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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2020

OR

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

For the transition period from                   to                  

Commission File No. 1-2189

ABBOTT LABORATORIES

An Illinois Corporation

    

I.R.S. Employer Identification No.

36-0698440

100 Abbott Park Road

Abbott ParkIllinois 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 June 30, 2020, Abbott Laboratories had 1,770,529,999 common shares without par value outstanding.

Table of Contents

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

8

Notes to the Condensed Consolidated Financial Statements

9

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

18

Item 4. Controls and Procedures

23

Part II - Other Information

Item 1. Legal Proceedings

23

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

24

Item 6. Exhibits

25

Signature

26

2

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited)

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

Three Months Ended June 30

Six Months Ended June 30

    

2020

    

2019

    

2020

    

2019

Net sales

$

7,328

$

7,979

$

15,054

$

15,514

Cost of products sold, excluding amortization of intangible assets

 

3,263

 

3,279

 

6,544

 

6,439

Amortization of intangible assets

 

553

 

483

 

1,114

 

969

Research and development

 

564

 

577

 

1,142

 

1,249

Selling, general and administrative

 

2,276

 

2,434

 

4,824

 

4,912

Total operating cost and expenses

 

6,656

 

6,773

 

13,624

 

13,569

Operating earnings

 

672

 

1,206

 

1,430

 

1,945

Interest expense

 

134

 

168

 

273

 

339

Interest (income)

 

(9)

 

(22)

 

(27)

 

(45)

Net foreign exchange (gain) loss

 

(1)

 

(4)

 

4

 

2

Other (income) expense, net

 

22

 

(38)

 

21

 

(85)

Earnings from continuing operations before taxes

 

526

 

1,102

 

1,159

 

1,734

Tax expense (benefit) on earnings from continuing operations

 

(11)

 

96

 

78

 

56

Earnings from continuing operations

 

537

 

1,006

 

1,081

 

1,678

Earnings from discontinued operations, net of tax

20

Net Earnings

 

$

537

 

$

1,006

$

1,101

 

$

1,678

Basic Earnings Per Common Share —

Continuing operations

 

$

0.30

 

$

0.57

$

0.61

 

$

0.94

Discontinued operations

 

 

0.01

 

Net earnings

 

$

0.30

 

$

0.57

$

0.62

 

$

0.94

Diluted Earnings Per Common Share —

Continuing operations

 

$

0.30

 

$

0.56

$

0.60

 

$

0.94

Discontinued operations

 

 

 

0.01

 

Net earnings

 

$

0.30

 

$

0.56

$

0.61

 

$

0.94

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

 

1,772,953

 

1,768,904

 

1,770,970

 

1,766,182

Dilutive Common Stock Options

 

12,087

 

12,513

 

11,882

 

12,904

Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options

 

1,785,040

 

1,781,417

 

1,782,852

 

1,779,086

Outstanding Common Stock Options Having No Dilutive Effect

 

50

 

247

 

50

 

247

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

3

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

(dollars in millions)

Three Months Ended June 30

Six Months Ended June 30

    

2020

    

2019

    

2020

    

2019

Net Earnings

$

537

$

1,006

$

1,101

$

1,678

Foreign currency translation gain (loss) adjustments

 

355

 

91

 

(789)

 

213

Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $13 and $28 in 2020 and $7 and $14 in 2019

 

37

 

26

 

94

 

49

Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $(29) and $19 in 2020 and $(7) and $(15) in 2019

 

(86)

 

(12)

 

80

 

(41)

Other comprehensive income (loss)

 

306

 

105

 

(615)

 

221

Comprehensive Income

 

$

843

 

$

1,111

$

486

 

$

1,899

June 30, 

December 31, 

    

2020

    

2019

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

Cumulative foreign currency translation (loss) adjustments

$

(5,713)

$

(4,924)

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

 

(3,446)

 

(3,540)

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

 

79

 

(1)

Accumulated other comprehensive income (loss)

$

(9,080)

$

(8,465)

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

4

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Balance Sheet

(Unaudited)

(dollars in millions)

June 30, 

December 31, 

    

2020

    

2019

Assets

Current Assets:

Cash and cash equivalents

$

4,763

$

3,860

Short-term investments

 

274

 

280

Trade receivables, less allowances of $422 in 2020 and $384 in 2019

 

5,140

 

5,425

Inventories:

Finished products

 

3,240

 

2,784

Work in process

 

675

 

560

Materials

 

1,287

 

972

Total inventories

 

5,202

 

4,316

Prepaid expenses and other receivables

 

1,842

 

1,786

Total Current Assets

 

17,221

 

15,667

Investments

 

776

 

883

Property and equipment, at cost

 

17,374

 

16,799

Less: accumulated depreciation and amortization

 

9,031

 

8,761

Net property and equipment

 

8,343

 

8,038

Intangible assets, net of amortization

 

15,783

 

17,025

Goodwill

 

23,082

 

23,195

Deferred income taxes and other assets

 

3,571

 

3,079

 

$

68,776

 

$

67,887

Liabilities and Shareholders’ Investment

Current Liabilities:

Short-term borrowings

 

$

205

$

201

Trade accounts payable

 

3,335

 

3,252

Salaries, wages and commissions

 

1,121

 

1,237

Other accrued liabilities

 

4,206

 

4,035

Dividends payable

 

637

 

635

Income taxes payable

 

165

 

226

Current portion of long-term debt

 

1,290

 

1,277

Total Current Liabilities

 

10,959

 

10,863

Long-term debt

 

18,184

 

16,661

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

 

8,835

 

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: 1,979,594,379; 2019: 1,976,855,085

 

23,893

 

23,853

Common shares held in treasury, at cost — Shares: 2020: 209,064,380; 2019: 214,351,838

 

(9,904)

 

(10,147)

Earnings employed in the business

 

25,669

 

25,847

Accumulated other comprehensive income (loss)

 

(9,080)

 

(8,465)

Total Abbott Shareholders’ Investment

 

30,578

 

31,088

Noncontrolling Interests in Subsidiaries

 

220

 

213

Total Shareholders’ Investment

 

30,798

 

31,301

 

$

68,776

$

67,887

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

5

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Shareholders’ Investment

(Unaudited)

(in millions except shares and per share data)

Three Months Ended June 30

    

2020

    

2019

Common Shares:

 

  

 

  

Balance at March 31

 

  

 

  

Shares: 2020: 1,978,112,501; 2019: 1,973,472,506

$

23,731

$

23,461

Issued under incentive stock programs

 

  

 

  

Shares: 2020: 1,481,878; 2019: 2,775,623

 

66

 

111

Share-based compensation

 

105

 

106

Issuance of restricted stock awards

 

(9)

 

(13)

Balance at June 30

Shares: 2020: 1,979,594,379; 2019: 1,976,248,129

$

23,893

$

23,665

Common Shares Held in Treasury:

 

  

 

  

Balance at March 31

Shares: 2020: 209,267,175; 2019: 209,291,244

$

(9,913)

$

(9,679)

Issued under incentive stock programs

Shares: 2020: 212,973; 2019: 441,459

 

10

 

21

Purchased

Shares: 2020: 10,178; 2019: 729

 

(1)

 

(1)

Balance at June 30

Shares: 2020: 209,064,380; 2019: 208,850,514

$

(9,904)

$

(9,659)

Earnings Employed in the Business:

 

  

 

  

Balance at March 31

$

25,786

$

24,613

Net earnings

 

537

 

1,006

Cash dividends declared on common shares (per share — 2020: $0.36; 2019: $0.32)

 

(640)

 

(568)

Effect of common and treasury share transactions

 

(14)

 

(6)

Balance at June 30

$

25,669

$

25,045

Accumulated Other Comprehensive Income (Loss):

 

  

 

  

Balance at March 31

$

(9,386)

$

(7,470)

Other comprehensive income (loss)

 

306

 

105

Balance at June 30

$

(9,080)

$

(7,365)

Noncontrolling Interests in Subsidiaries:

 

  

 

  

Balance at March 31

$

209

$

204

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

 

11

 

4

Balance at June 30

$

220

$

208

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

6

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Shareholders’ Investment

(Unaudited)

(in millions except shares and per share data)

Six Months Ended June 30

    

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: 2,739,294; 2019: 5,058,664

 

119

 

187

Share-based compensation

 

350

 

343

Issuance of restricted stock awards

 

(429)

 

(377)

Balance at June 30

Shares: 2020: 1,979,594,379; 2019: 1,976,248,129

$

23,893

$

23,665

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: 5,546,599; 2019: 6,986,386

263

 

324

Purchased

 

Shares: 2020: 259,141; 2019: 266,857

 

(20)

 

(21)

Balance at June 30

Shares: 2020: 209,064,380; 2019: 208,850,514

$

(9,904)

$

(9,659)

Earnings Employed in the Business:

Balance at January 1

$

25,847

$

24,560

Impact of adoption of new accounting standards

 

(5)

 

Net earnings

 

1,101

 

1,678

Cash dividends declared on common shares (per share — 2020: $0.72; 2019: $0.64)

 

(1,281)

 

(1,136)

Effect of common and treasury share transactions

 

7

 

(57)

Balance at June 30

$

25,669

$

25,045

Accumulated Other Comprehensive Income (Loss):

Balance at January 1

$

(8,465)

$

(7,586)

Other comprehensive income (loss)

 

(615)

 

221

Balance at June 30

$

(9,080)

$

(7,365)

Noncontrolling Interests in Subsidiaries:

Balance at January 1

$

213

$

198

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

 

7

 

10

Balance at June 30

$

220

$

208

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

7

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(dollars in millions)

Six Months Ended June 30

    

2020

    

2019

Cash Flow From (Used in) Operating Activities:

Net earnings

$

1,101

$

1,678

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

Depreciation

 

539

 

535

Amortization of intangible assets

 

1,114

 

969

Share-based compensation

348

340

Trade receivables

 

127

 

(335)

Inventories

 

(987)

 

(540)

Other, net

 

(205)

 

(875)

Net Cash From Operating Activities

 

2,037

 

1,772

Cash Flow From (Used in) Investing Activities:

Acquisitions of property and equipment

 

(1,002)

 

(803)

Acquisitions of businesses and technologies, net of cash acquired

(32)

(160)

Proceeds from business dispositions

48

48

Sales (purchases) of other investment securities, net

 

(32)

 

2

Other

 

6

 

19

Net Cash (Used in) Investing Activities

 

(1,012)

 

(894)

Cash Flow From (Used in) Financing Activities:

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

 

31

 

40

Proceeds from issuance of long-term debt

1,279

Repayments of long-term debt

 

(2)

 

(521)

Purchases of common shares

 

(240)

 

(221)

Proceeds from stock options exercised

 

146

 

244

Dividends paid

 

(1,280)

 

(1,133)

Other

(11)

Net Cash (Used in) Financing Activities

 

(77)

 

(1,591)

Effect of exchange rate changes on cash and cash equivalents

 

(45)

 

6

Net Increase (Decrease) in Cash and Cash Equivalents

 

903

 

(707)

Cash and Cash Equivalents, Beginning of Year

 

3,860

 

3,844

Cash and Cash Equivalents, End of Period

 

$

4,763

 

$

3,137

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

8

Table of Contents

Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

June 30, 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.

The following tables provide detail by sales category:

Three Months Ended June 30,  2020

Three Months Ended June 30, 2019

(in millions)

    

U.S.

    

Int’l

    

Total

    

U.S.

    

Int’l

    

Total

Established Pharmaceutical Products —

 

  

 

  

 

  

 

  

 

  

 

  

Key Emerging Markets

$

$

764

$

764

$

$

853

$

853

Other

 

 

249

 

249

 

 

255

255

Total

 

 

1,013

 

1,013

 

 

1,108

 

1,108

Nutritionals —

 

  

 

  

 

  

 

  

 

  

 

  

Pediatric Nutritionals

 

484

 

540

 

1,024

 

475

 

576

 

1,051

Adult Nutritionals

 

324

 

535

 

859

 

311

 

513

 

824

Total

 

808