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Tables in the 10-Q of BAXTER INTERNATIONAL INC
70 tables with numbers, filed Nov 4, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| | Page Number |
| PART I. | FINANCIAL INFORMATION | 2 |
| Item 1. | Financial Statements (unaudited) | 2 |
| Condensed Consolidated Balance Sheets | 2 |
| Condensed Consolidated Statements of Income (Loss) | 3 |
| Condensed Consolidated Statements of Comprehensive Income (Loss) | 4 |
| Condensed Consolidated Statements of Changes in Equity | 5 |
| Condensed Consolidated Statements of Cash Flows | 6 |
First 8 of 19 rows. The CSV has all of them.
Table 2 after “(in millions, except share information)”
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| September 30, 2025 | December 31, 2024 | |
| Current assets: | | | |
| Cash and cash equivalents | $1,726 | | 1,764 |
| Accounts receivable, net of allowances of $69 in 2025 and $71 2024 | 1,777 | | 1,679 |
| Inventories | 2,460 | | 2,046 |
| Prepaid expenses and other current assets | 970 | | 753 |
| Current assets of discontinued operations | — | | 2,611 |
| Total current assets | 6,933 | | 8,853 |
First 8 of 38 rows. The CSV has all of them.
Table 3 after “(in millions, except per share data)”
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| Three months ended September 30, | | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | | |
| Net sales | $2,835 | | $2,699 | | | $8,270 | $7,883 |
| Cost of sales | 1,885 | | 1,666 | | | 5,468 | 4,858 |
| Gross margin | 950 | | 1,033 | | | 2,802 | 3,025 |
| Selling, general and administrative expenses | 708 | | 754 | | | 2,129 | 2,206 |
| Research and development expenses | 118 | | 129 | | | 392 | 379 |
| Other operating income, net | (48) | | (5) | | | (140) | (9) |
First 8 of 32 rows. The CSV has all of them.
| Three months ended September 30, | | Nine months ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | | |
| Income (loss) from continuing operations | $(51) | | $61 | | | $135 | $162 |
| Other comprehensive income (loss) from continuing operations, net of tax: | | | | | | | |
| Currency translation adjustments, net of tax expense (benefit) of ($1) and $(19) for the three months ended September 30, 2025 and 2024, respectively, and ($13) and ($3) for nine months ended September 30, 2025 and 2024, respectively. | 13 | | 106 | | | 148 | (61) |
| Pension and other postretirement benefits, net of tax expense (benefit) of zero and ($2) for the three months ended September 30, 2025 and 2024, respectively, and ($7) and zero for nine months ended September 30, 2025 and 2024, respectively. | (1) | | (6) | | | 5 | (2) |
| Hedging activities, net of tax expense (benefit) of zero and ($3) for the three months ended September 30, 2025 and 2024, respectively, and ($1) and zero for nine months ended September 30, 2025 and 2024, respectively. | 1 | | (9) | | | (2) | 2 |
| Total other comprehensive income (loss) from continuing operations, net of tax | 13 | | 91 | | | 151 | (61) |
First 8 of 19 rows. The CSV has all of them.
| For the three months ended September 30, 2025 | | | | | | | | | | | | | | |
| Baxter International Inc. stockholders' equity | | | | | | | | | | | | | | |
| Common stock shares | Common stock | Common stock shares in treasury | Common stock in treasury | Additional contributed capital | Retained earnings | Accumulated other comprehensive income (loss) | Total Baxter stockholders' equity | Noncontrolling interests | Total equity | | | | | |
| Balance as of July 1, 2025 | 683 | | $683 | | 170 | | $(10,915) | | $6,328 | | $14,970 | $(3,746) | $7,320 | $(27) | $7,293 |
| Net income (loss) | — | | — | | — | | — | | — | | (46) | — | (46) | — | (46) |
| Other comprehensive income (loss) | — | | — | | — | | — | | — | | — | 13 | 13 | — | 13 |
| Stock issued under employee benefit plans and other | — | | — | | — | | 24 | | 17 | | — | — | 41 | — | 41 |
| Dividends declared on common stock | — | | — | | — | | — | | — | | (87) | — | (87) | — | (87) |
First 8 of 9 rows. The CSV has all of them.
| For the nine months ended September 30, 2025 | | | | | | | | | | | | | | |
| Baxter International Inc. stockholders' equity | | | | | | | | | | | | | | |
| Common stock shares | Common stock | Common stock shares in treasury | Common stock in treasury | Additional contributed capital | Retained earnings | Accumulated other comprehensive income (loss) | Total Baxter stockholders' equity | Noncontrolling interests | Total equity | | | | | |
| Balance as of January 1, 2025 | 683 | | $683 | | 173 | | $(11,059) | | $6,421 | | $14,929 | $(4,010) | $6,964 | $60 | $7,024 |
| Net income (loss) | — | | — | | — | | — | | — | | 171 | — | 171 | — | 171 |
| Other comprehensive income (loss) | — | | — | | — | | — | | — | | — | 162 | 162 | — | 162 |
| Reclassification of other comprehensive income (loss) disposed in the Kidney Care separation | — | | — | | — | | — | | — | | — | 115 | 115 | — | 115 |
| Stock issued under employee benefit plans and other | — | | — | | (3) | | 168 | | (76) | | — | — | 92 | — | 92 |
First 8 of 11 rows. The CSV has all of them.
