Quarterly Report (10-q)

Date : 07/31/2019 @ 8:19PM
Source : Edgar (US Regulatory)
Stock : Abbott Laboratories (ABT)
Quote : 84.13  -0.21 (-0.25%) @ 4:42PM

Quarterly Report (10-q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM  10-Q

(Mark One)

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

For the quarterly period ended June 30, 2019

OR

           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 1934 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 No

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 No

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

    

Accelerated Filer

Non-Accelerated Filer

Smaller reporting company

Emerging growth company

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.

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

As of June 30, 2019, Abbott Laboratories had 1,767,397,615 common shares without par value outstanding.

Abbott Laboratories

Table of Contents

Page

Part I - Financial Information

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

21

Item 4. Controls and Procedures

26

Part II - Other Information

Item 1. Legal Proceedings

26

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

27

Item 6. Exhibits

28

Signature

29

2

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited)

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

Three Months Ended June 30

Six Months Ended June 30

    

2019

    

2018

    

2019

    

2018

Net sales

$

7,979

$

7,767

$

15,514

$

15,157

Cost of products sold, excluding amortization of intangible assets

 

3,279

 

3,282

 

6,439

 

6,349

Amortization of intangible assets

 

483

 

562

 

969

 

1,146

Research and development

 

577

 

575

 

1,249

 

1,164

Selling, general and administrative

 

2,434

 

2,466

 

4,912

 

5,008

Total operating cost and expenses

 

6,773

 

6,885

 

13,569

 

13,667

Operating earnings

 

1,206

 

882

 

1,945

 

1,490

Interest expense

 

168

 

210

 

339

 

437

Interest (income)

 

(22)

 

(21)

 

(45)

 

(49)

Net foreign exchange (gain) loss

 

(4)

 

(6)

 

2

 

(9)

Net loss on extinguishment of debt

14

Other (income) expense, net

 

(38)

 

(78)

 

(85)

 

(111)

Earnings from continuing operations before taxes

 

1,102

 

777

 

1,734

 

1,208

Taxes on earnings from continuing operations

 

96

 

59

 

56

 

81

Earnings from continuing operations

 

1,006

 

718

 

1,678

 

1,127

Earnings from discontinued operations, net of tax

15

24

Net Earnings

 

$

1,006

 

$

733

$

1,678

 

$

1,151

Basic Earnings Per Common Share —

Continuing operations

 

$

0.57

 

$

0.41

$

0.94

 

$

0.64

Discontinued operations

 

 

0.01

 

 

0.01

Net earnings

 

$

0.57

 

$

0.42

$

0.94

 

$

0.65

Diluted Earnings Per Common Share —

Continuing operations

 

$

0.56

 

$

0.40

$

0.94

 

$

0.63

Discontinued operations

 

 

0.01

 

 

0.01

Net earnings

 

$

0.56

 

$

0.41

$

0.94

 

$

0.64

Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share

 

1,768,904

 

1,757,836

 

1,766,182

 

1,755,691

Dilutive Common Stock Options

 

12,513

 

11,114

 

12,904

 

11,490

Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options

 

1,781,417

 

1,768,950

 

1,779,086

 

1,767,181

Outstanding Common Stock Options Having No Dilutive Effect

 

247

 

93

 

247

 

93

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 Ended June 30

Six Months Ended June 30

    

2019

    

2018

    

2019

    

2018

Net Earnings

$

1,006

$

733

$

1,678

$

1,151

Foreign currency translation gain (loss) adjustments

 

91

 

(1,359)

 

213

 

(1,026)

Net actuarial gains (losses) and amortization of net actuarial (losses) and prior service (cost) and credits, net of taxes of $7 and $14 in 2019 and $15 and $32 in 2018

 

26

 

61

 

49

 

84

Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $(7) and $(15) in 2019 and $48 and $28 in 2018

 

(12)

 

118

 

(41)

 

86

Other comprehensive income (loss)

 

105

 

(1,180)

 

221

 

(856)

Comprehensive Income (Loss)

 

$

1,111

 

$

(447)

$

1,899

 

$

295

June 30, 

December 31, 

    

2019

    

2018

Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:

Cumulative foreign currency translation (loss) adjustments

$

(4,699)

$

(4,912)

Net actuarial (losses) and prior service (costs) and credits

 

(2,677)

 

(2,726)

Cumulative gains (losses) on derivative instruments designated as cash flow hedges and other

 

11

 

52

Accumulated other comprehensive income (loss)

$

(7,365)

$

(7,586)

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)

June 30, 

December 31, 

    

2019

    

2018

Assets

Current Assets:

