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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 June 30, 2023
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 June 30, 2023, Abbott Laboratories had 1,735,357,980 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 Six Months Ended
June 30June 30
2023202220232022
Net sales$9,978 $11,257 $19,725 $23,152 
Cost of products sold, excluding amortization of intangible assets4,483 4,933 8,814 9,920 
Amortization of intangible assets498 507 989 1,019 
Research and development715 684 1,369 1,381 
Selling, general and administrative2,740 2,757 5,502 5,544 
Total operating cost and expenses8,436 8,881 16,674 17,864 
Operating earnings1,542 2,376 3,051 5,288 
Interest expense159 132 312 263 
Interest (income)(98)(26)(199)(40)
Net foreign exchange (gain) loss21  27 (3)
Other (income) expense, net(176)(82)(287)(160)
Earnings before taxes1,636 2,352 3,198 5,228 
Taxes on earnings261 334 505 763 
Net Earnings$1,375 $2,018 $2,693 $4,465 
Basic Earnings Per Common Share$0.79 $1.15 $1.54 $2.53 
Diluted Earnings Per Common Share$0.78 $1.14 $1.53 $2.51 
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share1,740,359 1,753,865 1,741,051 1,757,858 
Dilutive Common Stock Options9,889 11,598 9,933 12,115 
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options1,750,248 1,765,463 1,750,984 1,769,973 
Outstanding Common Stock Options Having No Dilutive Effect5,474 5,419 5,474 2,655 
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 EndedSix Months Ended
June 30June 30
2023202220232022
Net Earnings$1,375 $2,018 $2,693 $4,465 
Foreign currency translation gain (loss) adjustments(52)(315)87 (421)
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $(3) and $(3) in 2023 and $12 and $25 in 2022
(6)54 (4)116 
Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $4 and $(54) in 2023 and $61 and $46 in 2022
26 29 (103)(27)
Other comprehensive income (loss)(32)(232)(20)(332)
Comprehensive Income$1,343 $1,786 $2,673 $4,133 
June 30,
2023
December 31,
2022
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments$(6,646)$(6,733)
Net actuarial (losses) and prior service (costs) and credits(1,497)(1,493)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges and other72 175 
Accumulated other comprehensive income (loss)$(8,071)$(8,051)
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
4

Abbott Laboratories and Subsidiaries
Condensed Consolidated Balance Sheet
(Unaudited)
(dollars in millions)
June 30,
2023
December 31,
2022
Assets
Current Assets:
Cash and cash equivalents$7,835 $9,882 
Short-term investments320 288 
Trade receivables, less allowances of $485 in 2023 and $500 in 2022
6,172 6,218 
Inventories:
Finished products4,004 3,805 
Work in process845 680 
Materials2,022 1,688 
Total inventories6,871 6,173 
Prepaid expenses and other receivables2,307 2,663 
Total Current Assets23,505 25,224 
Investments799 766 
Property and equipment, at cost20,926 20,212 
Less: accumulated depreciation and amortization11,477 11,050 
Net property and equipment9,449 9,162 
Intangible assets, net of amortization9,834 10,454 
Goodwill23,258 22,799 
Deferred income taxes and other assets6,509 6,033 
$73,354 $74,438 
Liabilities and Shareholders’ Investment
Current Liabilities:
Trade accounts payable$4,211 $4,607 
Salaries, wages and commissions1,362 1,556 
Other accrued liabilities5,334 5,845 
Dividends payable886 887 
Income taxes payable273 343 
Current portion of long-term debt2,284 2,251 
Total Current Liabilities14,350 15,489 
Long-term debt14,562 14,522 
Post-employment obligations, deferred income taxes and other long-term liabilities7,038 7,522 
Commitments and Contingencies
Shareholders’ Investment:
Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued
  
