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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.

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)20242023202420232024202320242023Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges$(199)$125 $39 $152 $42 $22 $85 $211 Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary(73)12 (26)45 — — — — n/a
Interest rate swaps designated as fair value hedgesn/an/an/an/a24 (18)28 (15)Interest expense

Losses of $89 million and gains of $60 million were recognized in the three months ended September 30, 2024 and 2023, respectively, related to foreign currency forward exchange contracts not designated as a hedge. A gain of $46 million and a loss of $4 million were recognized in the nine months ended September 30, 2024 and 2023, 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, 2024 and December 31, 2023 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, 2024December 31, 2023
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term Investment Securities:
Equity securities$574 $574 $555 $555 
Other338 338 244 244 
Total Long-term Debt(14,979)(15,154)(14,679)(14,769)
Foreign Currency Forward Exchange Contracts:   
Receivable position101 101 169 169 
(Payable) position(262)(262)(231)(231)
Interest Rate Hedge Contracts:    
(Payable) position(67)(67)(95)(95)

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

19
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 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, 2024:
Equity securities$334 $334 $— $— 
Foreign currency forward exchange contracts101 — 101 — 
Total Assets$435 $334 $101 $— 
Fair value of hedged long-term debt$2,098 $— $2,098 $— 
Interest rate swap derivative financial instruments67 — 67 — 
Foreign currency forward exchange contracts262 — 262 — 
Contingent consideration related to business combinations59 — — 59 
Total Liabilities$2,486 $— $2,427 $59 
December 31, 2023:
Equity securities$326 $326 $— $— 
Foreign currency forward exchange contracts169 — 169 — 
Total Assets$495 $326 $169 $— 
Fair value of hedged long-term debt$2,052 $— $2,052 $— 
Interest rate swap derivative financial instruments95 — 95 — 
Foreign currency forward exchange contracts231 — 231 — 
Contingent consideration related to business combinations112 — — 112 
Total Liabilities$2,490 $— $2,378 $112 

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, 2023 reflects a payment of $40 million and a $13 million change in the fair value of the remaining contingent consideration.

The maximum amount for certain contingent consideration is not determinable as it is based on a percent of certain sales. Excluding such contingent consideration, the maximum amount that may be due under the other contingent consideration arrangements was estimated at September 30, 2024 to be approximately $115 million, which is dependent upon attaining certain sales thresholds or upon the occurrence of certain events, such as regulatory approvals.

20
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(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 has been named as a defendant in a number of lawsuits alleging that its preterm infant formula and human milk fortifier products that contain cow’s milk cause an intestinal disease known as necrotizing enterocolitis (NEC) and inadequately warn about the risk of NEC. These lawsuits claim that certain preterm infants suffered injury or death as a result of contracting NEC. Abbott denies the allegations in these lawsuits. In July 2024, a jury in a Missouri state court awarded a plaintiff $495 million in a trial against Abbott. Abbott stands by its products and the information it provided about them, and it plans to appeal the jury's verdict. Abbott does not believe that it is probable that a material loss will be incurred related to these lawsuits and therefore, no reserves have been recorded for these lawsuits. Given the uncertainty as to the possible outcome in each of these lawsuits, Abbott is unable to reasonably estimate a range of possible loss related to these lawsuits.

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 $30 million to $40 million. The recorded accrual balance at September 30, 2024 for these proceedings and exposures was approximately $35 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, except for the cases discussed in the second paragraph of this note, the resolution of which could be material to 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 costs 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 are as follows:

Defined Benefit PlansMedical 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)20242023202420232024202320242023
Service cost - benefits earned during the period$61 $56 $182 $174 $9 $10 $29 $29 
Interest cost on projected benefit obligations118 114 352 342 13 15 40 45 
Expected return on plan assets(263)(244)(788)(729)(6)(6)(18)(18)
Curtailment gain— — — (14)— — — — 
Net amortization of:
Actuarial loss, net6 2 18 8 — (1)(1)(2)
Prior service cost (credit)— 1 1 1 (3)(3)(10)(10)
Net cost (credit)$(78)$(71)$(235)$(218)$13 $15 $40 $44 
21
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 13 — Post-Employment Benefits (Continued)
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 2024 and 2023, $298 million and $302 million, respectively, were contributed to defined benefit plans. In the first nine months of 2024 and 2023, $28 million was contributed, in each year, to the post-employment medical and dental plans.

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 2024 and 2023, taxes on earnings include approximately $44 million and $11 million, respectively, in excess tax benefits associated with share-based compensation. In the first nine months of 2024 and 2023, taxes on earnings also include approximately $35 million and $59 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 $75 million to $1.33 billion, 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 filed a petition with the U.S. Tax Court contesting the SNOD in December 2023.

In June 2024, Abbott received a SNOD from the IRS for the 2017 and 2018 Federal tax years in the amount of $192 million. The matters proposed in the 2017/2018 SNOD are substantially similar to the income allocation adjustments included in the 2019 SNOD. Abbott filed a petition in September 2024 with the U.S. Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD.

In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax. The primary adjustments proposed in the SNOD are substantially similar to the income allocation adjustments included in the 2017/2018 and 2019 SNODs. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit. The SNOD also contains other proposed adjustments and omissions that Abbott believes are erroneous and unsupported. In addition to the tax assessment for the 2020 tax year, the 2020 SNOD also contested a deduction for which an estimated $440 million cash tax benefit would be available in a different taxable year as allowed under applicable U.S. tax law. Abbott intends to file a petition with the U.S. Tax Court contesting the SNOD.

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.

22
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 14 — Taxes on Earnings (continued)
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 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have enacted legislation to adopt the Pillar 2 model rules. A subset of the rules became effective January 1, 2024, and the remaining rules become effective January 1, 2025 or later. Abbott continues to analyze the Pillar 2 model rules. The full implementation of the model rules may have a material impact on Abbott’s condensed consolidated financial statements in the future.

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 businesses 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.

23
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(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 CustomersOperating Earnings
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20242023202420232024 2023 2024 2023
Established Pharmaceutical Products$1,406 $1,368 $3,926 $3,844 $380 $345 $962 $952 
Nutritional Products2,066 2,073 6,284 6,116 312 284 1,062 972 
Diagnostic Products2,412 2,449 6,821 7,454 558 632 1,462 1,720 
Medical Devices4,747 4,249 13,934 12,444 1,513 1,342 4,380 3,805 
Total Reportable Segments10,631 10,139 30,965 29,858 2,763 2,603 7,866 7,449 
Other 4 4 11 10 
Net sales$10,635 $10,143 $30,976 $29,868 
Corporate functions and benefit plan costs(140)(50)(286)(198)
Net interest expense (51)(69)(170)(182)
Share-based compensation (a) (117)(117)(562)(530)
Amortization of intangible assets(470)(496)(1,413)(1,485)
Other, net (b)(45)(200)(452)(185)
Earnings before taxes$1,940 $1,671 $4,983 $4,869 
______________________________________
(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 and nine months ended September 30, 2024 and 2023 includes charges related to restructurings, the impairment of IPR&D and intangible assets and various investments and integration costs related to business combinations. Other, net for the nine months ended September 30, 2024 includes a loss on the divestiture of a non-core business. Other, net for the three months and nine months ended September 30, 2023 includes costs associated with the acquisition of CSI. Other, net for the nine months ended September 30, 2023 includes income arising from fair value changes in contingent consideration related to previous business combinations.
24
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, 2024		Three Months Ended
September 30, 2023		Total
Change		Impact of
Foreign
Exchange		Total Change
Excl. Foreign
Exchange
Established Pharmaceutical Products$1,406 $1,368 2.7 %(4.3)%7.0 %
Nutritional Products2,066 2,073 (0.3)(3.1)2.8 
Diagnostic Products2,412 2,449 (1.5)(2.9)1.4 
Medical Devices4,747 4,249 11.7 (1.6)13.3 
Total Reportable Segments10,631 10,139 4.9 (2.5)7.4 
Other4 4 n/mn/mn/m
Net Sales$10,635 $10,143 4.9 (2.5)7.4 
Total U.S.$4,202 $3,817 10.1 — 10.1 
Total International$6,433 $6,326 1.7 (4.1)5.8 

Net Sales to External Customers
(in millions)Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023		Total
Change		Impact of
Foreign
Exchange		Total Change
Excl. Foreign
Exchange
Established Pharmaceutical Products$3,926 $3,844 2.1 %(7.3)%9.4 %
Nutritional Products6,284 6,116 2.7 (3.1)5.8 
Diagnostic Products6,821 7,454 (8.5)(2.9)(5.6)
Medical Devices13,934 12,444 12.0 (1.6)13.6 
Total Reportable Segments30,965 29,858 3.7 (3.0)6.7 
Other11 10 n/mn/mn/m
Net Sales$30,976 $29,868 3.7 (3.0)6.7 
Total U.S.$11,982 $11,503 4.2 — 4.2 
Total International$18,994 $18,365 3.4 (4.9)8.3 
____________________________________
Notes: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
25
The 7.4 percent increase in total net sales during the third quarter of 2024, excluding the impact of foreign exchange, primarily reflected higher sales in the Medical Devices and Established Pharmaceutical Products segments, partially offset by a decrease in demand for Abbott’s rapid diagnostic tests to detect COVID-19. Abbott’s COVID-19 testing-related sales totaled $265 million during the third quarter of 2024 and $305 million during the third quarter of 2023. Excluding the impact of COVID-19 testing-related sales, Abbott’s total net sales increased 5.4 percent. Excluding the impacts of COVID-19 testing-related sales and foreign exchange, Abbott’s total net sales increased 8.0 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 4.1 percent and total sales by 2.5 percent.