Cash and cash equivalents

$

3,137

$

3,844

Short-term investments

 

239

 

242

Trade receivables, less allowances of $338 in 2019 and $314 in 2018

 

5,548

 

5,182

Inventories:

Finished products

 

2,786

 

2,407

Work in process

 

584

 

499

Materials

 

982

 

890

Total inventories

 

4,352

 

3,796

Prepaid expenses and other receivables

 

1,919

 

1,568

Total Current Assets

 

15,195

 

14,632

Investments

 

851

 

897

Property and equipment, at cost

 

16,331

 

15,706

Less: accumulated depreciation and amortization

 

8,506

 

8,143

Net property and equipment

 

7,825

 

7,563

Intangible assets, net of amortization

 

18,091

 

18,942

Goodwill

 

23,329

 

23,254

Deferred income taxes and other assets

 

3,136

 

1,885

 

$

68,427

 

$

67,173

Liabilities and Shareholders’ Investment

Current Liabilities:

Short-term borrowings

 

$

204

$

200

Trade accounts payable

 

3,222

 

2,975

Salaries, wages and commissions

 

1,018

 

1,182

Other accrued liabilities

 

3,961

 

3,780

Dividends payable

 

566

 

563

Income taxes payable

 

83

 

305

Current portion of long-term debt

 

8

 

7

Total Current Liabilities

 

9,062

 

9,012

Long-term debt

 

18,982

 

19,359

Post-employment obligations, deferred income taxes and other long-term liabilities

 

8,489

 

8,080

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: 2019: 1,976,248,129 ; 2018: 1,971,189,465

 

23,665

 

23,512

Common shares held in treasury, at cost — Shares: 2019: 208,850,514 ; 2018: 215,570,043

 

(9,659)

 

(9,962)

Earnings employed in the business

 

25,045

 

24,560

Accumulated other comprehensive income (loss)

 

(7,365)

 

(7,586)

Total Abbott Shareholders’ Investment

 

31,686

 

30,524

Noncontrolling Interests in Subsidiaries

 

208

 

198

Total Shareholders’ Investment

 

31,894

 

30,722

 

$

68,427

$

67,173

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 June 30

    

2019

    

2018

Common Shares:

 

  

 

  

Balance at March 31

 

  

 

  

Shares: 2019: 1,973,472,506 ; 2018: 1,969,331,007

$

23,461

$

23,223

Issued under incentive stock programs

 

  

 

Shares: 2019: 2,775,623 ; 2018: 244,359

 

111

 

10

Share-based compensation

 

106

 

90

Issuance of restricted stock awards

 

(13)

 

(6)

Balance at June 30

Shares: 2019: 1,976,248,129 ; 2018: 1,969,575,366

$

23,665

$

23,317

Common Shares Held in Treasury:

 

  

 

  

Balance at March 31 Shares: 2019: 209,291,244 ; 2018: 216,143,241

$

(9,679)

$

(9,947)

Issued under incentive stock programs

Shares: 2019: 441,459 ; 2018: 891,641

 

21

 

41

Purchased

Shares: 2019: 729 ; 2018: 4,482

 

(1)

 

(1)

Balance at June 30

Shares: 2019: 208,850,514 ; 2018: 215,256,082

$

(9,659)

$

(9,907)

Earnings Employed in the Business:

 

  

 

  

Balance at March 31

$

24,613

$

23,856

Net earnings

 

1,006

 

733

Cash dividends declared on common shares (per share — 2019: $0.32 ; 2018: $0.28)

 

(568)

 

(495)

Effect of common and treasury share transactions

 

(6)

 

(14)

Balance at June 30

$

25,045

$

24,080

Accumulated Other Comprehensive Income (Loss):

 

  

 

  

Balance at March 31

$

(7,470)

$

(5,733)

Other comprehensive income (loss)

 

105

 

(1,180)

Balance at June 30

$

(7,365)

$

(6,913)

Noncontrolling Interests in Subsidiaries:

 

  

 

  

Balance at March 31

$

204

$

202

Noncontrolling Interests’ share of income, business combinations, net of distributions
and share repurchases

 

4

 

(5)

Balance at June 30

$

208

$

197

The accompanying notes to 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)

Six Months Ended June 30

    

2019

    

2018

Common Shares:

Balance at January 1

Shares: 2019: 1,971,189,465 ; 2018: 1,965,908,188

$

23,512

$

23,206

Issued under incentive stock programs

Shares: 2019: 5,058,664 ; 2018: 3,667,178

 

187

 

112

Share-based compensation

 

343

 

315

Issuance of restricted stock awards

 

(377)

 

(316)