Common shares, without par value Authorized — 2,400,000,000 shares
Issued at stated capital amount — Shares: 2023: 1,987,181,491; 2022: 1,986,519,278
24,612 24,709 
Common shares held in treasury, at cost — Shares: 2023: 251,823,511; 2022: 248,724,257
(15,722)(15,229)
Earnings employed in the business36,355 35,257 
Accumulated other comprehensive income (loss)(8,071)(8,051)
Total Abbott Shareholders’ Investment37,174 36,686 
Noncontrolling Interests in Subsidiaries230 219 
Total Shareholders’ Investment37,404 36,905 
$73,354 $74,438 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
5

Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
Three Months Ended June 30
20232022
Common Shares:
Balance at March 31
Shares: 2023: 1,986,904,170; 2022: 1,985,525,053
$24,488 $24,304 
Issued under incentive stock programs  
Shares: 2023: 277,321; 2022: 151,682
14 10 
Share-based compensation119 125 
Issuance of restricted stock awards(9)(10)
Balance at June 30  
Shares: 2023: 1,987,181,491; 2022: 1,985,676,735
$24,612 $24,429 
Common Shares Held in Treasury:
Balance at March 31
Shares: 2023: 247,957,371; 2022: 234,582,764
$(15,307)$(13,726)
Issued under incentive stock programs  
Shares: 2023: 157,305; 2022: 135,663
10 7 
Purchased  
Shares: 2023: 4,023,445; 2022: 9,891
(425)(1)
Balance at June 30  
Shares: 2023: 251,823,511; 2022: 234,456,992
$(15,722)$(13,720)
Earnings Employed in the Business:
Balance at March 31$35,868 $33,295 
Net earnings1,375 2,018 
Cash dividends declared on common shares (per share — 2023: $0.51; 2022: $0.47)
(889)(827)
Effect of common and treasury share transactions1 1 
Balance at June 30$36,355 $34,487 
Accumulated Other Comprehensive Income (Loss):
Balance at March 31$(8,039)$(8,474)
Other comprehensive income (loss)(32)(232)
Balance at June 30$(8,071)$(8,706)
Noncontrolling Interests in Subsidiaries:
Balance at March 31$222 $230 
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases8 (4)
Balance at June 30$230 $226 
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)
Six Months Ended June 30
20232022
Common Shares:
Balance at January 1
Shares: 2023: 1,986,519,278; 2022: 1,985,273,421
$24,709 $24,470 
Issued under incentive stock programs
Shares: 2023: 662,213; 2022: 403,314
30 24 
Share-based compensation415 449 
Issuance of restricted stock awards(542)(514)
Balance at June 30
Shares: 2023: 1,987,181,491; 2022: 1,985,676,735
$24,612 $24,429 
Common Shares Held in Treasury:
Balance at January 1
Shares: 2023: 248,724,257; 2022: 221,191,228
$(15,229)$(11,822)
Issued under incentive stock programs
Shares: 2023: 4,090,470; 2022: 4,280,139
252 230 
Purchased
Shares: 2023: 7,189,724; 2022: 17,545,903
(745)(2,128)
Balance at June 30
Shares: 2023: 251,823,511; 2022: 234,456,992
$(15,722)$(13,720)
Earnings Employed in the Business:
Balance at January 1$35,257 $31,528 
Net earnings2,693 4,465 
Cash dividends declared on common shares (per share — 2023: $1.02; 2022: $0.94)
(1,779)(1,653)
Effect of common and treasury share transactions184 147 
Balance at June 30$36,355 $34,487 
Accumulated Other Comprehensive Income (Loss):
Balance at January 1$(8,051)$(8,374)
Other comprehensive income (loss)(20)(332)
Balance at June 30$(8,071)$(8,706)
Noncontrolling Interests in Subsidiaries:
Balance at January 1$219 $222 
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases11 4 
Balance at June 30$230 $226 
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)
Six Months Ended June 30
20232022
Cash Flow From (Used in) Operating Activities:
Net earnings$2,693 $4,465 
Adjustments to reconcile net earnings to net cash from operating activities —
Depreciation617 626 
Amortization of intangible assets989 1,019 
Share-based compensation413 447 
Trade receivables37 (939)
Inventories(667)(1,030)
Other, net(1,736)(113)
Net Cash From Operating Activities2,346 4,475 
Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment(887)(700)
Acquisitions of businesses and technologies, net of cash acquired(826) 
Proceeds from business dispositions40 48 
Sales (purchases) of other investment securities, net(7)18 
Other5 10 
Net Cash From (Used in) Investing Activities(1,675)(624)
Cash Flow From (Used in) Financing Activities:
Net borrowings (repayments) of short-term debt and other(29)13 
Proceeds from issuance of long-term debt1 6 
Repayments of long-term debt(2)(752)
Purchases of common shares(966)(2,312)
Proceeds from stock options exercised77 69 
Dividends paid(1,780)(1,660)
Net Cash From (Used in) Financing Activities(2,699)(4,636)
Effect of exchange rate changes on cash and cash equivalents(19)(77)
Net Increase (Decrease) in Cash and Cash Equivalents(2,047)(862)
Cash and Cash Equivalents, Beginning of Year9,882 9,799 
Cash and Cash Equivalents, End of Period$7,835 $8,937 
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
June 30, 2023
(Unaudited)

