XML 47 R28.htm IDEA: XBRL DOCUMENT
v3.25.0.1

SEGMENT AND GEOGRAPHIC INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC INFORMATION |
SEGMENT AND GEOGRAPHIC INFORMATION
Our business is comprised of three reportable segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. The Medical Products & 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 & 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 anesthetics and drug compounding services. 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.
for the years ended December 31 | 2024 |  | 2023 |  | 2022
(in millions) | U.S. | International | Total |  | U.S. | International | Total |  | U.S. | International | Total
Infusion Therapies & Technologies | $ | 2,279 |  | $ | 1,824 |  | $ | 4,103 |  |  | $ | 2,227 |  | $ | 1,733 |  | $ | 3,960 |  |  | $ | 2,241 |  | $ | 1,576 |  | $ | 3,817 |
Advanced Surgery | 603 |  | 501 |  | 1,104 |  |  | 582 |  | 469 |  | 1,051 |  |  | 574 |  | 424 |  | 998 |
Medical Products & Therapies | 2,882 |  | 2,325 |  | 5,207 |  |  | 2,809 |  | 2,202 |  | 5,011 |  |  | 2,815 |  | 2,000 |  | 4,815 |
Care and Connectivity Solutions | 1,311 |  | 503 |  | 1,814 |  |  | 1,263 |  | 537 |  | 1,800 |  |  | 1,295 |  | 496 |  | 1,791 |
Front Line Care | 843 |  | 294 |  | 1,137 |  |  | 905 |  | 308 |  | 1,213 |  |  | 840 |  | 308 |  | 1,148 |
Healthcare Systems & Technologies | 2,154 |  | 797 |  | 2,951 |  |  | 2,168 |  | 845 |  | 3,013 |  |  | 2,135 |  | 804 |  | 2,939 |
Injectables and Anesthesia | 780 |  | 593 |  | 1,373 |  |  | 759 |  | 588 |  | 1,347 |  |  | 682 |  | 623 |  | 1,305 |
Drug Compounding | — |  | 1,038 |  | 1,038 |  |  | — |  | 902 |  | 902 |  |  | — |  | 821 |  | 821 |
Pharmaceuticals | 780 |  | 1,631 |  | 2,411 |  |  | 759 |  | 1,490 |  | 2,249 |  |  | 682 |  | 1,444 |  | 2,126 |
Other 1 | 34 |  | 33 |  | 67 |  |  | 66 |  | 21 |  | 87 |  |  | 137 |  | 40 |  | 177 |
Total Baxter | $ | 5,850 |  | $ | 4,786 |  | $ | 10,636 |  |  | $ | 5,802 |  | $ | 4,558 |  | $ | 10,360 |  |  | $ | 5,769 |  | $ | 4,288 |  | $ | 10,057 |
1 In connection with the reclassification of our BPS business to discontinued operations during the second quarter of 2023, we reclassified $2 million of contract manufacturing revenues from the first quarter of 2023 and $37 million of sales for the year ended December 31, 2022 from BPS to Other (within continuing operations), as the related manufacturing facility was not part of that divestiture transaction. Geographic Information Our net sales are attributed to the following geographic regions based on the location of the customer.
for the years ended December 31 (in millions) | 2024 | 2023 | 2022
Net sales: |  |  |
United States | $ | 5,850 |  | $ | 5,802 |  | $ | 5,769 |
Emerging markets 1 | 1,350 |  | 1,343 |  | 1,253 |
Rest of world 2 | 3,436 |  | 3,215 |  | 3,035 |
Total net sales | $ | 10,636 |  | $ | 10,360 |  | $ | 10,057 |
1 Emerging markets include 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. Our property, plant and equipment and operating lease right-of-use assets, net are attributed to the following geographic regions.
as of December 31 (in millions) | 2024 | 2023
Property, plant and equipment and operating lease right-of-use assets, net: |  |
United States | $ | 1,654 |  | $ | 1,615 |
Emerging markets | 793 |  | 829 |
Rest of world | 729 |  | 763 |
Total property, plant and equipment and operating lease right-of-use assets, net | $ | 3,176 |  | $ | 3,207 |
Segment Information Our chief operating decision maker who has been identified as our Chair, President and Chief Executive Officer, reviews the financial information presented for purposes of evaluating the performance of our segments and to make resource allocation decisions. Segment operating income is the measure of segment profitability and 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 (loss) 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. Corporate costs, inclusive of 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. With the results of our former Kidney Care segment reported in discontinued operations, corporate costs that had previously been allocated to the Kidney Care segment which did not convey with the Kidney Care segment in the completed sale are now presented as unallocated corporate costs. Segment results include net sales, cost of sales, selling general and administrative expenses, research and development expenses, and other segment items which are directly allocated to each segment. Beginning in 2024 annual reporting, we adopted ASU 2023-07 retrospectively. The following tables present our segment information of net sales, significant expenses and operating income during the periods presented.
