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DISCONTINUED OPERATIONS (Tables) | 3 Months Ended
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Mar. 31, 2025
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 months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |  |  |  |
(in millions) | 2025 | 2024 |  |  |  |  |  |
Net sales | $ | 352 |  | $ | 1,102 |  |  |  |  |  |  |
Cost of sales | 206 |  | 676 |  |  |  |  |  |  |
Gross margin | 146 |  | 426 |  |  |  |  |  |  |
Selling, general and administrative expenses | 116 |  | 298 |  |  |  |  |  |  |
Research and development expenses | 16 |  | 56 |  |  |  |  |  |  |
Operating income (loss) | 14 |  | 72 |  |  |  |  |  |  |
Interest expense, net | 13 |  | — |  |  |  |  |  |  |
Other (income) expense, net | 7 |  | 2 |  |  |  |  |  |  |
Income (loss) from discontinued operations before gain on disposition and income taxes | (6) |  | 70 |  |  |  |  |  |  |
Gain on disposition | 191 |  | — |  |  |  |  |  |  |
Income tax expense (benefit) | 123 |  | 37 |  |  |  |  |  |  |
Income from discontinued operations, net of tax | 62 |  | 33 |  |  |  |  |  |  |
Less: Net income attributable to noncontrolling interest included in discontinued operations | — |  | 2 |  |  |  |  |  |  |
Net income attributable to Baxter stockholders included in discontinued operations | $ | 62 |  | $ | 31 |  |  |  |  |  |  |
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 December 31, 2024:
(in millions) |  | December 31, 2024
Cash and cash equivalents |  | $ | 648 |
Accounts receivable, net of allowances |  | 942 |
Inventories |  | 821 |
Prepaid expenses and other current assets |  | 200 |
Current assets of discontinued operations |  | 2,611 |
Property, plant and equipment, net |  | 1,516 |
Goodwill |  | 265 |
Other intangible assets, net |  | 148 |
Operating lease right-of-use assets |  | 204 |
Other non-current assets |  | 367 |
Non-current assets of discontinued operations |  | 2,500 |
Assets of discontinued operations |  | $ | 5,111 |
Current maturities of finance lease obligations |  | $ | 1 |
Accounts payable |  | 344 |
Accrued expenses and other current liabilities |  | 585 |
Current liabilities of discontinued operations |  | 930 |
Long-term finance lease obligations, less current portion |  | 37 |
Operating lease liabilities |  | 173 |
Other non-current liabilities |  | 344 |
Non-current liabilities of discontinued operations |  | 554 |
Liabilities of discontinued operations |  | $ | 1,484 |

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