Note 1 — Basis of Presentation

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


Note 2 — New Accounting Standards

Recently Adopted Accounting Standards

In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations, which requires an entity to report information about its supplier finance program. Abbott adopted the standard on January 1, 2023. The new standard did not have an impact on Abbott's condensed consolidated financial statements.
9

Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2023
(Unaudited)
Note 3 — Revenue

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

The following tables provide detail by sales category:

Three Months Ended June 30, 2023Three Months Ended June 30, 2022
(in millions)U.S.Int’lTotalU.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$ $990 $990 $ $946 $946 
Other 297 297  277 277 
Total 1,287 1,287  1,223 1,223 
Nutritionals —    
Pediatric Nutritionals507 517 1,024 413 512 925 
Adult Nutritionals374 678 1,052 348 680 1,028 
Total881 1,195 2,076 761 1,192 1,953 
Diagnostics —     
Core Laboratory311 982 1,293 287 934 1,221 
Molecular43 98 141 71 141 212 
Point of Care99 43 142 101 38 139 
Rapid Diagnostics508 233 741 1,982 740 2,722 
Total961 1,356 2,317 2,441 1,853 4,294 
Medical Devices —    
Rhythm Management269 314 583 264 284 548 
Electrophysiology245 308 553 226 260 486 
Heart Failure226 69 295 207 62 269 
Vascular264 451 715 228 425 653 
Structural Heart219 279 498 207 233 440 
Neuromodulation185 42 227 157 40 197 
Diabetes Care 505 919 1,424 399 793 1,192 
Total1,913 2,382 4,295 1,688 2,097 3,785 
Other3  3 2  2 
Total$3,758 $6,220 $9,978 $4,892 $6,365 $11,257 


10

Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2023
(Unaudited)
Note 3 — Revenue (Continued)
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
(in millions)U.S.Int’lTotal U.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$ $1,902 $1,902 $ $1,852 $1,852 
Other 574 574  518 518 
Total 2,476 2,476  2,370 2,370 
Nutritionals —    
Pediatric Nutritionals966 982 1,948 751 1,021 1,772 
Adult Nutritionals727 1,368 2,095 687 1,388 2,075 
Total1,693 2,350 4,043 1,438 2,409 3,847 
Diagnostics —
Core Laboratory600 1,875 2,475 555 1,850 2,405 
Molecular90 198 288 243 389 632 
Point of Care192 84 276 192 75 267 
Rapid Diagnostics1,414 552 1,966 4,163 2,084 6,247 
Total2,296 2,709 5,005 5,153 4,398 9,551 
Medical Devices —
Rhythm Management529 581 1,110 512 560 1,072 
Electrophysiology483 575 1,058 442 529 971 
Heart Failure444 132 576 403 116 519 
Vascular482 850 1,332 437 835 1,272 
Structural Heart429 530 959 397 454 851 
Neuromodulation340 83 423 300 76 376 
Diabetes Care984 1,753 2,737 742 1,576 2,318 
Total3,691 4,504 8,195 3,233 4,146 7,379 
Other6  6 5  5 
Total$7,686 $12,039 $19,725 $9,829 $13,323 $23,152 

