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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Discontinued Operations | The following table summarizes the major classes of line items included in income (loss) from discontinued operations, net of tax, for the years ended December 31, 2024, 2023 and 2022:
| Kidney Care |  | BioPharma Solutions |  | Total
| Year Ended December 31, |  | Year Ended December 31, |  | Year Ended December 31,
(in millions) | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Net sales | $ | 4,513 |  | $ | 4,453 |  | $ | 4,449 |  |  | $ | — |  | $ | 469 |  | $ | 607 |  |  | $ | 4,513 |  | $ | 4,922 |  | $ | 5,056 |
Cost of sales | 2,812 |  | 3,628 |  | 2,932 |  |  | — |  | 216 |  | 276 |  |  | 2,812 |  | 3,844 |  | 3,208 |
Gross margin | 1,701 |  | 825 |  | 1,517 |  |  | — |  | 253 |  | 331 |  |  | 1,701 |  | 1,078 |  | 1,848 |
Selling, general and administrative expenses | 1,203 |  | 993 |  | 762 |  |  | — |  | 45 |  | 28 |  |  | 1,203 |  | 1,038 |  | 790 |
Research and development expenses | 181 |  | 149 |  | 152 |  |  | — |  | 1 |  | 3 |  |  | 181 |  | 150 |  | 155 |
Goodwill impairments | 430 |  | — |  | — |  |  | — |  | — |  | — |  |  | 430 |  | — |  | — |
Other operating expense (income), net | (1) |  | — |  | 1 |  |  | — |  | — |  | — |  |  | (1) |  | — |  | 1 |
Operating income (loss) | (112) |  | (317) |  | 602 |  |  | — |  | 207 |  | 300 |  |  | (112) |  | (110) |  | 902 |
Interest expense, net | 13 |  | 3 |  | 1 |  |  | — |  | (1) |  | — |  |  | 13 |  | 2 |  | 1 |
Other (income) expense, net | 10 |  | 25 |  | 3 |  |  | — |  | 1 |  | 3 |  |  | 10 |  | 26 |  | 6 |
Income (loss) from discontinued operations before gain on disposition and income taxes | (135) |  | (345) |  | 598 |  |  | — |  | 207 |  | 297 |  |  | (135) |  | (138) |  | 895 |
Gain on disposition | — |  | — |  | — |  |  | — |  | 2,882 |  | — |  |  | — |  | 2,882 |  | — |
Income tax expense (benefit) | 177 |  | (95) |  | 139 |  |  | — |  | 357 |  | 64 |  |  | 177 |  | 262 |  | 203 |
Income (loss) from discontinued operations, net of tax | (312) |  | (250) |  | 459 |  |  | — |  | 2,732 |  | 233 |  |  | (312) |  | 2,482 |  | 692 |
Less: Net income attributable to noncontrolling interest included in discontinued operations | 11 |  | 7 |  | 11 |  |  | — |  | — |  | — |  |  | 11 |  | 7 |  | 11 |
Net income (loss) attributable to Baxter stockholders included in discontinued operations | $ | (323) |  | $ | (257) |  | $ | 448 |  |  | $ | — |  | $ | 2,732 |  | $ | 233 |  |  | $ | (323) |  | $ | 2,475 |  | $ | 681 |
The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations in the consolidated balance sheets as of December 31, 2024 and 2023:
as of December 31 (in millions) | 2024 | 2023
Cash and cash equivalents | $ | 648 |  | $ | 116 |
Accounts receivable, net of allowances | 942 |  | 971 |
Inventories | 821 |  | 906 |
Prepaid expenses and other current assets | 200 |  | 186 |
Current assets of discontinued operations | 2,611 |  | 2,179 |
Property, plant and equipment, net | 1,516 |  | 1,562 |
Goodwill | 265 |  | 721 |
Other intangible assets, net | 148 |  | 161 |
Operating lease right-of-use assets | 204 |  | 188 |
Other non-current assets | 367 |  | 317 |
Non-current assets of discontinued operations | 2,500 |  | 2,949 |
Assets of discontinued operations | $ | 5,111 |  | $ | 5,128 |
Current maturities of finance lease obligations | $ | 1 |  | $ | 1 |
Accounts payable | 344 |  | 360 |
Accrued expenses and other current liabilities | 585 |  | 679 |
Current liabilities of discontinued operations | 930 |  | 1,040 |
Long-term finance lease obligations, less current portion | 37 |  | 41 |
Operating lease liabilities | 173 |  | 173 |
Other non-current liabilities | 344 |  | 337 |
Non-current liabilities of discontinued operations | 554 |  | 551 |
Liabilities of discontinued operations | $ | 1,484 |  | $ | 1,591 |

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