The 6.7 percent increase in total net sales during the first nine months of 2024, excluding the impact of foreign exchange, reflected sales growth in the Medical Devices, Nutritional Products, and Established Pharmaceutical Products segments, partially offset by a decrease in demand for Abbott’s rapid diagnostic tests to detect COVID-19. Abbott’s COVID-19 testing-related sales totaled $571 million during the first nine months of 2024 and $1.3 billion during the first nine months of 2023. Excluding the impact of COVID-19 testing-related sales, Abbott’s total net sales increased 6.4 percent. Excluding the impacts of COVID-19 testing-related sales and foreign exchange, Abbott’s total net sales increased 9.5 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 4.9 percent and total sales by 3.0 percent.

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

(in millions)September 30, 2024September 30, 2023Total
Change		Impact of
Foreign
Exchange		Total Change
Excl. Foreign
Exchange
Established Pharmaceutical Products —
Key Emerging Markets$2,910 $2,889 0.7 %(9.0)%9.7 %
Other Emerging Markets1,016 955 6.4 (2.2)8.6 
Nutritional Products —
International Pediatric Nutritionals1,377 1,477 (6.8)(3.2)(3.6)
U.S. Pediatric Nutritionals1,646 1,472 11.8 — 11.8 
International Adult Nutritionals2,146 2,086 2.8 (6.9)9.7 
U.S. Adult Nutritionals1,115 1,081 3.2 — 3.2 
Diagnostic Products —
Core Laboratory3,848 3,789 1.5 (4.8)6.3 
Molecular384 421 (8.7)(0.8)(7.9)
Point of Care441 416 6.0 (0.1)6.1 
Rapid Diagnostics2,148 2,828 (24.0)(1.1)(22.9)
Medical Devices —
Rhythm Management1,766 1,673 5.6 (1.2)6.8 
Electrophysiology1,824 1,602 13.8 (2.6)16.4 
Heart Failure948 860 10.4 (0.1)10.5 
Vascular2,112 2,004 5.4 (1.3)6.7 
Structural Heart1,637 1,446 13.2 (1.9)15.1 
Neuromodulation705 650 8.4 (1.5)9.9 
Diabetes Care4,942 4,209 17.4 (1.9)19.3 
26
Excluding the unfavorable effect of foreign exchange, sales in Key Emerging Markets for Established Pharmaceutical Products increased 9.7 percent in the first nine months of 2024, led by higher revenue in several countries and across several therapeutic areas, including respiratory, gastroenterology, cardiometabolic and central nervous system/pain management. Other Emerging Markets, excluding the effect of foreign exchange, increased by 8.6 percent in the first nine months of 2024.

Excluding the impact of foreign exchange, total Nutritional Products sales in the first nine months of 2024 increased 5.8 percent. In U.S. Pediatric Nutritionals, the 11.8 percent increase in sales in the first nine months of 2024 reflects infant formula market share gains and the continued favorable impact of 2023 price increases, partially offset by a decrease in PediaSure® and Pedialyte® product sales. Excluding the effect of foreign exchange, the 3.6 percent decrease in International Pediatric Nutritionals sales in the first nine months of 2024 reflects a decrease in sales in the Asia Pacific and Latin America regions, partially offset by increased sales in Canada and the Europe/Middle East regions.

In the first nine months of 2024, U.S. and International Adult Nutritionals sales, excluding the effect of foreign exchange, increased 3.2 percent and 9.7 percent, respectively, due to growth of Ensure® and Glucerna® product sales. U.S. Adult Nutritionals sales were partially offset by the discontinuation of the ZonePerfect® product line.

The 5.6 percent decrease in Diagnostic Products sales in the first nine months of 2024, excluding the impact of foreign exchange, was primarily driven by lower demand for COVID-19 tests. In Rapid Diagnostics, sales decreased 22.9 percent in the first nine months of 2024, excluding the effect of foreign exchange, due to lower demand for COVID-19 tests. In the first nine months of 2024 and 2023, Rapid Diagnostics COVID-19 testing-related sales were $553 million and $1.2 billion, respectively. In the first nine months of 2024, Rapid Diagnostics sales increased 0.8 percent, excluding COVID-19 testing-related sales, and increased 2.1 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

In Core Laboratory Diagnostics, sales increased 6.3 percent in the first nine months of 2024, excluding the effect of foreign exchange, due to the continued deployment of Abbott's Alinity® testing platform and higher volume of routine diagnostic testing performed in hospitals and other laboratories, partially offset by lower sales in China. In the first nine months of 2024 and 2023, Core Laboratory Diagnostics COVID-19 testing-related sales were $8 million and $16 million, respectively. In the first nine months of 2024, Core Laboratory Diagnostics sales increased 1.8 percent, excluding COVID-19 testing-related sales, and increased 6.5 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

The 7.9 percent decrease in Molecular Diagnostics sales in the first nine months of 2024, excluding the effect of foreign exchange, was primarily driven by lower demand for laboratory-based molecular tests for COVID-19. In the first nine months of 2024 and 2023, Molecular Diagnostics COVID-19 testing-related sales were $10 million and $36 million, respectively. In the first nine months of 2024, Molecular Diagnostics sales decreased 2.5 percent, excluding COVID-19 testing-related sales, and decreased 1.6 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

Excluding the effect of foreign exchange, total Medical Devices sales increased 13.6 percent in the first nine months of 2024, led by double-digit growth in Diabetes Care, Electrophysiology, Structural Heart and Heart Failure. Higher Diabetes Care sales were driven by continued growth in Abbott's continuous glucose monitoring (CGM) systems. CGM systems sales totaled $4.7 billion in the first nine months of 2024, which reflected a 21.4 percent increase, excluding the effect of foreign exchange, over the first nine months of 2023 when CGM sales totaled $3.9 billion.

In January 2024, Abbott announced that Tandem Diabetes Care, Inc.'s t:slim X2™ insulin pump is the first automated insulin delivery system in the U.S. to integrate with Abbott's FreeStyle Libre® 2 Plus sensor for treating diabetes. In February, Insulet's Omnipod® 5 Automated Insulin Delivery System received CE Mark approval to be offered as an integrated solution with Abbott's FreeStyle Libre 2 Plus sensor. In June, Abbott announced U.S. Food and Drug Administration (FDA) clearance for two new over-the-counter CGM systems, Lingo™ and Libre Rio™, which are based on Abbott's FreeStyle Libre CGM technology. In August, Abbott announced a global partnership with Medtronic to collaborate on connecting Abbott's CGM system with Medtronic's insulin delivery devices. In September, Abbott announced the U.S. launch of Lingo.

27
During the first nine months of 2024, procedure volumes continued to increase across the cardiovascular and neuromodulation businesses. In Electrophysiology, the 16.4 percent increase in sales, excluding the effect of foreign exchange, primarily reflects higher procedure volumes and increased demand for catheters and cardiac mapping products. In Structural Heart, the 15.1 percent increase in sales, excluding the effect of foreign exchange, primarily reflects growth of the Navitor®, MitraClip®, TriClip® and Amplatzer® Amulet® products. In Heart Failure, the 10.5 percent increase in sales, excluding the effect of foreign exchange, primarily reflects growth in chronic and acute pump products.

In Neuromodulation, the 9.9 percent increase in sales, excluding the effect of foreign exchange, was driven by the Eterna™ rechargeable spinal cord stimulation system for the treatment of chronic pain. In Vascular, the 6.7 percent increase in sales, excluding the impact of foreign exchange, was primarily due to the acquisition of Cardiovascular Systems, Inc. (CSI) in April 2023 and growth in other endovascular sales.

In April 2024, Abbott announced FDA approval of the Esprit™ below-the-knee (BTK) system, which is designed to keep arteries open in people living with peripheral artery disease and deliver a drug to support vessel healing prior to completely dissolving. In April, Abbott also announced FDA approval of TriClip, which provides a minimally invasive treatment option for patients with tricuspid regurgitation, or a leaky tricuspid heart valve. In June, Abbott obtained CE Mark for its AVEIR® dual chamber (DR) leadless pacemaker system, which is the world's first dual chamber leadless pacemaker system that treats people with abnormal or slow heart rhythms.

