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SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Summary of Financial Information for Our Segments | The following tables present our U.S. and International disaggregated net sales.
| Three Months Ended March 31,
| 2025 |  | 2024
(in millions) | U.S. | International | Total |  | U.S. | International | Total
Infusion Therapies and Technologies | $ | 584 |  | $ | 410 |  | $ | 994 |  |  | $ | 526 |  | $ | 440 |  | $ | 966 |
Advanced Surgery | 145 |  | 123 |  | 268 |  |  | 147 |  | 116 |  | 263 |
Medical Products & Therapies | 729 |  | 533 |  | 1,262 |  |  | 673 |  | 556 |  | 1,229 |
Care and Connectivity Solutions | 316 |  | 111 |  | 427 |  |  | 278 |  | 124 |  | 402 |
Front Line Care | 202 |  | 75 |  | 277 |  |  | 195 |  | 70 |  | 265 |
Healthcare Systems & Technologies | 518 |  | 186 |  | 704 |  |  | 473 |  | 194 |  | 667 |
Injectables and Anesthesia | 195 |  | 140 |  | 335 |  |  | 191 |  | 137 |  | 328 |
Drug Compounding | — |  | 246 |  | 246 |  |  | — |  | 250 |  | 250 |
Pharmaceuticals | 195 |  | 386 |  | 581 |  |  | 191 |  | 387 |  | 578 |
Other | 48 |  | 30 |  | 78 |  |  | 11 |  | 5 |  | 16 |
Total Baxter | $ | 1,490 |  | $ | 1,135 |  | $ | 2,625 |  |  | $ | 1,348 |  | $ | 1,142 |  | $ | 2,490 |
The following table presents our segment information of net sales, significant expense and operating income during the periods presented.
| Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
(in millions) | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals |  | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals
Net sales | $ | 1,262 |  | $ | 704 |  | $ | 581 |  |  | $ | 1,229 |  | $ | 667 |  | $ | 578 |
Cost of sales | 694 |  | 356 |  | 396 |  |  | 668 |  | 346 |  | 382 |
Selling, general and administrative expenses | 286 |  | 217 |  | 103 |  |  | 284 |  | 207 |  | 96 |
Research and development expenses | 59 |  | 45 |  | 26 |  |  | 52 |  | 47 |  | 22 |
Other segment items | (21) |  | (7) |  | (7) |  |  | (2) |  | — |  | — |
Segment operating income | $ | 244 |  | $ | 93 |  | $ | 63 |  |  | $ | 227 |  | $ | 67 |  | $ | 78 |
Revenue from External Customers by Geographic Areas | Our net sales are attributed to the following geographic regions based on the location of the customer.
| Three Months Ended March 31, |  |
(in millions) | 2025 | 2024 |  |  |
United States | $ | 1,490 |  | $ | 1,348 |  |  |  |
Emerging markets 1 | 297 |  | 307 |  |  |  |
Rest of world 2 | 838 |  | 835 |  |  |  |
Total Baxter | $ | 2,625 |  | $ | 2,490 |  |  |  |
1 Emerging markets includes 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.
Operating Income to Income Before Income Taxes Reconciliation | 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.
| Three Months Ended March 31, |  |
(in millions) | 2025 | 2024 |  |  |
Medical Products & Therapies | $ | 244 |  | $ | 227 |  |  |  |
Healthcare Systems & Technologies | 93 |  | 67 |  |  |  |
Pharmaceuticals | 63 |  | 78 |  |  |  |
Total reportable segment operating income | 400 |  | 372 |  |  |  |
Other | 9 |  | 4 |  |  |  |
Unallocated corporate costs | (17) |  | (69) |  |  |  |
Intangible asset amortization expense | (155) |  | (158) |  |  |  |
Legal matters | (11) |  | — |  |  |  |
Business optimization items | (45) |  | (22) |  |  |  |
Acquisition and integration items | (1) |  | (5) |  |  |  |
Separation-related costs | (13) |  | — |  |  |  |
European Medical Devices Regulation | (5) |  | (7) |  |  |  |
Hurricane Helene costs | (98) |  | — |  |  |  |
Product-related items | (6) |  | — |  |  |  |
Total operating income | 58 |  | 115 |  |  |  |
Interest expense, net | 64 |  | 78 |  |  |  |
Other (income) expense, net | (3) |  | (9) |  |  |  |
Income from continuing operations before income taxes | $ | (3) |  | $ | 46 |  |  |  |
Additional financial information for our segments is as follows:
| Three Months Ended March 31, |  |
(in millions) | 2025 | 2024 |  |  |
Depreciation Expense 1 |  |  |  |  |
Medical Products & Therapies | $ | 49 |  | $ | 58 |  |  |  |
Healthcare Systems & Technologies | 27 |  | 30 |  |  |  |
Pharmaceuticals | 16 |  | 25 |  |  |  |
Total depreciation expense | $ | 92 |  | $ | 113 |  |  |  |
1 Depreciation expense related to Corporate property, plant and equipment has been fully allocated to our segments and those segment allocations are reflected in the depreciation amounts presented herein.

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- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -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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