Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 1-2189

ABBOTT LABORATORIES


An Illinois Corporation			I.R.S. Employer Identification No.
			36-0698440

100 Abbott Park Road

Abbott Park, Illinois 60064-6400

Telephone: (224) 667-6100

Securities Registered Pursuant to Section 12(b) of the Act:



Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Shares, Without Par Value	ABT	New York Stock Exchange Chicago Stock Exchange, Inc.

Indicate by check mark whether the registrant: (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of l934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer x			Accelerated Filer o

Non-Accelerated Filer o			Smaller reporting company o

			Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of September 30, 2023, Abbott Laboratories had 1,736,058,536 common shares without par value outstanding.

Table of Contents

Abbott Laboratories

Table of Contents


Part I - Financial Information
			Page
Item 1. Financial Statements and Supplementary Data

Condensed Consolidated Statement of Earnings			3
Condensed Consolidated Statement of Comprehensive Income			4
Condensed Consolidated Balance Sheet			5
Condensed Consolidated Statement of Shareholders’ Investment			6
Condensed Consolidated Statement of Cash Flows			8
Notes to the Condensed Consolidated Financial Statements			9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			24

Item 4. Controls and Procedures			30

Part II - Other Information			30

Item 1. Legal Proceedings			30

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			30

Item 6. Exhibits			31

Signature			32

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited)

(dollars in millions except per share data; shares in thousands)


	Three Months Ended				Nine Months Ended
	September 30				September 30
	2023		2022		2023		2022
Net sales	$	10,143	$	10,410	$	29,868	$	33,562

Cost of products sold, excluding amortization of intangible assets	4,605		4,629		13,419		14,549
Amortization of intangible assets	496		498		1,485		1,517
Research and development	672		782		2,041		2,163
Selling, general and administrative	2,723		2,731		8,225		8,275
Total operating cost and expenses	8,496		8,640		25,170		26,504

Operating earnings	1,647		1,770		4,698		7,058

Interest expense	166		141		478		404
Interest (income)	(97)		(55)		(296)		(95)
Net foreign exchange (gain) loss	(10)		19		17		16
Other (income) expense, net	(83)		(93)		(370)		(253)
Earnings before taxes	1,671		1,758		4,869		6,986
Taxes on earnings	235		323		740		1,086
Net Earnings	$	1,436	$	1,435	$	4,129	$	5,900

Basic Earnings Per Common Share	$	0.82	$	0.82	$	2.36	$	3.35

Diluted Earnings Per Common Share	$	0.82	$	0.81	$	2.35	$	3.32

Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share	1,738,700		1,752,968		1,740,255		1,756,209
Dilutive Common Stock Options	9,589		10,685		9,819		11,638
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options	1,748,289		1,763,653		1,750,074		1,767,847

Outstanding Common Stock Options Having No Dilutive Effect	7,334		5,445		5,474		2,655

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

(dollars in millions)


	Three Months Ended				Nine Months Ended
	September 30				September 30
	2023		2022		2023		2022
Net Earnings	$	1,436	$	1,435	$	4,129	$	5,900
Foreign currency translation gain (loss) adjustments	(480)		(1,008)		(393)		(1,429)
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $(1) and $(4) in 2023 and $11 and $36 in 2022	(9)		56		(13)		172
Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $30 and $(24) in 2023 and $50 and $96 in 2022	80		213		(23)		186
Other comprehensive income (loss)	(409)		(739)		(429)		(1,071)
Comprehensive Income	$	1,027	$	696	$	3,700	$	4,829


	September 30, 2023		December 31, 2022
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments	$	(7,126)	$	(6,733)
Net actuarial (losses) and prior service (costs) and credits	(1,506)		(1,493)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges and other	152		175
Accumulated other comprehensive income (loss)	$	(8,480)	$	(8,051)

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Balance Sheet

(Unaudited)

(dollars in millions)


	September 30, 2023		December 31, 2022
Assets
Current Assets:
Cash and cash equivalents	$	6,709	$	9,882
Short-term investments	338		288
Trade receivables, less allowances of $472 in 2023 and $500 in 2022	6,499		6,218
Inventories:
Finished products	3,847		3,805
Work in process	888		680
Materials	1,915		1,688
Total inventories	6,650		6,173
Prepaid expenses and other receivables	2,468		2,663
Total Current Assets	22,664		25,224
Investments	788		766
Property and equipment, at cost	21,111		20,212
Less: accumulated depreciation and amortization	11,559		11,050
Net property and equipment	9,552		9,162
Intangible assets, net of amortization	9,282		10,454
Goodwill	23,277		22,799
Deferred income taxes and other assets	6,527		6,033
	$	72,090	$	74,438
Liabilities and Shareholders’ Investment
Current Liabilities:
Trade accounts payable	$	3,961	$	4,607
Salaries, wages and commissions	1,479		1,556
Other accrued liabilities	5,347		5,845
Dividends payable	886		887
Income taxes payable	318		343
Current portion of long-term debt	1,051		2,251
Total Current Liabilities	13,042		15,489
Long-term debt	14,477		14,522
Post-employment obligations, deferred income taxes and other long-term liabilities	6,877		7,522
Commitments and Contingencies
Shareholders’ Investment:
Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued	—		—
Common shares, without par value Authorized — 2,400,000,000 shares Issued at stated capital amount — Shares: 2023: 1,987,305,154; 2022: 1,986,519,278	24,727		24,709
Common shares held in treasury, at cost — Shares: 2023: 251,246,618; 2022: 248,724,257	(15,686)		(15,229)
Earnings employed in the business	36,920		35,257
Accumulated other comprehensive income (loss)	(8,480)		(8,051)
Total Abbott Shareholders’ Investment	37,481		36,686
Noncontrolling Interests in Subsidiaries	213		219
Total Shareholders’ Investment	37,694		36,905
	$	72,090	$	74,438

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Shareholders’ Investment

(Unaudited)

(in millions except shares and per share data)


	Three Months Ended September 30
	2023		2022
Common Shares:
Balance at June 30
Shares: 2023: 1,987,181,491; 2022: 1,985,676,735	$	24,612	$	24,429
Issued under incentive stock programs
Shares: 2023: 123,663; 2022: 242,705	6		12
Share-based compensation	116		123
Issuance of restricted stock awards	(7)		(4)
Balance at September 30
Shares: 2023: 1,987,305,154; 2022: 1,985,919,440	$	24,727	$	24,560

Common Shares Held in Treasury:
Balance at June 30
Shares: 2023: 251,823,511; 2022: 234,456,992	$	(15,722)	$	(13,720)
Issued under incentive stock programs
Shares: 2023: 579,159; 2022: 528,436	36		31
Purchased
Shares: 2023: 2,266; 2022: 8,417,107	—		(866)
Balance at September 30
Shares: 2023: 251,246,618; 2022: 242,345,663	$	(15,686)	$	(14,555)

Earnings Employed in the Business:
Balance at June 30	$	36,355	$	34,487
Net earnings	1,436		1,435
Cash dividends declared on common shares (per share — 2023: $0.51; 2022: $0.47)	(889)		(822)
Effect of common and treasury share transactions	18		15
Balance at September 30	$	36,920	$	35,115

Accumulated Other Comprehensive Income (Loss):
Balance at June 30	$	(8,071)	$	(8,706)
Other comprehensive income (loss)	(409)		(739)
Balance at September 30	$	(8,480)	$	(9,445)

Noncontrolling Interests in Subsidiaries:
Balance at June 30	$	230	$	226
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases	(17)		(17)
Balance at September 30	$	213	$	209

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Shareholders’ Investment

(Unaudited)

(in millions except shares and per share data)


	Nine Months Ended September 30
	2023		2022
Common Shares:
Balance at January 1
Shares: 2023: 1,986,519,278; 2022: 1,985,273,421	$	24,709	$	24,470
Issued under incentive stock programs
Shares: 2023: 785,876; 2022: 646,019	36		36
Share-based compensation	531		572
Issuance of restricted stock awards	(549)		(518)
Balance at September 30
Shares: 2023: 1,987,305,154; 2022: 1,985,919,440	$	24,727	$	24,560

Common Shares Held in Treasury:
Balance at January 1
Shares: 2023: 248,724,257; 2022: 221,191,228	$	(15,229)	$	(11,822)
Issued under incentive stock programs
Shares: 2023: 4,669,629; 2022: 4,808,575	288		261
Purchased
Shares: 2023: 7,191,990; 2022: 25,963,010	(745)		(2,994)
Balance at September 30
Shares: 2023: 251,246,618; 2022: 242,345,663	$	(15,686)	$	(14,555)

Earnings Employed in the Business:
Balance at January 1	$	35,257	$	31,528
Net earnings	4,129		5,900
Cash dividends declared on common shares (per share — 2023: $1.53; 2022: $1.41)	(2,668)		(2,475)
Effect of common and treasury share transactions	202		162
Balance at September 30	$	36,920	$	35,115

Accumulated Other Comprehensive Income (Loss):
Balance at January 1	$	(8,051)	$	(8,374)
Other comprehensive income (loss)	(429)		(1,071)
Balance at September 30	$	(8,480)	$	(9,445)

Noncontrolling Interests in Subsidiaries:
Balance at January 1	$	219	$	222
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases	(6)		(13)
Balance at September 30	$	213	$	209

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(dollars in millions)


	Nine Months Ended September 30
	2023		2022
Cash Flow From (Used in) Operating Activities:
Net earnings	$	4,129	$	5,900
Adjustments to reconcile net earnings to net cash from operating activities —
Depreciation	945		943
Amortization of intangible assets	1,485		1,517
Share-based compensation	530		570
Trade receivables	(424)		(409)
Inventories	(527)		(1,224)
Other, net	(1,915)		(42)
Net Cash From Operating Activities	4,223		7,255

Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment	(1,447)		(1,167)
Acquisitions of businesses and technologies, net of cash acquired	(877)		—
Proceeds from business dispositions	40		48
Sales (purchases) of other investment securities, net	(45)		(3)
Other	20		14
Net Cash From (Used in) Investing Activities	(2,309)		(1,108)

Cash Flow From (Used in) Financing Activities:
Net borrowings (repayments) of short-term debt and other	(90)		37
Proceeds from issuance of long-term debt	1		7
Repayments of long-term debt	(1,447)		(753)
Purchases of common shares	(968)		(3,110)
Proceeds from stock options exercised	133		126
Dividends paid	(2,668)		(2,486)
Net Cash From (Used in) Financing Activities	(5,039)		(6,179)

Effect of exchange rate changes on cash and cash equivalents	(48)		(173)

Net Increase (Decrease) in Cash and Cash Equivalents	(3,173)		(205)
Cash and Cash Equivalents, Beginning of Year	9,882		9,799
Cash and Cash Equivalents, End of Period	$	6,709	$	9,594

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 1 — Basis of Presentation

The accompanying unaudited, condensed consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission and, therefore, do not include all information and footnote disclosures normally included in audited financial statements. However, in the opinion of management, all adjustments (which include only normal adjustments) necessary to present fairly the results of operations, financial position and cash flows have been made. It is suggested that these statements be read in conjunction with the financial statements included in Abbott’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements include the accounts of the parent company and subsidiaries, after elimination of intercompany transactions.

Note 2 — New Accounting Standards

Recently Adopted Accounting Standards

In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations, which requires an entity to report information about its supplier finance program. Abbott adopted the standard on January 1, 2023. The new standard did not have an impact on Abbott's condensed consolidated financial statements.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 3 — Revenue

Abbott’s revenues are derived primarily from the sale of a broad line of health care products under short-term receivable arrangements. Abbott has four reportable segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices.

The following tables provide detail by sales category:


	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
(in millions)	U.S.		Int’l		Total		U.S.		Int’l		Total
Established Pharmaceutical Products —
Key Emerging Markets	$	—	$	987	$	987	$	—	$	1,001	$	1,001
Other	—		381		381		—		325		325
Total	—		1,368		1,368		—		1,326		1,326
Nutritionals —
Pediatric Nutritionals	506		495		1,001		357		470		827
Adult Nutritionals	354		718		1,072		329		639		968
Total	860		1,213		2,073		686		1,109		1,795
Diagnostics —
Core Laboratory	317		997		1,314		281		938		1,219
Molecular	38		95		133		65		118		183
Point of Care	97		43		140		92		35		127
Rapid Diagnostics	561		301		862		1,273		839		2,112
Total	1,013		1,436		2,449		1,711		1,930		3,641
Medical Devices —
Rhythm Management	271		292		563		263		270		533
Electrophysiology	246		298		544		225		244		469
Heart Failure	217		67		284		207		51		258
Vascular	251		421		672		213		393		606
Structural Heart	223		264		487		207		213		420
Neuromodulation	188		39		227		156		36		192
Diabetes Care	544		928		1,472		423		744		1,167
Total	1,940		2,309		4,249		1,694		1,951		3,645

Other	4		—		4		3		—		3

Total	$	3,817	$	6,326	$	10,143	$	4,094	$	6,316	$	10,410

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 3 — Revenue (Continued)


	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
(in millions)	U.S.		Int’l		Total		U.S.		Int’l		Total
Established Pharmaceutical Products —
Key Emerging Markets	$	—	$	2,889	$	2,889	$	—	$	2,853	$	2,853
Other	—		955		955		—		843		843
Total	—		3,844		3,844		—		3,696		3,696
Nutritionals —
Pediatric Nutritionals	1,472		1,477		2,949		1,108		1,491		2,599
Adult Nutritionals	1,081		2,086		3,167		1,016		2,027		3,043
Total	2,553		3,563		6,116		2,124		3,518		5,642
Diagnostics —
Core Laboratory	917		2,872		3,789		836		2,788		3,624
Molecular	128		293		421		308		507		815
Point of Care	289		127		416		284		110		394
Rapid Diagnostics	1,975		853		2,828		5,436		2,923		8,359
Total	3,309		4,145		7,454		6,864		6,328		13,192
Medical Devices —
Rhythm Management	800		873		1,673		775		830		1,605
Electrophysiology	729		873		1,602		667		773		1,440
Heart Failure	661		199		860		610		167		777
Vascular	733		1,271		2,004		650		1,228		1,878
Structural Heart	652		794		1,446		604		667		1,271
Neuromodulation	528		122		650		456		112		568
Diabetes Care	1,528		2,681		4,209		1,165		2,320		3,485
Total	5,631		6,813		12,444		4,927		6,097		11,024

Other	10		—		10		8		—		8

Total	$	11,503	$	18,365	$	29,868	$	13,923	$	19,639	$	33,562

Note: The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $30 million of sales in the third quarter of 2022 and $87 million in the first nine months of 2022 were moved from Rapid Diagnostics to Heart Failure.

Remaining Performance Obligations

As of September 30, 2023, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $4.2 billion in the Diagnostics segment and approximately $456 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 59 percent of these remaining performance obligations over the next 24 months, approximately 17 percent over the subsequent 12 months and the remainder thereafter.

These performance obligations primarily reflect the future sale of reagents/consumables in contracts with minimum purchase obligations, extended warranty or service obligations related to previously sold equipment, and remote monitoring services related to previously implanted devices. Abbott has applied the practical expedient described in FASB Accounting Standards Codification (ASC) 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amounts above.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 3 — Revenue (Continued)

Other Contract Assets and Liabilities

Abbott discloses Trade receivables separately in the Condensed Consolidated Balance Sheet at the net amount expected to be collected. Contract assets primarily relate to Abbott’s conditional right to consideration for work completed but not billed at the reporting date. Contract assets at the beginning and the end of the period, as well as the changes in the balance, were not significant.

Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Abbott’s contract liabilities arise primarily in the Medical Devices segment when payment is received upfront for various multi-period extended service arrangements.

