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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
oTRANSITION 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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Shares, Without Par ValueABT
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, 2024, Abbott Laboratories had 1,734,455,213 common shares without par value outstanding.

Abbott Laboratories
Table of Contents
2


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 30September 30
2024202320242023
Net sales$10,635 $10,143 $30,976 $29,868 
Cost of products sold, excluding amortization of intangible assets4,698 4,605 13,764 13,419 
Amortization of intangible assets470 496 1,413 1,485 
Research and development713 672 2,095 2,041 
Selling, general and administrative2,895 2,723 8,790 8,225 
Total operating cost and expenses8,776 8,496 26,062 25,170 
Operating earnings1,859 1,647 4,914 4,698 
Interest expense142 166 423 478 
Interest (income)(91)(97)(253)(296)
Net foreign exchange (gain) loss(11)(10)(17)17 
Other (income) expense, net(121)(83)(222)(370)
Earnings before taxes1,940 1,671 4,983 4,869 
Taxes on earnings294 235 810 740 
Net Earnings$1,646 $1,436 $4,173 $4,129 
Basic Earnings Per Common Share$0.94 $0.82 $2.39 $2.36 
Diluted Earnings Per Common Share$0.94 $0.82 $2.38 $2.35 
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share1,739,466 1,738,700 1,740,869 1,740,255 
Dilutive Common Stock Options8,131 9,589 8,565 9,819 
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options1,747,597 1,748,289 1,749,434 1,750,074 
Outstanding Common Stock Options Having No Dilutive Effect6,905 7,334 6,892 5,474 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
3
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
(dollars in millions)
Three Months EndedNine Months Ended
September 30September 30
2024202320242023
Net Earnings$1,646 $1,436 $4,173 $4,129 
Foreign currency translation gain (loss) adjustments497 (480)75 (393)
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $— and $1 in 2024 and $(1) and $(4) in 2023
14 (9)25 (13)
Net gains (losses) for derivative instruments designated as cash flow hedges, net of taxes of $(63) and $(6) in 2024 and $30 and $(24) in 2023
(180)80 (65)(23)
Other comprehensive income (loss)331 (409)35 (429)
Comprehensive Income$1,977 $1,027 $4,208 $3,700 
September 30,
2024		December 31,
2023
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments$(6,429)$(6,504)
Net actuarial (losses) and prior service (costs) and credits(1,351)(1,376)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges(24)41 
Accumulated other comprehensive income (loss)$(7,804)$(7,839)
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
4
Abbott Laboratories and Subsidiaries
Condensed Consolidated Balance Sheet
(Unaudited)
(dollars in millions)
September 30,
2024		December 31,
2023
Assets
Current Assets:
Cash and cash equivalents$7,558 $6,896 
Short-term investments230 383 
Trade receivables, less allowances of $456 in 2024 and $444 in 2023
7,051 6,565 
Inventories:
Finished products4,173 3,946 
Work in process877 807 
Materials1,763 1,817 
Total inventories6,813 6,570 
Prepaid expenses and other receivables2,150 2,256 
Total Current Assets23,802 22,670 
Investments912 799 
Property and equipment, at cost22,857 21,933 
Less: accumulated depreciation and amortization12,236 11,779 
Net property and equipment10,621 10,154 
Intangible assets, net of amortization7,352 8,815 
Goodwill23,658 23,679 
Deferred income taxes and other assets8,011 7,097 
$74,356 $73,214 
Liabilities and Shareholders’ Investment
Current Liabilities:
Trade accounts payable$4,034 $4,295 
Salaries, wages and commissions1,618 1,597 
Other accrued liabilities5,427 5,422 
Dividends payable956 955 
Income taxes payable713 492 
Current portion of long-term debt2,154 1,080 
Total Current Liabilities14,902 13,841 
Long-term debt12,825 13,599 
Post-employment obligations, deferred income taxes and other long-term liabilities6,601 6,947 
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: 2024: 1,991,051,414; 2023: 1,987,883,852
25,020 24,869 
Common shares held in treasury, at cost — Shares: 2024: 256,595,476; 2023: 253,807,494
(16,476)(15,981)
Earnings employed in the business39,056 37,554 
Accumulated other comprehensive income (loss)(7,804)(7,839)
Total Abbott Shareholders’ Investment39,796 38,603 
Noncontrolling Interests in Subsidiaries232 224 
Total Shareholders’ Investment40,028 38,827 
$74,356 $73,214 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
5
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
Three Months Ended September 30