| For the three months ended September 30, 2024 | | | | | | | | | | | | | | | | | | |
| Baxter International Inc. stockholders' equity | | | | | | | | | | | | | | | | | | |
| Common stock shares | Common stock | Common stock shares in treasury | Common stock in treasury | Additional contributed capital | Retained earnings | Accumulated other comprehensive income (loss) | Total Baxter stockholders' equity | Noncontrolling interests | Total equity | | | | | | | | | |
| Balance as of July 1, 2024 | 683 | | $683 | | 173 | | $(11,104) | | $6,353 | | $15,539 | | $(3,828) | | $7,643 | | $65 | | $7,708 |
| Net income (loss) | — | | — | | — | | — | | — | 140 | | — | | 140 | | 4 | | 144 | |
| Other comprehensive income (loss) | — | | — | | — | | — | | — | | — | | 181 | | 181 | | — | | 181 |
| Stock issued under employee benefit plans and other | — | | — | | — | | 20 | | 38 | | — | | — | | 58 | | — | | 58 |
| Dividends declared on common stock | — | | — | | — | | — | | — | | (150) | | — | (150) | | — | | (150) | |
First 8 of 10 rows. The CSV has all of them.
| For the nine months ended September 30, 2024 | | | | | | | | | | | | | | |
| Baxter International Inc. stockholders' equity | | | | | | | | | | | | | | |
| Common stock shares | Common stock | Common stock shares in treasury | Common stock in treasury | Additional contributed capital | Retained earnings | Accumulated other comprehensive income (loss) | Total Baxter stockholders' equity | Noncontrolling interests | Total equity | | | | | |
| Balance as of January 1, 2024 | 683 | | $683 | | 176 | | $(11,230) | | $6,389 | | $16,114 | $(3,554) | $8,402 | $66 | $8,468 |
| Net income (loss) | — | | — | | — | | — | | — | | (137) | — | (137) | 9 | (128) |
| Other comprehensive income (loss) | — | | — | | — | | — | | — | | — | (93) | (93) | (4) | (97) |
| Stock issued under employee benefit plans and other | — | | — | | (3) | | 146 | | 2 | | — | — | 148 | — | 148 |
| Dividends declared on common stock | — | | — | | — | | — | | — | | (448) | — | (448) | — | (448) |
First 8 of 10 rows. The CSV has all of them.
| Nine Months Ended September 30, | | |
| 2025 | 2024 | |
| Cash flows from operations | | | |
| Net income (loss) | $171 | | $(128) |
| Less: Income (loss) from discontinued operations, net of tax | 36 | | (290) |
| Income (loss) from continuing operations | 135 | | 162 |
| Adjustments to reconcile net income (loss) to cash flows from operations: | | | |
| Depreciation and amortization | 741 | | 752 |
First 8 of 46 rows. The CSV has all of them.
Table 10 after “The following table provides a reconciliation of cash, cash equivalents and restricted cash shown above to the amounts reported within the c”
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| September 30, 2025 | December 31, 2024 | September 30, 2024 | |
| Cash and cash equivalents | $1,726 | | $1,764 | $1,420 |
| Restricted cash included in other non-current assets | 2 | | 2 | 2 |
| Cash and cash equivalents of discontinued operations | — | | 648 | 658 |
| Cash, cash equivalents and restricted cash | $1,728 | | $2,414 | $2,080 |
Table 11 after “The following tables summarize the major classes of line items included in income (loss) from discontinued operations, net of tax, for the t”
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| 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 |
First 8 of 18 rows. The CSV has all of them.
Table 12 after “The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations, re”
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| (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 |
First 8 of 22 rows. The CSV has all of them.
Table 13 after “The following table is a summary of the changes in our allowance for doubtful accounts for the three and nine months ended September 30, 202”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Balance at beginning of period | $71 | | $67 | | | $71 | $62 |
| Charged to costs and expenses | (3) | | 4 | | | (3) | 4 |
| Write-offs | — | | (3) | | | (3) | (6) |
| Currency translation adjustments | 1 | | (3) | | | 4 | 5 |
| Balance at end of period | $69 | | $65 | | | $69 | $65 |
| (in millions) | September 30, 2025 | December 31, 2024 | |
| Raw materials | $573 | | $510 |
| Work in process | 311 | | 266 |
| Finished goods | 1,576 | | 1,270 |
| Inventories | $2,460 | | $2,046 |
Table 15 after “Property, Plant and Equipment, Net”
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| (in millions) | September 30, 2025 | December 31, 2024 | |
| Property, plant and equipment, at cost | $7,750 | | $7,648 |
| Accumulated depreciation | (4,938) | | (4,778) |
| Property, plant and equipment, net | $2,812 | | $2,870 |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Interest expense, net of capitalized interest | $68 | | $101 | | | $221 | $308 |
| Interest income | (10) | | (14) | | | (41) | (57) |
| Interest expense, net | $58 | | $87 | | | $180 | $251 |
| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Foreign exchange losses, net | $3 | | $7 | | | $15 | 21 |
| Pension and other postretirement benefit plans | (11) | | (9) | | | (33) | (34) |
| Change in fair value of marketable equity securities | 3 | | — | | | 2 | (3) |
| Equity method investment impairment | — | | — | | | 9 | — |
| Other, net | (2) | | 1 | | | (3) | (18) |
| Other (income) expense, net | $(7) | | $(1) | | | $(10) | $(34) |
Table 18 after “The following is a reconciliation of goodwill by segment.”