Changes in the contract liabilities during the period are as follows:


(in millions)
Contract Liabilities:
Balance at December 31, 2022	$	500
Unearned revenue from cash received during the period	346
Revenue recognized related to contract liability balance	(292)
Balance at September 30, 2023	$	554

Note 4 — Supplemental Financial Information

Shares of unvested restricted stock that contain non-forfeitable rights to dividends are treated as participating securities and are included in the computation of earnings per share under the two-class method. Under the two-class method, net earnings are allocated between common shares and participating securities. Net earnings allocated to common shares for the three months ended September 30, 2023 and 2022 were $1.431 billion and $1.429 billion, respectively, and for the nine months ended September 30, 2023 and 2022 were $4.113 billion and $5.876 billion, respectively.

Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first nine months of 2023 includes $302 million of pension contributions and the payment of cash taxes of approximately $1.180 billion. The first nine months of 2022 includes $362 million of pension contributions and the payment of cash taxes of approximately $987 million.

The following summarizes the activity for the first nine months of 2023 related to the allowance for doubtful accounts as of September 30, 2023:


(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2022	$	262
Provisions/charges to income	22
Amounts charged off and other deductions	(25)
Balance at September 30, 2023	$	259

The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. Abbott considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends, the historical level of charge-offs, and specific exposures related to particular customers. Abbott also monitors other risk factors and forward-looking information, such as country risk, when determining credit limits for customers and establishing adequate allowances.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 4 — Supplemental Financial Information (Continued)

The components of long-term investments as of September 30, 2023 and December 31, 2022 are as follows:


(in millions)	September 30, 2023		December 31, 2022
Long-term Investments:
Equity securities	$	566	$	558
Other	222		208
Total	$	788	$	766

The increase in Abbott’s long-term investments as of September 30, 2023 versus the balance as of December 31, 2022 is primarily due to investments acquired as part of a business acquisition and other additional investments, partially offset by the impact of equity method investment losses.

Abbott’s equity securities as of September 30, 2023 include $291 million of investments in mutual funds that are held in a rabbi trust and were acquired as part of the St. Jude Medical, Inc. business acquisition. These investments, which are specifically designated as available for the purpose of paying benefits under a deferred compensation plan, are not available for general corporate purposes and are subject to creditor claims in the event of insolvency.

Abbott also holds certain investments as of September 30, 2023 with a carrying value of $175 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of approximately $87 million that do not have a readily determinable fair value.

Note 5 — Changes In Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss), net of income taxes, are as follows:


	Three Months Ended September 30
	Cumulative Foreign Currency Translation (Loss) Adjustments				Net Actuarial (Losses) and Prior Service (Costs) and Credits				Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges and Other
(in millions)	2023		2022		2023		2022		2023		2022
Balance at June 30	$	(6,646)	$	(6,260)	$	(1,497)	$	(2,554)	$	72	$	108
Other comprehensive income (loss) before reclassifications	(497)		(1,008)		(9)		15		96		278
Amounts reclassified from accumulated other comprehensive income	17		—		—		41		(16)		(65)
Net current period comprehensive income (loss)	(480)		(1,008)		(9)		56		80		213
Balance at September 30	$	(7,126)	$	(7,268)	$	(1,506)	$	(2,498)	$	152	$	321

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 5 — Changes In Accumulated Other Comprehensive Income (Loss) (Continued)


	Nine Months Ended September 30
	Cumulative Foreign Currency Translation (Loss) Adjustments				Net Actuarial (Losses) and Prior Service (Costs) and Credits				Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges and Other
(in millions)	2023		2022		2023		2022		2023		2022
Balance at January 1	$	(6,733)	$	(5,839)	$	(1,493)	$	(2,670)	$	175	$	135
Other comprehensive income (loss) before reclassifications	(410)		(1,429)		(6)		45		134		289
Amounts reclassified from accumulated other comprehensive income	17		—		(7)		127		(157)		(103)
Net current period comprehensive income (loss)	(393)		(1,429)		(13)		172		(23)		186
Balance at September 30	$	(7,126)	$	(7,268)	$	(1,506)	$	(2,498)	$	152	$	321

Reclassified amounts for cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior service cost are included as a component of net periodic benefit costs; see Note 13 for additional details.

Note 6 — Business Acquisitions

On September 22, 2023, Abbott completed the acquisition of Bigfoot Biomedical, Inc. (Bigfoot), which will further Abbott's efforts to develop connected solutions for making diabetes management even more personal and precise. The purchase price, the allocation of acquired assets and liabilities, and the revenue and net income contributed by Bigfoot since the date of acquisition are not material to Abbott's condensed consolidated financial statements.

On April 27, 2023, Abbott completed the acquisition of Cardiovascular Systems, Inc. (CSI) for $20 per common share, which equated to a purchase price of $851 million. The transaction was funded with cash on hand and accounted for as a business combination. CSI's atherectomy system, which is used in treating peripheral and coronary artery disease, adds complementary technologies to Abbott's portfolio of vascular device offerings.

The preliminary allocation of the purchase price of the CSI acquisition resulted in the recording of two non-deductible developed technology intangible assets of $305 million; non-deductible in-process research and development of $15 million, which will be accounted for as an indefinite-lived intangible asset until regulatory approval or discontinuation; non-deductible goodwill of approximately $384 million; net deferred tax assets of approximately $31 million and other net assets of approximately $116 million. The goodwill is identifiable to the Medical Devices reportable segment and is attributable to expected synergies from combining operations, as well as intangible assets that do not qualify for separate recognition. Allocation of the purchase price of the acquisition will be finalized when the valuation of assets and liabilities is completed. Revenues and earnings of CSI included in Abbott's consolidated financial statements since the acquisition date are not material to Abbott's consolidated revenue and earnings. If the acquisition of CSI had taken place as of the beginning of 2022, consolidated net sales and earnings would not have been significantly different from reported amounts.

Note 7 — Goodwill and Intangible Assets

The total amount of goodwill reported was $23.3 billion at September 30, 2023 and $22.8 billion at December 31, 2022. Recent business acquisitions increased goodwill by approximately $590 million and foreign currency translation adjustments decreased goodwill by approximately $112 million in the first nine months of 2023. The amount of goodwill related to reportable segments at September 30, 2023 was $2.6 billion for the Established Pharmaceutical Products segment, $285 million for the Nutritional Products segment, $3.5 billion for the Diagnostic Products segment, and $16.8 billion for the Medical Devices segment. There were no reductions of goodwill relating to impairments in the first nine months of 2023.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 7 — Goodwill and Intangible Assets (continued)

The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.5 billion and $27.2 billion as of September 30, 2023 and December 31, 2022, respectively. The gross amount of amortizable intangible assets increased by $305 million due to a recent business acquisition. Accumulated amortization was $19.0 billion and $17.6 billion as of September 30, 2023 and December 31, 2022, respectively. Foreign currency translation adjustments decreased intangible assets by $14 million in the first nine months of 2023. Abbott’s estimated annual amortization expense for intangible assets is approximately $2.0 billion in 2023, $1.9 billion in 2024, $1.7 billion in 2025, $1.6 billion in 2026 and $1.3 billion in 2027.

Indefinite-lived intangible assets, which relate to in-process research and development (IPR&D) acquired in a business combination, were approximately $832 million as of September 30, 2023 and $807 million as of December 31, 2022. Recent business acquisitions increased IPR&D by $80 million. This increase was partially offset by $55 million of charges recorded on the Research and development line of the Condensed Consolidated Statement of Earnings for the impairment of certain indefinite-lived intangible assets related to the Medical Devices reportable segment.

Note 8 — Restructuring Plans

In 2022 and 2023, Abbott management approved various plans to streamline operations in order to reduce costs and improve efficiencies in its medical devices, nutritional, diagnostic, and established pharmaceutical businesses. In the nine months ended September 30, 2023, Abbott recorded employee related severance and other charges of approximately $102 million, of which approximately $31 million was recorded in Cost of products sold, approximately $16 million was recorded in Research and development, and approximately $55 million was recorded in Selling, general and administrative expenses. In addition, Abbott recognized fixed asset impairment charges of approximately $29 million related to these restructuring plans.

The following summarizes the activity related to these restructuring actions and the status of the related accruals as of September 30, 2023:


(in millions)	Total
Accrued balance at December 31, 2022	$	228
Restructuring charges in 2023	102
Payments and other adjustments	(181)
Accrued balance at September 30, 2023	$	149

Note 9 — Incentive Stock Programs

In the first nine months of 2023, Abbott granted 1,986,671 stock options, 463,856 restricted stock awards and 4,927,476 restricted stock units under its incentive stock program. At September 30, 2023, approximately 74 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at September 30, 2023 is as follows:


	Outstanding		Exercisable
Number of shares	29,342,041		24,718,236
Weighted average remaining life (years)	5.0		4.3
Weighted average exercise price	$	73.77	$	66.27
Aggregate intrinsic value (in millions)	$	825	$	825

The total unrecognized share-based compensation cost at September 30, 2023 amounted to approximately $560 million which is expected to be recognized over the next three years.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 10 — Debt and Lines of Credit

On September 27, 2023, Abbott repaid the €1.14 billion outstanding principal amount of its 0.875% Notes upon maturity. The repayment equated to approximately $1.2 billion. In September 2023, Abbott repaid approximately $197 million of debt assumed as part of a recent business acquisition. On March 15, 2022, Abbott repaid the $750 million outstanding principal amount of its 2.55% Notes upon maturity.

Note 11 — Financial Instruments, Derivatives and Fair Value Measures

Certain Abbott foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates, primarily for anticipated intercompany purchases by those subsidiaries whose functional currencies are not the U.S. dollar. These contracts, with gross notional amounts totaling $7.3 billion at September 30, 2023 and $7.7 billion at December 31, 2022, are designated as cash flow hedges of the variability of the cash flows due to changes in foreign exchange rates and are recorded at fair value. Accumulated gains and losses as of September 30, 2023 will be included in Cost of products sold at the time the products are sold, generally through the next twelve to eighteen months.

Abbott enters into foreign currency forward exchange contracts to manage currency exposures for foreign currency denominated third-party trade payables and receivables, and for intercompany loans and trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity. For intercompany loans, the contracts require Abbott to sell or buy foreign currencies, primarily European currencies, in exchange for primarily U.S. dollars and other European currencies. For intercompany and trade payables and receivables, the currency exposures are primarily the U.S. dollar and European currencies. At September 30, 2023 and December 31, 2022, Abbott held the gross notional amounts of $14.2 billion and $12.0 billion, respectively, of such foreign currency forward exchange contracts.

Abbott has designated a yen-denominated, 5-year term loan of approximately $401 million and $446 million as of September 30, 2023 and December 31, 2022, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt, which is due to changes in foreign exchange rates, is recorded in Accumulated other comprehensive income (loss), net of tax.

Abbott is a party to interest rate hedge contracts with a notional amount totaling approximately $2.9 billion at September 30, 2023 and December 31, 2022 to manage its exposure to changes in the fair value of fixed-rate debt. These contracts are designated as fair value hedges of the variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates. The effect of the hedge is to change a fixed-rate interest obligation to a variable rate for that portion of the debt. Abbott records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)

The following table summarizes the amounts and location of certain derivative and non-derivative financial instruments as of September 30, 2023 and December 31, 2022:


	Fair Value - Assets					Fair Value - Liabilities
(in millions)	September 30, 2023		December 31, 2022		Balance Sheet Caption	September 30, 2023		December 31, 2022		Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current	$	—	$	—	Deferred income taxes and other assets	$	158	$	136	Post-employment obligations, deferred income taxes and other long-term liabilities
Current	—		—		Prepaid expenses and other receivables	13		20		Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments	254		304		Prepaid expenses and other receivables	63		96		Other accrued liabilities
Others not designated as hedges	113		108		Prepaid expenses and other receivables	115		130		Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary	—		—		n/a	401		446		Long-term debt
	$	367	$	412		$	750	$	828

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)

The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three and nine months ended September 30, 2023 and 2022.


	Gain (loss) Recognized in Other Comprehensive Income (loss)								Income (expense) and Gain (loss) Reclassified into Income
	Three Months Ended September 30				Nine Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022		Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges	$	125	$	350	$	152	$	442	$	22	$	79	$	211	$	149	Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary	12		24		45		108		n/a		n/a		n/a		n/a		n/a
Interest rate swaps designated as fair value hedges	n/a		n/a		n/a		n/a		(18)		(85)		(15)		(253)		Interest expense

A gain of $60 million and a loss of $27 million were recognized in the three months ended September 30, 2023 and 2022, respectively, related to foreign currency forward exchange contracts not designated as a hedge. A loss of $4 million and a gain of $225 million were recognized in the first nine months ended September 30, 2023 and 2022, respectively, related to foreign currency forward exchange contracts not designated as a hedge. These amounts are reported in the Condensed Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line.

The carrying values and fair values of certain financial instruments as of September 30, 2023 and December 31, 2022 are shown in the following table. The carrying values of all other financial instruments approximate their estimated fair values. The counterparties to financial instruments consist of select major international financial institutions. Abbott does not expect any losses from non-performance by these counterparties.


	September 30, 2023				December 31, 2022
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term Investment Securities:
Equity securities	$	566	$	566	$	558	$	558
Other	222		222		208		208
Total Long-term Debt	(15,528)		(14,681)		(16,773)		(16,313)
Foreign Currency Forward Exchange Contracts:
Receivable position	367		367		412		412
(Payable) position	(178)		(178)		(226)		(226)
Interest Rate Hedge Contracts:
Receivable position	—		—		—		—
(Payable) position	(171)		(171)		(156)		(156)

The fair value of the debt was determined based on significant other observable inputs, including current interest rates.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)

The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:


			Basis of Fair Value Measurement
(in millions)	Outstanding Balances		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
September 30, 2023:
Equity securities	$	304	$	304	$	—	$	—
Foreign currency forward exchange contracts	367		—		367		—
Total Assets	$	671	$	304	$	367	$	—

Fair value of hedged long-term debt	$	2,702	$	—	$	2,702	$	—
Interest rate swap derivative financial instruments	171		—		171		—
Foreign currency forward exchange contracts	178		—		178		—
Contingent consideration related to business combinations	109		—		—		109
Total Liabilities	$	3,160	$	—	$	3,051	$	109

December 31, 2022:
Equity securities	$	307	$	307	$	—	$	—

Foreign currency forward exchange contracts	412		—		412		—
Total Assets	$	719	$	307	$	412	$	—

Fair value of hedged long-term debt	$	2,691	$	—	$	2,691	$	—
Interest rate swap derivative financial instruments	156				156
Foreign currency forward exchange contracts	226		—		226		—
Contingent consideration related to business combinations	130		—		—		130
Total Liabilities	$	3,203	$	—	$	3,073	$	130

The fair value of foreign currency forward exchange contracts is determined using a market approach, which utilizes values for comparable derivative instruments. The fair value of debt was determined based on the face value of the debt adjusted for the fair value of the interest rate swaps, which is based on a discounted cash flow analysis using significant other observable inputs. The fair value of the contingent consideration was determined based on independent appraisals at the time of acquisition, adjusted for the time value of money and other changes in fair value. The decrease in the amount of contingent consideration from December 31, 2022 reflects the impact of projected timeline changes for events that will trigger payment of contingent consideration, partially offset by additional contingent consideration due to a recent business acquisition.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 12 — Litigation and Environmental Matters

Abbott has been identified as a potentially responsible party for investigation and cleanup costs at a number of locations in the United States and Puerto Rico under federal and state remediation laws and is investigating potential contamination at a number of company-owned locations. Abbott has recorded an estimated cleanup cost for each site for which management believes Abbott has a probable loss exposure. No individual site cleanup exposure is expected to exceed $4 million, and the aggregate cleanup exposure is not expected to exceed $10 million.

Abbott is involved in various claims and legal proceedings, and Abbott estimates the range of possible loss for its legal proceedings and environmental exposures to be from approximately $25 million to $35 million. The recorded accrual balance at September 30, 2023 for these proceedings and exposures was approximately $30 million. This accrual represents management’s best estimate of probable loss, as defined by FASB ASC No. 450, “Contingencies.” Within the next year, legal proceedings may occur that may result in a change in the estimated loss accrued by Abbott. While it is not feasible to predict the outcome of all such proceedings and exposures with certainty, management believes that their ultimate disposition should not have a material adverse effect on Abbott’s financial position, cash flows, or results of operations.