The gross profit margin percentage was 51.4 percent for the third quarter of 2024 compared to 49.7 percent for the third quarter of 2023 and 51.0 percent for the first nine months of 2024 compared to 50.1 percent for the first nine months of 2023. The increase in the quarter and the first nine months of 2024 reflects the favorable impacts of higher pricing in various businesses and gross margin improvement initiatives, partially offset by the unfavorable effect of foreign exchange.

Research and development (R&D) expenses increased $41 million to $713 million, or 6.1 percent, in the third quarter of 2024 and increased $54 million to $2.1 billion, or 2.6 percent, in the first nine months of 2024 compared to the prior year. The increase in R&D expense in the third quarter of 2024 was primarily driven by higher spending on various projects. The increase in R&D expense in the first nine months of 2024 was primarily driven by higher spending on various projects, partially offset by lower 2024 charges for the impairment of in-process R&D (IPR&D) assets acquired in previous business combinations.

Selling, general and administrative expenses increased $172 million, or 6.3 percent, in the third quarter of 2024, and increased $565 million, or 6.9 percent, in the first nine months of 2024 compared to the prior year. Higher selling and marketing spending to drive growth across various businesses was partially offset by the favorable impact of foreign exchange.

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.

Other (Income) Expense, net

Other income, net increased from $83 million of income in the third quarter of 2023 to $121 million of income in the third quarter of 2024 and decreased from $370 million of income in the first nine months of 2023 to $222 million of income in the first nine months of 2024. The increase in the third quarter primarily reflects lower impairment charges related to certain investments and income associated with the non-service cost components of net pension and post-retirement medical benefit costs. The decrease in the first nine months of 2024 reflects the recognition of a $143 million loss on the sale of a non-core business related to the Established Pharmaceutical Products segment, as well as the 2023 impact of favorable changes in the fair value of contingent consideration liabilities that did not repeat in 2024. The decrease in the first nine months of 2024 was partially offset by an increase in income associated with the non-service cost components of net pension and post-retirement medical benefit costs.

28
Interest Expense, net

Interest expense, net decreased $18 million to $51 million in the third quarter of 2024 and decreased $12 million to $170 million in the first nine months of 2024. In the third quarter of 2024 and in the first nine months of 2024, interest expense decreased due to the repayment of approximately $2.25 billion of long-term debt in September and November of 2023. In the first nine months of 2024, the decrease in interest expense was partially offset by a reduction in interest income due to lower average cash and short-term investment balances versus the prior year, thereby resulting in unfavorable interest income and an increase in Interest expense, net.

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 2024 and 2023, taxes on earnings include approximately $44 million and $11 million, respectively, in excess tax benefits associated with share-based compensation. In the first nine months of 2024 and 2023, taxes on earnings also include approximately $35 million and $59 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 $75 million to $1.33 billion, 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 filed a petition with the U.S. Tax Court contesting the SNOD in December 2023.

In June 2024, Abbott received a SNOD from the IRS for the 2017 and 2018 Federal tax years in the amount of $192 million. The matters proposed in the 2017/2018 SNOD are substantially similar to the income allocation adjustments included in the 2019 SNOD. Abbott filed a petition in September 2024 with the U.S. Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD.

In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax. The primary adjustments proposed in the SNOD are substantially similar to the income allocation adjustments included in the 2017/2018 and 2019 SNODs. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit. The SNOD also contains other proposed adjustments and omissions that Abbott believes are erroneous and unsupported. In addition to the tax assessment for the 2020 tax year, the 2020 SNOD also contested a deduction for which an estimated $440 million cash tax benefit would be available in a different taxable year as allowed under applicable U.S. tax law. Abbott intends to file a petition with the U.S. Tax Court contesting the SNOD.

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 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have enacted legislation to adopt the Pillar 2 model rules. A subset of the rules became effective January 1, 2024, and the remaining rules become effective January 1, 2025 or later. Abbott continues to analyze the Pillar 2 model rules. The full implementation of the model rules may have a material impact on Abbott’s condensed consolidated financial statements in the future.

29
Liquidity and Capital Resources

The increase in cash and cash equivalents from $6.9 billion at December 31, 2023 to $7.6 billion at September 30, 2024 primarily reflects the cash generated from operations and an increase in Abbott's yen-denominated loan, partially offset by the payment of dividends and capital expenditures in the first nine months of 2024. Working capital was $8.9 billion at September 30, 2024 and $8.8 billion at December 31, 2023. The increase in working capital in 2024 primarily reflects an increase in cash and cash equivalents, accounts receivable, and inventory, partially offset by an increase in the current portion of long-term debt and income taxes payable.

In the Condensed Consolidated Statement of Cash Flows, Net cash from operating activities for the first nine months of 2024 totaled approximately $5.7 billion, an increase of $1.5 billion from the prior year, primarily due to higher segment operating earnings, as well as improved working capital management. In the first nine months of 2024, Net cash from operating activities includes $298 million of pension contributions and the payment of cash taxes of approximately $1.181 billion. Net cash from operating activities in 2023 includes $302 million of pension contributions and the payment of cash taxes of approximately $1.180 billion.

At September 30, 2024, 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.

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. The ¥92.0 billion loan is designated as a hedge of Abbott’s net investment in certain foreign subsidiaries.

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.

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.

In the third quarter of 2024, Abbott repurchased approximately 7 million of its common shares for $750 million. As of September 30, 2024, $659 million remains available for repurchase under the 2021 share repurchase program. On October 11, 2024, the board of directors authorized the repurchase of up to $7 billion of Abbott common shares, from time to time (the "2024 Plan"). The 2024 Plan is in addition to the unused portion of the 2021 Plan.

In each of the first three quarters of 2024, Abbott declared a quarterly dividend of $0.55 per share on its common shares, which represents an increase of 7.8 percent over the $0.51 per share dividend declared in each of the first three quarters of 2023.


30
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 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.

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 2023 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, 2023, 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.
31
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, 2024, 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, 2023 and our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024, including those described below (as of September 30, 2024, except where noted below). While it is not feasible to predict the outcome of such pending claims, proceedings, and investigations with certainty, management is of the opinion that their ultimate resolution should not have a material adverse effect on Abbott's financial position, cash flows, or results of operations, except for the lawsuits discussed below, the resolution of which could be material to cash flows or results of operations.

In its 2023 Annual Report on Form 10-K, Abbott reported that multiple civil lawsuits have been filed against Abbott relating to its manufacturing of certain powder infant formula products. Six shareholder derivative lawsuits against certain of Abbott’s current and former directors and officers are pending in a consolidated proceeding, In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation, in the U.S. District Court for the Northern District of Illinois. The consolidated lawsuit seeks monetary damages from the defendants to Abbott. In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation includes: Thomas P. DiNapoli, Controller of the State of New York, as Administrative Head of the New York State and Local Retirement System, and as Trustee of the New York State Common Retirement Fund, and International Brotherhood of Teamsters Local No. 710 Pension Fund and Southeastern Pennsylvania Transportation Authority, both filed in June 2023; David Hamilton filed in April 2023; Matthew Steele filed in February 2023; Ilene Lippman filed in January 2023; and Leon Martin filed in October 2022. In August 2024, the court granted in part and denied in part the defendants’ motion to dismiss, allowing the securities and breach of fiduciary duty claims to move forward. In September 2024, Abbott’s board of directors established an independent and disinterested special litigation committee to investigate and evaluate the asserted claims.


32
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, 2024 - July 31, 20243,600,000 
(1)
$104.680 3,600,000 $1,032,244,524 
(2)
August 1, 2024 - August 31, 20243,406,363 
(1)
$109.545 3,406,363 659,092,986 
(2)
September 1, 2024 - September 30, 2024— 
(1)
— — 659,092,986 
(2)
Total7,006,363 
(1)
$107.046 7,006,363 $659,092,986 
(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 (the "2021 Plan"). On October 11, 2024, the board of directors authorized the repurchase of up to $7 billion of Abbott common shares, from time to time (the "2024 Plan"). The 2024 Plan is in addition to the unused portion of the 2021 Plan.
33
Item 6.     Exhibits
Exhibit No.Exhibit
31.1
31.2
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
32.2
101The following financial statements and notes from the Abbott Laboratories Quarterly Report on Form 10-Q for the quarter and nine months ended September 30, 2024, 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.
104Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101).
34
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
Executive Vice President, Finance
and Chief Financial Officer
Date: October 31, 2024
35

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: October 31, 2024/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;
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: October 31, 2024/s/ PHILIP P. BOUDREAU
Philip P. Boudreau
Executive 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, 2024 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
October 31, 2024
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, 2024 as filed with the Securities and Exchange Commission (the “Report”), I, Philip B. Boudreau, Executive 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
Executive Vice President, Finance
and Chief Financial Officer
October 31, 2024
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.