Note: The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $28 million of sales in the second quarter of 2022 and $57 million in the first six months of 2022 were moved from Rapid Diagnostics to Heart Failure.

Remaining Performance Obligations

As of June 30, 2023, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $4.2 billion in the Diagnostics segment and approximately $475 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 59 percent of these remaining performance obligations over the next 24 months, approximately 17 percent over the subsequent 12 months and the remainder thereafter.

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

11

Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2023
(Unaudited)
Note 3 — Revenue (Continued)
Other Contract Assets and Liabilities

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

Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Abbott’s contract liabilities arise primarily in the Medical Devices 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, 2022$500 
Unearned revenue from cash received during the period243 
Revenue recognized related to contract liability balance(192)
Balance at June 30, 2023$551 

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 June 30, 2023 and 2022 were $1.370 billion and $2.009 billion, respectively, and for the six months ended June 30, 2023 and 2022 were $2.682 billion and $4.447 billion, respectively.

Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first six months of 2023 includes $290 million of pension contributions and the payment of cash taxes of approximately $837 million. The first six months of 2022 includes $348 million of pension contributions and the payment of cash taxes of approximately $657 million.

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

(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2022$262 
Provisions/charges to income16 
Amounts charged off and other deductions(12)
Balance at June 30, 2023$266 

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.
12

Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2023
(Unaudited)
Note 4 — Supplemental Financial Information (Continued)
The components of long-term investments as of June 30, 2023 and December 31, 2022 are as follows:

(in millions)June 30,
2023
December 31,
2022
Long-term Investments:
Equity securities$574 $558 
Other225 208 
Total$799 $766 

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

Abbott’s equity securities as of June 30, 2023 include $305 million of investments in mutual funds that are held in a rabbi trust and were acquired as part of the St. Jude Medical, Inc. business acquisition. These investments, which are specifically designated as available for the purpose of paying benefits under a deferred compensation plan, are not available for general corporate purposes and are subject to creditor claims in the event of insolvency.

Abbott also holds certain investments as of June 30, 2023 with a carrying value of $164 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of approximately $95 million that do not have a readily determinable fair value.

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

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

Three Months Ended June 30
Cumulative Foreign
Currency Translation
(Loss) Adjustments
Net Actuarial (Losses) and
Prior Service (Costs) and
Credits
Cumulative Gains (Losses)
on Derivative Instruments
Designated as Cash Flow
Hedges and Other
(in millions)202320222023202220232022
Balance at March 31$(6,594)$(5,945)$(1,491)$(2,608)$46 $79 
Other comprehensive income (loss) before reclassifications(52)(315)1 13 80 45 
Amounts reclassified from accumulated other comprehensive income  (7)41 (54)(16)
Net current period comprehensive income (loss)(52)(315)(6)54 26 29 
Balance at June 30$(6,646)$(6,260)$(1,497)$(2,554)$72 $108 
13

Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2023
(Unaudited)
Note 5 — Changes In Accumulated Other Comprehensive Income (Loss) (Continued)
Six Months Ended June 30
Cumulative Foreign
Currency Translation
(Loss) Adjustments
Net Actuarial (Losses) and
Prior Service (Costs) and
Credits
Cumulative Gains (Losses)
on Derivative Instruments
Designated as Cash Flow
Hedges and Other
(in millions)20232022202320222023 2022
Balance at January 1$(6,733)$(5,839)$(1,493)$(2,670)$175 $135 
Other comprehensive income (loss) before reclassifications87 (421)3 30 38 11 
Amounts reclassified from accumulated other comprehensive income   (7)86 (141)(38)
Net current period comprehensive income (loss)87 (421)(4)116 (103)(27)
Balance at June 30$(6,646)$(6,260)$(1,497)$(2,554)$72 $108 

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

Note 6 — Business Acquisition

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 complimentary technologies to Abbott's portfolio of vascular device offerings.