Note 13 — Post-Employment Benefits

Retirement plans consist of defined benefit, defined contribution, and medical and dental plans. Net periodic benefit costs, other than service costs, are recognized in the Other (income) expense, net line of the Condensed Consolidated Statement of Earnings. Net cost recognized for the three and nine months ended September 30 for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans is as follows:


	Defined Benefit Plans								Medical and Dental Plans
	Three Months Ended September 30				Nine Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022
Service cost - benefits earned during the period	$	56	$	92	$	174	$	282	$	10	$	13	$	29	$	38
Interest cost on projected benefit obligations	114		74		342		225		15		9		45		27
Expected return on plan assets	(244)		(231)		(729)		(701)		(6)		(8)		(18)		(23)
Curtailment gain	—		—		(14)		—		—		—		—		—
Net amortization of:
Actuarial loss, net	2		58		8		174		(1)		2		(2)		8
Prior service cost (credit)	1		—		1		1		(3)		(6)		(10)		(18)
Net cost (credit)	$	(71)	$	(7)	$	(218)	$	(19)	$	15	$	10	$	44	$	32

Abbott funds its domestic defined benefit plans according to Internal Revenue Service funding limitations. International pension plans are funded according to similar regulations. In the first nine months of 2023 and 2022, $302 million and $362 million, respectively, were contributed to defined benefit plans. In the first nine months of 2023 and 2022, $28 million was contributed, in each year, to the post-employment medical and dental plans.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 14 — Taxes on Earnings

Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first nine months of 2023 and 2022, taxes on earnings include approximately $11 million and $36 million, respectively, in excess tax benefits associated with share-based compensation. In the first nine months of 2023 and 2022, taxes on earnings also include approximately $59 million and $20 million, respectively, of tax expense as the result of the resolution of various tax positions related to prior years.

Tax authorities in various jurisdictions regularly review Abbott’s income tax filings. Abbott believes that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease approximately $55 million, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters.

In September 2023, Abbott received a Statutory Notice of Deficiency (SNOD) from the U.S. Internal Revenue Service (IRS) for the 2019 Federal tax year in the amount of $417 million. The primary adjustments proposed in the SNOD relate to the reallocation of income between Abbott’s U.S. entities and its foreign affiliates. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit, in part because certain adjustments contradict methods that were agreed to with the IRS in prior audit periods. The SNOD also contains other proposed adjustments that Abbott believes are erroneous and unsupported. Abbott expects to file a petition with the U.S. Tax Court contesting the 2019 SNOD in December of 2023.

Abbott’s 2017 and 2018 Federal tax years are also currently under examination by the IRS with respect to income reallocation issues similar to those included in the 2019 Federal tax year. Abbott intends to vigorously defend its filing positions through ongoing discussions with the IRS, the IRS independent appeals process and/or through litigation as necessary.

Abbott reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. Abbott continues to believe that its reserves for uncertain tax positions are appropriate.

The Organization for Economic Cooperation & Development (OECD) has proposed a two-pillared plan for a revised international tax system. Pillar 1 proposes to reallocate taxing rights among the jurisdictions in which in-scope multinational corporations operate. Abbott is continuing to analyze the Pillar 1 proposal. Pillar 2 proposes to assess a 15% minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have indicated their intent to adopt the proposal and are drafting legislation to implement the Pillar 2 model rules with a subset of the rules becoming effective January 1, 2024, and the remaining rules becoming effective January 1, 2025, or in later periods. Abbott is also continuing to analyze the Pillar 2 model rules. Implementation of the OECD proposal may have a material impact on Abbott’s Condensed Consolidated Financial Statements in the future.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 15 — Segment Information

Abbott’s principal business is the discovery, development, manufacture and sale of a broad line of health care products. Abbott’s products are generally sold directly to retailers, wholesalers, hospitals, health care facilities, laboratories, physicians’ offices and government agencies throughout the world.

Abbott’s reportable segments are as follows:

Established Pharmaceutical Products — International sales of a broad line of branded generic pharmaceutical products.

Nutritional Products — Worldwide sales of a broad line of adult and pediatric nutritional products.

Diagnostic Products — Worldwide sales of diagnostic systems and tests for blood banks, hospitals, commercial laboratories and alternate-care testing sites. For segment reporting purposes, the Core Laboratory Diagnostics, Rapid Diagnostics, Molecular Diagnostics and Point of Care Diagnostics divisions are aggregated and reported as the Diagnostic Products segment.

Medical Devices — Worldwide sales of rhythm management, electrophysiology, heart failure, vascular, structural heart, neuromodulation and diabetes care products. For segment reporting purposes, the Cardiac Rhythm Management, Electrophysiology, Heart Failure, Vascular, Structural Heart, Neuromodulation and Diabetes Care divisions are aggregated and reported as the Medical Devices segment.

Abbott’s underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting. Intersegment transfers of inventory are recorded at standard cost and are not a measure of segment operating earnings. The cost of some corporate functions and the cost of certain employee benefits are charged to segments at predetermined rates that approximate cost. Remaining costs, if any, are not allocated to segments. In addition, intangible asset amortization is not allocated to operating segments, and intangible assets and goodwill are not included in the measure of each segment’s assets.

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

Note 15 — Segment Information (Continued)

The following segment information has been prepared in accordance with the internal accounting policies of Abbott, as described above, and is not presented in accordance with generally accepted accounting principles applied to the consolidated financial statements.


	Net Sales to External Customers								Operating Earnings
	Three Months Ended September 30				Nine Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022
Established Pharmaceutical Products	$	1,368	$	1,326	$	3,844	$	3,696	$	345	$	331	$	952	$	831
Nutritional Products	2,073		1,795		6,116		5,642		284		69		972		550
Diagnostic Products	2,449		3,641		7,454		13,192		632		1,346		1,720		5,615
Medical Devices	4,249		3,645		12,444		11,024		1,342		1,045		3,805		3,288
Total Reportable Segments	10,139		10,407		29,858		33,554		2,603		2,791		7,449		10,284
Other	4		3		10		8
Net sales	$	10,143	$	10,410	$	29,868	$	33,562
Corporate functions and benefit plan costs									(50)		(115)		(198)		(352)
Net interest expense									(69)		(86)		(182)		(309)
Share-based compensation (a)									(117)		(123)		(530)		(570)
Amortization of intangible assets									(496)		(498)		(1,485)		(1,517)
Other, net (b)									(200)		(211)		(185)		(550)
Earnings before taxes									$	1,671	$	1,758	$	4,869	$	6,986

______________________________________


Notes:			Three and nine months ended September 30, 2022 Sales and Operating Earnings for the Diagnostic Products and Medical Devices reportable segments have been updated to reflect the internal transfer of the Acelis Connected Health business from Diagnostic Products to Medical Devices on January 1, 2023.
(a)			Approximately 45 percent of the annual net cost of share-based awards will typically be recognized in the first quarter due to the timing of the granting of share-based awards.
(b)			Other, net for the three months and nine months ended September 30, 2023 includes costs associated with the acquisition of CSI and charges related to restructuring actions and intangible asset and investment impairments. Other, net for the nine months ended September 30, 2023 also includes income arising from fair value changes in contingent consideration related to previous business combinations. Other, net for the three and nine months ended September 30, 2022 includes $10 million and $172 million, respectively, of charges related to a voluntary recall within the Nutritional Products segment, $111 million of charges related to the impairment of IPR&D intangible assets as well as integration costs related to the acquisition of Alere Inc. and restructuring charges.

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Financial Review — Results of Operations

Abbott’s revenues are derived primarily from the sale of a broad line of health care products under short-term receivable arrangements. Patent protection and licenses, technological and performance features, and inclusion of Abbott’s products under a contract most impact which products are sold; price controls, competition and rebates most impact the net selling prices of products; and foreign currency translation impacts the measurement of net sales and costs. Abbott’s primary products are medical devices, diagnostic testing products, nutritional products and branded generic pharmaceuticals.

The following tables detail sales by reportable segment for the three and nine months ended September 30. Percent changes are versus the prior year and are based on unrounded numbers.


	Net Sales to External Customers
(in millions)	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022		Total Change		Impact of Foreign Exchange		Total Change Excl. Foreign Exchange

Established Pharmaceutical Products	$	1,368	$	1,326	3.2	%	(7.9)	%	11.1	%
Nutritional Products	2,073		1,795		15.5		(1.4)		16.9
Diagnostic Products	2,449		3,641		(32.7)		(0.8)		(31.9)
Medical Devices	4,249		3,645		16.6		0.6		16.0
Total Reportable Segments	10,139		10,407		(2.6)		(1.4)		(1.2)
Other	4		3		n/m		n/m		n/m
Net Sales	$	10,143	$	10,410	(2.6)		(1.4)		(1.2)

Total U.S.	$	3,817	$	4,094	(6.8)		—		(6.8)

Total International	$	6,326	$	6,316	0.2		(2.2)		2.4


	Net Sales to External Customers
(in millions)	Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022		Total Change		Impact of Foreign Exchange		Total Change Excl. Foreign Exchange

Established Pharmaceutical Products	$	3,844	$	3,696	4.0	%	(7.6)	%	11.6	%
Nutritional Products	6,116		5,642		8.4		(2.8)		11.2
Diagnostic Products	7,454		13,192		(43.5)		(1.4)		(42.1)
Medical Devices	12,444		11,024		12.9		(1.7)		14.6
Total Reportable Segments	29,858		33,554		(11.0)		(2.4)		(8.6)
Other	10		8		n/m		n/m		n/m
Net Sales	$	29,868	$	33,562	(11.0)		(2.4)		(8.6)

Total U.S.	$	11,503	$	13,923	(17.4)		—		(17.4)

Total International	$	18,365	$	19,639	(6.5)		(4.1)		(2.4)

______________________________________


Notes:			The Acelis Connected Health business was internally transferred from Diagnostic Products to Medical Devices on January 1, 2023. As a result, $30 million of sales in the third quarter of 2022 and $87 million in the first nine months of 2022 were moved from Diagnostic Products to Medical Devices.
			In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.
			n/m = Percent change is not meaningful

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The 1.2 percent decrease in total net sales during the third quarter of 2023, excluding the impact of foreign exchange, reflected the decrease in demand for Abbott’s rapid diagnostic tests to detect COVID-19, partially offset by higher growth across other businesses. Abbott’s COVID-19 testing-related sales totaled approximately $305 million during the third quarter of 2023 and approximately $1.7 billion during the third quarter of 2022. Excluding the impact of COVID-19 testing-related sales, Abbott’s total net sales increased 12.6 percent. Excluding the impacts of COVID-19 testing-related sales and foreign exchange, Abbott’s total net sales increased 14.1 percent. Abbott’s net sales were unfavorably impacted by changes in foreign exchange rates in the third quarter as the relatively stronger U.S. dollar decreased total international sales by 2.2 percent and total sales by 1.4 percent.

The 8.6 percent decrease in total net sales during the first nine months of 2023, excluding the impact of foreign exchange, reflected lower demand for Abbott’s COVID-19 tests, partially offset by higher growth across other businesses. Abbott’s COVID-19 testing-related sales totaled approximately $1.3 billion during the first nine months of 2023 and approximately $7.3 billion during the first nine months of 2022. Excluding the impact of COVID-19 testing-related sales, Abbott’s total net sales increased 8.8 percent. Excluding the impacts of COVID-19 testing-related sales and foreign exchange, Abbott’s total net sales increased 11.8 percent. Abbott’s net sales were unfavorably impacted by changes in foreign exchange rates in the first nine months as the relatively stronger U.S. dollar decreased total international sales by 4.1 percent and total sales by 2.4 percent.

Due to the unpredictability of demand for COVID-19 tests, the future extent to which COVID-19 will have a material effect on Abbott’s business, financial condition or results of operations is uncertain.

The table below provides detail by sales category for the nine months ended September 30, 2023. Percent changes are versus the prior year and are based on unrounded numbers.


(in millions)	September 30, 2023		September 30, 2022		Total Change		Impact of Foreign Exchange		Total Change Excl. Foreign Exchange
Established Pharmaceutical Products —
Key Emerging Markets	$	2,889	$	2,853	1.3	%	(8.7)	%	10.0	%
Other Emerging Markets	955		843		13.2		(3.9)		17.1

Nutritionals —
International Pediatric Nutritionals	1,477		1,491		(0.9)		(3.8)		2.9
U.S. Pediatric Nutritionals	1,472		1,108		32.8		—		32.8
International Adult Nutritionals	2,086		2,027		2.9		(5.0)		7.9
U.S. Adult Nutritionals	1,081		1,016		6.4		—		6.4

Diagnostics —
Core Laboratory	3,789		3,624		4.6		(3.5)		8.1
Molecular	421		815		(48.4)		(0.9)		(47.5)
Point of Care	416		394		5.5		(0.4)		5.9
Rapid Diagnostics	2,828		8,359		(66.2)		(0.6)		(65.6)

Medical Devices —
Rhythm Management	1,673		1,605		4.3		(1.7)		6.0
Electrophysiology	1,602		1,440		11.3		(2.8)		14.1
Heart Failure	860		777		10.7		(0.2)		10.9
Vascular	2,004		1,878		6.7		(2.1)		8.8
Structural Heart	1,446		1,271		13.8		(1.5)		15.3
Neuromodulation	650		568		14.4		(1.1)		15.5
Diabetes Care	4,209		3,485		20.8		(1.5)		22.3

Note: The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $87 million of sales for the first nine months of 2022 were moved from Rapid Diagnostics to Heart Failure.

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Excluding the unfavorable effect of foreign exchange, sales in Key Emerging Markets for Established Pharmaceutical Products increased 10.0 percent in the first nine months of 2023, led by growth in several countries and across several therapeutic areas, including cardiometabolic, women's health, and central nervous system/pain management. Other Emerging Markets, excluding the effect of foreign exchange, increased by 17.1 percent in the first nine months of 2023.

Excluding the impact of foreign exchange, total Nutritional Products sales in the first nine months of 2023 increased 11.2 percent. The 32.8 percent increase in U.S. Pediatric Nutritional sales in the first nine months of 2023 reflects progress in recovering market share in 2023 following the voluntary recall of certain infant formula products in the first quarter of 2022, as well as the unfavorable 2022 impact of the recall, partially offset by a decrease in 2023 Pedialyte® sales. Excluding the effect of foreign exchange, the 2.9 percent increase in International Pediatric Nutritional sales in the first nine months of 2023 primarily reflects growth in various markets, partially offset by the impact of exiting the pediatric nutrition business in China. The increases of 6.4 percent in U.S. Adult Nutritionals and 7.9 percent, excluding the effect of foreign exchange, in International Adult Nutritionals in the first nine months of 2023 were led by growth of Ensure® and Glucerna® products.

The 42.1 percent decrease in Diagnostic Products sales in the first nine months of 2023, excluding the impact of foreign exchange, was driven by lower demand for COVID-19 tests. In Rapid Diagnostics, sales decreased 65.6 percent in the first nine months of 2023, excluding the effect of foreign exchange, due to lower demand for COVID-19 tests. In the first nine months of 2023 and 2022, Rapid Diagnostics COVID-19 testing-related sales were $1.2 billion and $6.9 billion, respectively. In the first nine months of 2023, Rapid Diagnostics sales increased 6.5 percent, excluding COVID-19 testing-related sales, and increased 8.2 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

In Core Laboratory Diagnostics, sales increased 8.1 percent in the first nine months of 2023, excluding the effect of foreign exchange, due to the higher volume of routine diagnostic testing performed in hospitals and other laboratories, partially offset by lower test sales for the detection of COVID-19 IgG and IgM antibodies. In the first nine months of 2023 and 2022, Core Laboratory Diagnostics COVID-19 testing-related sales were $16 million and $51 million, respectively. In the first nine months of 2023, Core Laboratory Diagnostics sales increased 5.6 percent, excluding COVID-19 testing-related sales, and increased 9.2 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales. In the third quarter of 2023, Core Laboratory Diagnostics received U.S. Food and Drug Administration (FDA) clearance for its Alinity® h-series hematology system, which integrates hematology workflow from high-throughput Complete Blood Count analysis to automated slide making and staining.