v3.24.3
Cover
 9 Months Ended
Sep. 30, 2024
shares
Document and Entity Information  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2024
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 1,734,455,213
Entity Central Index Key 0000001800
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
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
v3.24.3
Condensed Consolidated Statement of Earnings (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 10,635 $ 10,143 $ 30,976 $ 29,868
Cost of products sold, excluding amortization of intangible assets 4,698 4,605 13,764 13,419
Amortization of intangible assets 470 496 1,413 1,485
Research and development 713 672 2,095 2,041
Selling, general and administrative 2,895 2,723 8,790 8,225
Total operating cost and expenses 8,776 8,496 26,062 25,170
Operating earnings 1,859 1,647 4,914 4,698
Interest expense 142 166 423 478
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 taxes 1,940 1,671 4,983 4,869
Taxes on earnings 294 235 810 740
Net Earnings $ 1,646 $ 1,436 $ 4,173 $ 4,129
Basic earnings per common share (in dollars per share) $ 0.94 $ 0.82 $ 2.39 $ 2.36
Diluted earnings per common share (in dollars per share) $ 0.94 $ 0.82 $ 2.38 $ 2.35
Average number of common shares outstanding used for basic earnings per common share (in shares) 1,739,466 1,738,700 1,740,869 1,740,255
Dilutive common stock options (in shares) 8,131 9,589 8,565 9,819
Average number of common shares outstanding plus dilutive common stock options (in shares) 1,747,597 1,748,289 1,749,434 1,750,074
Outstanding common stock options having no dilutive effect (in shares) 6,905 7,334 6,892 5,474
v3.24.3
Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]          
Net Earnings $ 1,646 $ 1,436 $ 4,173 $ 4,129  
Foreign currency translation gain (loss) adjustments 497 (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  
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:          
Cumulative foreign currency translation (loss) adjustments (6,429)   (6,429)   $ (6,504)
Net actuarial (losses) and prior service (costs) and credits (1,351)   (1,351)   (1,376)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges (24)   (24)   41
Accumulated other comprehensive income (loss) $ (7,804)   $ (7,804)   $ (7,839)
v3.24.3
Condensed Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax (benefit) $ 0 $ (1) $ 1 $ (4)
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification, tax (benefit) $ (63) $ 30 $ (6) $ (24)
v3.24.3
Condensed Consolidated Balance Sheet (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 7,558 $ 6,896
Short-term investments 230 383
Trade receivables, less allowances of $456 in 2024 and $444 in 2023 7,051 6,565
Inventories:    
Finished products 4,173 3,946
Work in process 877 807
Materials 1,763 1,817
Total inventories 6,813 6,570
Prepaid expenses and other receivables 2,150 2,256
Total Current Assets 23,802 22,670
Investments 912 799
Property and equipment, at cost 22,857 21,933
Less: accumulated depreciation and amortization 12,236 11,779
Net property and equipment 10,621 10,154
Intangible assets, net of amortization 7,352 8,815
Goodwill 23,658 23,679
Deferred income taxes and other assets 8,011 7,097
Assets 74,356 73,214
Current Liabilities:    
Trade accounts payable 4,034 4,295
Salaries, wages and commissions 1,618 1,597
Other accrued liabilities 5,427 5,422
Dividends payable 956 955
Income taxes payable 713 492
Current portion of long-term debt 2,154 1,080
Total Current Liabilities 14,902 13,841
Long-term debt 12,825 13,599
Post-employment obligations, deferred income taxes and other long-term liabilities 6,601 6,947
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: 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 business 39,056 37,554
Accumulated other comprehensive income (loss) (7,804) (7,839)
Total Abbott Shareholders’ Investment 39,796 38,603
Noncontrolling Interests in Subsidiaries 232 224
Total Shareholders’ Investment 40,028 38,827
Liabilities and Shareholders’ Investment $ 74,356 $ 73,214
v3.24.3
Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Trade receivables, allowances $ 456 $ 444
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) 1,991,051,414 1,987,883,852
Common shares held in treasury (in shares) 256,595,476 253,807,494
v3.24.3
Condensed Consolidated Statement of Shareholders' Investment (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Increase (Decrease) in Shareholders' Investment        
Beginning balance     $ 38,827  
Net earnings $ 1,646 $ 1,436 4,173 $ 4,129
Other comprehensive income (loss) 331 (409) 35 (429)
Ending balance 40,028   40,028  
Common Shares        
Increase (Decrease) in Shareholders' Investment        
Beginning balance 24,858 24,612 24,869 24,709
Issued under incentive stock programs 48 6 148 36
Share-based compensation 117 116 563 531
Issuance of restricted stock awards (3) (7) (560) (549)
Ending balance 25,020 24,727 25,020 24,727
Common Shares Held in Treasury        
Increase (Decrease) in Shareholders' Investment        
Beginning balance (15,759) (15,722) (15,981) (15,229)
Issued under incentive stock programs 35 36 279 288
Purchased (752) 0 (774) (745)
Ending balance (16,476) (15,686) (16,476) (15,686)
Earnings Employed in the Business        
Increase (Decrease) in Shareholders' Investment        
Beginning balance 38,354 36,355 37,554 35,257
Net earnings 1,646 1,436 4,173 4,129
Cash dividends declared on common shares (958) (889) (2,879) (2,668)
Effect of common and treasury share transactions 14 18 208 202
Ending balance 39,056 36,920 39,056 36,920
Accumulated Other Comprehensive Income (Loss)        
Increase (Decrease) in Shareholders' Investment        
Beginning balance (8,135) (8,071) (7,839) (8,051)
Other comprehensive income (loss) 331 (409) 35 (429)
Ending balance (7,804) (8,480) (7,804) (8,480)
Noncontrolling Interests in Subsidiaries        
Increase (Decrease) in Shareholders' Investment        
Beginning balance 242 230 224 219
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases (10) (17) 8 (6)
Ending balance $ 232 $ 213 $ 232 $ 213
v3.24.3
Condensed Consolidated Statement of Shareholders' Investment (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Increase (Decrease) in Shareholders' Investment        
Beginning balance, treasury stock, common (in shares)     253,807,494  
Cash dividends declared on common shares (in dollars per share) $ 0.55 $ 0.51 $ 1.65 $ 1.53
Ending balance, treasury stock, common (in shares) 256,595,476   256,595,476  
Common Shares        
Increase (Decrease) in Shareholders' Investment        
Beginning balance (in shares) 1,990,029,292 1,987,181,491 1,987,883,852 1,986,519,278
Issued under incentive stock programs (in shares) 1,022,122 123,663 3,167,562 785,876
Ending balance (in shares) 1,991,051,414 1,987,305,154 1,991,051,414 1,987,305,154
Common Shares Held in Treasury        
Increase (Decrease) in Shareholders' Investment        
Beginning balance, treasury stock, common (in shares) 250,131,563 251,823,511 253,807,494 248,724,257
Issued under incentive stock programs (in shares) 545,287 579,159 4,410,852 4,669,629
Purchased (in shares) 7,009,200 2,266 7,198,834 7,191,990
Ending balance, treasury stock, common (in shares) 256,595,476 251,246,618 256,595,476 251,246,618
v3.24.3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flow From (Used in) Operating Activities:    
Net earnings $ 4,173 $ 4,129
Adjustments to reconcile net earnings to net cash from operating activities —    
Depreciation 998 945
Amortization of intangible assets 1,413 1,485
Share-based compensation 562 530
Trade receivables (533) (424)
Inventories (293) (527)
Other, net (630) (1,915)
Net Cash From Operating Activities 5,690 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 0 (877)
Proceeds from business dispositions 1 40
Sales (purchases) of other investment securities, net 9 (45)
Other 5 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 debt 222 1
Repayments of long-term debt (20) (1,447)
Purchases of common shares (980) (968)
Proceeds from stock options exercised 239 133
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 Equivalents 662 (3,173)
Cash and Cash Equivalents, Beginning of Year 6,896 9,882
Cash and Cash Equivalents, End of Period $ 7,558 $ 6,709
v3.24.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2024
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, 2023. The condensed consolidated financial statements include the accounts of the parent company and subsidiaries, after elimination of intercompany transactions.
v3.24.3
New Accounting Standards
 9 Months Ended
Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Standards
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.
v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
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 $10,143 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(in millions)U.S.Int’lTotal U.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$— $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.
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 
v3.24.3
Supplemental Financial Information
 9 Months Ended
Sep. 30, 2024
Disclosure Text Block Supplement [Abstract]  
Supplemental Financial Information
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.
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.
v3.24.3
Changes In Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
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
(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.
v3.24.3
Business Acquisitions
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Acquisitions
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.
v3.24.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
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.
v3.24.3
Restructuring Plans
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Plans
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 
v3.24.3
Incentive Stock Programs
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Incentive Stock Programs
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.
v3.24.3
Debt and Lines of Credit
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt and Lines of Credit
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.
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.
v3.24.3
Financial Instruments, Derivatives and Fair Value Measures
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments, Derivatives and Fair Value Measures
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.
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 
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.