Balance at June 30

Shares: 2019: 1,976,248,129 ; 2018: 1,969,575,366

$

23,665

$

23,317

Common Shares Held in Treasury:

Balance at January 1

Shares: 2019: 215,570,043 ; 2018: 222,305,719

$

(9,962)

$

(10,225)

Issued under incentive stock programs

Shares: 2019: 6,986,386 ; 2018: 7,294,336

324

 

333

Purchased

 

Shares: 2019: 266,857 ; 2018: 244,699

 

(21)

 

(15)

Balance at June 30

Shares: 2019: 208,850,514 ; 2018: 215,256,082

$

(9,659)

$

(9,907)

Earnings Employed in the Business:

Balance at January 1

$

24,560

$

23,978

Impact of adoption of new accounting standards

 

 

15

Net earnings

 

1,678

 

1,151

Cash dividends declared on common shares (per share — 2019: $0.64 ; 2018: $0.56)

 

(1,136)

 

(988)

Effect of common and treasury share transactions

 

(57)

 

(76)

Balance at June 30

$

25,045

$

24,080

Accumulated Other Comprehensive Income (Loss):

Balance at January 1

$

(7,586)

$

(6,062)

Impact of adoption of new accounting standard

 

 

5

Other comprehensive income (loss)

 

221

 

(856)

Balance at June 30

$

(7,365)

$

(6,913)

Noncontrolling Interests in Subsidiaries:

Balance at January 1

$

198

$

201

Noncontrolling Interests’ share of income, business combinations, net of distributions
and share repurchases

 

10

 

(4)

Balance at June 30

$

208

$

197

The accompanying notes to 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)

Six Months Ended June 30

    

2019

    

2018

Cash Flow From (Used in) Operating Activities:

Net earnings

$

1,678

$

1,151

Adjustments to reconcile net earnings to net cash from operating activities -

Depreciation

 

535

 

556

Amortization of intangible assets

 

969

 

1,146

Share-based compensation

340

313

Amortization of inventory step-up

32

Trade receivables

 

(335)

 

(137)

Inventories

 

(540)

 

(336)

Other, net

 

(875)

 

(373)

Net Cash From Operating Activities

 

1,772

 

2,352

Cash Flow From (Used in) Investing Activities:

Acquisitions of property and equipment

 

(803)

 

(573)

Acquisitions of businesses and technologies, net of cash acquired

(160)

(43)

Proceeds from business dispositions

48

48

Sales (purchases) of other investment securities, net

 

2

 

(42)

Other

 

19

 

73

Net Cash (Used in) Investing Activities

 

(894)

 

(537)

Cash Flow From (Used in) Financing Activities:

Net borrowings (repayments) of short-term debt and other

 

40

 

140

Repayments of long-term debt

 

(521)

 

(7,280)

Purchases of common shares

 

(221)

 

(131)

Proceeds from stock options exercised

 

244

 

170

Dividends paid

 

(1,133)

 

(985)

Net Cash (Used in) Financing Activities

 

(1,591)

 

(8,086)

Effect of exchange rate changes on cash and cash equivalents

 

6

 

(71)

Net Decrease in Cash and Cash Equivalents

 

(707)

 

(6,342)

Cash and Cash Equivalents, Beginning of Year

 

3,844

 

9,407

Cash and Cash Equivalents, End of Period

 

$

3,137

 

$

3,065

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

8

Table of Contents

Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

June 30, 2019

(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, 2018.  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 February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases , which requires lessees to measure and recognize a lease asset and liability on the balance sheet for most leases, including operating leases.  Abbott adopted the new standard as of January 1, 2019 using the modified retrospective approach and applied the standard’s transition provisions as of January 1, 2019.  As a result, no changes were made to the December 31, 2018 Consolidated Balance Sheet. Abbott elected to apply the package of practical expedients related to transition. These practical expedients allowed Abbott to carry forward its historical assessments of whether any existing contracts are or contain leases, the lease classification for each lease existing at January 1, 2019, and whether any initial direct costs for such leases qualified for capitalization.

The new lease accounting standard does not have a material impact on the amounts reported in the Condensed Consolidated Statement of Earnings but does have a material impact on the amounts reported in the Condensed Consolidated Balance Sheet.  Adoption of the new standard resulted in the recording of approximately $850 million of new right of use (ROU) assets and additional liabilities for operating leases on the Condensed Consolidated Balance Sheet as of January 1, 2019.

Recent Accounting Standards Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses which changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. The new methodology requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset.  The new standard will be effective for Abbott at the beginning of 2020, with early adoption permitted. Abbott is currently assessing the impact of this new standard on its consolidated financial statements.