The 47.5 percent decrease in Molecular Diagnostics sales in the first nine months of 2023, excluding the effect of foreign exchange, was driven by lower demand for laboratory-based molecular tests for COVID-19, as well as lower demand for respiratory testing compared to significantly higher-than-usual demand in the first nine months of 2022. In the first nine months of 2023 and 2022, Molecular Diagnostics COVID-19 testing-related sales were $36 million and $375 million, respectively. In the first nine months of 2023, Molecular Diagnostics sales decreased 12.8 percent, excluding COVID-19 testing-related sales, and decreased 11.3 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

Excluding the effect of foreign exchange, total Medical Devices sales grew 14.6 percent in the first nine months of 2023, led by double-digit growth in Diabetes Care, Structural Heart, Heart Failure, Neuromodulation and Electrophysiology. Higher Diabetes Care sales were driven by continued growth of FreeStyle Libre®, Abbott’s continuous glucose monitoring system, in the U.S. and internationally. FreeStyle Libre sales totaled $3.9 billion in the first nine months of 2023, which reflected a 26.2 percent increase, excluding the effect of foreign exchange, over the first nine months of 2022 when FreeStyle Libre sales totaled $3.1 billion.

During the first nine months of 2023, procedure volumes increased across the cardiovascular and neuromodulation businesses. In Structural Heart, the 15.3 percent increase in sales, excluding the effect of foreign exchange, reflects continued growth of the MitraClip® product along with contributions from various products, including Amulet®, Navitor®, and TriClip®. In Vascular, the 8.8 percent increase in sales, excluding the impact of foreign exchange, during the first nine months of 2023 reflects the acquisition of Cardiovascular Systems, Inc. (CSI) on April 27, 2023, as well as double-digit growth in endovascular sales.

In Electrophysiology, the 14.1 percent increase in sales, excluding the effect of foreign exchange, primarily reflects higher procedure volumes in the U.S., China, and various European countries. In Neuromodulation, the 15.5 percent increase in sales, excluding the effect of foreign exchange, was driven by the recent launch of the Eterna® rechargeable spinal cord stimulation system for the treatment of chronic pain along with market growth compared to the prior year period.

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In the first nine months of 2023, Medical Devices received various product approvals. In January 2023, Abbott announced that the U.S. FDA had approved Navitor, Abbott's second-generation transcatheter aortic valve implantation system to treat people with severe aortic stenosis who are at high or extreme risk for open-heart surgery. In March 2023, Abbott's Freestyle Libre continuous glucose monitoring system received U.S. FDA clearance for integration with automated insulin delivery systems. In March 2023, the U.S. FDA approved Abbott's Epic® Max stented tissue valve to treat people with aortic regurgitation or stenosis. In May 2023, Abbott received U.S. FDA approval of its TactiFlex® Ablation Catheter, Sensor Enabled™, the world's first ablation catheter with a flexible electrode tip and contact force sensing technology to treat patients with atrial fibrillation. In June 2023, Abbott received U.S. FDA approval of its AVEIR™ dual chamber leadless pacemaker system, the world's first dual chamber leadless pacing system that treats people with abnormal or slow heart rhythms. In July 2023, Abbott obtained CE Mark for its AVEIR single-chamber leadless pacemaker.

The gross profit margin percentage was 49.7 percent for the third quarter of 2023 compared to 50.7 percent for the third quarter of 2022 and 50.1 percent for the first nine months of 2023 compared to 52.1 percent for the first nine months of 2022. The decrease in the third quarter and first nine months of 2023 reflects the unfavorable effects of lower sales of COVID-19 tests, foreign exchange, and higher costs for various manufacturing inputs, partially offset by the impact in 2022 of the voluntary product recall in the Nutritional business and the impact in 2023 of gross margin improvement initiatives.

Research and development (R&D) expenses decreased $110 million, or 14.0 percent, in the third quarter of 2023 and decreased $122 million, or 5.6 percent, in the first nine months of 2023 compared to the prior year. The decrease in R&D expense in the third quarter and first nine months of 2023 was primarily driven by the non-recurrence of an impairment charge recognized in 2022 related to in-process R&D assets acquired in a previous business combination.

Selling, general and administrative expenses decreased $8 million, or 0.3 percent, in the third quarter of 2023, and decreased $50 million, or 0.6 percent, in the first nine months of 2023 compared to the prior year. Higher selling and marketing spending to drive growth across various businesses was offset by the favorable impact of foreign exchange. The decrease during the first nine months of 2023 also reflects the non-recurrence of 2022 expenses related to the voluntary product recall in the Nutritional segment.

Interest Expense, net

Interest expense, net decreased from $86 million in the third quarter of 2022 to $69 million in the third quarter of 2023 and decreased from $309 million in the first nine months of 2022 to $182 million in the first nine months of 2023. The decreases were due to the favorable impact of higher interest rates on interest income, partially offset by the negative impact of interest rate hedge contracts related to certain fixed-rate debt.

Other (Income) Expense, net

Other income, net decreased from $93 million of income in the third quarter of 2022 to $83 million of income in the third quarter of 2023 and increased from $253 million of income in the first nine months of 2022 to $370 million of income in the first nine months of 2023. The third quarter and the first nine months of 2023 reflect higher income in 2023 related to the non-service cost components of net pension and post-retirement medical benefit costs. In the third quarter of 2023, the decline in Other income, net is due to higher impairment charges related to long term investments that more than offset the increase in income associated with the non-service component of pension and post-retirement medical plans.

Taxes on Earnings

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Liquidity and Capital Resources September 30, 2023 Compared with December 31, 2022

The decrease in cash and cash equivalents from $9.9 billion at December 31, 2022 to $6.7 billion at September 30, 2023 primarily reflects the payment of dividends, the repayment of debt, share repurchases, the cost of business acquisitions and capital expenditures, partially offset by the cash generated from operations in the first nine months of 2023. Working capital was $9.6 billion at September 30, 2023 and $9.7 billion at December 31, 2022. The decrease in working capital in 2023 primarily reflects a decrease in cash and cash equivalents, which was nearly offset by increases in accounts receivables and inventory and decreases in the current portion of long-term debt, accounts payable and other accrued liabilities.

In the Condensed Consolidated Statement of Cash Flows, Net cash from operating activities for the first nine months of 2023 totaled approximately $4.2 billion, a decrease of $3.0 billion from the prior year. The decrease is primarily due to the decline in operating earnings and an increase in cash taxes paid. Net cash from operating activities in 2023 includes $302 million of pension contributions and the payment of cash taxes of approximately $1.180 billion. Net cash from operating activities in 2022 includes $362 million of pension contributions and the payment of cash taxes of approximately $987 million.

In September 2019, the board of directors authorized the early redemption of up to $5 billion of outstanding long-term notes. As of September 30, 2023, $2.15 billion of the $5 billion authorization remains available.

At September 30, 2023, Abbott’s long-term debt rating was AA- by S&P Global Ratings and Aa3 by Moody’s Investors Service. Abbott expects to maintain an investment grade rating. Abbott has readily available financial resources, including lines of credit of $5.0 billion which expire in 2025.

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In the first nine months of 2023, Abbott repurchased approximately 7 million of its common shares for $725 million. As of September 30, 2023, $1.709 billion remains available for repurchase under the share repurchase program authorized by the board of directors in December 2021.

In each of the first three quarters of 2023, Abbott declared a quarterly dividend of $0.51 per share on its common shares, which represents an increase of 8.5 percent over the $0.47 per share dividend declared in each of the first three quarters of 2022.

Business Acquisitions

On April 27, 2023, Abbott completed the acquisition of CSI for $20 per common share, which equated to a purchase price of $851 million. The transaction was funded with cash on hand and accounted for as a business combination. CSI's atherectomy system, which is used in treating peripheral and coronary artery disease, adds complementary technologies to Abbott's portfolio of vascular device offerings.

Legislative Issues

Abbott’s primary markets are highly competitive and subject to substantial government regulations throughout the world. Abbott expects debate to continue over the availability, method of delivery, and payment for health care products and services. It is not possible to predict the extent to which Abbott or the health care industry in general might be adversely affected by these factors in the future. A more complete discussion of these factors is contained in Item 1, Business, and Item 1A, Risk Factors, in the 2022 Annual Report on Form 10-K.

Private Securities Litigation Reform Act of 1995 — A Caution Concerning Forward-Looking Statements

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Abbott cautions that any forward-looking statements made by Abbott are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

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PART I. FINANCIAL INFORMATION

Item 4. Controls and Procedures

(a)Evaluation of disclosure controls and procedures. The Chief Executive Officer, Robert B. Ford, and Chief Financial Officer, Philip P. Boudreau, evaluated the effectiveness of Abbott Laboratories’ disclosure controls and procedures as of the end of the period covered by this report, and concluded that Abbott Laboratories’ disclosure controls and procedures were effective to ensure that information Abbott is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “Commission”) under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and to ensure that information required to be disclosed by Abbott in the reports that it files or submits under the Exchange Act is accumulated and communicated to Abbott’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Changes in internal control over financial reporting. During the quarter ended September 30, 2023, there were no changes in Abbott’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, Abbott’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Abbott is involved in various claims, legal proceedings and investigations as described in our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c)Issuer Purchases of Equity Securities


Period	(a) Total Number of Shares (or Units) Purchased		(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
July 1, 2023 - July 31, 2023	—	(1)	$	—	—	$	1,709,092,863	(2)
August 1, 2023 - August 31, 2023	—	(1)	—		—	1,709,092,863		(2)
September 1, 2023 - September 30, 2023	—	(1)	—		—	1,709,092,863		(2)
Total	—	(1)	—		—	$	1,709,092,863	(2)

______________________________________

1.These shares do not include the shares surrendered to Abbott to satisfy tax withholding obligations in connection with the vesting of restricted stock or restricted stock units.

2.On December 10, 2021, the board of directors authorized the repurchase of up to $5 billion of Abbott common shares, from time to time.

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Item 6. Exhibits


Exhibit No.						Exhibit

31.1						Certification of Chief Executive Officer Required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).

31.2						Certification of Chief Financial Officer Required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).

Exhibits 32.1 and 32.2 are furnished herewith and should not be deemed to be “filed” under the Securities Exchange Act of 1934.

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.

101						The following financial statements and notes from the Abbott Laboratories Quarterly Report on Form 10-Q for the quarter and nine months ended September 30, 2023, formatted in Inline XBRL: (i) Condensed Consolidated Statement of Earnings; (ii) Condensed Consolidated Statement of Comprehensive Income; (iii) Condensed Consolidated Balance Sheet; (iv) Condensed Consolidated Statement of Shareholders’ Investment; (v) Condensed Consolidated Statement of Cash Flows; and (vi) Notes to the Condensed Consolidated Financial Statements.

104						Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


ABBOTT LABORATORIES

By:			/s/ PHILIP P. BOUDREAU
			Philip P. Boudreau
			Senior Vice President, Finance and Chief Financial Officer

			Date: November 1, 2023

Exhibit 31.1

Certification of Chief Executive Officer

Required by Rule 13a-14(a) (17 CFR 240.13a-14(a))

I, Robert B. Ford, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Abbott Laboratories;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of Abbott as of, and for, the periods presented in this report;

4.Abbott’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Abbott and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to Abbott, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of Abbott’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in Abbott’s internal control over financial reporting that occurred during Abbott’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, Abbott’s internal control over financial reporting; and

5.Abbott’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to Abbott’s auditors and the audit committee of Abbott’s board of directors:

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect Abbott’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in Abbott’s internal control over financial reporting.


Date: November 1, 2023			/s/ ROBERT B. FORD
			Robert B. Ford
			Chairman of the Board and Chief Executive Officer

Exhibit 31.2

Certification of Chief Financial Officer

Required by Rule 13a-14(a) (17 CFR 240.13a-14(a))

I, Philip P. Boudreau, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Abbott Laboratories;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in Abbott’s internal control over financial reporting.


Date: November 1, 2023			/s/ PHILIP P. BOUDREAU
			Philip P. Boudreau
			Senior Vice President, Finance and Chief Financial Officer

Exhibit 32.1

Certification Pursuant To

18 U.S.C. Section 1350

As Adopted Pursuant To

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Abbott Laboratories (the “Company”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), I, Robert B. Ford, Chairman of the Board and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ ROBERT B. FORD
Robert B. Ford
Chairman of the Board and Chief Executive Officer
November 1, 2023

A signed original of this written statement required by Section 906 has been provided to Abbott Laboratories and will be retained by Abbott Laboratories and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

Certification Pursuant To

18 U.S.C. Section 1350

As Adopted Pursuant To

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Abbott Laboratories (the “Company”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), I, Philip P. Boudreau, Senior Vice President, Finance and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ PHILIP P. BOUDREAU
Philip P. Boudreau
Senior Vice President, Finance and Chief Financial Officer
November 1, 2023

Cover	9 Months Ended
Cover	Sep. 30, 2023 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-2189
Entity Registrant Name	ABBOTT LABORATORIES
Entity Incorporation, State or Country Code	IL
Entity Tax Identification Number	36-0698440
Entity Address, Address Line One	100 Abbott Park Road
Entity Address, City or Town	Abbott Park
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60064-6400
City Area Code	224
Local Phone Number	667-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	1,736,058,536
Entity Central Index Key	0000001800
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
NEW YORK STOCK EXCHANGE, INC.
Document and Entity Information
Title of 12(b) Security	Common Shares, Without Par Value
Trading Symbol	ABT
Security Exchange Name	NYSE
CHICAGO STOCK EXCHANGE, INC
Document and Entity Information
Title of 12(b) Security	Common Shares, Without Par Value
Trading Symbol	ABT
Security Exchange Name	CHX

Condensed Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 10,143	$ 10,410	$ 29,868	$ 33,562
Cost of products sold, excluding amortization of intangible assets	4,605	4,629	13,419	14,549
Amortization of intangible assets	496	498	1,485	1,517
Research and development	672	782	2,041	2,163
Selling, general and administrative	2,723	2,731	8,225	8,275
Total operating cost and expenses	8,496	8,640	25,170	26,504
Operating earnings	1,647	1,770	4,698	7,058
Interest expense	166	141	478	404
Interest (income)	(97)	(55)	(296)	(95)
Net foreign exchange (gain) loss	(10)	19	17	16
Other (income) expense, net	(83)	(93)	(370)	(253)
Earnings before taxes	1,671	1,758	4,869	6,986
Taxes on earnings	235	323	740	1,086
Net Earnings	$ 1,436	$ 1,435	$ 4,129	$ 5,900
Basic Earnings Per Common Share (in dollars per share)	$ 0.82	$ 0.82	$ 2.36	$ 3.35
Diluted Earnings Per Common Share (in dollars per share)	$ 0.82	$ 0.81	$ 2.35	$ 3.32
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share (in shares)	1,738,700	1,752,968	1,740,255	1,756,209
Dilutive Common Stock Options (in shares)	9,589	10,685	9,819	11,638
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options (in shares)	1,748,289	1,763,653	1,750,074	1,767,847
Outstanding Common Stock Options Having No Dilutive Effect (in shares)	7,334	5,445	5,474	2,655

Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 1,436	$ 1,435	$ 4,129	$ 5,900
Foreign currency translation gain (loss) adjustments	(480)	(1,008)	(393)	(1,429)
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $(1) and $(4) in 2023 and $11 and $36 in 2022	(9)	56	(13)	172
Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $30 and $(24) in 2023 and $50 and $96 in 2022	80	213	(23)	186
Other comprehensive income (loss)	(409)	(739)	(429)	(1,071)
Comprehensive Income	1,027	$ 696	3,700	$ 4,829
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments	(7,126)		(7,126)		$ (6,733)
Net actuarial (losses) and prior service (costs) and credits	(1,506)		(1,506)		(1,493)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges and other	152		152		175
Accumulated other comprehensive income (loss)	$ (8,480)		$ (8,480)		$ (8,051)

Condensed Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax (benefit)	$ (1)	$ 11	$ (4)	$ 36
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification, tax (benefit)	$ 30	$ 50	$ (24)	$ 96

Condensed Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 6,709	$ 9,882
Short-term investments	338	288
Trade receivables, less allowances of $472 in 2023 and $500 in 2022	6,499	6,218
Inventories:
Finished products	3,847	3,805
Work in process	888	680
Materials	1,915	1,688
Total inventories	6,650	6,173
Prepaid expenses and other receivables	2,468	2,663
Total Current Assets	22,664	25,224
Investments	788	766
Property and equipment, at cost	21,111	20,212
Less: accumulated depreciation and amortization	11,559	11,050
Net property and equipment	9,552	9,162
Intangible assets, net of amortization	9,282	10,454
Goodwill	23,277	22,799
Deferred income taxes and other assets	6,527	6,033
Total Assets	72,090	74,438
Current Liabilities:
Trade accounts payable	3,961	4,607
Salaries, wages and commissions	1,479	1,556
Other accrued liabilities	5,347	5,845
Dividends payable	886	887
Income taxes payable	318	343
Current portion of long-term debt	1,051	2,251
Total Current Liabilities	13,042	15,489
Long-term debt	14,477	14,522
Post-employment obligations, deferred income taxes and other long-term liabilities	6,877	7,522
Commitments and Contingencies
Shareholders’ Investment:
Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued	0	0
Common shares, without par value Authorized — 2,400,000,000 shares Issued at stated capital amount — Shares: 2023: 1,987,305,154; 2022: 1,986,519,278	24,727	24,709
Common shares held in treasury, at cost — Shares: 2023: 251,246,618; 2022: 248,724,257	(15,686)	(15,229)
Earnings employed in the business	36,920	35,257
Accumulated other comprehensive income (loss)	(8,480)	(8,051)
Total Abbott Shareholders’ Investment	37,481	36,686
Noncontrolling Interests in Subsidiaries	213	219
Total Shareholders’ Investment	37,694	36,905
Total Liabilities and Shareholders' Investment	$ 72,090	$ 74,438

Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivables, allowances	$ 472	$ 500
Preferred shares, par value (in dollars per share)	$ 1	$ 1
Preferred shares, authorized (in shares)	1,000,000	1,000,000
Preferred shares, issued (in shares)	0	0
Common shares, authorized (in shares)	2,400,000,000	2,400,000,000
Common shares, issued (in shares)	1,987,305,154	1,986,519,278
Common shares held in treasury (in shares)	251,246,618	248,724,257

Condensed Consolidated Statement of Shareholders' Investment (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Shareholders' Investment
Beginning balance			$ 36,905
Net earnings	$ 1,436	$ 1,435	4,129	$ 5,900
Other comprehensive income (loss)	(409)	(739)	(429)	(1,071)
Ending balance	37,694		37,694
Common Shares
Increase (Decrease) in Shareholders' Investment
Beginning balance	24,612	24,429	24,709	24,470
Issued under incentive stock programs	6	12	36	36
Share-based compensation	116	123	531	572
Issuance of restricted stock awards	(7)	(4)	(549)	(518)
Ending balance	24,727	24,560	24,727	24,560
Common Shares Held in Treasury
Increase (Decrease) in Shareholders' Investment
Beginning balance	(15,722)	(13,720)	(15,229)	(11,822)
Issued under incentive stock programs	36	31	288	261
Purchased	0	(866)	(745)	(2,994)
Ending balance	(15,686)	(14,555)	(15,686)	(14,555)
Earnings Employed in the Business
Increase (Decrease) in Shareholders' Investment
Beginning balance	36,355	34,487	35,257	31,528
Net earnings	1,436	1,435	4,129	5,900
Cash dividends declared on common shares	(889)	(822)	(2,668)	(2,475)
Effect of common and treasury share transactions	18	15	202	162
Ending balance	36,920	35,115	36,920	35,115
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Beginning balance	(8,071)	(8,706)	(8,051)	(8,374)
Other comprehensive income (loss)	(409)	(739)	(429)	(1,071)
Ending balance	(8,480)	(9,445)	(8,480)	(9,445)
Noncontrolling Interests in Subsidiaries
Increase (Decrease) in Shareholders' Investment
Beginning balance	230	226	219	222
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases	(17)	(17)	(6)	(13)
Ending balance	$ 213	$ 209	$ 213	$ 209

Condensed Consolidated Statement of Shareholders' Investment (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Shareholders' Investment
Beginning balance, treasury stock, common (in shares)			248,724,257
Ending balance, treasury stock, common (in shares)	251,246,618		251,246,618
Common Shares
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	1,987,181,491	1,985,676,735	1,986,519,278	1,985,273,421
Issued under incentive stock programs (in shares)	123,663	242,705	785,876	646,019
Ending balance (in shares)	1,987,305,154	1,985,919,440	1,987,305,154	1,985,919,440
Common Shares Held in Treasury
Increase (Decrease) in Shareholders' Investment
Beginning balance, treasury stock, common (in shares)	251,823,511	234,456,992	248,724,257	221,191,228
Issued under incentive stock programs (in shares)	579,159	528,436	4,669,629	4,808,575
Purchased (in shares)	2,266	8,417,107	7,191,990	25,963,010
Ending balance, treasury stock, common (in shares)	251,246,618	242,345,663	251,246,618	242,345,663
Earnings Employed in the Business
Increase (Decrease) in Shareholders' Investment
Cash dividends declared on common shares (in dollars per share)	$ 0.51	$ 0.47	$ 1.53	$ 1.41

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flow From (Used in) Operating Activities:
Net earnings	$ 4,129	$ 5,900
Adjustments to reconcile net earnings to net cash from operating activities —
Depreciation	945	943
Amortization of intangible assets	1,485	1,517
Share-based compensation	530	570
Trade receivables	(424)	(409)
Inventories	(527)	(1,224)
Other, net	(1,915)	(42)
Net Cash From Operating Activities	4,223	7,255
Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment	(1,447)	(1,167)
Acquisitions of businesses and technologies, net of cash acquired	(877)	0
Proceeds from business dispositions	40	48
Sales (purchases) of other investment securities, net	(45)	(3)
Other	20	14
Net Cash From (Used in) Investing Activities	(2,309)	(1,108)
Cash Flow From (Used in) Financing Activities:
Net borrowings (repayments) of short-term debt and other	(90)	37
Proceeds from issuance of long-term debt	1	7
Repayments of long-term debt	(1,447)	(753)
Purchases of common shares	(968)	(3,110)
Proceeds from stock options exercised	133	126
Dividends paid	(2,668)	(2,486)
Net Cash From (Used in) Financing Activities	(5,039)	(6,179)
Effect of exchange rate changes on cash and cash equivalents	(48)	(173)
Net Increase (Decrease) in Cash and Cash Equivalents	(3,173)	(205)
Cash and Cash Equivalents, Beginning of Year	9,882	9,799
Cash and Cash Equivalents, End of Period	$ 6,709	$ 9,594

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 — Basis of Presentation The accompanying unaudited, condensed consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission and, therefore, do not include all information and footnote disclosures normally included in audited financial statements. However, in the opinion of management, all adjustments (which include only normal adjustments) necessary to present fairly the results of operations, financial position and cash flows have been made. It is suggested that these statements be read in conjunction with the financial statements included in Abbott’s Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements include the accounts of the parent company and subsidiaries, after elimination of intercompany transactions.

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	Note 2 — New Accounting Standards Recently Adopted Accounting Standards In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations, which requires an entity to report information about its supplier finance program. Abbott adopted the standard on January 1, 2023. The new standard did not have an impact on Abbott's condensed consolidated financial statements.

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Note 3 — Revenue

The following tables provide detail by sales category:


	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
(in millions)	U.S.		Int’l		Total		U.S.		Int’l		Total
Established Pharmaceutical Products —
Key Emerging Markets	$	—	$	987	$	987	$	—	$	1,001	$	1,001
Other	—		381		381		—		325		325
Total	—		1,368		1,368		—		1,326		1,326
Nutritionals —
Pediatric Nutritionals	506		495		1,001		357		470		827
Adult Nutritionals	354		718		1,072		329		639		968
Total	860		1,213		2,073		686		1,109		1,795
Diagnostics —
Core Laboratory	317		997		1,314		281		938		1,219
Molecular	38		95		133		65		118		183
Point of Care	97		43		140		92		35		127
Rapid Diagnostics	561		301		862		1,273		839		2,112
Total	1,013		1,436		2,449		1,711		1,930		3,641
Medical Devices —
Rhythm Management	271		292		563		263		270		533
Electrophysiology	246		298		544		225		244		469
Heart Failure	217		67		284		207		51		258
Vascular	251		421		672		213		393		606
Structural Heart	223		264		487		207		213		420
Neuromodulation	188		39		227		156		36		192
Diabetes Care	544		928		1,472		423		744		1,167
Total	1,940		2,309		4,249		1,694		1,951		3,645

Other	4		—		4		3		—		3

Total	$	3,817	$	6,326	$	10,143	$	4,094	$	6,316	$	10,410


	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
(in millions)	U.S.		Int’l		Total		U.S.		Int’l		Total
Established Pharmaceutical Products —
Key Emerging Markets	$	—	$	2,889	$	2,889	$	—	$	2,853	$	2,853
Other	—		955		955		—		843		843
Total	—		3,844		3,844		—		3,696		3,696
Nutritionals —
Pediatric Nutritionals	1,472		1,477		2,949		1,108		1,491		2,599
Adult Nutritionals	1,081		2,086		3,167		1,016		2,027		3,043
Total	2,553		3,563		6,116		2,124		3,518		5,642
Diagnostics —
Core Laboratory	917		2,872		3,789		836		2,788		3,624
Molecular	128		293		421		308		507		815
Point of Care	289		127		416		284		110		394
Rapid Diagnostics	1,975		853		2,828		5,436		2,923		8,359
Total	3,309		4,145		7,454		6,864		6,328		13,192
Medical Devices —
Rhythm Management	800		873		1,673		775		830		1,605
Electrophysiology	729		873		1,602		667		773		1,440
Heart Failure	661		199		860		610		167		777
Vascular	733		1,271		2,004		650		1,228		1,878
Structural Heart	652		794		1,446		604		667		1,271
Neuromodulation	528		122		650		456		112		568
Diabetes Care	1,528		2,681		4,209		1,165		2,320		3,485
Total	5,631		6,813		12,444		4,927		6,097		11,024

Other	10		—		10		8		—		8

Total	$	11,503	$	18,365	$	29,868	$	13,923	$	19,639	$	33,562

Remaining Performance Obligations

Other Contract Assets and Liabilities

Changes in the contract liabilities during the period are as follows:


(in millions)
Contract Liabilities:
Balance at December 31, 2022	$	500
Unearned revenue from cash received during the period	346
Revenue recognized related to contract liability balance	(292)
Balance at September 30, 2023	$	554

Supplemental Financial Information

9 Months Ended

Sep. 30, 2023

Disclosure Text Block Supplement [Abstract]

Supplemental Financial Information

Note 4 — Supplemental Financial Information

The following summarizes the activity for the first nine months of 2023 related to the allowance for doubtful accounts as of September 30, 2023:


(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2022	$	262
Provisions/charges to income	22
Amounts charged off and other deductions	(25)
Balance at September 30, 2023	$	259

The components of long-term investments as of September 30, 2023 and December 31, 2022 are as follows:


(in millions)	September 30, 2023		December 31, 2022
Long-term Investments:
Equity securities	$	566	$	558
Other	222		208
Total	$	788	$	766

Changes In Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes In Accumulated Other Comprehensive Income (Loss)

Note 5 — Changes In Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss), net of income taxes, are as follows:


	Three Months Ended September 30
	Cumulative Foreign Currency Translation (Loss) Adjustments				Net Actuarial (Losses) and Prior Service (Costs) and Credits				Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges and Other
(in millions)	2023		2022		2023		2022		2023		2022
Balance at June 30	$	(6,646)	$	(6,260)	$	(1,497)	$	(2,554)	$	72	$	108
Other comprehensive income (loss) before reclassifications	(497)		(1,008)		(9)		15		96		278
Amounts reclassified from accumulated other comprehensive income	17		—		—		41		(16)		(65)
Net current period comprehensive income (loss)	(480)		(1,008)		(9)		56		80		213
Balance at September 30	$	(7,126)	$	(7,268)	$	(1,506)	$	(2,498)	$	152	$	321


	Nine Months Ended September 30
	Cumulative Foreign Currency Translation (Loss) Adjustments				Net Actuarial (Losses) and Prior Service (Costs) and Credits				Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges and Other
(in millions)	2023		2022		2023		2022		2023		2022
Balance at January 1	$	(6,733)	$	(5,839)	$	(1,493)	$	(2,670)	$	175	$	135
Other comprehensive income (loss) before reclassifications	(410)		(1,429)		(6)		45		134		289
Amounts reclassified from accumulated other comprehensive income	17		—		(7)		127		(157)		(103)
Net current period comprehensive income (loss)	(393)		(1,429)		(13)		172		(23)		186
Balance at September 30	$	(7,126)	$	(7,268)	$	(1,506)	$	(2,498)	$	152	$	321

Business Acquisitions	9 Months Ended
Business Acquisitions	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Note 6 — Business Acquisitions On September 22, 2023, Abbott completed the acquisition of Bigfoot Biomedical, Inc. (Bigfoot), which will further Abbott's efforts to develop connected solutions for making diabetes management even more personal and precise. The purchase price, the allocation of acquired assets and liabilities, and the revenue and net income contributed by Bigfoot since the date of acquisition are not material to Abbott's condensed consolidated financial statements. On April 27, 2023, Abbott completed the acquisition of Cardiovascular Systems, Inc. (CSI) for $20 per common share, which equated to a purchase price of $851 million. The transaction was funded with cash on hand and accounted for as a business combination. CSI's atherectomy system, which is used in treating peripheral and coronary artery disease, adds complementary technologies to Abbott's portfolio of vascular device offerings. The preliminary allocation of the purchase price of the CSI acquisition resulted in the recording of two non-deductible developed technology intangible assets of $305 million; non-deductible in-process research and development of $15 million, which will be accounted for as an indefinite-lived intangible asset until regulatory approval or discontinuation; non-deductible goodwill of approximately $384 million; net deferred tax assets of approximately $31 million and other net assets of approximately $116 million. The goodwill is identifiable to the Medical Devices reportable segment and is attributable to expected synergies from combining operations, as well as intangible assets that do not qualify for separate recognition. Allocation of the purchase price of the acquisition will be finalized when the valuation of assets and liabilities is completed. Revenues and earnings of CSI included in Abbott's consolidated financial statements since the acquisition date are not material to Abbott's consolidated revenue and earnings. If the acquisition of CSI had taken place as of the beginning of 2022, consolidated net sales and earnings would not have been significantly different from reported amounts.

