DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025, 2024 and 2023:

	Kidney Care						BioPharma Solutions						Total
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
(in millions)	2025		2024		2023		2025		2024		2023		2025		2024		2023
Net sales	$	352	$	4,513	$	4,453	$	—	$	—	$	469	$	352	$	4,513	$	4,922
Cost of sales	226		2,812		3,628		—		—		216		226		2,812		3,844
Gross margin	126		1,701		825		—		—		253		126		1,701		1,078
Selling, general and administrative expenses	116		1,203		993		—		—		45		116		1,203		1,038
Research and development expenses	16		181		149		—		—		1		16		181		150
Goodwill impairments	—		430		—		—		—		—		—		430		—
Other operating expense (income), net	—		(1)		—		—		—		—		—		(1)		—
Operating income (loss)	(6)		(112)		(317)		—		—		207		(6)		(112)		(110)
Interest expense, net	13		13		3		—		—		(1)		13		13		2
Other (income) expense, net	7		10		25		—		—		1		7		10		26
Income (loss) from discontinued operations before gain on disposition and income taxes	(26)		(135)		(345)		—		—		207		(26)		(135)		(138)
Gain on disposition	97		—		—		—		—		2,882		97		—		2,882
Income tax expense (benefit)	128		177		(95)		—		—		357		128		177		262
Income (loss) from discontinued operations, net of tax	(57)		(312)		(250)		—		—		2,732		(57)		(312)		2,482
Less: Net income attributable to noncontrolling interest included in discontinued operations	—		11		7		—		—		—		—		11		7
Net income (loss) attributable to Baxter stockholders included in discontinued operations	$	(57)	$	(323)	$	(257)	$	—	$	—	$	2,732	$	(57)	$	(323)	$	2,475

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:

as of December 31 (in millions)	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