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| (in millions) | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals | Total | |
| Balance as of December 31, 2024 | $1,185 | | $3,550 | $540 | $5,275 |
| Currency translation | 72 | | 20 | 33 | 125 |
| Balance as of September 30, 2025 | $1,257 | | $3,570 | $573 | $5,400 |
Table 19 after “The following is a summary of our other intangible assets.”
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| | | | | Indefinite-lived intangible assets | | | | | |
| (in millions) | Customer relationships | Developed technology, including patents | Trade names | Other amortized intangible assets | Trade names | In process Research and Development | Total | | | |
| December 31, 2024 | | | | | | | | | | |
| Gross other intangible assets | $3,387 | | $3,131 | | $958 | | $86 | $680 | $107 | $8,349 |
| Accumulated amortization | (878) | | (2,075) | | (107) | | (66) | — | — | (3,126) |
| Other intangible assets, net | $2,509 | | 1,056 | | 851 | | 20 | 680 | 107 | 5,223 |
| September 30, 2025 | | | | | | | | | | |
| Gross other intangible assets | $3,393 | | $3,208 | | $953 | | $91 | $680 | $107 | $8,432 |
First 8 of 10 rows. The CSV has all of them.
Table 20 after “The following table is a net-of-tax summary of the changes in accumulated other comprehensive income (loss) (AOCI) by component for the nine”
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| Gains (losses) | | | | | | |
| (in millions) | CTA | Pension and OPEB plans | Hedging activities | Available-for-sale debt securities | Total | | |
| Balance as of December 31, 2024 | $(3,430) | | $(475) | | $(108) | $3 | $(4,010) |
| Other comprehensive income (loss) before reclassifications | 159 | | 12 | | (1) | — | 170 |
| Amounts reclassified from AOCI (a) | 126 | | (18) | | (1) | — | 107 |
| Net other comprehensive income (loss) | 285 | | (6) | | (2) | — | 277 |
| Balance as of September 30, 2025 | $(3,145) | | $(481) | | $(110) | $3 | $(3,733) |
Table 21 after “The following table is a net-of-tax summary of the changes in accumulated other comprehensive income (loss) (AOCI) by component for the nine”
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| Gains (losses) | | | | | | |
| (in millions) | CTA | Pension and OPEB plans | Hedging activities | Available-for-sale debt securities | Total | | |
| Balance as of December 31, 2023 | $(2,985) | | $(452) | | $(120) | $3 | $(3,554) |
| Other comprehensive income (loss) before reclassifications | (92) | | — | | 2 | — | (90) |
| Amounts reclassified from AOCI (a) | — | | (3) | | — | — | (3) |
| Net other comprehensive income (loss) | (92) | | (3) | | 2 | — | (93) |
| Balance as of September 30, 2024 | $(3,077) | | $(455) | | $(118) | $3 | $(3,647) |
Table 22 after “The following is a summary of the amounts reclassified from AOCI to net income (loss) during the three and nine months ended September 30, 2”
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| Amounts reclassified from AOCI (a) | | | |
| (in millions) | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Location of impact in income statement | |
| CTA | | | | |
| Reclassification of cumulative translation loss to earnings from Kidney Care separation | $— | | $(126) | Income from discontinued operations, net of tax |
| Less: Tax effect | — | | — | Income from discontinued operations, net of tax |
| $— | | $(126) | Net of tax |
| Pension and OPEB items | | | | |
| Amortization of net losses and prior service costs or credits | $3 | | $9 | Other (income) expense, net |
First 8 of 20 rows. The CSV has all of them.
Table 23 after “The following is a summary of the amounts reclassified from AOCI to net income (loss) during the three and nine months ended September 30, 2”
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| Amounts reclassified from AOCI (a) | | | |
| (in millions) | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Location of impact in income statement | |
| Pension and OPEB items | | | | |
| Amortization of net losses and prior service costs or credits | $1 | | $4 | Other (income) expense, net |
| Less: Tax effect | — | | (1) | Income tax expense (benefit) |
| 1 | | 3 | Total before tax |
| Gains (losses) on hedging activities | | | | |
| Foreign exchange contracts | $4 | | $9 | Cost of sales |
First 8 of 14 rows. The CSV has all of them.
