Common stock, authorized (in shares)

  
Item 8.    Financial Statements and Supplementary Data.CONSOLIDATED BALANCE SHEETS

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| as of December 31 (in millions, except share information) | 2021 |  | 2020 |
| Current assets: |  |  |  |
| Cash and cash equivalents | $ | 2,951  |  |  | $ | 3,730  |  |
| Accounts receivable, net of allowance of $122 in 2021 and $125 in 2020 | 2,629  |  |  | 2,007  |  |
| Inventories | 2,453  |  |  | 1,916  |  |
| Prepaid expenses and other current assets | 839  |  |  | 758  |  |
| Total current assets | 8,872  |  |  | 8,411  |  |
| Property, plant and equipment, net | 5,178  |  |  | 4,722  |  |
| Goodwill | 9,836  |  |  | 3,217  |  |
| Other intangible assets, net | 7,792  |  |  | 1,671  |  |
| Operating lease right-of-use assets | 630  |  |  | 603  |  |
| Other non-current assets | 1,213  |  |  | 1,395  |  |
| Total assets | $ | 33,521  |  |  | $ | 20,019  |  |
| Current liabilities: |  |  |  |
| Short-term debt | $ | 301  |  |  | $ | —  |  |
| Current maturities of long-term debt and finance lease obligations | 210  |  |  | 406  |  |
| Accounts payable | 1,246  |  |  | 1,043  |  |
| Accrued expenses and other current liabilities | 2,479  |  |  | 1,884  |  |
| Total current liabilities | 4,236  |  |  | 3,333  |  |
| Long-term debt and finance lease obligations | 17,149  |  |  | 5,786  |  |
| Operating lease liabilities | 522  |  |  | 501  |  |
| Other non-current liabilities | 2,493  |  |  | 1,673  |  |
| Total liabilities | 24,400  |  |  | 11,293  |  |
| Commitments and contingencies |  |  |  |
| Equity: |  |  |  |
| Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2021 and 2020 | 683  |  |  | 683  |  |
| Common stock in treasury, at cost, 181,879,516 shares in 2021 and 178,580,208 shares in 2020 | (11,488) |  |  | (11,051) |  |
| Additional contributed capital | 6,197  |  |  | 6,043  |  |
| Retained earnings | 17,065  |  |  | 16,328  |  |
| Accumulated other comprehensive (loss) income | (3,380) |  |  | (3,314) |  |
| Total Baxter stockholders’ equity | 9,077  |  |  | 8,689  |  |
| Noncontrolling interests | 44  |  |  | 37  |  |
| Total equity | 9,121  |  |  | 8,726  |  |
| Total liabilities and equity | $ | 33,521  |  |  | $ | 20,019  |  |

The accompanying notes are an integral part of these consolidated financial statements.47