The preliminary allocation of the purchase price of the acquisition resulted in the recording of a non-deductible developed technology intangible asset of $290 million; non-deductible in-process research and development of $60 million, which will be accounted for as an indefinite-lived intangible asset until regulatory approval or discontinuation; non-deductible goodwill of approximately $340 million; net deferred tax assets of approximately $18 million and other net assets of approximately $143 million. The goodwill is identifiable to the Medical Devices reportable segment and is attributable to expected synergies from combining operations, as well as intangible assets that do not qualify for separate recognition. Allocation of the purchase price of the acquisition will be finalized when the valuation of assets and liabilities is completed. Revenues and earnings of CSI included in Abbott's consolidated financial statements since the acquisition date are not material to Abbott's consolidated revenue and earnings. If the acquisition of CSI had taken place as of the beginning of 2022, consolidated net sales and earnings would not have been significantly different from reported amounts.

Note 7 — Goodwill and Intangible Assets

The total amount of goodwill reported was $23.3 billion at June 30, 2023 and $22.8 billion at December 31, 2022. The acquisition of CSI increased goodwill by approximately $340 million and foreign currency translation adjustments increased goodwill by approximately $120 million in the first six months of 2023. The amount of goodwill related to reportable segments at June 30, 2023 was $2.7 billion for the Established Pharmaceutical Products segment, $286 million for the Nutritional Products segment, $3.5 billion for the Diagnostic Products segment, and $16.7 billion for the Medical Devices segment. There was no reduction of goodwill relating to impairments in the first six months of 2023.

14

Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2023
(Unaudited)
Note 7 — Goodwill and Intangible Assets (continued)
The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.7 billion and $27.2 billion as of June 30, 2023 and December 31, 2022, respectively. The gross amount of amortizable intangible assets increased by $290 million due to the CSI acquisition. Accumulated amortization was $18.7 billion and $17.6 billion as of June 30, 2023 and December 31, 2022, respectively. Foreign currency translation adjustments increased intangible assets by $47 million in the first six months of 2023. Abbott’s estimated annual amortization expense for intangible assets is approximately $2.0 billion in 2023, $1.9 billion in 2024, $1.7 billion in 2025, $1.6 billion in 2026 and $1.3 billion in 2027.

Indefinite-lived intangible assets, which relate to in-process research and development (IPR&D) acquired in a business combination, were approximately $822 million as of June 30, 2023 and $807 million as of December 31, 2022. In the second quarter of 2023, the acquisition of CSI increased IPR&D by $60 million. This increase was partially offset by $45 million of charges recorded on the Research and development line of the Condensed Consolidated Statement of Earnings for the impairment of certain indefinite-lived intangible assets related to the Medical Devices reportable segment.

Note 8 — Restructuring Plans

In 2022 and 2023, Abbott management approved various plans to streamline operations in order to reduce costs and improve efficiencies in its medical devices, nutritional, diagnostic, and established pharmaceutical businesses. In the six months ended June 30, 2023, Abbott recorded employee related severance and other charges of approximately $49 million, of which approximately $17 million was recorded in Cost of products sold, approximately $5 million was recorded in Research and development, and approximately $27 million was recorded in Selling, general and administrative expenses. In addition, Abbott recognized fixed asset impairment charges of approximately $17 million related to these restructuring plans.