20242023
Common Shares:
Balance at June 30
Shares: 2024: 1,990,029,292; 2023: 1,987,181,491
$24,858 $24,612 
Issued under incentive stock programs  
Shares: 2024: 1,022,122; 2023: 123,663
48 6 
Share-based compensation117 116 
Issuance of restricted stock awards(3)(7)
Balance at September 30  
Shares: 2024: 1,991,051,414; 2023: 1,987,305,154
$25,020 $24,727 
Common Shares Held in Treasury:
Balance at June 30
Shares: 2024: 250,131,563; 2023: 251,823,511
$(15,759)$(15,722)
Issued under incentive stock programs  
Shares: 2024: 545,287; 2023: 579,159
35 36 
Purchased  
Shares: 2024: 7,009,200; 2023: 2,266
(752)— 
Balance at September 30  
Shares: 2024: 256,595,476; 2023: 251,246,618
$(16,476)$(15,686)
Earnings Employed in the Business:
Balance at June 30$38,354 $36,355 
Net earnings1,646 1,436 
Cash dividends declared on common shares (per share — 2024: $0.55; 2023: $0.51)
(958)(889)
Effect of common and treasury share transactions14 18 
Balance at September 30$39,056 $36,920 
Accumulated Other Comprehensive Income (Loss):
Balance at June 30$(8,135)$(8,071)
Other comprehensive income (loss)331 (409)
Balance at September 30$(7,804)$(8,480)
Noncontrolling Interests in Subsidiaries:
Balance at June 30$242 $230 
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases(10)(17)
Balance at September 30$232 $213 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
6
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
Nine Months Ended September 30
20242023
Common Shares:
Balance at January 1
Shares: 2024: 1,987,883,852; 2023: 1,986,519,278
$24,869 $24,709 
Issued under incentive stock programs
Shares: 2024: 3,167,562; 2023: 785,876
148 36 
Share-based compensation563 531 
Issuance of restricted stock awards(560)(549)
Balance at September 30
Shares: 2024: 1,991,051,414; 2023: 1,987,305,154
$25,020 $24,727 
Common Shares Held in Treasury:
Balance at January 1
Shares: 2024: 253,807,494; 2023: 248,724,257
$(15,981)$(15,229)
Issued under incentive stock programs
Shares: 2024: 4,410,852; 2023: 4,669,629
279 288 
Purchased
Shares: 2024: 7,198,834; 2023: 7,191,990
(774)(745)
Balance at September 30
Shares: 2024: 256,595,476; 2023: 251,246,618
$(16,476)$(15,686)
Earnings Employed in the Business:
Balance at January 1$37,554 $35,257 
Net earnings4,173 4,129 
Cash dividends declared on common shares (per share — 2024: $1.65; 2023: $1.53)
(2,879)(2,668)
Effect of common and treasury share transactions208 202 
Balance at September 30$39,056 $36,920 
Accumulated Other Comprehensive Income (Loss):
Balance at January 1$(7,839)$(8,051)
Other comprehensive income (loss)35 (429)
Balance at September 30$(7,804)$(8,480)
Noncontrolling Interests in Subsidiaries:
Balance at January 1$224 $219 
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases8 (6)
Balance at September 30$232 $213 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
7
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(dollars in millions)
Nine Months Ended September 30
20242023
Cash Flow From (Used in) Operating Activities:
Net earnings$4,173 $4,129 
Adjustments to reconcile net earnings to net cash from operating activities —
Depreciation998 945 
Amortization of intangible assets1,413 1,485 
Share-based compensation562 530 
Trade receivables(533)(424)
Inventories(293)(527)
Other, net(630)(1,915)
Net Cash From Operating Activities5,690 4,223 
Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment(1,487)(1,447)
Acquisitions of businesses and technologies, net of cash acquired— (877)
Proceeds from business dispositions1 40 
Sales (purchases) of other investment securities, net9 (45)
Other5 20 
Net Cash From (Used in) Investing Activities(1,472)(2,309)
Cash Flow From (Used in) Financing Activities:
Net borrowings (repayments) of short-term debt and other(126)(90)
Proceeds from issuance of long-term debt222 1 
Repayments of long-term debt(20)(1,447)
Purchases of common shares(980)(968)
Proceeds from stock options exercised239 133 
Dividends paid(2,878)(2,668)
Net Cash From (Used in) Financing Activities(3,543)(5,039)
Effect of exchange rate changes on cash and cash equivalents(13)(48)
Net Increase (Decrease) in Cash and Cash Equivalents662 (3,173)
Cash and Cash Equivalents, Beginning of Year6,896 9,882 
Cash and Cash Equivalents, End of Period$7,558 $6,709 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
8
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(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, 2023. The condensed consolidated financial statements include the accounts of the parent company and subsidiaries, after elimination of intercompany transactions.