Table 24 after “The following table summarizes our contract assets:”
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| (in millions) | September 30, 2025 | December 31, 2024 | |
| Contract manufacturing services | $5 | | $2 |
| Software sales | 34 | | 44 |
| Bundled equipment and consumable medical products contracts | 99 | | 87 |
| Contract assets | $138 | | $133 |
Table 25 after “The following table summarizes contract liability activity for the nine months ended September 30, 2025 and 2024. The contract liability bal”
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| Nine Months Ended September 30, | | |
| (in millions) | 2025 | 2024 | |
| Balance at beginning of period | $171 | | $169 |
| New revenue deferrals | 388 | | 383 |
| Revenue recognized upon satisfaction of performance obligations | (394) | | (389) |
| Currency translation and other | (6) | | (3) |
| Balance at end of period | $159 | | $160 |
Table 26 after “The following table summarizes the classification of contract assets and contract liabilities as reported in the condensed consolidated bala”
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| (in millions) | September 30, 2025 | December 31, 2024 | |
| Prepaid expenses and other current assets | $65 | | $51 |
| Other non-current assets | 73 | | 82 |
| Contract assets | $138 | | $133 |
| Accrued expenses and other current liabilities | $124 | | $131 |
| Other non-current liabilities | 35 | | 40 |
| Contract liabilities | $159 | | $171 |
Table 27 after “The components of lease revenue for the three and nine months ended September 30, 2025 and 2024 were:”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Sales-type lease revenue | $— | | $3 | | | $8 | $8 |
| Operating lease revenue | 86 | | 102 | | | 264 | 288 |
| Variable lease revenue | 5 | | 10 | | | 20 | 22 |
| Total lease revenue | $91 | | $115 | | | $292 | $318 |
Table 28 after “During the three and nine months ended September 30, 2025 and 2024, we recorded the following charges related to business optimization progr”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Restructuring charges | $37 | | $15 | | | $95 | $36 |
| Costs to implement business optimization programs | 1 | | 3 | | | 5 | 13 |
| Total business optimization charges | $38 | | $18 | | | $100 | $49 |
Table 29 after “During the three and nine months ended September 30, 2025 and 2024, we recorded the following restructuring charges.”
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| Three months ended September 30, 2025 | | | | | |
| (in millions) | COGS | SG&A | R&D | Total | | |
| Employee termination costs | $8 | | $8 | | $2 | $18 |
| Contract termination and other costs | 8 | | 2 | | — | 10 |
| Asset write offs | 9 | | — | | — | 9 |
| Total restructuring charges | $25 | | $10 | | $2 | $37 |
Table 30 after “During the three and nine months ended September 30, 2025 and 2024, we recorded the following restructuring charges.”
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| Three months ended September 30, 2024 | | | | |
| (in millions) | COGS | SG&A | | Total | |
| Employee termination costs | $2 | | $10 | | $12 |
| Contract termination and other costs | — | | 3 | | 3 |
| Total restructuring charges | $2 | | $13 | | $15 |
Table 31 after “During the three and nine months ended September 30, 2025 and 2024, we recorded the following restructuring charges.”
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| Nine months ended September 30, 2025 | | | | | |
| (in millions) | COGS | SG&A | R&D | Total | | |
| Employee termination costs | $19 | | $27 | | $3 | $49 |
| Contract termination and other costs | 10 | | 4 | | — | 14 |
| Asset write offs | 13 | | 19 | | — | 32 |
| Total restructuring charges | $42 | | $50 | | $3 | $95 |
Table 32 after “During the three and nine months ended September 30, 2025 and 2024, we recorded the following restructuring charges.”
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| Nine months ended September 30, 2024 | | | | |
| (in millions) | COGS | SG&A | | Total | |
| Employee termination costs | $4 | | $25 | | $29 |
| Contract termination and other costs | 1 | | 6 | | 7 |
| Total restructuring charges | $5 | | $31 | | $36 |
Table 33 after “The following table summarizes activity in the liability related to our restructuring initiatives.”
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| (in millions) | |
| Liability balance as of December 31, 2024 | $122 |
| Charges | 70 |
| Payments | (97) |
| Reserve adjustments | (7) |
| Currency translation | 5 |
| Liability balance as of September 30, 2025 | $93 |
Table 34 after “The following is a summary of net periodic benefit cost relating to our pension and OPEB plans.”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Pension benefits | | | | | | | |
| Service cost | $3 | | $4 | | | $9 | $13 |
| Interest cost | 34 | | 33 | | | 102 | 123 |
| Expected return on plan assets | (44) | | (43) | | | (132) | (160) |
| Amortization of net losses and prior service costs | 1 | | 4 | | | 3 | 11 |
| Net periodic pension cost (benefit) | $(6) | | $(2) | | | $(18) | $(13) |
First 8 of 12 rows. The CSV has all of them.
Table 35 after “The following table is a reconciliation of income (loss) from continuing operations to net income (loss) attributable to Baxter stockholders”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Income (loss) from continuing operations | $(51) | | $61 | | | $135 | $162 |
| Less: Net income attributable to noncontrolling interests included in continuing operations | — | | — | | | — | — |
| Income (loss) from continuing operations attributable to Baxter stockholders | (51) | | 61 | | | 135 | 162 |
| Income (loss) from discontinued operations | 5 | | 83 | | | 36 | (290) |
| Less: Net income attributable to noncontrolling interests included in discontinued operations | — | | 4 | | | — | 9 |
| Income (loss) from discontinued operations attributable to Baxter stockholders | 5 | | 79 | | | 36 | (299) |
First 8 of 9 rows. The CSV has all of them.