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)20242023202420232024202320242023Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges$(199)$125 $39 $152 $42 $22 $85 $211 Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary(73)12 (26)45 — — — — n/a
Interest rate swaps designated as fair value hedgesn/an/an/an/a24 (18)28 (15)Interest expense

Losses of $89 million and gains of $60 million were recognized in the three months ended September 30, 2024 and 2023, respectively, related to foreign currency forward exchange contracts not designated as a hedge. A gain of $46 million and a loss of $4 million were recognized in the nine months ended September 30, 2024 and 2023, 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, 2024 and December 31, 2023 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, 2024December 31, 2023
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term Investment Securities:
Equity securities$574 $574 $555 $555 
Other338 338 244 244 
Total Long-term Debt(14,979)(15,154)(14,679)(14,769)
Foreign Currency Forward Exchange Contracts:   
Receivable position101 101 169 169 
(Payable) position(262)(262)(231)(231)
Interest Rate Hedge Contracts:    
(Payable) position(67)(67)(95)(95)

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, 2024:
Equity securities$334 $334 $— $— 
Foreign currency forward exchange contracts101 — 101 — 
Total Assets$435 $334 $101 $— 
Fair value of hedged long-term debt$2,098 $— $2,098 $— 
Interest rate swap derivative financial instruments67 — 67 — 
Foreign currency forward exchange contracts262 — 262 — 
Contingent consideration related to business combinations59 — — 59 
Total Liabilities$2,486 $— $2,427 $59 
December 31, 2023:
Equity securities$326 $326 $— $— 
Foreign currency forward exchange contracts169 — 169 — 
Total Assets$495 $326 $169 $— 
Fair value of hedged long-term debt$2,052 $— $2,052 $— 
Interest rate swap derivative financial instruments95 — 95 — 
Foreign currency forward exchange contracts231 — 231 — 
Contingent consideration related to business combinations112 — — 112 
Total Liabilities$2,490 $— $2,378 $112 

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, 2023 reflects a payment of $40 million and a $13 million change in the fair value of the remaining contingent consideration.

The maximum amount for certain contingent consideration is not determinable as it is based on a percent of certain sales. Excluding such contingent consideration, the maximum amount that may be due under the other contingent consideration arrangements was estimated at September 30, 2024 to be approximately $115 million, which is dependent upon attaining certain sales thresholds or upon the occurrence of certain events, such as regulatory approvals.
v3.24.3
Litigation and Environmental Matters
 9 Months Ended
Sep. 30, 2024
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 has been named as a defendant in a number of lawsuits alleging that its preterm infant formula and human milk fortifier products that contain cow’s milk cause an intestinal disease known as necrotizing enterocolitis (NEC) and inadequately warn about the risk of NEC. These lawsuits claim that certain preterm infants suffered injury or death as a result of contracting NEC. Abbott denies the allegations in these lawsuits. In July 2024, a jury in a Missouri state court awarded a plaintiff $495 million in a trial against Abbott. Abbott stands by its products and the information it provided about them, and it plans to appeal the jury's verdict. Abbott does not believe that it is probable that a material loss will be incurred related to these lawsuits and therefore, no reserves have been recorded for these lawsuits. Given the uncertainty as to the possible outcome in each of these lawsuits, Abbott is unable to reasonably estimate a range of possible loss related to these lawsuits.

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 $30 million to $40 million. The recorded accrual balance at September 30, 2024 for these proceedings and exposures was approximately $35 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, except for the cases discussed in the second paragraph of this note, the resolution of which could be material to Abbott's financial position, cash flows or results of operations.
v3.24.3
Post-Employment Benefits
 9 Months Ended
Sep. 30, 2024
Postemployment Benefits [Abstract]  
Post-Employment Benefits
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 costs 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 are as follows:

Defined Benefit PlansMedical 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)20242023202420232024202320242023
Service cost - benefits earned during the period$61 $56 $182 $174 $9 $10 $29 $29 
Interest cost on projected benefit obligations118 114 352 342 13 15 40 45 
Expected return on plan assets(263)(244)(788)(729)(6)(6)(18)(18)
Curtailment gain— — — (14)— — — — 
Net amortization of:
Actuarial loss, net6 2 18 8 — (1)(1)(2)
Prior service cost (credit)— 1 1 1 (3)(3)(10)(10)
Net cost (credit)$(78)$(71)$(235)$(218)$13 $15 $40 $44 
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 2024 and 2023, $298 million and $302 million, respectively, were contributed to defined benefit plans. In the first nine months of 2024 and 2023, $28 million was contributed, in each year, to the post-employment medical and dental plans.
v3.24.3
Taxes on Earnings
 9 Months Ended
Sep. 30, 2024
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 2024 and 2023, taxes on earnings include approximately $44 million and $11 million, respectively, in excess tax benefits associated with share-based compensation. In the first nine months of 2024 and 2023, taxes on earnings also include approximately $35 million and $59 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 $75 million to $1.33 billion, 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 filed a petition with the U.S. Tax Court contesting the SNOD in December 2023.

In June 2024, Abbott received a SNOD from the IRS for the 2017 and 2018 Federal tax years in the amount of $192 million. The matters proposed in the 2017/2018 SNOD are substantially similar to the income allocation adjustments included in the 2019 SNOD. Abbott filed a petition in September 2024 with the U.S. Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD.

In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax. The primary adjustments proposed in the SNOD are substantially similar to the income allocation adjustments included in the 2017/2018 and 2019 SNODs. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit. The SNOD also contains other proposed adjustments and omissions that Abbott believes are erroneous and unsupported. In addition to the tax assessment for the 2020 tax year, the 2020 SNOD also contested a deduction for which an estimated $440 million cash tax benefit would be available in a different taxable year as allowed under applicable U.S. tax law. Abbott intends to file a petition with the U.S. Tax Court contesting the SNOD.

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 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have enacted legislation to adopt the Pillar 2 model rules. A subset of the rules became effective January 1, 2024, and the remaining rules become effective January 1, 2025 or later. Abbott continues to analyze the Pillar 2 model rules. The full implementation of the model rules may have a material impact on Abbott’s condensed consolidated financial statements in the future.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information
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 businesses 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.
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 CustomersOperating Earnings
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20242023202420232024 2023 2024 2023
Established Pharmaceutical Products$1,406 $1,368 $3,926 $3,844 $380 $345 $962 $952 
Nutritional Products2,066 2,073 6,284 6,116 312 284 1,062 972 
Diagnostic Products2,412 2,449 6,821 7,454 558 632 1,462 1,720 
Medical Devices4,747 4,249 13,934 12,444 1,513 1,342 4,380 3,805 
Total Reportable Segments10,631 10,139 30,965 29,858 2,763 2,603 7,866 7,449 
Other 4 4 11 10 
Net sales$10,635 $10,143 $30,976 $29,868 
Corporate functions and benefit plan costs(140)(50)(286)(198)
Net interest expense (51)(69)(170)(182)
Share-based compensation (a) (117)(117)(562)(530)
Amortization of intangible assets(470)(496)(1,413)(1,485)
Other, net (b)(45)(200)(452)(185)
Earnings before taxes$1,940 $1,671 $4,983 $4,869 
______________________________________
(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 and nine months ended September 30, 2024 and 2023 includes charges related to restructurings, the impairment of IPR&D and intangible assets and various investments and integration costs related to business combinations. Other, net for the nine months ended September 30, 2024 includes a loss on the divestiture of a non-core business. Other, net for the three months and nine months ended September 30, 2023 includes costs associated with the acquisition of CSI. Other, net for the nine months ended September 30, 2023 includes income arising from fair value changes in contingent consideration related to previous business combinations.
v3.24.3
New Accounting Standards (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Standards Not Yet Adopted
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.
v3.24.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Sales Category
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 $10,143 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(in millions)U.S.Int’lTotal U.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$— $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 
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, 2023$545 
Unearned revenue from cash received during the period356 
Revenue recognized related to contract liability balance(329)
Balance at September 30, 2024$572 
v3.24.3
Supplemental Financial Information (Tables)
 9 Months Ended
Sep. 30, 2024
Disclosure Text Block Supplement [Abstract]  
Schedule of Activity of Allowance for Doubtful Accounts
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 
Schedule of Components of Long-Term Investments
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 
v3.24.3
Changes In Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss), Net of Income 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
(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 
v3.24.3
Restructuring Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Activity of Restructuring Actions and Related Accruals 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 
v3.24.3
Incentive Stock Programs (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Options Outstanding and Exercisable 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 
v3.24.3
Financial Instruments, Derivatives and Fair Value Measures (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Amounts and Location of Derivative and Non-Derivative Financial Instruments
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 
Schedule of Activity for Foreign Currency Forward Exchange Contracts Designated as Cash Flow Hedges and Certain Other Derivative Financial Instruments
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.