Note 2 — New Accounting Standards

Recent Accounting Standards Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands the breadth and frequency of required segment disclosures. The guidance is required to be applied retrospectively to all periods presented in the financial statements. The standard becomes effective for Abbott for full year 2024 reporting and for interim periods beginning in the first quarter of 2025. Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an entity to disclose annually additional information related to the company's income tax rate reconciliation and income taxes paid during the period. The guidance should be applied prospectively with the option to apply the standard retrospectively. The standard becomes effective for Abbott for full year 2025 reporting. Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.

9
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(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, 2024Three Months Ended September 30, 2023
(in millions)U.S.Int’lTotalU.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$— $994 $994 $— $987 $987 
Other— 412 412 — 381 381 
Total— 1,406 1,406 — 1,368 1,368 
Nutritional Products —    
Pediatric Nutritionals568 387 955 506 495 1,001 
Adult Nutritionals382 729 1,111 354 718 1,072 
Total950 1,116 2,066 860 1,213 2,073 
Diagnostic Products —     
Core Laboratory332 982 1,314 317 997 1,314 
Molecular37 91 128 38 95 133 
Point of Care103 43 146 97 43 140 
Rapid Diagnostics560 264 824 561 301 862 
Total1,032 1,380 2,412 1,013 1,436 2,449 
Medical Devices —    
Rhythm Management288 309 597 271 292 563 
Electrophysiology285 325 610 246 298 544 
Heart Failure252 70 322 217 67 284 
Vascular258 441 699 251 421 672 
Structural Heart270 288 558 223 264 487 
Neuromodulation190 46 236 188 39 227 
Diabetes Care 673 1,052 1,725 544 928 1,472 
Total2,216 2,531 4,747 1,940 2,309 4,249 
Other4 — 4 4 — 4 
Total$4,202 $6,433 $10,635 $3,817 $6,326 $10,143 


10
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)


Note 3 — Revenue (Continued)
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(in millions)U.S.Int’lTotal U.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$— $2,910 $2,910 $— $2,889 $2,889 
Other— 1,016 1,016 — 955 955 
Total— 3,926 3,926 — 3,844 3,844 
Nutritional Products —    
Pediatric Nutritionals1,646 1,377 3,023 1,472 1,477 2,949 
Adult Nutritionals1,115 2,146 3,261 1,081 2,086 3,167 
Total2,761 3,523 6,284 2,553 3,563 6,116 
Diagnostic Products —
Core Laboratory969 2,879 3,848 917 2,872 3,789 
Molecular112 272 384 128 293 421 
Point of Care308 133 441 289 127 416 
Rapid Diagnostics1,386 762 2,148 1,975 853 2,828 
Total2,775 4,046 6,821 3,309 4,145 7,454 
Medical Devices —
Rhythm Management851 915 1,766 800 873 1,673 
Electrophysiology841 983 1,824 729 873 1,602 
Heart Failure733 215 948 661 199 860 
Vascular787 1,325 2,112 733 1,271 2,004 
Structural Heart761 876 1,637 652 794 1,446 
Neuromodulation563 142 705 528 122 650 
Diabetes Care1,899 3,043 4,942 1,528 2,681 4,209 
Total6,435 7,499 13,934 5,631 6,813 12,444 
Other11 — 11 10 — 10 
Total$11,982 $18,994 $30,976 $11,503 $18,365 $29,868 

Products sold by the Diagnostics segment include various types of diagnostic tests to detect the COVID-19 coronavirus. In the third quarter of 2024 and 2023, COVID-19 testing-related sales totaled $265 million and $305 million, respectively. In the first nine months of 2024 and 2023, Abbott’s COVID-19 testing-related sales totaled $571 million and $1.3 billion, respectively.

Remaining Performance Obligations

As of September 30, 2024, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $5.3 billion in the Diagnostics segment and approximately $466 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 55 percent of these remaining performance obligations over the next 24 months, approximately 17 percent over the subsequent 12 months and the remainder thereafter.

11
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)


Note 3 — Revenue (Continued)
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.

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 reportable 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, 2023$545 
Unearned revenue from cash received during the period356 
Revenue recognized related to contract liability balance(329)
Balance at September 30, 2024$572 

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, 2024 and 2023 were $1.640 billion and $1.431 billion, respectively, and for the nine months ended September 30, 2024 and 2023 were $4.156 billion and $4.113 billion, respectively.