Table 36 after “The following table is a reconciliation of basic shares and diluted shares.”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Basic shares | 514 | | 510 | | | 513 | 509 |
| Effect of dilutive securities | — | | 2 | | | 1 | 2 |
| Diluted shares | 514 | | 512 | | | 514 | 511 |
Table 37 after “The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our c”
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| Gain (loss) recognized in OCI | Location of gain (loss) in income statement | Gain (loss) reclassified from AOCI into income | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Cash flow hedges | | | | | | | |
| Interest rate contracts | $— | | $— | | Interest expense, net | $(1) | $(1) |
| Foreign exchange contracts | — | | (9) | | Cost of sales | — | 4 |
| Net investment hedges | (2) | | (68) | | Other (income) expense, net | — | — |
| Total | $(2) | | $(77) | | | $(1) | $3 |
Table 38 after “The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our c”
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| Location of gain (loss) in income statement | Gain (loss) recognized in income | | |
| (in millions) | 2025 | | 2024 | |
| Undesignated derivative instruments | | | | |
| Foreign exchange contracts | Other (income) expense, net | $1 | | $6 |
| Total | | $1 | | $6 |
Table 39 after “The following tables summarize the gains and losses on our hedging instruments and the classification of those gains and losses within our c”
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| Gain (loss) recognized in OCI | Location of gain (loss) in income statement | Gain (loss) reclassified from AOCI into income | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Cash flow hedges | | | | | | | |
| Interest rate contracts | $— | | $— | | Interest expense, net | $(4) | $(4) |
| Foreign exchange contracts | 2 | | 5 | | Cost of sales | 6 | 9 |
| Fair value hedges | | | | | | | |
| Foreign exchange contracts | — | | (3) | | Other (income) expense, net | — | (5) |
| Net investment hedges | (129) | | (19) | | Other (income) expense, net | — | — |
First 8 of 9 rows. The CSV has all of them.
| Location of gain (loss) in income statement | Gain (loss) recognized in income | | |
| (in millions) | 2025 | | 2024 | |
| Fair value hedges | | | | |
| Foreign exchange contracts | Other (income) expense, net | $— | | $(24) |
| Undesignated derivative instruments | | | | |
| Foreign exchange contracts | Other (income) expense, net | 32 | | — |
| Total | | $32 | | $(24) |
Table 41 after “The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance s”
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| Derivatives in asset positions | | Derivatives in liability positions | | | |
| (in millions) | Balance sheet location | Fair value | | Balance sheet location | Fair value | |
| Derivative instruments designated as hedges | | | | | | |
| Foreign exchange contracts | Prepaid expenses and other current assets | $— | | | Accrued expenses and other current liabilities | $— |
| Net investment hedges | | | | Long-term debt and finance lease obligations, less current portion | $836 | |
| Undesignated derivative instruments | | | | | | |
| Foreign exchange contracts | Prepaid expenses and other current assets | 2 | | | Accrued expenses and other current liabilities | 3 |
| Total derivative instruments | | $2 | | | | $839 |
Table 42 after “The following table summarizes the classification and fair values of derivative instruments reported in the condensed consolidated balance s”
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| Derivatives in asset positions | | Derivatives in liability positions | | | |
| (in millions) | Balance sheet location | Fair value | | Balance sheet location | Fair value | |
| Derivative instruments designated as hedges | | | | | | |
| Foreign exchange contracts | Prepaid expenses and other current assets | $6 | | | Accrued expenses and other current liabilities | $— |
| Net investment hedges | | | | Current maturities of long-term debt and finance lease obligations | 618 | |
| Net investment hedges | | | | Long-term debt and finance lease obligations, less current portion | 727 | |
| Undesignated derivative instruments | | | | | | |
| Foreign exchange contracts | Prepaid expenses and other current assets | 1 | | | Accrued expenses and other current liabilities | 2 |
First 8 of 9 rows. The CSV has all of them.
Table 43 after “The following table provides information on our derivative positions as if they were presented on a net basis, allowing for the right of off”
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| September 30, 2025 | | December 31, 2024 | | | | |
| (in millions) | Asset | Liability | | Asset | Liability | | |
| Gross amounts recognized in the condensed consolidated balance sheets | $2 | | $3 | | | $7 | $2 |
| Gross amount subject to offset in master netting arrangements not offset in the condensed consolidated balance sheet | — | | — | | | (1) | (1) |
| Total | $2 | | $3 | | | $6 | $1 |
Table 44 after “The following table presents the amounts recorded on the condensed consolidated balance sheet related to fair value hedges:”
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| Carrying amount of hedged item | | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item (a) | | | | |
| (in millions) | Balance as of September 30, 2025 | Balance as of December 31, 2024 | | Balance as of September 30, 2025 | Balance as of December 31, 2024 | | |
| Long-term debt | $99 | | $99 | | | $2 | $2 |
Table 45 after “The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis.”