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 Cardiovascular and Neuromodulation Products.  Diabetes Care is a non-reportable segment and is included in Other.

9

Table of Contents

Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

June 30, 2019

(Unaudited)

The following tables provide detail by sales category:

Three Months Ended June 30, 2019

Three Months Ended June 30, 2018

(in millions)

    

U.S.

    

Int’l

    

Total

    

U.S.

    

Int’l

    

Total

Established Pharmaceutical Products —

 

  

 

  

 

  

 

  

 

  

 

  

Key Emerging Markets

$

$

853

$

853

$

$

866

$

866

Other

 

 

255

 

255

 

 

263

263

Total

 

 

1,108

 

1,108

 

 

1,129

 

1,129

Nutritionals —

 

  

 

  

 

  

 

  

 

  

 

  

Pediatric Nutritionals

 

475

 

576

 

1,051

 

469

 

582

 

1,051

Adult Nutritionals

 

311

 

513

 

824

 

312

 

495

 

807

Total

 

786

 

1,089

 

1,875

 

781

 

1,077

 

1,858

Diagnostics —

 

  

 

  

 

  

 

  

 

  

 

  

Core Laboratory

 

272

 

897

 

1,169

 

248

 

880

 

1,128

Molecular

 

38

 

69

 

107

 

38

 

84

 

122

Point of Care

 

113

 

32

 

145

 

108

 

31

 

139

Rapid Diagnostics

 

272

 

212

 

484

 

258

 

226

 

484

Total

 

695

 

1,210

 

1,905

 

652

 

1,221

 

1,873

Cardiovascular and Neuromodulation —

 

  

 

  

 

  

 

  

 

  

 

  

Rhythm Management

 

273

 

275

 

548

 

285

 

286

 

571

Electrophysiology

 

190

 

240

 

430

 

170

 

230

 

400

Heart Failure

 

149

 

52

 

201

 

117

 

46

 

163

Vascular

 

270

 

460

 

730

 

284

 

466

 

750

Structural Heart

 

152

 

200

 

352

 

118

 

197

 

315

Neuromodulation

 

168

 

44

 

212

 

173

 

49

 

222

Total

 

1,202

 

1,271

 

2,473

 

1,147

 

1,274

 

2,421

Other

 

167

 

451

 

618

 

122

 

364

 

486

Total

$

2,850

$

5,129

$

7,979

$

2,702

$

5,065

$

7,767

Six Months Ended June 30, 2019

Six Months Ended June 30, 2018

(in millions)

    

U.S.

    

Int’l

    

Total 

    

U.S.

    

Int’l

    

Total

Established Pharmaceutical Products —

 

  

 

  

 

  

 

  

 

  

  

Key Emerging Markets

$

$

1,605

$

1,605

$

$

1,659

$

1,659

Other

 

 

495

 

495

 

 

514

514

Total

 

 

2,100

 

2,100

 

 

2,173

 

2,173

Nutritionals —

 

  

 

  

 

  

 

  

 

  

 

  

Pediatric Nutritionals

 

928

 

1,152

 

2,080

 

917

 

1,128

 

2,045

Adult Nutritionals

 

605

 

982

 

1,587

 

622

 

947

 

1,569

Total

 

1,533

 

2,134

 

3,667

 

1,539

 

2,075

 

3,614

Diagnostics —

 

  

 

  

 

  

 

  

 

  

 

  

Core Laboratory

 

521

 

1,709

 

2,230

 

476

 

1,671

 

2,147

Molecular

 

78

 

137

 

215

 

77

 

163

 

240

Point of Care

 

222

 

58

 

280

 

218

 

62

 

280

Rapid Diagnostics

 

598

 

423

 

1,021

 

581

 

462

 

1,043

Total

 

1,419

 

2,327

 

3,746

 

1,352

 

2,358

 

3,710

Cardiovascular and Neuromodulation —

 

  

 

  

 

  

 

  

 

  

 

  

Rhythm Management

 

525

 

537

 

1,062

 

571

 

563

 

1,134

Electrophysiology

 

364

 

471

 

835

 

330

 

433

 

763

Heart Failure

 

292

 

93

 

385

 

231

 

85

 

316

Vascular

 

536

 

903

 

1,439

 

570

 

919

 

1,489

Structural Heart

 

288

 

388

 

676

 

227

 

381

 

608

Neuromodulation

 

320

 

85

 

405

 

341

 

93

 

434

Total

 

2,325

 

2,477

 

4,802

 

2,270

 

2,474

 

4,744

Other

 

327

 

872

 

1,199

 

216

 

700

 

916

Total

$

5,604

$

9,910

$

15,514

$

5,377

$

9,780

$

15,157

Note: Insertable Cardiac Monitor (ICM) sales, which had previously been reported in Electrophysiology, are now included in Rhythm Management. Historic periods have been adjusted to reflect this change.