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)20242023202420232024202320242023Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges$(199)$125 $39 $152 $42 $22 $85 $211 Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary(73)12 (26)45 — — — — n/a
Interest rate swaps designated as fair value hedgesn/an/an/an/a24 (18)28 (15)Interest expense
Schedule of Carrying Values and Fair Values of Financial Instruments
The carrying values and fair values of certain financial instruments as of September 30, 2024 and December 31, 2023 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, 2024December 31, 2023
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term Investment Securities:
Equity securities$574 $574 $555 $555 
Other338 338 244 244 
Total Long-term Debt(14,979)(15,154)(14,679)(14,769)
Foreign Currency Forward Exchange Contracts:   
Receivable position101 101 169 169 
(Payable) position(262)(262)(231)(231)
Interest Rate Hedge Contracts:    
(Payable) position(67)(67)(95)(95)
Schedule 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, 2024:
Equity securities$334 $334 $— $— 
Foreign currency forward exchange contracts101 — 101 — 
Total Assets$435 $334 $101 $— 
Fair value of hedged long-term debt$2,098 $— $2,098 $— 
Interest rate swap derivative financial instruments67 — 67 — 
Foreign currency forward exchange contracts262 — 262 — 
Contingent consideration related to business combinations59 — — 59 
Total Liabilities$2,486 $— $2,427 $59 
December 31, 2023:
Equity securities$326 $326 $— $— 
Foreign currency forward exchange contracts169 — 169 — 
Total Assets$495 $326 $169 $— 
Fair value of hedged long-term debt$2,052 $— $2,052 $— 
Interest rate swap derivative financial instruments95 — 95 — 
Foreign currency forward exchange contracts231 — 231 — 
Contingent consideration related to business combinations112 — — 112 
Total Liabilities$2,490 $— $2,378 $112 
v3.24.3
Post-Employment Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Postemployment Benefits [Abstract]  
Schedule of Net Periodic Benefit Costs Net costs 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 are as follows:
Defined Benefit PlansMedical 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)20242023202420232024202320242023
Service cost - benefits earned during the period$61 $56 $182 $174 $9 $10 $29 $29 
Interest cost on projected benefit obligations118 114 352 342 13 15 40 45 
Expected return on plan assets(263)(244)(788)(729)(6)(6)(18)(18)
Curtailment gain— — — (14)— — — — 
Net amortization of:
Actuarial loss, net6 2 18 8 — (1)(1)(2)
Prior service cost (credit)— 1 1 1 (3)(3)(10)(10)
Net cost (credit)$(78)$(71)$(235)$(218)$13 $15 $40 $44 
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
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 CustomersOperating Earnings
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20242023202420232024 2023 2024 2023
Established Pharmaceutical Products$1,406 $1,368 $3,926 $3,844 $380 $345 $962 $952 
Nutritional Products2,066 2,073 6,284 6,116 312 284 1,062 972 
Diagnostic Products2,412 2,449 6,821 7,454 558 632 1,462 1,720 
Medical Devices4,747 4,249 13,934 12,444 1,513 1,342 4,380 3,805 
Total Reportable Segments10,631 10,139 30,965 29,858 2,763 2,603 7,866 7,449 
Other 4 4 11 10 
Net sales$10,635 $10,143 $30,976 $29,868 
Corporate functions and benefit plan costs(140)(50)(286)(198)
Net interest expense (51)(69)(170)(182)
Share-based compensation (a) (117)(117)(562)(530)
Amortization of intangible assets(470)(496)(1,413)(1,485)
Other, net (b)(45)(200)(452)(185)
Earnings before taxes$1,940 $1,671 $4,983 $4,869 
______________________________________
(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 and nine months ended September 30, 2024 and 2023 includes charges related to restructurings, the impairment of IPR&D and intangible assets and various investments and integration costs related to business combinations. Other, net for the nine months ended September 30, 2024 includes a loss on the divestiture of a non-core business. Other, net for the three months and nine months ended September 30, 2023 includes costs associated with the acquisition of CSI. Other, net for the nine months ended September 30, 2023 includes income arising from fair value changes in contingent consideration related to previous business combinations.
v3.24.3
Revenue - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
segment
Sep. 30, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Number of reportable segments | segment     4  
Net sales $ 10,635 $ 10,143 $ 30,976 $ 29,868
Diagnostic Products        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations 5,300   5,300  
Diagnostic Products | COVID-19 Testing        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Net sales 265 $ 305 571 $ 1,300
Medical Devices        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations $ 466   $ 466  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Percentage of remaining performance obligation expected to be recognized in period     55.00%  
Expected timing of satisfaction period (in months) 24 months   24 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01        
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  
v3.24.3
Revenue - Schedule of Revenue by Sales Category (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Net sales $ 10,635 $ 10,143 $ 30,976 $ 29,868
Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 10,631 10,139 30,965 29,858
Other        
Segment Reporting Information [Line Items]        
Net sales 4 4 11 10
United States        
Segment Reporting Information [Line Items]        
Net sales 4,202 3,817 11,982 11,503
United States | Other        
Segment Reporting Information [Line Items]        
Net sales 4 4 11 10
International        
Segment Reporting Information [Line Items]        
Net sales 6,433 6,326 18,994 18,365
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 1,406 1,368 3,926 3,844
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 1,406 1,368 3,926 3,844
Nutritional Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 2,066 2,073 6,284 6,116
Nutritional Products | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 950 860 2,761 2,553
Nutritional Products | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 1,116 1,213 3,523 3,563
Diagnostic Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 2,412 2,449 6,821 7,454
Diagnostic Products | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 1,032 1,013 2,775 3,309
Diagnostic Products | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 1,380 1,436 4,046 4,145
Medical Devices | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 4,747 4,249 13,934 12,444
Medical Devices | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 2,216 1,940 6,435 5,631
Medical Devices | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 2,531 2,309 7,499 6,813
Key Emerging Markets | Established Pharmaceutical Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 994 987 2,910 2,889
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 994 987 2,910 2,889
Other | Established Pharmaceutical Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 412 381 1,016 955
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 412 381 1,016 955
Pediatric Nutritionals | Nutritional Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 955 1,001 3,023 2,949
Pediatric Nutritionals | Nutritional Products | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 568 506 1,646 1,472
Pediatric Nutritionals | Nutritional Products | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 387 495 1,377 1,477
Adult Nutritionals | Nutritional Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 1,111 1,072 3,261 3,167
Adult Nutritionals | Nutritional Products | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 382 354 1,115 1,081
Adult Nutritionals | Nutritional Products | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 729 718 2,146 2,086
Core Laboratory | Diagnostic Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 1,314 1,314 3,848 3,789
Core Laboratory | Diagnostic Products | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 332 317 969 917
Core Laboratory | Diagnostic Products | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 982 997 2,879 2,872
Molecular | Diagnostic Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 128 133 384 421
Molecular | Diagnostic Products | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 37 38 112 128
Molecular | Diagnostic Products | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 91 95 272 293
Point of Care | Diagnostic Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 146 140 441 416
Point of Care | Diagnostic Products | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 103 97 308 289
Point of Care | Diagnostic Products | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 43 43 133 127
Rapid Diagnostics | Diagnostic Products | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 824 862 2,148 2,828
Rapid Diagnostics | Diagnostic Products | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 560 561 1,386 1,975
Rapid Diagnostics | Diagnostic Products | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 264 301 762 853
Rhythm Management | Medical Devices | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 597 563 1,766 1,673
Rhythm Management | Medical Devices | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 288 271 851 800
Rhythm Management | Medical Devices | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 309 292 915 873
Electrophysiology | Medical Devices | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 610 544 1,824 1,602
Electrophysiology | Medical Devices | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 285 246 841 729
Electrophysiology | Medical Devices | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 325 298 983 873
Heart Failure | Medical Devices | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 322 284 948 860
Heart Failure | Medical Devices | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 252 217 733 661
Heart Failure | Medical Devices | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 70 67 215 199
Vascular | Medical Devices | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 699 672 2,112 2,004
Vascular | Medical Devices | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 258 251 787 733
Vascular | Medical Devices | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 441 421 1,325 1,271
Structural Heart | Medical Devices | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 558 487 1,637 1,446