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| | Basis of fair value measurement | | | | |
| (in millions) | Balance as of September 30, 2025 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | | |
| Assets | | | | | | |
| Foreign exchange contracts | $2 | | $— | | $2 | $— |
| Available-for-sale debt securities | 1 | | — | | — | 1 |
| Marketable equity securities | 12 | | 12 | | — | — |
| Total | $15 | | $12 | | $2 | $1 |
| Liabilities | | | | | | |
First 8 of 12 rows. The CSV has all of them.
| | Basis of fair value measurement | | | | |
| (in millions) | Balance as of December 31, 2024 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | | |
| Assets | | | | | | |
| Foreign exchange contracts | $7 | | $— | | $7 | $— |
| Available-for-sale debt securities | 1 | | — | | — | 1 |
| Marketable equity securities | 13 | | 13 | | — | — |
| Total | $21 | | $13 | | $7 | $1 |
| Liabilities | | | | | | |
First 8 of 11 rows. The CSV has all of them.
Table 47 after “acquisitions and available-for-sale debt securities.”
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| Three Months Ended September 30, | | | | | | |
| 2025 | | 2024 | | | | |
| (in millions) | Indemnifications related to Kidney Care separation | Contingent payments related to acquisitions | Available-for-sale debt securities | Contingent payments related to acquisitions | Available-for-sale debt securities | | |
| Fair value at beginning of period | $56 | | $12 | $1 | | $14 | $1 |
| Additions | 1 | | — | — | | — | — |
| Change in fair value recognized in earnings | — | | 2 | — | | — | — |
| Payments | — | | — | — | | (2) | — |
| Fair value at end of period | $57 | | $14 | $1 | | $12 | $1 |
Table 48 after “acquisitions and available-for-sale debt securities.”
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| Nine Months Ended September 30, | | | | | | | | | |
| 2025 | | 2024 | | | | | | | |
| (in millions) | Indemnifications related to Kidney Care separation | Contingent payments related to acquisitions | Available-for-sale debt securities | | Contingent payments related to acquisitions | Available-for-sale debt securities | | | | |
| Fair value at beginning of period | $— | | $12 | | $1 | | | $14 | | $1 |
| Additions | 57 | | — | | — | | | — | | — |
| Change in fair value recognized in earnings | | 2 | | — | | | — | | — | |
| Payments | — | | — | | — | | | (2) | | — |
| Fair value at end of period | $57 | | $14 | | $1 | | | $12 | | $1 |
Table 49 after “For these financial instruments, the following table provides the values recognized in the condensed consolidated balance sheets and the est”
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| Book values | | Fair values(a) | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Liabilities | | | | | | | |
| Short-term debt | $4 | | $2,126 | | | $4 | $2,126 |
| Current maturities of long-term debt and finance lease obligations | 751 | | 626 | | | 741 | 619 |
| Long-term debt and finance lease obligations | 8,747 | | 10,374 | | | 7,918 | 9,295 |
Table 50 after “The following tables present our U.S. and international disaggregated net sales.”
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| Three Months Ended September 30, | | | | | | | | |
| 2025 | | 2024 | | | | | | |
| (in millions) | U.S. | International | Total | U.S. | International | Total | | | |
| Infusion Therapies & Technologies | $555 | | $468 | $1,023 | | | $613 | $457 | $1,070 |
| Advanced Surgery | 168 | | 138 | 306 | | | 149 | 123 | 272 |
| Medical Products & Therapies | 723 | | 606 | 1,329 | | | 762 | 580 | 1,342 |
| Care & Connectivity Solutions | 348 | | 125 | 473 | | | 335 | 121 | 456 |
| Front Line Care | 229 | | 71 | 300 | | | 222 | 74 | 296 |
First 8 of 14 rows. The CSV has all of them.
Table 51 after “The following tables present our U.S. and international disaggregated net sales.”
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| Nine Months Ended September 30, | | | | | | | | |
| 2025 | | 2024 | | | | | | |
| (in millions) | U.S. | International | Total | U.S. | International | Total | | | |
| Infusion Therapies & Technologies | $1,693 | | $1,348 | $3,041 | | | $1,718 | $1,363 | $3,081 |
| Advanced Surgery | 471 | | 399 | 870 | | | 446 | 366 | 812 |
| Medical Products & Therapies | 2,164 | | 1,747 | 3,911 | | | 2,164 | 1,729 | 3,893 |
| Care & Connectivity Solutions | 1,005 | | 369 | 1,374 | | | 945 | 365 | 1,310 |
| Front Line Care | 652 | | 218 | 870 | | | 635 | 222 | 857 |
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Table 52 after “Our net sales are attributed to the following geographic regions based on the location of the customer.”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| United States | $1,544 | | $1,500 | | | $4,570 | $4,340 |
| Emerging markets1 | 355 | | 347 | | | 996 | 1,001 |
| Rest of world2 | 936 | | 852 | | | 2,704 | 2,542 |
| Total Baxter | $2,835 | | $2,699 | | | $8,270 | $7,883 |
Table 53 after “presents our segment information of net sales, significant expense and operating income during the periods presented.”