| For the year ended December 31, 2024
(in millions) | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals |
Net sales | $ | 5,207 |  | $ | 2,951 |  | $ | 2,411 |  |
Cost of sales | 2,867 |  | 1,464 |  | 1,612 |  |
Selling, general and administrative expenses | 1,176 |  | 836 |  | 396 |  |
Research and development expenses | 216 |  | 184 |  | 91 |  |
Other segment items | (2) |  | (1) |  | (1) |  |
Segment operating income | $ | 950 |  | $ | 468 |  | $ | 313 |  |
| For the year ended December 31, 2023
(in millions) | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals |
Net sales | $ | 5,011 |  | $ | 3,013 |  | $ | 2,249 |  |
Cost of sales | 2,720 |  | 1,532 |  | 1,400 |  |
Selling, general and administrative expenses | 1,097 |  | 822 |  | 363 |  |
Research and development expenses | 222 |  | 176 |  | 86 |  |
Other segment items | — |  | — |  | (1) |  |
Segment operating income | $ | 972 |  | $ | 483 |  | $ | 401 |  |
| For the year ended December 31, 2022
(in millions) | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals |
Net sales | $ | 4,815 |  | $ | 2,939 |  | $ | 2,126 |  |
Cost of sales | 2,584 |  | 1,463 |  | 1,293 |  |
Selling, general and administrative expenses | 1,069 |  | 827 |  | 361 |  |
Research and development expenses | 202 |  | 155 |  | 81 |  |
Other segment items | (2) |  | — |  | — |  |
Segment operating income | $ | 962 |  | $ | 494 |  | $ | 391 |  |
The following table presents our reportable segment operating income and reconciliations of reportable segment operating income to income (loss) from continuing operations before income taxes.
for the years ended December 31 (in millions) | 2024 | 2023 | 2022
Medical Products & Therapies | $ | 950 |  | $ | 972 |  | $ | 962 |
Healthcare Systems & Technologies | 468 |  | 483 |  | 494 |
Pharmaceuticals | 313 |  | 401 |  | 391 |
Total reportable segment operating income | 1,731 |  | 1,856 |  | 1,847 |
Other | 18 |  | 18 |  | 77 |
Unallocated corporate costs | (275) |  | (355) |  | (367) |
Intangible asset amortization expense | (625) |  | (590) |  | (679) |
Business optimization items | (162) |  | (174) |  | (193) |
European Medical Devices Regulation | (33) |  | (41) |  | (42) |
Long-lived asset impairments | (50) |  | — |  | (344) |
Legal matters | (17) |  | (7) |  | — |
Acquisition and integration items | (23) |  | — |  | (213) |
Product-related items | (15) |  | — |  | (44) |
Hurricane Helene Costs | (110) |  | — |  | — |
Loss on product divestiture arrangement | — |  | — |  | (54) |
Goodwill impairments | (425) |  | — |  | (2,812) |
Loss on subsidiary liquidation | — |  | — |  | (21) |
Total operating income (loss) | 14 |  | 707 |  | (2,845) |
Interest expense, net | 341 |  | 439 |  | 394 |
Other (income) expense, net | (38) |  | 26 |  | 9 |
Income (loss) from continuing operations before income taxes | $ | (289) |  | $ | 242 |  | $ | (3,248) |
Additional financial information for our segments is as follows:
for the years ended December 31 (in millions) | 2024 | 2023 | 2022 |
Depreciation Expense 1: |  |  |  |
Medical Products & Therapies | $ | 201 |  | $ | 232 |  | $ | 217 |  |
Healthcare Systems & Technologies | 109 |  | 108 |  | 117 |  |
Pharmaceuticals | 62 |  | 54 |  | 59 |  |
Total depreciation expense | $ | 372 |  | $ | 394 |  | $ | 393 |  |
1 Depreciation expense related to Corporate property, plant and equipment has been fully allocated to our segments and those allocations are reflected in the depreciation amounts presented herein. Our chief operating decision maker does not receive asset or capital expenditure information by segment and, accordingly, we do not report that information for our segments.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration