SEC Filing | Abbott Laboratories

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2020

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

For the transition period from to

Commission File No. 1-2189

ABBOTT LABORATORIES

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

100 Abbott Park Road

Abbott Park , Illinois 60064-6400

Telephone: ( 224 ) 667-6100

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

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

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

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

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


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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

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

As of March 31, 2020, Abbott Laboratories had 1,768,845,326 common shares without par value outstanding.

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Abbott Laboratories

Table of Contents


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

Condensed Consolidated Statement of Earnings	3
Condensed Consolidated Statement of Comprehensive Income	4
Condensed Consolidated Balance Sheet	5
Condensed Consolidated Statement of Shareholders’ Investment	6
Condensed Consolidated Statement of Cash Flows	7
Notes to the Condensed Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 4. Controls and Procedures	22

Part II - Other Information

Item 1. Legal Proceedings	22

Item 1A. Risk Factors	22

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	23

Item 6. Exhibits	24

Signature	25

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited)

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


	Three Months Ended March 31
	2020		2019
Net sales	$	7,726	$	7,535

Cost of products sold, excluding amortization of intangible assets		3,281		3,160
Amortization of intangible assets		561		486
Research and development		578		672
Selling, general and administrative		2,548		2,478
Total operating cost and expenses		6,968		6,796

Operating earnings		758		739

Interest expense		139		171
Interest (income)		( 18 )		( 23 )
Net foreign exchange (gain) loss		5		6
Other (income) expense, net		( 1 )		( 47 )
Earnings from continuing operations before tax		633		632
Tax expense (benefit) on earnings from continuing operations		89		( 40 )
Earnings from continuing operations		544		672

Earnings from discontinued operations, net of tax		20		—

Net Earnings	$	564	$	672

Basic Earnings Per Common Share —
Continuing operations	$	0.31	$	0.38
Discontinued operations		0.01		—
Net earnings	$	0.32	$	0.38

Diluted Earnings Per Common Share —
Continuing operations	$	0.30	$	0.38
Discontinued operations		0.01		—
Net earnings	$	0.31	$	0.38

Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share		1,768,901		1,763,278
Dilutive Common Stock Options		11,677		13,295
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options		1,780,578		1,776,573

Outstanding Common Stock Options Having No Dilutive Effect		4,035		4,011

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

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

(dollars in millions)


	Three Months Ended March 31
	2020		2019
Net Earnings	$	564	$	672
Foreign currency translation gain (loss) adjustments		( 1,144 )		122
Net actuarial gains (losses) and amortization of net actuarial (losses) and prior service (cost) and credits, net of taxes of $ 15 in 2020 and $ 7 in 2019		57		23
Net gains (losses) for derivative instruments designated as cash flow hedges, net of taxes of $ 48 in 2020 and $( 8 ) in 2019		166		( 29 )
Other comprehensive income (loss)		( 921 )		116
Comprehensive Income (Loss)	$	( 357 )	$	788


	March 31,		December 31,
	2020		2019
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments	$	( 6,068 )	$	( 4,924 )
Net actuarial (losses) and prior service (cost) and credits		( 3,483 )		( 3,540 )
Cumulative gains (losses) on derivative instruments designated as cash flow hedges		165		( 1 )
Accumulated Other Comprehensive Income (Loss)	$	( 9,386 )	$	( 8,465 )

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

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Balance Sheet

(Unaudited)

(dollars in millions)


	March 31,		December 31,
	2020		2019
Assets
Current Assets:
Cash and cash equivalents	$	3,377	$	3,860
Short-term investments		291		280
Trade receivables, less allowances of $ 389 in 2020 and $ 384 in 2019		5,292		5,425
Inventories:
Finished products		2,873		2,784
Work in process		615		560
Materials		1,080		972
Total inventories		4,568		4,316
Prepaid expenses and other receivables		1,970		1,786
Total Current Assets		15,498		15,667
Investments		790		883
Property and equipment, at cost		16,707		16,799
Less: accumulated depreciation and amortization		8,800		8,761
Net property and equipment		7,907		8,038
Intangible assets, net of amortization		16,265		17,025
Goodwill		22,927		23,195
Deferred income taxes and other assets		3,390		3,079
	$	66,777	$	67,887
Liabilities and Shareholders’ Investment
Current Liabilities:
Short-term borrowings	$	204	$	201
Trade accounts payable		3,181		3,252
Salaries, wages and commissions		949		1,237
Other accrued liabilities		4,408		4,035
Dividends payable		637		635
Income taxes payable		165		226
Current portion of long-term debt		1,264		1,277
Total Current Liabilities		10,808		10,863
Long-term debt		16,804		16,661
Post-employment obligations, deferred income taxes and other long-term liabilities		8,738		9,062
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: 2020: 1,978,112,501 ; 2019: 1,976,855,085		23,731		23,853
Common shares held in treasury, at cost — Shares: 2020: 209,267,175 ; 2019: 214,351,838		( 9,913 )		( 10,147 )
Earnings employed in the business		25,786		25,847
Accumulated other comprehensive income (loss)		( 9,386 )		( 8,465 )
Total Abbott Shareholders’ Investment		30,218		31,088
Noncontrolling Interests in Subsidiaries		209		213
Total Shareholders’ Investment		30,427		31,301
	$	66,777	$	67,887

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

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Shareholders’ Investment

(Unaudited)

(in millions except shares and per share data)


	Three Months Ended March 31
	2020		2019
Common Shares:
Balance at January 1
Shares: 2020: 1,976,855,085 ; 2019: 1,971,189,465	$	23,853	$	23,512
Issued under incentive stock programs
Shares: 2020: 1,257,416 ; 2019: 2,283,041		53		76
Share-based compensation		245		237
Issuance of restricted stock awards		( 420 )		( 364 )
Balance at March 31
Shares: 2020: 1,978,112,501 ; 2019: 1,973,472,506	$	23,731	$	23,461

Common Shares Held in Treasury:
Balance at January 1
Shares: 2020: 214,351,838 ; 2019: 215,570,043	$	( 10,147 )	$	( 9,962 )
Issued under incentive stock programs
Shares: 2020: 5,333,626 ; 2019: 6,544,927		253		303
Purchased
Shares: 2020: 248,963 ; 2019: 266,128		( 19 )		( 20 )
Balance at March 31
Shares: 2020: 209,267,175 ; 2019: 209,291,244	$	( 9,913 )	$	( 9,679 )

Earnings Employed in the Business:
Balance at January 1	$	25,847	$	24,560
Impact of adoption of new accounting standard		( 5 )		—
Net earnings		564		672
Cash dividends declared on common shares (per share — 2020: $ 0.36 ; 2019: $ 0.32 )		( 641 )		( 568 )
Effect of common and treasury share transactions		21		( 51 )
Balance at March 31	$	25,786	$	24,613

Accumulated Other Comprehensive Income (Loss):
Balance at January 1	$	( 8,465 )	$	( 7,586 )
Other comprehensive income (loss)		( 921 )		116
Balance at March 31	$	( 9,386 )	$	( 7,470 )

Noncontrolling Interests in Subsidiaries:
Balance at January 1	$	213	$	198
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases		( 4 )		6
Balance at March 31	$	209	$	204

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

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Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(dollars in millions)


	Three Months Ended March 31
	2020		2019
Cash Flow From (Used in) Operating Activities:
Net earnings	$	564	$	672
Adjustments to reconcile net earnings to net cash from operating activities -
Depreciation		267		267
Amortization of intangible assets		561		486
Share-based compensation		233		226
Trade receivables		( 104 )		( 170 )
Inventories		( 437 )		( 286 )
Other, net		( 369 )		( 483 )
Net Cash From Operating Activities		715		712

Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment		( 360 )		( 335 )
Acquisitions of businesses and technologies, net of cash acquired		—		( 78 )
Sales (purchases) of other investment securities, net		( 36 )		2
Other		3		15
Net Cash (Used in) Investing Activities		( 393 )		( 396 )

Cash Flow From (Used in) Financing Activities:
Net borrowings (repayments) of short-term debt and other		51		13
Repayments of long-term debt		( 1 )		( 500 )
Purchases of common shares		( 236 )		( 217 )
Proceeds from stock options exercised		89		127
Dividends paid		( 638 )		( 565 )
Net Cash (Used in) Financing Activities		( 735 )		( 1,142 )

Effect of exchange rate changes on cash and cash equivalents		( 70 )		4

Net Decrease in Cash and Cash Equivalents		( 483 )		( 822 )
Cash and Cash Equivalents, Beginning of Year		3,860		3,844
Cash and Cash Equivalents, End of Period	$	3,377	$	3,022

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

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

March 31, 2020

(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, 2019. 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 June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses , which changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. The new methodology requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset. Abbott adopted the standard on January 1, 2020 and recorded a cumulative adjustment that was not significant to Earnings employed in the business in the Condensed Consolidated Balance Sheet.

Recent Accounting Standards Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which among other things, eliminates certain exceptions in the current rules regarding the approach for intraperiod tax allocations and the methodology for calculating income taxes in an interim period, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard becomes effective for Abbott in the first quarter of 2021 and early adoption is permitted. Abbott does not expect adoption of this new standard to have a material impact on its condensed consolidated financial statements.

Note 3 — Revenue

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

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Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

March 31, 2020

(Unaudited)

The following table provides revenues by sales category:


	Three Months Ended March 31, 2020						Three Months Ended March 31, 2019
(in millions)	U.S.		Int’l		Total		U.S.		Int’l		Total
Established Pharmaceutical Products —
Key Emerging Markets	$	—	$	813	$	813	$	—	$	752	$	752
Other		—		231		231		—		240		240
Total		—		1,044		1,044		—		992		992

Nutritionals —
Pediatric Nutritionals		518		571		1,089		453		576		1,029
Adult Nutritionals		294		521		815		294		469		763
Total		812		1,092		1,904		747		1,045		1,792

Diagnostics —
Core Laboratory		267		722		989		249		812		1,061
Molecular		65		74		139		40		68		108
Point of Care		103		35		138		109		26		135
Rapid Diagnostics		368		192		560		326		211		537
Total		803		1,023		1,826		724		1,117		1,841

Medical Devices -
Rhythm Management		228		246		474		252		262		514
Electrophysiology		164		224		388		174		231		405
Heart Failure		152		51		203		143		41		184
Vascular		230		395		625		266		443		709
Structural Heart		136		182		318		136		188		324
Neuromodulation		137		40		177		152		41		193
Diabetes Care		186		566		752		152		414		566
Total		1,233		1,704		2,937		1,275		1,620		2,895