In the second quarter of 2024, Abbott sold a non-core business related to its Established Pharmaceutical Products segment. Abbott recorded a loss of approximately $143 million on the sale in Other (income) expense, net in its Condensed Consolidated Statement of Earnings. Net assets which primarily related to inventory and net property and equipment and had a carrying value of $28 million were included in the sale. The loss on the sale also included $116 million of cumulative foreign currency translation adjustment previously recorded in Accumulated other comprehensive income (loss).

Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first nine months of 2024 includes $298 million of pension contributions and the payment of cash taxes of approximately $1.181 billion. The first nine months of 2023 included $302 million of pension contributions and the payment of cash taxes of approximately $1.180 billion.

12
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)


Note 4 — Supplemental Financial Information (Continued)
The following summarizes the activity for the first nine months of 2024 related to the allowance for doubtful accounts as of September 30, 2024:

(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2023$241 
Provisions/charges to income53 
Amounts charged off and other deductions(33)
Balance at September 30, 2024$261 

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.

The components of long-term investments as of September 30, 2024 and December 31, 2023 are as follows:

(in millions)September 30,
2024		December 31,
2023
Long-term Investments:
Equity securities$574 $555 
Other338 244 
Total$912 $799 

The increase in Abbott’s long-term investments as of September 30, 2024 versus the balance as of December 31, 2023 primarily relates to additional investments and earnings from equity method investments, partially offset by the impairment of certain securities.

Abbott’s equity securities as of September 30, 2024 include $323 million of investments in mutual funds that are held in a rabbi trust. 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, 2024 with a carrying value of $170 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of approximately $70 million that do not have a readily determinable fair value.

13
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)
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
(in millions)202420232024202320242023
Balance at June 30$(6,926)$(6,646)$(1,365)$(1,497)$156 $72 
Other comprehensive income (loss) before reclassifications497 (497)14 (9)(148)96 
Amounts reclassified from accumulated other comprehensive income— 17 — — (32)(16)
Net current period comprehensive income (loss)497 (480)14 (9)(180)80 
Balance at September 30$(6,429)$(7,126)$(1,351)$(1,506)$(24)$152 


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
(in millions)20242023202420232024 2023
Balance at January 1$(6,504)$(6,733)$(1,376)$(1,493)$41 $175 
Other comprehensive income (loss) before reclassifications(41)(410)19 (6)(3)134 
Amounts reclassified from accumulated other comprehensive income 116 17 6 (7)(62)(157)
Net current period comprehensive income (loss)75 (393)25 (13)(65)(23)
Balance at September 30$(6,429)$(7,126)$(1,351)$(1,506)$(24)$152 
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 — Post-Employment Benefits for additional details.


14
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 6 — Business Acquisitions

On September 22, 2023, Abbott completed the acquisition of Bigfoot Biomedical, Inc. (Bigfoot), which furthers Abbott's efforts to develop connected solutions for making diabetes management more personal and precise. The purchase price, the final 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 final allocation of the purchase price of the CSI acquisition resulted in the recording of two non-deductible developed technology intangible assets totaling $305 million; a non-deductible in-process research and development asset of $15 million, which will be accounted for as an indefinite-lived intangible asset until regulatory approval or discontinuation; non-deductible goodwill of $369 million; net deferred tax assets of $46 million and other net assets of $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. Revenues and earnings of CSI included in Abbott's condensed consolidated financial statements since the acquisition date are not material to Abbott's consolidated revenue and earnings.

Note 7 — Goodwill and Intangible Assets

The total amount of goodwill reported was $23.7 billion at September 30, 2024 and at December 31, 2023. The amount of goodwill related to reportable segments at September 30, 2024 was $2.7 billion for the Established Pharmaceutical Products segment, $285 million for the Nutritional Products segment, $3.6 billion for the Diagnostic Products segment, and $17.1 billion for the Medical Devices segment. Foreign currency translation adjustments increased goodwill by approximately $18 million in the first nine months of 2024. Goodwill decreased $39 million due to the finalization of purchase accounting for business acquisitions. There were no reductions of goodwill relating to impairments in the first nine months of 2024.

The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.7 billion as of September 30, 2024 and December 31, 2023. Accumulated amortization was $21.1 billion and $19.7 billion as of September 30, 2024 and December 31, 2023, respectively. In the first nine months of 2024, intangible assets decreased $9 million due to foreign currency translation and $51 million due to impairment charges recorded on the Cost of products sold line of the Condensed Consolidated Statement of Earnings, primarily related to the Medical Devices reportable segment. Abbott’s estimated annual amortization expense for intangible assets is approximately $1.9 billion in 2024, $1.7 billion in 2025, $1.6 billion in 2026, $1.3 billion in 2027 and $0.7 billion in 2028.