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

(in millions)Total
Accrued balance at December 31, 2022$228 
Restructuring charges in 202349 
Payments and other adjustments(120)
Accrued balance at June 30, 2023$157 


Note 9 — Incentive Stock Programs

In the first six months of 2023, Abbott granted 1,973,371 stock options, 460,447 restricted stock awards and 4,854,027 restricted stock units under its incentive stock program. At June 30, 2023, approximately 74 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at June 30, 2023 is as follows:

OutstandingExercisable
Number of shares 29,508,026 24,819,977 
Weighted average remaining life (years)
5.24.5
Weighted average exercise price $73.66 $66.04 
Aggregate intrinsic value (in millions)
$1,107 $1,101 

The total unrecognized share-based compensation cost at June 30, 2023 amounted to approximately $660 million which is expected to be recognized over the next three years.

15

Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2023
(Unaudited)
Note 10 — Debt and Lines of Credit

On March 15, 2022, Abbott repaid the $750 million outstanding principal amount of its 2.55% Notes upon maturity.

Note 11 — Financial Instruments, Derivatives and Fair Value Measures

Certain Abbott foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates primarily for anticipated intercompany purchases by those subsidiaries whose functional currencies are not the U.S. dollar. These contracts, with gross notional amounts totaling $7.1 billion at June 30, 2023 and $7.7 billion at December 31, 2022, are designated as cash flow hedges of the variability of the cash flows due to changes in foreign exchange rates and are recorded at fair value. Accumulated gains and losses as of June 30, 2023 will be included in Cost of products sold at the time the products are sold, generally through the next twelve to eighteen months.

Abbott enters into foreign currency forward exchange contracts to manage currency exposures for foreign currency denominated third-party trade payables and receivables, and for intercompany loans and trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity. For intercompany loans, the contracts require Abbott to sell or buy foreign currencies, primarily European currencies, in exchange for primarily U.S. dollars and other European currencies. For intercompany and trade payables and receivables, the currency exposures are primarily the U.S. dollar and European currencies. At June 30, 2023 and December 31, 2022, Abbott held the gross notional amounts of $12.3 billion and $12.0 billion, respectively, of such foreign currency forward exchange contracts.

Abbott has designated a yen-denominated, 5-year term loan of approximately $413 million and $446 million as of June 30, 2023 and December 31, 2022, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt, which is due to changes in foreign exchange rates, is recorded in Accumulated other comprehensive income (loss), net of tax.

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

16

Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2023
(Unaudited)
Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the amounts and location of certain derivative and non-derivative financial instruments as of June 30, 2023 and December 31, 2022:

Fair Value - AssetsFair Value - Liabilities
(in millions)June 30,
2023
December 31, 2022Balance Sheet CaptionJune 30,
2023
December 31, 2022Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current$ $ Deferred income taxes and other assets$142 $136 Post-employment obligations, deferred income taxes and other long-term liabilities
Current  Prepaid expenses and other receivables11 20 Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments147 304 Prepaid expenses and other receivables129 96 Other accrued liabilities
Others not designated as hedges78 108 Prepaid expenses and other receivables62 130 Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary— — n/a413 446 Long-term debt
$225 $412 $757 $828 

17

Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2023
(Unaudited)
Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three and six months ended June 30, 2023 and 2022.

Gain (loss) Recognized in Other
Comprehensive Income (loss)
Income (expense) and Gain (loss)
Reclassified into Income
Three Months
Ended June 30
Six Months
Ended June 30
Three Months
Ended June 30
Six Months
Ended June 30
(in millions)20232022202320222023202220232022Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges$90 $141 $27 $92 $63 $43 $189 $70 Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary38 54 33 84 — — — — n/a
Interest rate swaps designated as fair value hedgesn/an/an/an/a(6)(47)3 (168)Interest expense

Gains of $39 million and $303 million were recognized in the three months ended June 30, 2023 and 2022, respectively, related to foreign currency forward exchange contracts not designated as a hedge. A loss of $64 million and a gain of $252 million were recognized in the first six months ended June 30, 2023 and 2022, respectively, related to foreign currency forward exchange contracts not designated as a hedge. These amounts are reported in the Condensed Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line.

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

June 30, 2023December 31, 2022
(in millions)