10

Table of Contents

Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

June 30, 2019

(Unaudited)

Remaining Performance Obligations

As of June 30, 2019, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $3.1 billion in the Diagnostics segment and approximately $375 million in the Cardiovascular and Neuromodulation segment.  Abbott expects to recognize revenue on approximately 60 percent of these remaining performance obligations over the next 24 months, approximately 16 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 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 their net realizable value.  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 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 Cardiovascular and Neuromodulation 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, 2018

$

259

Unearned revenue from cash received during the period

 

201

Revenue recognized that was included in contract liability balance at beginning of period

 

(163)

Balance at June 30, 2019

$

297

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. Earnings from Continuing Operations allocated to common shares for the three months ended June 30, 2019 and 2018 were $1.0 billion and $714 million, respectively, and for the six months ended June 30, 2019 and 2018 were $1.668 billion and $1.121 billion, respectively. Net earnings allocated to common shares for the three months ended June 30, 2019 and 2018 were $1.0 billion and $730 million, respectively, and for the six months ended June 30, 2019 and 2018 were $1.668 billion and $1.144 billion, respectively.

Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first six months of 2019 includes $326 million of pension contributions and the payment of cash taxes of approximately $615 million.  The first six months of 2018 includes the payment of cash taxes of approximately $425 million.

The components of long-term investments as of June 30, 2019 and December 31, 2018 are as follows:

June 30, 

December 31, 

(in millions)

    

2019

    

2018

Long-term Investments:

Equity securities

$

816

$

856

Other

35

41

Total

 

$

851

 

$

897

11

Table of Contents

Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

June 30, 2019

(Unaudited)

Abbott's equity securities as of June 30, 2019, include approximately $320 million of investments in mutual funds that are held in a rabbi trust and were acquired as part of the St. Jude Medical, Inc. (St. Jude Medical) 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 June 30, 2019 with a carrying value of approximately $325 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of approximately $160 million that do not have a readily determinable fair value. The $160 million carrying value includes cumulative unrealized gains of approximately $50 million.

In the first quarter of 2019, in conjunction with the acquisition of Cephea Valve Technologies, Inc., Abbott acquired a research & development (R&D) asset valued at $102 million, which was immediately expensed. The $102 million of expense was recorded in the R&D line of Abbott's Condensed Consolidated Statement of Earnings.

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 June 30

Cumulative Gains

Cumulative

(Losses) on

Net Actuarial

Unrealized Gains

Derivative

Cumulative   Foreign

(Losses) and Prior

(Losses) on

Instruments

Currency Translation

Service (Costs)

Marketable Equity

Designated as

(in millions)

Adjustments

and Credits

Securities

Cash Flow Hedges

    

2019

    

2018

    

2019

    

2018

    

2019

    

2018

    

2019

    

2018

Balance at March 31

$

(4,790)

$

(3,119)

$

(2,703)

$

(2,498)

$

$

$

23

$

(116)

Other comprehensive income (loss) before reclassifications

 

91

 

(1,359)

3

 

30

 

 

 

(2)

 

81

Amounts reclassified from accumulated other comprehensive income

 

 

 

23

 

31

 

 

 

(10)

 

37

Net current period comprehensive income (loss)

 

91

 

(1,359)

 

26

 

61

 

 

 

(12)

 

118

Balance at June 30

$

(4,699)

$

(4,478)

$

(2,677)

$

(2,437)

$

$

$

11

$

2

Six Months Ended June 30

Cumulative Gains

Cumulative

(Losses) on

Net Actuarial

Unrealized Gains

Derivative

Cumulative   Foreign

(Losses) and Prior

(Losses) on

Instruments

Currency Translation

Service (Costs)

Marketable Equity

Designated as

(in millions)

Adjustments

 

and Credits

 

Securities

 

Cash Flow Hedges

    

2019

    

2018

    

2019

    

2018

    

2019

    

2018

    

2019

    

2018

Balance at December 31 , 2018 and 2017

$

(4,912)

$

(3,452)

$

(2,726)

$

(2,521)

$

$

(5)

$

52

$

(84)

Impact of adoption of new accounting standard

 

 

 

 

 

5

 

 

Other comprehensive income (loss) before reclassifications

 

213

 

(1,026)

 

2

 

20

 

 

 

(19)

 

29

Amounts reclassified from accumulated other comprehensive income

 

 

47

 

64

 

 

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