Indefinite-lived intangible assets, which relate to in-process research and development (IPR&D) acquired in a business combination, were approximately $798 million as of September 30, 2024 and $787 million as of December 31, 2023. IPR&D increased $35 million due to the finalization of purchase accounting related to a business acquisition. This increase was partially offset by $25 million of charges recorded on the Research and development line of the Condensed Consolidated Statement of Earnings for the impairment of an indefinite-lived intangible asset related to the Medical Devices reportable segment.


15
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 8 — Restructuring Plans

In 2024, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its diagnostic, medical devices and nutritional businesses, including the discontinuation of its ZonePerfect® product line. In the nine months ended September 30, 2024, Abbott recorded employee related severance and other charges of $60 million, of which $39 million was recorded in Cost of products sold, $2 million was recorded in Research and development, and $19 million was recorded in Selling, general and administrative expenses. Payments related to these actions totaled $25 million in the first nine months of 2024 and the remaining liabilities totaled $35 million at September 30, 2024. In addition, Abbott recognized asset impairment charges of $22 million related to these restructuring plans.

In 2023 and 2022, Abbott management approved plans to restructure or streamline various operations in order to reduce costs in its medical devices, diagnostic, nutritional and established pharmaceutical businesses. The following summarizes the activity related to these restructuring actions and the status of the related accruals as of September 30, 2024:

(in millions)Total
Accrued balance at December 31, 2023$137 
Payments and other adjustments(82)
Accrued balance at September 30, 2024$55 

Note 9 — Incentive Stock Programs

In the first nine months of 2024, Abbott granted 1,683,097 stock options, 404,597 restricted stock awards and 5,308,735 restricted stock units under its incentive stock program. At September 30, 2024, approximately 61 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at September 30, 2024 is as follows:

OutstandingExercisable
Number of shares 27,024,268 23,137,620 
Weighted average remaining life (years)
4.74.1
Weighted average exercise price $80.25 $74.71 
Aggregate intrinsic value (in millions)
$952 $941 

The total unrecognized share-based compensation cost at September 30, 2024 amounted to approximately $567 million, which is expected to be recognized over the next three years.

Note 10 — Debt and Lines of Credit

On June 26, 2024, Abbott modified its existing, yen-denominated 5-year term loan scheduled to mature in November 2024. The amended terms include a net increase in principal debt from ¥59.8 billion to ¥92.0 billion, with a new maturity date in June 2029. The modified, 5-year term loan bears interest at the Tokyo Interbank Offered Rate (TIBOR) plus a fixed spread, and the interest rate is reset quarterly. The net proceeds equated to approximately $201 million.

Abbott has readily available financial resources, including unused lines of credit that support commercial paper borrowing arrangements and provide Abbott with the ability to borrow up to $5 billion on an unsecured basis. On January 29, 2024, Abbott terminated its 2020 Five Year Credit Agreement (2020 Agreement) and entered into a new Five Year Credit Agreement (Revolving Credit Agreement). There were no outstanding borrowings under the 2020 Agreement at the time of its termination. Any borrowings under the Revolving Credit Agreement will mature and be payable on January 29, 2029 and will bear interest, at Abbott’s option, based on either a base rate or Secured Overnight Financing Rate (SOFR), plus an applicable margin based on Abbott’s credit ratings.
16
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 10 — Debt and Lines of Credit (Continued)
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.

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 $7.1 billion at September 30, 2024 and $7.3 billion at December 31, 2023, 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, 2024 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, 2024 and December 31, 2023, Abbott held the gross notional amounts of $13.8 billion of such foreign currency forward exchange contracts.

Abbott has designated a yen-denominated, 5-year term loan of $646 million and $419 million as of September 30, 2024 and December 31, 2023, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt is due to the net incremental borrowing of $201 million discussed in Note 10 — Debt and Lines of Credit, as well as changes in foreign exchange rates, 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 $2.2 billion at September 30, 2024 and December 31, 2023 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.

17
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(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, 2024 and December 31, 2023:

Fair Value - AssetsFair Value - Liabilities
(in millions)September 30,
2024		December 31, 2023Balance Sheet CaptionSeptember 30,
2024		December 31, 2023Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current$— $— Deferred income taxes and other assets$54 $95 Post-employment obligations, deferred income taxes and other long-term liabilities
Current— — Prepaid expenses and other receivables13 — Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments32 88 Prepaid expenses and other receivables166 134 Other accrued liabilities
Others not designated as hedges69 81 Prepaid expenses and other receivables96 97 Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary— — n/a646 419 Long-term debt
$101 $169 $975 $745 

18
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(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, 2024 and 2023.