Structural Heart | Medical Devices | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 270 223 761 652
Structural Heart | Medical Devices | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 288 264 876 794
Neuromodulation | Medical Devices | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 236 227 705 650
Neuromodulation | Medical Devices | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 190 188 563 528
Neuromodulation | Medical Devices | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 46 39 142 122
Diabetes Care | Medical Devices | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 1,725 1,472 4,942 4,209
Diabetes Care | Medical Devices | United States | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 673 544 1,899 1,528
Diabetes Care | Medical Devices | International | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales $ 1,052 $ 928 $ 3,043 $ 2,681
v3.24.3
Revenue - Schedule of Changes in Contract Liabilities (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Contract Liabilities:  
Beginning balance $ 545
Unearned revenue from cash received during the period 356
Revenue recognized related to contract liability balance (329)
Ending balance $ 572
v3.24.3
Supplemental Financial Information - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Condensed Cash Flow Statements, Captions [Line Items]          
Net earnings allocated to common shares $ 1,640   $ 1,431 $ 4,156 $ 4,113
Payment of cash taxes       1,181 1,180
Securities in mutual funds held in a rabbi trust 323     323  
Equity method investments carrying value 170     170  
Equity investment without readily determinable fair value $ 70     70  
Defined Benefit Plans          
Condensed Cash Flow Statements, Captions [Line Items]          
Pension contributions       $ 298 $ 302
Established Pharmaceutical Products          
Condensed Cash Flow Statements, Captions [Line Items]          
Gain (loss) on disposal   $ 143      
Net assets   28      
Foreign currency translation adjustment   $ 116      
v3.24.3
Supplemental Financial Information - Schedule of Activity of Allowance for Doubtful Accounts (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Allowance for Doubtful Accounts:  
Beginning balance $ 241
Provisions/charges to income 53
Amounts charged off and other deductions (33)
Ending balance $ 261
v3.24.3
Supplemental Financial Information - Schedule of Components of Long-Term Investments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Summary of Investment Holdings [Line Items]    
Total $ 912 $ 799
Equity securities    
Summary of Investment Holdings [Line Items]    
Total 574 555
Other    
Summary of Investment Holdings [Line Items]    
Total $ 338 $ 244
v3.24.3
Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Changes in accumulated other comprehensive income (loss), net of income taxes        
Beginning balance     $ 38,603  
Other comprehensive income (loss) $ 331 $ (409) 35 $ (429)
Ending balance 39,796   39,796  
Cumulative Foreign Currency Translation (Loss) Adjustments        
Changes in accumulated other comprehensive income (loss), net of income taxes        
Beginning balance (6,926) (6,646) (6,504) (6,733)
Other comprehensive income (loss) before reclassifications 497 (497) (41) (410)
Amounts reclassified from accumulated other comprehensive income 0 17 116 17
Other comprehensive income (loss) 497 (480) 75 (393)
Ending balance (6,429) (7,126) (6,429) (7,126)
Net Actuarial (Losses) and Prior Service (Costs) and Credits        
Changes in accumulated other comprehensive income (loss), net of income taxes        
Beginning balance (1,365) (1,497) (1,376) (1,493)
Other comprehensive income (loss) before reclassifications 14 (9) 19 (6)
Amounts reclassified from accumulated other comprehensive income 0 0 6 (7)
Other comprehensive income (loss) 14 (9) 25 (13)
Ending balance (1,351) (1,506) (1,351) (1,506)
Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges        
Changes in accumulated other comprehensive income (loss), net of income taxes        
Beginning balance 156 72 41 175
Other comprehensive income (loss) before reclassifications (148) 96 (3) 134
Amounts reclassified from accumulated other comprehensive income (32) (16) (62) (157)
Other comprehensive income (loss) (180) 80 (65) (23)
Ending balance $ (24) $ 152 $ (24) $ 152
v3.24.3
Business Acquisitions (Details)
$ / shares in Units, $ in Millions
Apr. 27, 2023
USD ($)
intangibleAsset
$ / shares
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Acquisition [Line Items]      
Goodwill   $ 23,658 $ 23,679
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 asset $ 305    
In-process research and development 15    
Goodwill 369    
Net deferred tax assets 46    
Other net assets $ 116    
v3.24.3
Goodwill and Intangible Assets (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Goodwill and Intangible Assets [Line Items]    
Goodwill $ 23,658 $ 23,679
Increase in goodwill due to foreign currency translation adjustments 18  
Decrease in goodwill due to purchase accounting finalization for business acquisitions 39  
Amount of reductions of goodwill relating to impairments 0  
Gross amount of amortizable intangible assets 27,700 27,700
Accumulated amortization of intangible assets 21,100 19,700
Decrease in intangible assets due to foreign currency translation adjustments (9)  
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  
Estimated annual amortization expense, intangible assets, 2028 700  
Indefinite-lived intangible assets related to in-process R&D acquired in a business combination 798 $ 787
Increase in in-process R&D due to acquisition 35  
Established Pharmaceutical Products    
Goodwill and Intangible Assets [Line Items]    
Goodwill 2,700  
Nutritional Products    
Goodwill and Intangible Assets [Line Items]    
Goodwill 285  
Diagnostic Products    
Goodwill and Intangible Assets [Line Items]    
Goodwill 3,600  
Medical Devices    
Goodwill and Intangible Assets [Line Items]    
Goodwill 17,100  
Impairment charge 51  
Impairment of indefinite-lived intangible assets $ 25  
v3.24.3
Restructuring Plans - Narrative (Details) - 2024 Restructuring Plan
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring charges $ 60
Payments for restructuring 25
Restructuring reserve 35
Asset impairment charges 22
Cost of products sold  
Restructuring Cost and Reserve [Line Items]  
Restructuring charges 39
Research and Development  
Restructuring Cost and Reserve [Line Items]  
Restructuring charges 2
Selling, General and Administrative Expenses  
Restructuring Cost and Reserve [Line Items]  
Restructuring charges $ 19
v3.24.3
Restructuring Plans - Schedule of Activity of Restructuring Actions and Related Accruals (Details) - Streamline Operations Restructuring Plans
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Accrued balance at beginning of the period $ 137
Payments and other adjustments (82)
Accrued balance at end of the period $ 55
v3.24.3
Incentive Stock Programs - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Incentive stock program, shares reserved for future grants (in shares) 61,000,000
Total unrecognized compensation cost | $ $ 567
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) 1,683,097
Restricted Stock Awards  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Restricted stock awards granted during the period (in shares) 404,597
Restricted Stock Units (RSUs)  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Restricted stock units granted during period (in shares) 5,308,735
v3.24.3
Incentive Stock Programs - Schedule of Options Outstanding and Exercisable (Details) - Stock Options
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Stock options outstanding, number of shares | shares 27,024,268
Exercisable options, number of shares | shares 23,137,620
Stock options outstanding, weighted average remaining life (years) 4 years 8 months 12 days
Exercisable options, weighted average remaining life (years) 4 years 1 month 6 days
Stock options outstanding, weighted average exercise price (in dollars per share) | $ / shares $ 80.25
Exercisable options, weighted average exercise price (in dollars per share) | $ / shares $ 74.71
Aggregate intrinsic value of options outstanding | $ $ 952
Aggregate intrinsic value of options exercisable | $ $ 941
v3.24.3
Debt and Lines of Credit (Details)
€ in Millions, $ in Millions, ¥ in Billions
 1 Months Ended
Jun. 26, 2024
USD ($)
Jan. 29, 2024
USD ($)
Sep. 27, 2023
USD ($)
Sep. 27, 2023
EUR (€)
Nov. 12, 2020
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Jun. 26, 2024
JPY (¥)
Jun. 25, 2024
JPY (¥)
Bigfoot Biomedical                  
Debt Instrument [Line Items]                  
Repayments of debt           $ 197      
0.875% Notes, Due 2023                  
Debt Instrument [Line Items]                  
Repayments of debt     $ 1,200 € 1,140          
Interest rate (as a percent)     0.875% 0.875%          
Revolving Credit Facility | 2024 Five Year Credit Agreement                  
Debt Instrument [Line Items]                  
Debt instrument, term 5 years 5 years              
Maximum borrowing capacity             $ 5,000 ¥ 92.0 ¥ 59.8
Net proceeds $ 201                
Revolving Credit Facility | 2024 Five Year Credit Agreement | Tokyo Interbank Offered Rate                  
Debt Instrument [Line Items]                  
Debt instrument, term 5 years                
Line of Credit | 2020 Five Year Credit Agreement                  
Debt Instrument [Line Items]                  
Debt instrument, term         5 years        
Outstanding borrowings   $ 0              
v3.24.3
Financial Instruments, Derivatives and Fair Value Measures - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 26, 2024
Jan. 29, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Derivative [Line Items]              
Yen-denominated term loan     $ 975   $ 975   $ 745
Payment for contingent consideration         40    
Change in fair value of remaining contingent consideration         13    
Various Business Acquisitions              
Derivative [Line Items]              
Maximum amount of contingent consideration     115   115    
2024 Five Year Credit Agreement | Revolving Credit Facility              
Derivative [Line Items]              
Debt instrument, term 5 years 5 years          
Net proceeds $ 201            
Net Investment Hedging | Designated as Hedging Instrument | Five Year Term Loan              
Derivative [Line Items]              
Yen-denominated term loan     646   $ 646    
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             $ 419
