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SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | 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. 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 |  |
Revenue from External Customers by Geographic Areas | 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.
Geographic Information | 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 |
Reconciliation of Segment Operating Income To Income Before Income Taxes | 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.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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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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