8)7 
Income (loss) from discontinued operations before gain on disposition and income taxes113 (236)— 92 113 (144)
Gain on disposition— — — 2,890 — 2,890 
Income tax expense (benefit)30 (250)— 522 30 272 
Income from discontinued operations, net of tax83 14 — 2,460 83 2,474 
Less: Net income attributable to noncontrolling interest included in discontinued operations4 3 — — 4 3 
Net income attributable to Baxter stockholders included in discontinued operations$79 $11 $— $2,460 $79 $2,471 
Kidney CareBioPharma SolutionsTotal
Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,
202420232024202320242023
Net sales$3,375 $3,294 $— $469 $3,375 $3,763 
Cost of sales2,125 2,841 — 216 2,125 3,057 
Gross margin1,250 453 — 253 1,250 706 
Selling, general and administrative expenses874 691 — 44 874 735 
Research and development expenses140 104 — 2 140 106 
Goodwill impairment430 — — — 430 — 
Other operating income, net(1)— — — (1)— 
Operating income (loss)(193)(342)— 207 (193)(135)
Interest expense, net— 2 — — — 2 
Other (income) expense, net(2)18 — 2 (2)20 
Income (loss) from discontinued operations before income taxes(191)(362)— 205 (191)(157)
Gain on disposition— — — 2,890 — 2,890 
Income tax expense (benefit)99 (258)— 536 99 278 
Income (loss) from discontinued operations, net of tax(290)(104)— 2,559 (290)2,455 
Less: Net income attributable to noncontrolling interests included in discontinued operations9 6 — — 9 6 
Net income (loss) attributable to Baxter stockholders included in discontinued operations$(299)$(110)$— $2,559 $(299)$2,449 
The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations, related to our Kidney Care business, in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023:
(in millions)September 30, 2024December 31, 2023
Cash and cash equivalents$658 $116 
Accounts receivable, net of allowances1,045 971 
Inventories960 906 
Prepaid expenses and other current assets229 186 
Current assets of discontinued operations2,892 2,179 
Property, plant and equipment, net1,542 1,562 
Goodwill276 721 
Other intangible assets, net147 161 
Operating lease right-of-use assets209 188 
Other non-current assets360 317 
Non-current assets of discontinued operations2,534 2,949 
Assets of discontinued operations$5,426 $5,128 
Current maturities of finance lease obligations$— $1 
Accounts payable396 360 
Accrued expenses and other current liabilities693 679 
Current liabilities of discontinued operations1,089 1,040 
Long-term finance lease obligations, less current portion40 41 
Operating lease liabilities186 173 
Other non-current liabilities349 337 
Non-current liabilities of discontinued operations575 551 
Liabilities of discontinued operations$1,664 $1,591