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| Three Months Ended September 30, 2025 | | Three Months Ended September 30, 2024 | | | | | | |
| (in millions) | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals | | | |
| Net sales | $1,329 | | $773 | $632 | | | $1,342 | $752 | $588 |
| Cost of sales | 752 | | 410 | 450 | | | 734 | 368 | 408 |
| Selling, general and administrative expenses | 286 | | 219 | 107 | | | 291 | 203 | 95 |
| Research and development expenses | 41 | | 48 | 26 | | | 53 | 45 | 23 |
| Other segment items | (23) | | (8) | (7) | | | (4) | — | 4 |
| Segment operating income | $273 | | $104 | $56 | | | $268 | $136 | $58 |
Table 54 after “presents our segment information of net sales, significant expense and operating income during the periods presented.”
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| Nine Months Ended September 30, 2025 | | Nine Months Ended September 30, 2024 | | | | | | |
| (in millions) | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals | Medical Products & Therapies | Healthcare Systems & Technologies | Pharmaceuticals | | | |
| Net sales | $3,911 | | $2,244 | $1,825 | | | $3,893 | $2,167 | $1,768 |
| Cost of sales | 2,201 | | 1,154 | 1,274 | | | 2,136 | 1,094 | 1,197 |
| Selling, general and administrative expenses | 867 | | 658 | 316 | | | 868 | 612 | 289 |
| Research and development expenses | 163 | | 142 | 77 | | | 160 | 138 | 67 |
| Other segment items | (76) | | (25) | (25) | | | (4) | — | 4 |
| Segment operating income | $756 | | $315 | $183 | | | $733 | $323 | $211 |
Table 55 after “The following table presents our reportable segment operating income and reconciliations of reportable segment operating income to income (l”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Medical Products & Therapies | $273 | | $268 | | | $756 | $733 |
| Healthcare Systems & Technologies | 104 | | 136 | | | 315 | 323 |
| Pharmaceuticals | 56 | | 58 | | | 183 | 211 |
| Total reportable segment operating income | 433 | | 462 | | | 1,254 | 1,267 |
| Other | 5 | | 2 | | | 20 | 15 |
| Unallocated corporate costs | (15) | | (73) | | | (36) | (227) |
First 8 of 20 rows. The CSV has all of them.
Table 56 after “Additional financial information for our segments is as follows:”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Depreciation Expense1 | | | | | | | |
| Medical Products & Therapies | $50 | | $50 | | | $157 | $152 |
| Healthcare Systems & Technologies | 26 | | 29 | | | 83 | 83 |
| Pharmaceuticals | 14 | | 16 | | | 48 | 46 |
| Total depreciation expense | $90 | | $95 | | | $288 | $281 |
| Three Months Ended September 30, | | Percent change | | | | |
| (in millions) | 2025 | 2024 | | At actual rates | At operational sales growth 1 | | |
| United States | $1,544 | | $1,500 | | | 3% | (1)% |
| Emerging markets2 | 355 | | 347 | | | 2% | 6% |
| Rest of world3 | 936 | | 852 | | | 10% | 5% |
| Total net sales | $2,835 | | $2,699 | | | 5% | 2% |
| Nine Months Ended September 30, | | Percent change | | | | |
| (in millions) | 2025 | 2024 | | At actual rates | At operational sales growth 1 | | |
| United States | $4,570 | | $4,340 | | | 5% | 2% |
| Emerging markets2 | 996 | | 1,001 | | | (0)% | 4% |
| Rest of world3 | 2,704 | | 2,542 | | | 6% | 3% |
| Total net sales | $8,270 | | $7,883 | | | 5% | 2% |
Table 59 after “Our Medical Products & Therapies segment includes sales of our sterile IV solutions, infusion systems, administration sets, parenteral nutri”
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| Three Months Ended September 30, | | Percent change | | | | |
| (in millions) | 2025 | 2024 | | At actual rates | At operational sales growth 1 | | |
| Infusion Therapies & Technologies | $1,023 | | $1,070 | | | (4)% | (4)% |
| Advanced Surgery | 306 | | 272 | | | 13% | 11% |
| Total Medical Product & Therapies net sales | $1,329 | | $1,342 | | | (1)% | (1)% |
Table 60 after “Our Medical Products & Therapies segment includes sales of our sterile IV solutions, infusion systems, administration sets, parenteral nutri”
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| Nine Months Ended September 30, | | Percent change | | | | |
| (in millions) | 2025 | 2024 | | At actual rates | At operational sales growth1 | | |
| Infusion Therapies & Technologies | $3,041 | | $3,081 | | | (1)% | 0% |
| Advanced Surgery | 870 | | 812 | | | 7% | 7% |
| Total Medical Product & Therapies net sales | $3,911 | | $3,893 | | | 0% | 2% |
Table 61 after “positioning devices, and other accessories.”
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| Three Months Ended September 30, | | Percent change | | | | |
| (in millions) | 2025 | 2024 | | At actual rates | At operational sales growth 1 | | |
| Care & Connectivity Solutions | $473 | | $456 | | | 4% | 3% |
| Front Line Care | 300 | | 296 | | | 1% | 1% |
| Total Healthcare Systems & Technologies net sales | $773 | | $752 | | | 3% | 2% |
Table 62 after “positioning devices, and other accessories.”