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 7 — Goodwill and Intangible Assets The total amount of goodwill reported was $23.3 billion at September 30, 2023 and $22.8 billion at December 31, 2022. Recent business acquisitions increased goodwill by approximately $590 million and foreign currency translation adjustments decreased goodwill by approximately $112 million in the first nine months of 2023. The amount of goodwill related to reportable segments at September 30, 2023 was $2.6 billion for the Established Pharmaceutical Products segment, $285 million for the Nutritional Products segment, $3.5 billion for the Diagnostic Products segment, and $16.8 billion for the Medical Devices segment. There were no reductions of goodwill relating to impairments in the first nine months of 2023. The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.5 billion and $27.2 billion as of September 30, 2023 and December 31, 2022, respectively. The gross amount of amortizable intangible assets increased by $305 million due to a recent business acquisition. Accumulated amortization was $19.0 billion and $17.6 billion as of September 30, 2023 and December 31, 2022, respectively. Foreign currency translation adjustments decreased intangible assets by $14 million in the first nine months of 2023. Abbott’s estimated annual amortization expense for intangible assets is approximately $2.0 billion in 2023, $1.9 billion in 2024, $1.7 billion in 2025, $1.6 billion in 2026 and $1.3 billion in 2027. Indefinite-lived intangible assets, which relate to in-process research and development (IPR&D) acquired in a business combination, were approximately $832 million as of September 30, 2023 and $807 million as of December 31, 2022. Recent business acquisitions increased IPR&D by $80 million. This increase was partially offset by $55 million of charges recorded on the Research and development line of the Condensed Consolidated Statement of Earnings for the impairment of certain indefinite-lived intangible assets related to the Medical Devices reportable segment.

Restructuring Plans

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Plans

Note 8 — Restructuring Plans

The following summarizes the activity related to these restructuring actions and the status of the related accruals as of September 30, 2023:


(in millions)	Total
Accrued balance at December 31, 2022	$	228
Restructuring charges in 2023	102
Payments and other adjustments	(181)
Accrued balance at September 30, 2023	$	149

Incentive Stock Programs

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Incentive Stock Programs

Note 9 — Incentive Stock Programs


	Outstanding		Exercisable
Number of shares	29,342,041		24,718,236
Weighted average remaining life (years)	5.0		4.3
Weighted average exercise price	$	73.77	$	66.27
Aggregate intrinsic value (in millions)	$	825	$	825

The total unrecognized share-based compensation cost at September 30, 2023 amounted to approximately $560 million which is expected to be recognized over the next three years.

Debt and Lines of Credit	9 Months Ended
Debt and Lines of Credit	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt and Lines of Credit	Note 10 — Debt and Lines of Credit On September 27, 2023, Abbott repaid the €1.14 billion outstanding principal amount of its 0.875% Notes upon maturity. The repayment equated to approximately $1.2 billion. In September 2023, Abbott repaid approximately $197 million of debt assumed as part of a recent business acquisition. On March 15, 2022, Abbott repaid the $750 million outstanding principal amount of its 2.55% Notes upon maturity.

Financial Instruments, Derivatives and Fair Value Measures

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments, Derivatives and Fair Value Measures

Note 11 — Financial Instruments, Derivatives and Fair Value Measures

The following table summarizes the amounts and location of certain derivative and non-derivative financial instruments as of September 30, 2023 and December 31, 2022:


	Fair Value - Assets					Fair Value - Liabilities
(in millions)	September 30, 2023		December 31, 2022		Balance Sheet Caption	September 30, 2023		December 31, 2022		Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current	$	—	$	—	Deferred income taxes and other assets	$	158	$	136	Post-employment obligations, deferred income taxes and other long-term liabilities
Current	—		—		Prepaid expenses and other receivables	13		20		Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments	254		304		Prepaid expenses and other receivables	63		96		Other accrued liabilities
Others not designated as hedges	113		108		Prepaid expenses and other receivables	115		130		Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary	—		—		n/a	401		446		Long-term debt
	$	367	$	412		$	750	$	828


	Gain (loss) Recognized in Other Comprehensive Income (loss)								Income (expense) and Gain (loss) Reclassified into Income
	Three Months Ended September 30				Nine Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022		Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges	$	125	$	350	$	152	$	442	$	22	$	79	$	211	$	149	Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary	12		24		45		108		n/a		n/a		n/a		n/a		n/a
Interest rate swaps designated as fair value hedges	n/a		n/a		n/a		n/a		(18)		(85)		(15)		(253)		Interest expense


	September 30, 2023				December 31, 2022
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term Investment Securities:
Equity securities	$	566	$	566	$	558	$	558
Other	222		222		208		208
Total Long-term Debt	(15,528)		(14,681)		(16,773)		(16,313)
Foreign Currency Forward Exchange Contracts:
Receivable position	367		367		412		412
(Payable) position	(178)		(178)		(226)		(226)
Interest Rate Hedge Contracts:
Receivable position	—		—		—		—
(Payable) position	(171)		(171)		(156)		(156)

The fair value of the debt was determined based on significant other observable inputs, including current interest rates.

The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:


			Basis of Fair Value Measurement
(in millions)	Outstanding Balances		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
September 30, 2023:
Equity securities	$	304	$	304	$	—	$	—
Foreign currency forward exchange contracts	367		—		367		—
Total Assets	$	671	$	304	$	367	$	—

Fair value of hedged long-term debt	$	2,702	$	—	$	2,702	$	—
Interest rate swap derivative financial instruments	171		—		171		—
Foreign currency forward exchange contracts	178		—		178		—
Contingent consideration related to business combinations	109		—		—		109
Total Liabilities	$	3,160	$	—	$	3,051	$	109

December 31, 2022:
Equity securities	$	307	$	307	$	—	$	—

Foreign currency forward exchange contracts	412		—		412		—
Total Assets	$	719	$	307	$	412	$	—

Fair value of hedged long-term debt	$	2,691	$	—	$	2,691	$	—
Interest rate swap derivative financial instruments	156				156
Foreign currency forward exchange contracts	226		—		226		—
Contingent consideration related to business combinations	130		—		—		130
Total Liabilities	$	3,203	$	—	$	3,073	$	130

Litigation and Environmental Matters	9 Months Ended
Litigation and Environmental Matters	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation and Environmental Matters	Note 12 — Litigation and Environmental Matters Abbott has been identified as a potentially responsible party for investigation and cleanup costs at a number of locations in the United States and Puerto Rico under federal and state remediation laws and is investigating potential contamination at a number of company-owned locations. Abbott has recorded an estimated cleanup cost for each site for which management believes Abbott has a probable loss exposure. No individual site cleanup exposure is expected to exceed $4 million, and the aggregate cleanup exposure is not expected to exceed $10 million. Abbott is involved in various claims and legal proceedings, and Abbott estimates the range of possible loss for its legal proceedings and environmental exposures to be from approximately $25 million to $35 million. The recorded accrual balance at September 30, 2023 for these proceedings and exposures was approximately $30 million. This accrual represents management’s best estimate of probable loss, as defined by FASB ASC No. 450, “Contingencies.” Within the next year, legal proceedings may occur that may result in a change in the estimated loss accrued by Abbott. While it is not feasible to predict the outcome of all such proceedings and exposures with certainty, management believes that their ultimate disposition should not have a material adverse effect on Abbott’s financial position, cash flows, or results of operations.

Post-Employment Benefits

9 Months Ended

Sep. 30, 2023

Postemployment Benefits [Abstract]

Post-Employment Benefits

Note 13 — Post-Employment Benefits


	Defined Benefit Plans								Medical and Dental Plans
	Three Months Ended September 30				Nine Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022
Service cost - benefits earned during the period	$	56	$	92	$	174	$	282	$	10	$	13	$	29	$	38
Interest cost on projected benefit obligations	114		74		342		225		15		9		45		27
Expected return on plan assets	(244)		(231)		(729)		(701)		(6)		(8)		(18)		(23)
Curtailment gain	—		—		(14)		—		—		—		—		—
Net amortization of:
Actuarial loss, net	2		58		8		174		(1)		2		(2)		8
Prior service cost (credit)	1		—		1		1		(3)		(6)		(10)		(18)
Net cost (credit)	$	(71)	$	(7)	$	(218)	$	(19)	$	15	$	10	$	44	$	32

Taxes on Earnings	9 Months Ended
Taxes on Earnings	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Taxes on Earnings	Note 14 — Taxes on Earnings Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first nine months of 2023 and 2022, taxes on earnings include approximately $11 million and $36 million, respectively, in excess tax benefits associated with share-based compensation. In the first nine months of 2023 and 2022, taxes on earnings also include approximately $59 million and $20 million, respectively, of tax expense as the result of the resolution of various tax positions related to prior years. Tax authorities in various jurisdictions regularly review Abbott’s income tax filings. Abbott believes that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease approximately $55 million, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters. In September 2023, Abbott received a Statutory Notice of Deficiency (SNOD) from the U.S. Internal Revenue Service (IRS) for the 2019 Federal tax year in the amount of $417 million. The primary adjustments proposed in the SNOD relate to the reallocation of income between Abbott’s U.S. entities and its foreign affiliates. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit, in part because certain adjustments contradict methods that were agreed to with the IRS in prior audit periods. The SNOD also contains other proposed adjustments that Abbott believes are erroneous and unsupported. Abbott expects to file a petition with the U.S. Tax Court contesting the 2019 SNOD in December of 2023. Abbott’s 2017 and 2018 Federal tax years are also currently under examination by the IRS with respect to income reallocation issues similar to those included in the 2019 Federal tax year. Abbott intends to vigorously defend its filing positions through ongoing discussions with the IRS, the IRS independent appeals process and/or through litigation as necessary. Abbott reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. Abbott continues to believe that its reserves for uncertain tax positions are appropriate. The Organization for Economic Cooperation & Development (OECD) has proposed a two-pillared plan for a revised international tax system. Pillar 1 proposes to reallocate taxing rights among the jurisdictions in which in-scope multinational corporations operate. Abbott is continuing to analyze the Pillar 1 proposal. Pillar 2 proposes to assess a 15% minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have indicated their intent to adopt the proposal and are drafting legislation to implement the Pillar 2 model rules with a subset of the rules becoming effective January 1, 2024, and the remaining rules becoming effective January 1, 2025, or in later periods. Abbott is also continuing to analyze the Pillar 2 model rules. Implementation of the OECD proposal may have a material impact on Abbott’s Condensed Consolidated Financial Statements in the future.

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

Note 15 — Segment Information

Abbott’s reportable segments are as follows:

Established Pharmaceutical Products — International sales of a broad line of branded generic pharmaceutical products.

Nutritional Products — Worldwide sales of a broad line of adult and pediatric nutritional products.


	Net Sales to External Customers								Operating Earnings
	Three Months Ended September 30				Nine Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022
Established Pharmaceutical Products	$	1,368	$	1,326	$	3,844	$	3,696	$	345	$	331	$	952	$	831
Nutritional Products	2,073		1,795		6,116		5,642		284		69		972		550
Diagnostic Products	2,449		3,641		7,454		13,192		632		1,346		1,720		5,615
Medical Devices	4,249		3,645		12,444		11,024		1,342		1,045		3,805		3,288
Total Reportable Segments	10,139		10,407		29,858		33,554		2,603		2,791		7,449		10,284
Other	4		3		10		8
Net sales	$	10,143	$	10,410	$	29,868	$	33,562
Corporate functions and benefit plan costs									(50)		(115)		(198)		(352)
Net interest expense									(69)		(86)		(182)		(309)
Share-based compensation (a)									(117)		(123)		(530)		(570)
Amortization of intangible assets									(496)		(498)		(1,485)		(1,517)
Other, net (b)									(200)		(211)		(185)		(550)
Earnings before taxes									$	1,671	$	1,758	$	4,869	$	6,986

______________________________________


Notes:			Three and nine months ended September 30, 2022 Sales and Operating Earnings for the Diagnostic Products and Medical Devices reportable segments have been updated to reflect the internal transfer of the Acelis Connected Health business from Diagnostic Products to Medical Devices on January 1, 2023.
(a)			Approximately 45 percent of the annual net cost of share-based awards will typically be recognized in the first quarter due to the timing of the granting of share-based awards.
(b)			Other, net for the three months and nine months ended September 30, 2023 includes costs associated with the acquisition of CSI and charges related to restructuring actions and intangible asset and investment impairments. Other, net for the nine months ended September 30, 2023 also includes income arising from fair value changes in contingent consideration related to previous business combinations. Other, net for the three and nine months ended September 30, 2022 includes $10 million and $172 million, respectively, of charges related to a voluntary recall within the Nutritional Products segment, $111 million of charges related to the impairment of IPR&D intangible assets as well as integration costs related to the acquisition of Alere Inc. and restructuring charges.

New Accounting Standards (Policies)	9 Months Ended
New Accounting Standards (Policies)	Sep. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting StandardsIn September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations, which requires an entity to report information about its supplier finance program. Abbott adopted the standard on January 1, 2023. The new standard did not have an impact on Abbott's condensed consolidated financial statements.

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Summary of Revenue by Sales Category

The following tables provide detail by sales category:


	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
(in millions)	U.S.		Int’l		Total		U.S.		Int’l		Total
Established Pharmaceutical Products —
Key Emerging Markets	$	—	$	987	$	987	$	—	$	1,001	$	1,001
Other	—		381		381		—		325		325
Total	—		1,368		1,368		—		1,326		1,326
Nutritionals —
Pediatric Nutritionals	506		495		1,001		357		470		827
Adult Nutritionals	354		718		1,072		329		639		968
Total	860		1,213		2,073		686		1,109		1,795
Diagnostics —
Core Laboratory	317		997		1,314		281		938		1,219
Molecular	38		95		133		65		118		183
Point of Care	97		43		140		92		35		127
Rapid Diagnostics	561		301		862		1,273		839		2,112
Total	1,013		1,436		2,449		1,711		1,930		3,641
Medical Devices —
Rhythm Management	271		292		563		263		270		533
Electrophysiology	246		298		544		225		244		469
Heart Failure	217		67		284		207		51		258
Vascular	251		421		672		213		393		606
Structural Heart	223		264		487		207		213		420
Neuromodulation	188		39		227		156		36		192
Diabetes Care	544		928		1,472		423		744		1,167
Total	1,940		2,309		4,249		1,694		1,951		3,645

Other	4		—		4		3		—		3

Total	$	3,817	$	6,326	$	10,143	$	4,094	$	6,316	$	10,410


	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
(in millions)	U.S.		Int’l		Total		U.S.		Int’l		Total
Established Pharmaceutical Products —
Key Emerging Markets	$	—	$	2,889	$	2,889	$	—	$	2,853	$	2,853
Other	—		955		955		—		843		843
Total	—		3,844		3,844		—		3,696		3,696
Nutritionals —
Pediatric Nutritionals	1,472		1,477		2,949		1,108		1,491		2,599
Adult Nutritionals	1,081		2,086		3,167		1,016		2,027		3,043
Total	2,553		3,563		6,116		2,124		3,518		5,642
Diagnostics —
Core Laboratory	917		2,872		3,789		836		2,788		3,624
Molecular	128		293		421		308		507		815
Point of Care	289		127		416		284		110		394
Rapid Diagnostics	1,975		853		2,828		5,436		2,923		8,359
Total	3,309		4,145		7,454		6,864		6,328		13,192
Medical Devices —
Rhythm Management	800		873		1,673		775		830		1,605
Electrophysiology	729		873		1,602		667		773		1,440
Heart Failure	661		199		860		610		167		777
Vascular	733		1,271		2,004		650		1,228		1,878
Structural Heart	652		794		1,446		604		667		1,271
Neuromodulation	528		122		650		456		112		568
Diabetes Care	1,528		2,681		4,209		1,165		2,320		3,485
Total	5,631		6,813		12,444		4,927		6,097		11,024

Other	10		—		10		8		—		8

Total	$	11,503	$	18,365	$	29,868	$	13,923	$	19,639	$	33,562

Schedule of Changes in Contract Liabilities

Changes in the contract liabilities during the period are as follows:


(in millions)
Contract Liabilities:
Balance at December 31, 2022	$	500
Unearned revenue from cash received during the period	346
Revenue recognized related to contract liability balance	(292)
Balance at September 30, 2023	$	554

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2023

Disclosure Text Block Supplement [Abstract]