Foreign Exchange Forward              
Derivative [Line Items]              
Gains (losses) from foreign currency forward exchange contracts not designated as hedges     (89) $ 60 $ 46 $ (4)  
Foreign Exchange Forward | Not Designated as Hedging Instrument              
Derivative [Line Items]              
Derivative, notional amount     13,800   13,800   13,800
Foreign Exchange Forward | Cash Flow Hedging | Designated as Hedging Instrument              
Derivative [Line Items]              
Derivative, notional amount     7,100   $ 7,100   7,300
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 Swap | Fair Value Hedging | Designated as Hedging Instrument              
Derivative [Line Items]              
Derivative, notional amount     $ 2,200   $ 2,200   $ 2,200
v3.24.3
Financial Instruments, Derivatives and Fair Value Measures - Schedule of Amounts and Location of Derivative and Non-Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Fair Value - Assets $ 101 $ 169
Fair Value - Liabilities 975 745
Designated as Hedging Instrument | Interest Rate Swap | 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 Swap | 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 Swap | Post-employment obligations, deferred income taxes and other long-term liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Fair Value - Liabilities 54 95
Designated as Hedging Instrument | Interest Rate Swap | Other accrued liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Fair Value - Liabilities 13 0
Designated as Hedging Instrument | Foreign Exchange Forward | Prepaid expenses and other receivables    
Derivatives, Fair Value [Line Items]    
Fair Value - Assets 32 88
Designated as Hedging Instrument | Foreign Exchange Forward | Other accrued liabilities    
Derivatives, Fair Value [Line Items]    
Fair Value - Liabilities 166 134
Designated as Hedging Instrument | Debt | Long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Fair Value - Liabilities 646 419
Not Designated as Hedging Instrument | Foreign Exchange Forward | Prepaid expenses and other receivables    
Derivatives, Fair Value [Line Items]    
Fair Value - Assets 69 81
Not Designated as Hedging Instrument | Foreign Exchange Forward | Other accrued liabilities    
Derivatives, Fair Value [Line Items]    
Fair Value - Liabilities $ 96 $ 97
v3.24.3
Financial Instruments, Derivatives and Fair Value Measures - Schedule of Activity for Foreign Currency Forward Exchange Contracts Designated as Cash Flow Hedges and Certain Other Derivative Financial Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Foreign Exchange Forward | 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 $ (199) $ 125 $ 39 $ 152
Income (expense) and gain (loss) reclassified into income, foreign currency forward exchange contracts designated as cash flow hedges 42 22 85 211
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 (73) 12 (26) 45
Interest Rate Swap | Interest expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Income (expense) and gain (loss) reclassified into income, interest rate swaps designated as fair value hedges $ 24 $ (18) $ 28 $ (15)
v3.24.3
Financial Instruments, Derivatives and Fair Value Measures - Schedule of Carrying Values and Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Long-term Investment Securities: $ 912 $ 799
Receivable position 101 169
(Payable) position (975) (745)
Equity securities    
Derivative [Line Items]    
Long-term Investment Securities: 574 555
Carrying Value    
Derivative [Line Items]    
Total Long-term Debt (14,979) (14,679)
Carrying Value | Foreign Currency Forward Exchange Contracts    
Derivative [Line Items]    
Receivable position 101 169
(Payable) position (262) (231)
Carrying Value | Interest Rate Hedge Contracts    
Derivative [Line Items]    
(Payable) position (67) (95)
Carrying Value | Equity securities    
Derivative [Line Items]    
Long-term Investment Securities: 574 555
Carrying Value | Other    
Derivative [Line Items]    
Long-term Investment Securities: 338 244
Fair Value    
Derivative [Line Items]    
Total Long-term Debt (15,154) (14,769)
Fair Value | Foreign Currency Forward Exchange Contracts    
Derivative [Line Items]    
Receivable position 101 169
(Payable) position (262) (231)
Fair Value | Interest Rate Hedge Contracts    
Derivative [Line Items]    
(Payable) position (67) (95)
Fair Value | Equity securities    
Derivative [Line Items]    
Long-term Investment Securities: 574 555
Fair Value | Other    
Derivative [Line Items]    
Long-term Investment Securities: $ 338 $ 244
v3.24.3
Financial Instruments, Derivatives and Fair Value Measures - Schedule of Bases Used to Measure Assets and Liabilities at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Quoted Prices in Active Markets    
Assets, at Fair Value    
Equity securities $ 334 $ 326
Foreign currency forward exchange contracts 0 0
Total Assets 334 326
Liabilities, at Fair Value    
Fair value of hedged long-term debt 0 0
Interest rate swap derivative financial instruments 0 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 101 169
Total Assets 101 169
Liabilities, at Fair Value    
Fair value of hedged long-term debt 2,098 2,052
Interest rate swap derivative financial instruments 67 95
Foreign currency forward exchange contracts 262 231
Contingent consideration related to business combinations 0 0
Total Liabilities 2,427 2,378
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 0
Foreign currency forward exchange contracts 0 0
Contingent consideration related to business combinations 59 112
Total Liabilities 59 112
Outstanding Balances    
Assets, at Fair Value    
Equity securities 334 326
Foreign currency forward exchange contracts 101 169
Total Assets 435 495
Liabilities, at Fair Value    
Fair value of hedged long-term debt 2,098 2,052
Interest rate swap derivative financial instruments 67 95
Foreign currency forward exchange contracts 262 231
Contingent consideration related to business combinations 59 112
Total Liabilities $ 2,486 $ 2,490
v3.24.3
Litigation and Environmental Matters (Details) - USD ($)
$ in Millions
 1 Months Ended
Jul. 31, 2024
Sep. 30, 2024
Loss Contingencies [Line Items]    
Maximum expected cleanup exposure for individual site   $ 4
Maximum expected cleanup exposure in aggregate   10
NEC    
Loss Contingencies [Line Items]    
Amount awarded to plaintiff $ 495  
Lawsuit reserves $ 0  
Legal Proceedings and Environmental Exposures    
Loss Contingencies [Line Items]    
Recorded accrual balance for legal proceedings and exposures   35
Legal Proceedings and Environmental Exposures | Minimum    
Loss Contingencies [Line Items]    
Estimation of possible loss   30
Legal Proceedings and Environmental Exposures | Maximum    
Loss Contingencies [Line Items]    
Estimation of possible loss   $ 40
v3.24.3
Post-Employment Benefits - Schedule of Net Periodic Benefit Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost - benefits earned during the period $ 61 $ 56 $ 182 $ 174
Interest cost on projected benefit obligations 118 114 352 342
Expected return on plan assets (263) (244) (788) (729)
Curtailment gain 0 0 0 (14)
Net amortization of:        
Actuarial loss, net 6 2 18 8
Prior service cost (credit) 0 1 1 1
Net cost (credit) (78) (71) (235) (218)
Medical and Dental Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost - benefits earned during the period 9 10 29 29
Interest cost on projected benefit obligations 13 15 40 45
Expected return on plan assets (6) (6) (18) (18)
Curtailment gain 0 0 0 0
Net amortization of:        
Actuarial loss, net 0 (1) (1) (2)
Prior service cost (credit) (3) (3) (10) (10)
Net cost (credit) $ 13 $ 15 $ 40 $ 44
v3.24.3
Post-Employment Benefits - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
Company contributions $ 298 $ 302
Medical and Dental Plans    
Defined Benefit Plan Disclosure [Line Items]    
Company contributions $ 28 $ 28
v3.24.3
Taxes on Earnings (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Oct. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]        
Excess tax benefits associated with share-based compensation   $ 44 $ 11  
Tax expense from prior year tax positions   35 59  
Statutory notice of deficiency tax claim amount     $ 417 $ 192
Minimum        
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]        
Decrease reasonably possible in gross unrecognized tax benefits   75    
Maximum        
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]        
Decrease reasonably possible in gross unrecognized tax benefits   $ 1,330    
Subsequent Event        
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]        
Statutory notice of deficiency tax claim amount $ 443      
Contested cash tax benefit amount $ 440      
v3.24.3
Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Net Sales to External Customers $ 10,635 $ 10,143 $ 30,976 $ 29,868
Operating Earnings 1,859 1,647 4,914 4,698
Amortization of intangible assets (470) (496) (1,413) (1,485)
Earnings before taxes $ 1,940 $ 1,671 $ 4,983 $ 4,869
Annual share-based awards recognized in first quarter (as a percent) 45.00% 45.00% 45.00% 45.00%
Operating Segments        
Segment Reporting Information [Line Items]        
Net Sales to External Customers $ 10,631 $ 10,139 $ 30,965 $ 29,858
Operating Earnings 2,763 2,603 7,866 7,449
Operating Segments | Established Pharmaceutical Products        
Segment Reporting Information [Line Items]        
Net Sales to External Customers 1,406 1,368 3,926 3,844
Operating Earnings 380 345 962 952
Operating Segments | Nutritional Products        
Segment Reporting Information [Line Items]        
Net Sales to External Customers 2,066 2,073 6,284 6,116
Operating Earnings 312 284 1,062 972
Operating Segments | Diagnostic Products        
Segment Reporting Information [Line Items]        
Net Sales to External Customers 2,412 2,449 6,821 7,454
Operating Earnings 558 632 1,462 1,720
Operating Segments | Medical Devices        
Segment Reporting Information [Line Items]        
Net Sales to External Customers 4,747 4,249 13,934 12,444
Operating Earnings 1,513 1,342 4,380 3,805
Other        
Segment Reporting Information [Line Items]        
Net Sales to External Customers 4 4 11 10
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Corporate functions and benefit plan costs (140) (50) (286) (198)
Net interest expense (51) (69) (170) (182)
Share-based compensation (117) (117) (562) (530)
Amortization of intangible assets (470) (496) (1,413) (1,485)
Other, net $ (45) $ (200) $ (452) $ (185)
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