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SEGMENT INFORMATION (Tables)

3 Months Ended

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 markets1			297			307
Rest of world2			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 Expense1
Medical Products & Therapies			$	49		$	58
Healthcare Systems & Technologies			27			30
Pharmaceuticals			16			25
Total depreciation expense			$	92		$	113

1Depreciation 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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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.

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