Summary of Allowance for Doubtful Accounts Activity

The following summarizes the activity for the first nine months of 2023 related to the allowance for doubtful accounts as of September 30, 2023:


(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2022	$	262
Provisions/charges to income	22
Amounts charged off and other deductions	(25)
Balance at September 30, 2023	$	259

Schedule of Long-term Investments

The components of long-term investments as of September 30, 2023 and December 31, 2022 are as follows:


(in millions)	September 30, 2023		December 31, 2022
Long-term Investments:
Equity securities	$	566	$	558
Other	222		208
Total	$	788	$	766

Changes In Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss), Net of Taxes

The changes in accumulated other comprehensive income (loss), net of income taxes, are as follows:


	Three Months Ended September 30
	Cumulative Foreign Currency Translation (Loss) Adjustments				Net Actuarial (Losses) and Prior Service (Costs) and Credits				Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges and Other
(in millions)	2023		2022		2023		2022		2023		2022
Balance at June 30	$	(6,646)	$	(6,260)	$	(1,497)	$	(2,554)	$	72	$	108
Other comprehensive income (loss) before reclassifications	(497)		(1,008)		(9)		15		96		278
Amounts reclassified from accumulated other comprehensive income	17		—		—		41		(16)		(65)
Net current period comprehensive income (loss)	(480)		(1,008)		(9)		56		80		213
Balance at September 30	$	(7,126)	$	(7,268)	$	(1,506)	$	(2,498)	$	152	$	321


	Nine Months Ended September 30
	Cumulative Foreign Currency Translation (Loss) Adjustments				Net Actuarial (Losses) and Prior Service (Costs) and Credits				Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges and Other
(in millions)	2023		2022		2023		2022		2023		2022
Balance at January 1	$	(6,733)	$	(5,839)	$	(1,493)	$	(2,670)	$	175	$	135
Other comprehensive income (loss) before reclassifications	(410)		(1,429)		(6)		45		134		289
Amounts reclassified from accumulated other comprehensive income	17		—		(7)		127		(157)		(103)
Net current period comprehensive income (loss)	(393)		(1,429)		(13)		172		(23)		186
Balance at September 30	$	(7,126)	$	(7,268)	$	(1,506)	$	(2,498)	$	152	$	321

Restructuring Plans (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activity and Related Accruals

The following summarizes the activity related to these restructuring actions and the status of the related accruals as of September 30, 2023:


(in millions)	Total
Accrued balance at December 31, 2022	$	228
Restructuring charges in 2023	102
Payments and other adjustments	(181)
Accrued balance at September 30, 2023	$	149

Incentive Stock Programs (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Options Outstanding and Exercisable

Information regarding the number of options outstanding and exercisable at September 30, 2023 is as follows:


	Outstanding		Exercisable
Number of shares	29,342,041		24,718,236
Weighted average remaining life (years)	5.0		4.3
Weighted average exercise price	$	73.77	$	66.27
Aggregate intrinsic value (in millions)	$	825	$	825

Financial Instruments, Derivatives and Fair Value Measures (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Amounts and Location of Derivative Financial Instruments

The following table summarizes the amounts and location of certain derivative and non-derivative financial instruments as of September 30, 2023 and December 31, 2022:


	Fair Value - Assets					Fair Value - Liabilities
(in millions)	September 30, 2023		December 31, 2022		Balance Sheet Caption	September 30, 2023		December 31, 2022		Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current	$	—	$	—	Deferred income taxes and other assets	$	158	$	136	Post-employment obligations, deferred income taxes and other long-term liabilities
Current	—		—		Prepaid expenses and other receivables	13		20		Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments	254		304		Prepaid expenses and other receivables	63		96		Other accrued liabilities
Others not designated as hedges	113		108		Prepaid expenses and other receivables	115		130		Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary	—		—		n/a	401		446		Long-term debt
	$	367	$	412		$	750	$	828

Schedule of Derivatives Gain (Loss) in OCI and Income (Expense)


	Gain (loss) Recognized in Other Comprehensive Income (loss)								Income (expense) and Gain (loss) Reclassified into Income
	Three Months Ended September 30				Nine Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022		Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges	$	125	$	350	$	152	$	442	$	22	$	79	$	211	$	149	Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary	12		24		45		108		n/a		n/a		n/a		n/a		n/a
Interest rate swaps designated as fair value hedges	n/a		n/a		n/a		n/a		(18)		(85)		(15)		(253)		Interest expense

Schedule of Carrying Values and Fair Values of Financial Instruments


	September 30, 2023				December 31, 2022
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term Investment Securities:
Equity securities	$	566	$	566	$	558	$	558
Other	222		222		208		208
Total Long-term Debt	(15,528)		(14,681)		(16,773)		(16,313)
Foreign Currency Forward Exchange Contracts:
Receivable position	367		367		412		412
(Payable) position	(178)		(178)		(226)		(226)
Interest Rate Hedge Contracts:
Receivable position	—		—		—		—
(Payable) position	(171)		(171)		(156)		(156)

Summary of Bases Used to Measure Assets and Liabilities at Fair Value on a Recurring Basis

The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:


			Basis of Fair Value Measurement
(in millions)	Outstanding Balances		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
September 30, 2023:
Equity securities	$	304	$	304	$	—	$	—
Foreign currency forward exchange contracts	367		—		367		—
Total Assets	$	671	$	304	$	367	$	—

Fair value of hedged long-term debt	$	2,702	$	—	$	2,702	$	—
Interest rate swap derivative financial instruments	171		—		171		—
Foreign currency forward exchange contracts	178		—		178		—
Contingent consideration related to business combinations	109		—		—		109
Total Liabilities	$	3,160	$	—	$	3,051	$	109

December 31, 2022:
Equity securities	$	307	$	307	$	—	$	—

Foreign currency forward exchange contracts	412		—		412		—
Total Assets	$	719	$	307	$	412	$	—

Fair value of hedged long-term debt	$	2,691	$	—	$	2,691	$	—
Interest rate swap derivative financial instruments	156				156
Foreign currency forward exchange contracts	226		—		226		—
Contingent consideration related to business combinations	130		—		—		130
Total Liabilities	$	3,203	$	—	$	3,073	$	130

Post-Employment Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Postemployment Benefits [Abstract]

Schedule of Net Periodic Benefit Costs

Net cost recognized for the three and nine months ended September 30 for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans is as follows:


	Defined Benefit Plans								Medical and Dental Plans
	Three Months Ended September 30				Nine Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022
Service cost - benefits earned during the period	$	56	$	92	$	174	$	282	$	10	$	13	$	29	$	38
Interest cost on projected benefit obligations	114		74		342		225		15		9		45		27
Expected return on plan assets	(244)		(231)		(729)		(701)		(6)		(8)		(18)		(23)
Curtailment gain	—		—		(14)		—		—		—		—		—
Net amortization of:
Actuarial loss, net	2		58		8		174		(1)		2		(2)		8
Prior service cost (credit)	1		—		1		1		(3)		(6)		(10)		(18)
Net cost (credit)	$	(71)	$	(7)	$	(218)	$	(19)	$	15	$	10	$	44	$	32

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information


	Net Sales to External Customers								Operating Earnings
	Three Months Ended September 30				Nine Months Ended September 30				Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022
Established Pharmaceutical Products	$	1,368	$	1,326	$	3,844	$	3,696	$	345	$	331	$	952	$	831
Nutritional Products	2,073		1,795		6,116		5,642		284		69		972		550
Diagnostic Products	2,449		3,641		7,454		13,192		632		1,346		1,720		5,615
Medical Devices	4,249		3,645		12,444		11,024		1,342		1,045		3,805		3,288
Total Reportable Segments	10,139		10,407		29,858		33,554		2,603		2,791		7,449		10,284
Other	4		3		10		8
Net sales	$	10,143	$	10,410	$	29,868	$	33,562
Corporate functions and benefit plan costs									(50)		(115)		(198)		(352)
Net interest expense									(69)		(86)		(182)		(309)
Share-based compensation (a)									(117)		(123)		(530)		(570)
Amortization of intangible assets									(496)		(498)		(1,485)		(1,517)
Other, net (b)									(200)		(211)		(185)		(550)
Earnings before taxes									$	1,671	$	1,758	$	4,869	$	6,986

______________________________________


Notes:			Three and nine months ended September 30, 2022 Sales and Operating Earnings for the Diagnostic Products and Medical Devices reportable segments have been updated to reflect the internal transfer of the Acelis Connected Health business from Diagnostic Products to Medical Devices on January 1, 2023.
(a)			Approximately 45 percent of the annual net cost of share-based awards will typically be recognized in the first quarter due to the timing of the granting of share-based awards.
(b)			Other, net for the three months and nine months ended September 30, 2023 includes costs associated with the acquisition of CSI and charges related to restructuring actions and intangible asset and investment impairments. Other, net for the nine months ended September 30, 2023 also includes income arising from fair value changes in contingent consideration related to previous business combinations. Other, net for the three and nine months ended September 30, 2022 includes $10 million and $172 million, respectively, of charges related to a voluntary recall within the Nutritional Products segment, $111 million of charges related to the impairment of IPR&D intangible assets as well as integration costs related to the acquisition of Alere Inc. and restructuring charges.

Revenue - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Revenue - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 segment	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 segment
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of reportable segments \| segment	4	4	4	4
Diagnostics
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4,200		$ 4,200
Medical Devices
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 456		$ 456
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation expected to be recognized in period			59.00%
Expected timing of satisfaction period (in months)	24 months		24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation expected to be recognized in period			17.00%
Expected timing of satisfaction period (in months)	12 months		12 months

Revenue - Summary of Revenue by Sales Category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 10,143	$ 10,410	$ 29,868	$ 33,562
Operating Segments
Segment Reporting Information [Line Items]
Net sales	10,139	10,407	29,858	33,554
Other
Segment Reporting Information [Line Items]
Net sales	4	3	10	8
United States
Segment Reporting Information [Line Items]
Net sales	3,817	4,094	11,503	13,923
United States \| Other
Segment Reporting Information [Line Items]
Net sales	4	3	10	8
International
Segment Reporting Information [Line Items]
Net sales	6,326	6,316	18,365	19,639
International \| Other
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Established Pharmaceutical Products \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,368	1,326	3,844	3,696
Established Pharmaceutical Products \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Established Pharmaceutical Products \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,368	1,326	3,844	3,696
Nutritionals \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,073	1,795	6,116	5,642
Nutritionals \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	860	686	2,553	2,124
Nutritionals \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,213	1,109	3,563	3,518
Diagnostics \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,449	3,641	7,454	13,192
Diagnostics \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,013	1,711	3,309	6,864
Diagnostics \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,436	1,930	4,145	6,328
Medical Devices \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	4,249	3,645	12,444	11,024
Medical Devices \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,940	1,694	5,631	4,927
Medical Devices \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,309	1,951	6,813	6,097
Key Emerging Markets \| Established Pharmaceutical Products \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	987	1,001	2,889	2,853
Key Emerging Markets \| Established Pharmaceutical Products \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Key Emerging Markets \| Established Pharmaceutical Products \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	987	1,001	2,889	2,853
Other \| Established Pharmaceutical Products \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	381	325	955	843
Other \| Established Pharmaceutical Products \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Other \| Established Pharmaceutical Products \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	381	325	955	843
Pediatric Nutritionals \| Nutritionals \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,001	827	2,949	2,599
Pediatric Nutritionals \| Nutritionals \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	506	357	1,472	1,108
Pediatric Nutritionals \| Nutritionals \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	495	470	1,477	1,491
Adult Nutritionals \| Nutritionals \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,072	968	3,167	3,043
Adult Nutritionals \| Nutritionals \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	354	329	1,081	1,016
Adult Nutritionals \| Nutritionals \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	718	639	2,086	2,027
Core Laboratory \| Diagnostics \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,314	1,219	3,789	3,624
Core Laboratory \| Diagnostics \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	317	281	917	836
Core Laboratory \| Diagnostics \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	997	938	2,872	2,788
Molecular \| Diagnostics \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	133	183	421	815
Molecular \| Diagnostics \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	38	65	128	308
Molecular \| Diagnostics \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	95	118	293	507
Point of Care \| Diagnostics \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	140	127	416	394
Point of Care \| Diagnostics \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	97	92	289	284
Point of Care \| Diagnostics \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	43	35	127	110
Rapid Diagnostics \| Diagnostics \| Revision of Prior Period, Reclassification, Adjustment
Segment Reporting Information [Line Items]
Net sales		(30)		(87)
Rapid Diagnostics \| Diagnostics \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	862	2,112	2,828	8,359
Rapid Diagnostics \| Diagnostics \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	561	1,273	1,975	5,436
Rapid Diagnostics \| Diagnostics \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	301	839	853	2,923
Rhythm Management \| Medical Devices \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	563	533	1,673	1,605
Rhythm Management \| Medical Devices \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	271	263	800	775
Rhythm Management \| Medical Devices \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	292	270	873	830
Electrophysiology \| Medical Devices \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	544	469	1,602	1,440
Electrophysiology \| Medical Devices \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	246	225	729	667
Electrophysiology \| Medical Devices \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	298	244	873	773
Heart Failure \| Medical Devices \| Revision of Prior Period, Reclassification, Adjustment
Segment Reporting Information [Line Items]
Net sales		30		87
Heart Failure \| Medical Devices \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	284	258	860	777
Heart Failure \| Medical Devices \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	217	207	661	610
Heart Failure \| Medical Devices \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	67	51	199	167
Vascular \| Medical Devices \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	672	606	2,004	1,878
Vascular \| Medical Devices \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	251	213	733	650
Vascular \| Medical Devices \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	421	393	1,271	1,228
Structural Heart \| Medical Devices \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	487	420	1,446	1,271
Structural Heart \| Medical Devices \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	223	207	652	604
Structural Heart \| Medical Devices \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	264	213	794	667
Neuromodulation \| Medical Devices \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	227	192	650	568
Neuromodulation \| Medical Devices \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	188	156	528	456
Neuromodulation \| Medical Devices \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	39	36	122	112
Diabetes Care \| Medical Devices \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,472	1,167	4,209	3,485
Diabetes Care \| Medical Devices \| United States \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	544	423	1,528	1,165
Diabetes Care \| Medical Devices \| International \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	$ 928	$ 744	$ 2,681	$ 2,320

Revenue - Schedule of Changes in Contract Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Contract Liabilities:
Beginning balance	$ 500
Unearned revenue from cash received during the period	346
Revenue recognized related to contract liability balance	(292)
Ending balance	$ 554

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Net earnings allocated to common shares	$ 1,431	$ 1,429	$ 4,113	$ 5,876
Payment of cash taxes			1,180	987
Equity method investments carrying value	175		175
Equity investments without readily determinable fair value	87		87
St. Jude Medical \| Equity securities
Condensed Cash Flow Statements, Captions [Line Items]
Investments in mutual funds held in a rabbi trust	$ 291		291
Defined Benefit Plans
Condensed Cash Flow Statements, Captions [Line Items]
Pension contributions			$ 302	$ 362

Supplemental Financial Information - Allowance for Doubtful Accounts (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Allowance for Doubtful Accounts:
Beginning balance	$ 262
Provisions/charges to income	22
Amounts charged off and other deductions	(25)
Ending balance	$ 259

Supplemental Financial Information - Investments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Total	$ 788	$ 766
Equity securities
Summary of Investment Holdings [Line Items]
Total	566	558
Other
Summary of Investment Holdings [Line Items]
Total	$ 222	$ 208

Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in accumulated other comprehensive income (loss), net of income taxes
Beginning of the period			$ 36,686
Other comprehensive income (loss)	$ (409)	$ (739)	(429)	$ (1,071)
End of the period	37,481		37,481
Cumulative Foreign Currency Translation (Loss) Adjustments
Changes in accumulated other comprehensive income (loss), net of income taxes
Beginning of the period	(6,646)	(6,260)	(6,733)	(5,839)
Other comprehensive income (loss) before reclassifications	(497)	(1,008)	(410)	(1,429)
Amounts reclassified from accumulated other comprehensive income	17	0	17	0
Other comprehensive income (loss)	(480)	(1,008)	(393)	(1,429)
End of the period	(7,126)	(7,268)	(7,126)	(7,268)
Net Actuarial (Losses) and Prior Service (Costs) and Credits
Changes in accumulated other comprehensive income (loss), net of income taxes
Beginning of the period	(1,497)	(2,554)	(1,493)	(2,670)
Other comprehensive income (loss) before reclassifications	(9)	15	(6)	45
Amounts reclassified from accumulated other comprehensive income	0	41	(7)	127
Other comprehensive income (loss)	(9)	56	(13)	172
End of the period	(1,506)	(2,498)	(1,506)	(2,498)
Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges and Other
Changes in accumulated other comprehensive income (loss), net of income taxes
Beginning of the period	72	108	175	135
Other comprehensive income (loss) before reclassifications	96	278	134	289
Amounts reclassified from accumulated other comprehensive income	(16)	(65)	(157)	(103)
Other comprehensive income (loss)	80	213	(23)	186
End of the period	$ 152	$ 321	$ 152	$ 321

Business Acquisitions (Details) $ / shares in Units, $ in Millions	Apr. 27, 2023 USD ($) intangibleAsset $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 23,277	$ 22,799
CSI
Business Acquisition [Line Items]
Acquisition share price (in dollars per share) \| $ / shares	$ 20
Acquisition purchase price	$ 851
Number of developed technology intangible assets \| intangibleAsset	2
Developed technology intangible assets	$ 305
In-process research and development	15
Goodwill	384
Net deferred tax assets	31
Other net assets	$ 116

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets [Line Items]
Goodwill		$ 23,277		$ 22,799
Increase in goodwill due to acquisition		590
Decrease in goodwill due to foreign currency translation adjustments		112
Amount of reductions of goodwill relating to impairments		0
Gross amount of amortizable intangible assets		27,500		27,200
Increase in amortizable intangible assets due to acquisition		305
Accumulated amortization of intangible assets		19,000		17,600
Decrease in intangible assets due to foreign currency translation adjustments		14
Estimated annual amortization expense, intangible assets, 2023		2,000
Estimated annual amortization expense, intangible assets, 2024		1,900
Estimated annual amortization expense, intangible assets, 2025		1,700
Estimated annual amortization expense, intangible assets, 2026		1,600
Estimated annual amortization expense, intangible assets, 2027		1,300
Indefinite-lived intangible assets related to in-process R&D acquired in a business combination		832		$ 807
Increase in in-process R&D due to acquisition		80
Established Pharmaceutical Products
Goodwill and Intangible Assets [Line Items]
Goodwill		2,600
Nutritional Products
Goodwill and Intangible Assets [Line Items]
Goodwill		285
Diagnostic Products
Goodwill and Intangible Assets [Line Items]
Goodwill		3,500
Medical Devices
Goodwill and Intangible Assets [Line Items]
Goodwill		16,800
Impairment of indefinite-lived intangible assets	$ 111	$ 55	$ 111

Restructuring Plans - Narrative (Details) - 2022 and 2023 Restructuring Plan, Streamline of Operations and Improve Efficiencies for Four Businesses $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 102
Fixed asset impairment charges	29
Cost of products sold
Restructuring Cost and Reserve [Line Items]
Restructuring charges	31
Research and Development
Restructuring Cost and Reserve [Line Items]
Restructuring charges	16
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 55

Restructuring Plans - Restructuring Activity and Related Accruals (Details) - 2022 and 2023 Restructuring Plan, Streamline of Operations and Improve Efficiencies for Four Businesses $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of the period	$ 228
Restructuring charges in 2023	102
Payments and other adjustments	(181)
Accrued balance at end of the period	$ 149

Incentive Stock Programs - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incentive stock program, shares reserved for future grants (in shares)	74,000,000
Total unrecognized compensation cost \| $	$ 560
Total unrecognized compensation cost, recognition period	3 years
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted during the period (in shares)	1,986,671
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock awards granted during the period (in shares)	463,856
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units granted during period (in shares)	4,927,476

Incentive Stock Programs - Options (Details) - Stock Options $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding, number of shares \| shares	29,342,041
Exercisable options, number of shares \| shares	24,718,236
Stock options outstanding, weighted-average remaining life	5 years
Exercisable options, weighted-average remaining life	4 years 3 months 18 days
Stock options outstanding, weighted-average exercise price (in dollars per share) \| $ / shares	$ 73.77
Exercisable options, weighted-average exercise price (in dollars per share) \| $ / shares	$ 66.27
Aggregate intrinsic value of options outstanding \| $	$ 825
Aggregate intrinsic value of options exercisable \| $	$ 825

Debt and Lines of Credit (Details) € in Millions, $ in Millions				1 Months Ended
	Sep. 27, 2023 EUR (€)	Sep. 27, 2023 USD ($)	Mar. 15, 2022 USD ($)	Sep. 30, 2023 USD ($)
Bigfoot
Debt Instrument [Line Items]
Repayments of debt				$ 197
0.875% Long-term Notes Due 2023
Debt Instrument [Line Items]
Repayments of debt	€ 1,140	$ 1,200
Interest rate percentage	0.875%	0.875%
2.55% Long-term Notes Due 2022
Debt Instrument [Line Items]
Repayments of debt			$ 750
Interest rate percentage			2.55%

Financial Instruments, Derivatives and Fair Value Measures - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Derivative [Line Items]
Yen-denominated term loan	$ 750		$ 750		$ 828
Net Investment Hedging \| Designated as Hedging Instrument \| Five Year Term Loan due 2024
Derivative [Line Items]
Debt instrument, term			5 years		5 years
Yen-denominated term loan	401		$ 401		$ 446
Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Gain (loss) from foreign currency forward exchange contracts not designated as hedges	60	$ (27)	(4)	$ 225
Foreign Currency Forward Exchange Contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	14,200		14,200		12,000
Foreign Currency Forward Exchange Contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	7,300		$ 7,300		7,700
Minimum length of time over which accumulated gains and losses will be recognized in Cost of products sold			12 months
Maximum length of time over which accumulated gains and losses will be recognized in Cost of products sold			18 months
Interest Rate Hedge Contracts \| Fair Value Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 2,900		$ 2,900		$ 2,900

Financial Instruments, Derivatives and Fair Value Measures - Amounts and Location of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value - Assets	$ 367	$ 412
Fair Value - Liabilities	750	828
Designated as Hedging Instrument \| Interest Rate Swaps \| Deferred income taxes and other assets \| Fair Value Hedging
Derivatives, Fair Value [Line Items]
Fair Value - Assets	0	0
Designated as Hedging Instrument \| Interest Rate Swaps \| Prepaid expenses and other receivables, current \| Fair Value Hedging
Derivatives, Fair Value [Line Items]
Fair Value - Assets	0	0
Designated as Hedging Instrument \| Interest Rate Swaps \| Post-employment obligations, deferred income taxes and other long-term liabilities \| Fair Value Hedging
Derivatives, Fair Value [Line Items]
Fair Value - Liabilities	158	136
Designated as Hedging Instrument \| Interest Rate Swaps \| Other accrued liabilities \| Fair Value Hedging
Derivatives, Fair Value [Line Items]
Fair Value - Liabilities	13	20
Designated as Hedging Instrument \| Foreign Currency Forward Exchange Contracts \| Prepaid expenses and other receivables
Derivatives, Fair Value [Line Items]
Fair Value - Assets	254	304
Designated as Hedging Instrument \| Foreign Currency Forward Exchange Contracts \| Other accrued liabilities
Derivatives, Fair Value [Line Items]
Fair Value - Liabilities	63	96
Designated as Hedging Instrument \| Debt \| Long-term debt \| Net Investment Hedging
Derivatives, Fair Value [Line Items]
Fair Value - Liabilities	401	446
Not Designated as Hedging Instrument \| Foreign Currency Forward Exchange Contracts \| Prepaid expenses and other receivables
Derivatives, Fair Value [Line Items]
Fair Value - Assets	113	108
Not Designated as Hedging Instrument \| Foreign Currency Forward Exchange Contracts \| Other accrued liabilities
Derivatives, Fair Value [Line Items]
Fair Value - Liabilities	$ 115	$ 130

Financial Instruments, Derivatives and Fair Value Measures - Schedule of Derivatives Gain (Loss) in OCI and Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Foreign Currency Forward Exchange Contracts \| Cost of products sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), foreign currency forward exchange contracts designated as cash flow hedges	$ 125	$ 350	$ 152	$ 442
Income (expense) and gain (loss) reclassified into income, foreign currency forward exchange contracts designated as cash flow hedges	22	79	211	149
Debt
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income (loss), debt designated as a hedge of net investment in a foreign subsidiary	12	24	45	108
Interest Rate Swaps \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Income (expense) and gain (loss) reclassified into income, interest rate swaps designated as fair value hedges	$ (18)	$ (85)	$ (15)	$ (253)

Financial Instruments, Derivatives and Fair Value Measures - Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Long-term Investment Securities:	$ 788	$ 766
Receivable position	367	412
(Payable) position	(750)	(828)
Equity securities
Derivative [Line Items]
Long-term Investment Securities:	566	558
Carrying Value
Derivative [Line Items]
Total Long-term Debt	(15,528)	(16,773)
Carrying Value \| Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Receivable position	367	412
(Payable) position	(178)	(226)
Carrying Value \| Interest Rate Hedge Contracts
Derivative [Line Items]
Receivable position	0	0
(Payable) position	(171)	(156)
Carrying Value \| Equity securities
Derivative [Line Items]
Long-term Investment Securities:	566	558
Carrying Value \| Other
Derivative [Line Items]
Long-term Investment Securities:	222	208
Fair Value
Derivative [Line Items]
Total Long-term Debt	(14,681)	(16,313)
Fair Value \| Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Receivable position	367	412
(Payable) position	(178)	(226)
Fair Value \| Interest Rate Hedge Contracts
Derivative [Line Items]
Receivable position	0	0
(Payable) position	(171)	(156)
Fair Value \| Equity securities
Derivative [Line Items]
Long-term Investment Securities:	566	558
Fair Value \| Other
Derivative [Line Items]
Long-term Investment Securities:	$ 222	$ 208

Financial Instruments, Derivatives and Fair Value Measures - Bases of Measurement (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Quoted Prices in Active Markets
Assets, at Fair Value
Equity securities	$ 304	$ 307
Foreign currency forward exchange contracts	0	0
Total Assets	304	307
Liabilities, at Fair Value
Fair value of hedged long-term debt	0	0
Interest rate swap derivative financial instruments	0
Foreign currency forward exchange contracts	0	0
Contingent consideration related to business combinations	0	0
Total Liabilities	0	0
Significant Other Observable Inputs
Assets, at Fair Value
Equity securities	0	0
Foreign currency forward exchange contracts	367	412
Total Assets	367	412
Liabilities, at Fair Value
Fair value of hedged long-term debt	2,702	2,691
Interest rate swap derivative financial instruments	171	156
Foreign currency forward exchange contracts	178	226
Contingent consideration related to business combinations	0	0
Total Liabilities	3,051	3,073
Significant Unobservable Inputs
Assets, at Fair Value
Equity securities	0	0
Foreign currency forward exchange contracts	0	0
Total Assets	0	0
Liabilities, at Fair Value
Fair value of hedged long-term debt	0	0
Interest rate swap derivative financial instruments	0
Foreign currency forward exchange contracts	0	0
Contingent consideration related to business combinations	109	130
Total Liabilities	109	130
Outstanding Balances
Assets, at Fair Value
Equity securities	304	307
Foreign currency forward exchange contracts	367	412
Total Assets	671	719
Liabilities, at Fair Value
Fair value of hedged long-term debt	2,702	2,691
Interest rate swap derivative financial instruments	171	156
Foreign currency forward exchange contracts	178	226
Contingent consideration related to business combinations	109	130
Total Liabilities	$ 3,160	$ 3,203

Litigation and Environmental Matters (Details) $ in Millions	Sep. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Maximum expected cleanup exposure for individual site	$ 4
Maximum expected cleanup exposure in aggregate	10
Legal proceedings and environmental exposures
Loss Contingencies [Line Items]
Recorded accrual balance for legal proceedings and exposures	30
Legal proceedings and environmental exposures \| Minimum
Loss Contingencies [Line Items]
Estimation of possible loss	25
Legal proceedings and environmental exposures \| Maximum
Loss Contingencies [Line Items]
Estimation of possible loss	$ 35

Post-Employment Benefits - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 56	$ 92	$ 174	$ 282
Interest cost on projected benefit obligations	114	74	342	225
Expected return on plan assets	(244)	(231)	(729)	(701)
Curtailment gain	0	0	(14)	0
Net amortization of:
Actuarial loss, net	2	58	8	174
Prior service cost (credit)	1	0	1	1
Net cost (credit)	(71)	(7)	(218)	(19)
Medical and Dental Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	10	13	29	38
Interest cost on projected benefit obligations	15	9	45	27
Expected return on plan assets	(6)	(8)	(18)	(23)
Curtailment gain	0	0	0	0
Net amortization of:
Actuarial loss, net	(1)	2	(2)	8
Prior service cost (credit)	(3)	(6)	(10)	(18)
Net cost (credit)	$ 15	$ 10	$ 44	$ 32

Post-Employment Benefits - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 302	$ 362
Medical and Dental Plans
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 28	$ 28

Taxes on Earnings (Details) - USD ($) $ in Millions	9 Months Ended
Taxes on Earnings (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Excess tax benefits associated with share-based compensation	$ 11	$ 36
Tax expense from prior year tax positions	59	$ 20
Decrease reasonably possible in gross unrecognized tax benefits	55
Income tax claim related to statutory notice of deficiency	$ 417

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net Sales to External Customers	$ 10,143	$ 10,410	$ 29,868	$ 33,562
Operating Earnings	1,647	1,770	4,698	7,058
Amortization of intangible assets	(496)	(498)	(1,485)	(1,517)
Earnings before taxes	$ 1,671	$ 1,758	$ 4,869	$ 6,986
Annual share-based awards recognized in first quarter (as a percent)	45.00%	45.00%	45.00%	45.00%
Nutritional Products
Segment Reporting Information [Line Items]
Inventory recall expense		$ 10		$ 172
Medical Devices
Segment Reporting Information [Line Items]
Impairment of IPR&D intangible assets		111	$ 55	111
Operating Segments
Segment Reporting Information [Line Items]
Net Sales to External Customers	$ 10,139	10,407	29,858	33,554
Operating Earnings	2,603	2,791	7,449	10,284
Operating Segments \| Established Pharmaceutical Products
Segment Reporting Information [Line Items]
Net Sales to External Customers	1,368	1,326	3,844	3,696
Operating Earnings	345	331	952	831
Operating Segments \| Nutritional Products
Segment Reporting Information [Line Items]
Net Sales to External Customers	2,073	1,795	6,116	5,642
Operating Earnings	284	69	972	550
Operating Segments \| Diagnostic Products
Segment Reporting Information [Line Items]
Net Sales to External Customers	2,449	3,641	7,454	13,192
Operating Earnings	632	1,346	1,720	5,615
Operating Segments \| Medical Devices
Segment Reporting Information [Line Items]
Net Sales to External Customers	4,249	3,645	12,444	11,024
Operating Earnings	1,342	1,045	3,805	3,288
Other
Segment Reporting Information [Line Items]
Net Sales to External Customers	4	3	10	8
Segment Reconciling Items
Segment Reporting Information [Line Items]
Corporate functions and benefit plan costs	(50)	(115)	(198)	(352)
Net interest expense	(69)	(86)	(182)	(309)
Share-based compensation	(117)	(123)	(530)	(570)
Amortization of intangible assets	(496)	(498)	(1,485)	(1,517)
Other, net	$ (200)	$ (211)	$ (185)	$ (550)

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