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| Nine Months Ended September 30, | | Percent change | | | | |
| (in millions) | 2025 | 2024 | | At actual rates | At operational sales growth 1 | | |
| Care & Connectivity Solutions | $1,374 | | $1,310 | | | 5% | 4% |
| Front Line Care | 870 | | 857 | | | 2% | 2% |
| Total Healthcare Systems & Technologies net sales | $2,244 | | $2,167 | | | 4% | 3% |
Table 63 after “Our Pharmaceuticals segment includes sales of specialty injectable pharmaceuticals, inhaled anesthesia and drug compounding.”
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| Three Months Ended September 30, | | Percent change | | | | |
| (in millions) | 2025 | 2024 | | At actual rates | At operational sales growth 1 | | |
| Injectables & Anesthesia | $333 | | $321 | | | 4% | 3% |
| Drug Compounding | 299 | | 267 | | | 12% | 11% |
| Total Pharmaceuticals net sales | $632 | | $588 | | | 7% | 7% |
Table 64 after “Our Pharmaceuticals segment includes sales of specialty injectable pharmaceuticals, inhaled anesthesia and drug compounding.”
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| Nine Months Ended September 30, | | Percent change | | | | |
| (in millions) | 2025 | 2024 | | At actual rates | At operational sales growth 1 | | |
| Injectables & Anesthesia | $1,000 | | $990 | | | 1% | 1% |
| Drug Compounding | 825 | | 778 | | | 6% | 6% |
| Total Pharmaceuticals net sales | $1,825 | | $1,768 | | | 3% | 3% |
Table 65 after “The following table provides a summary of our special items from continuing operations and the related impact by line item on our results fo”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | | | |
| Gross Margin | | | | | | | | | |
| Intangible asset amortization expense | $(96) | | $(108) | | | $(301) | | $(316) | |
| Business optimization items1 | (25) | | (2) | | | (44) | | (8) | |
| Acquisition and integration items2 | — | | — | | | — | | (1) | |
| European medical devices regulation3 | (5) | | (9) | | | (15) | | (25) | |
| Separation-related costs4 | (1) | | — | | | (2) | | — | |
First 8 of 37 rows. The CSV has all of them.
Table 66 after “Gross Margin and Expense Ratios”
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| Three Months Ended September 30, | | | | | | | | |
| 2025 | % of net sales | 2024 | % of net sales | $ change | % change | | | |
| Gross margin | $950 | | 33.5% | | $1,033 | | 38.3% | $(83) | (8.0)% |
| SG&A | $708 | | 25.0% | | $754 | | 27.9% | $(46) | (6.1)% |
| R&D | $118 | | 4.2% | | $129 | | 4.8% | $(11) | (8.5)% |
Table 67 after “Gross Margin and Expense Ratios”
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| Nine Months Ended September 30, | | | | | | | | |
| 2025 | % of net sales | 2024 | % of net sales | $ change | % change | | | |
| Gross margin | $2,802 | | 33.9% | | $3,025 | | 38.4% | $(223) | (7.4)% |
| SG&A | $2,129 | | 25.7% | | $2,206 | | 28.0% | $(77) | (3.5)% |
| R&D | $392 | | 4.7% | | $379 | | 4.8% | $13 | 3.4% |
Table 68 after “The following is a summary of our operating income for our reportable segments.”
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| Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | | |
| Medical Products & Therapies | $273 | | $268 | | | $756 | $733 |
| % of Segment Net Sales | 20.5% | | 20.0% | | | 19.3% | 18.8% |
| Healthcare Systems & Technologies | 104 | | 136 | | | 315 | 323 |
| % of Segment Net Sales | 13.5% | | 18.1% | | | 14.0% | 14.9% |
| Pharmaceuticals | 56 | | 58 | | | 183 | 211 |
| % of Segment Net Sales | 8.9% | | 9.9% | | | 10.0% | 11.9% |
First 8 of 23 rows. The CSV has all of them.
Table 69 after “The following table is a summary of the statement of cash flows for the nine-month periods ended September 30, 2025 and 2024.”
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| Nine Months Ended September 30, | | |
| (in millions) | 2025 | 2024 | |
| Cash flows from (used in) operations - continuing operations | $355 | | $376 |
| Cash flows from (used in) investing activities - continuing operations | (350) | | $(281) |
| Cash flows from (used in) financing activities | (4,069) | | $(1,222) |
| Exhibit Number | Description |
| C10.1* | Change-in-Control Agreement, dated as of August 19, 2025, between the Company and Andrew Hider. |
| C10.2 | Offer Letter, effective as of July 7, 2025, by and between the Company (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 7, 2025). |
| C10.3 | Amended and Restated Letter Agreement, dated August 2, 2025, by and between Brent Shafer and the Company (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025). |
| 31.1* | Certification of Chief Executive Officer Pursuant to Rules 13a-14 (a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended. |
| 31.2* | Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended. |
| 32.1** | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2** | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
First 8 of 15 rows. The CSV has all of them.