DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2025 and 2024:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Net sales	$	—	$	1,155	$	352	$	3,375
Cost of sales	—		731		206		2,125
Gross margin	—		424		146		1,250
Selling, general and administrative expenses	—		278		116		874
Research and development expenses	—		41		16		140
Goodwill impairment	—		—		—		430
Other operating income, net	—		(1)		—		(1)
Operating income (loss)	—		106		14		(193)
Interest expense, net	—		1		13		—
Other (income) expense, net	—		(8)		7		(2)
Income (loss) from discontinued operations before gain on disposition and income taxes	—		113		(6)		(191)
Gain (loss) on disposition	(55)		—		115		—
Income tax expense (benefit)	(60)		30		73		99
Income (loss) from discontinued operations, net of tax	5		83		36		(290)
Less: Net income attributable to noncontrolling interest included in discontinued operations	—		4		—		9
Net income (loss) attributable to Baxter stockholders included in discontinued operations	$	5	$	79	$	36	$	(299)

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