UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE,
SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
x | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2020 |
OR
¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________________ to _____________________
Commission File Number 1-2189
A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
ABBOTT LABORATORIES STOCK RETIREMENT PROGRAM
B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
ABBOTT LABORATORIES
100 Abbott Park Road
Abbott Park, Illinois 60064-6049
FINANCIAL STATEMENTS AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ABBOTT LABORATORIES STOCK RETIREMENT PLAN
DECEMBER 31, 2020 AND 2019
C O N T E N T S
Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
Plan Administrator and Plan Participants
Abbott Laboratories Stock Retirement Plan
Opinion on the financial statements
We have audited the accompanying statements of net assets available for benefits of Abbott Laboratories Stock Retirement Plan (the “Plan”) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
3
Supplemental information
The schedule of assets (held at end of year) as of December 31, 2020 (“supplemental information”) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Grant Thornton LLP
We have served as the Plan’s auditor since 2002.
Chicago, Illinois
June 28, 2021
4
Abbott Laboratories Stock Retirement Plan |
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS |
December 31, 2020 and 2019 |
(Dollars in thousands) |
2020 | 2019 | |||||||
Assets | ||||||||
Cash | $ | - | $ | 652 | ||||
Investments, at fair value | 12,978,506 | 10,950,124 | ||||||
Notes receivable from participants | 88,523 | 89,236 | ||||||
Accrued interest and dividend income | 956 | 1,431 | ||||||
Due from brokers | 142,584 | 312,311 | ||||||
Total assets | 13,210,569 | 11,353,754 | ||||||
Liabilities | ||||||||
Investments sold short, at fair value | 35,036 | 176,943 | ||||||
Accrued investment expenses | 381 | 340 | ||||||
Due to brokers | 93,367 | 219,039 | ||||||
Total liabilities | 128,784 | 396,322 | ||||||
NET ASSETS AVAILABLE FOR BENEFITS | $ | 13,081,785 | $ | 10,957,432 |
The accompanying notes are an integral part of these statements.
5
Abbott Laboratories Stock Retirement Plan |
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS |
Year ended December 31, 2020 |
(Dollars in thousands) |
Additions | ||||
Contributions | ||||
Employer | $ | 164,083 | ||
Participant | 307,496 | |||
Rollovers | 42,082 | |||
Total contributions | 513,661 | |||
Investment income | ||||
Net appreciation in fair value of investments | 2,186,827 | |||
Interest and dividends | 117,551 | |||
Net investment income | 2,304,378 | |||
Interest income on notes receivable from participants | 4,061 | |||
Total additions | 2,822,100 | |||
Deductions | ||||
Benefits paid to participants | 698,368 | |||
Other expenses | 291 | |||
Total deductions | 698,659 | |||
Net increase before transfers | 2,123,441 | |||
Transfers into Plan (Note A) | 912 | |||
NET INCREASE | 2,124,353 | |||
Net assets available for benefits | ||||
Beginning of year | 10,957,432 | |||
End of year | $ | 13,081,785 |
The accompanying notes are an integral part of this statement.
6
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2020 and 2019
NOTE A - DESCRIPTION OF THE PLAN
The following description of the Abbott Laboratories Stock Retirement Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
General
The Plan is intended to constitute a profit-sharing plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “IRC”), with a cash or deferred arrangement under IRC Section 401(k), and a portion of the Plan is intended to constitute an employee stock ownership plan that meets the applicable requirements of IRC Sections 409 and 4975(e)(7). The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
In general, United States employees of Abbott Laboratories (“Abbott”) and selected participating subsidiaries and affiliates may, after meeting certain employment requirements, voluntarily participate in the Plan. Beginning March 2017, newly hired employees in certain specified Abbott divisions and business units became eligible to participate in the Plan under a different structure (“Abbott Green” employees).
Effective May 18, 2020, the Cephea Valve Technologies, Inc. 401(k) Plan merged with and into the Plan. Assets totaling approximately $912,000 were transferred into the Plan.
Alight Solutions serves as the record keeper of the Plan. The Northern Trust Company (“Custodian” or “Trustee”) serves as the Plan’s custodian and trustee.
Contributions and Vesting
Contributions to the Plan are paid to the Abbott Laboratories Stock Retirement Trust (“Trust”). The Trust is administered by the Trustee and an investment committee (the “Committee”).
Employees are eligible to commence participation in the Plan on any entry date following their date of hire. Eligible employees electing to participate contribute from 2% up to 25% of their eligible earnings, subject to certain limitations. Participants may choose to make their contributions from pretax earnings, after-tax earnings, or both. The Plan also permits Roth 401(k) contributions and has a Roth 401(k) conversion feature. Participants who have attained age 50 before the end of the Plan year and who are making the maximum pretax contributions are eligible to make catch-up contributions. Participants may elect to invest their contributions in any or all of the investment options available under the Plan, except for investment options closed to new contributions.
7 |
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
Employer matching contributions to the Plan are made each payroll period based on the participating employee’s eligible earnings, unless the employee has elected to participate as a Freedom 2 Save Participant as described below. The employer matching contribution for the year ended December 31, 2020 was 5% of the participant’s eligible earnings if the participant elected to contribute at least 2% of eligible earnings to the Plan.
Effective as of August 1, 2018, participants may enroll in the Freedom 2 Save program in the Plan. A Freedom 2 Save participant who makes qualified student loan repayments of at least 2% of eligible earnings may receive a Freedom 2 Save employer contribution of 5% of eligible earnings shortly after the end of the year. An enrolled Freedom 2 Save participant who makes elective deferrals to the Plan will not receive employer matching contributions each payroll period but instead may receive a true-up employer matching contribution shortly after the end of the year for any payroll period for which the participant makes elective deferrals and does not receive a Freedom 2 Save employer contribution. Freedom 2 Save employer contributions and true-up employer matching contributions are only made on behalf of Freedom 2 Save participants who meet program guidelines, and who either are employed or on a qualifying leave of absence at the end of the applicable Plan year or terminate employment due to death or qualifying disability during such Plan year.
Employer contributions are invested according to the participant’s investment elections.
Cash dividends on Abbott common shares are (1) paid in cash to the participants or beneficiaries, (2) paid to the Plan and distributed in cash to participants or beneficiaries no later than 90 days after the close of the Plan year for which paid, or (3) paid to the Plan and credited to the accounts in which shares are held, as elected by each participant or beneficiary in accordance with rules established by the administrator.
On January 1, 2013, Abbott separated into two publicly traded companies – Abbott and AbbVie Inc. ("AbbVie"). The separation of Abbott and AbbVie was a tax-free distribution where Abbott shareholders received one share of AbbVie stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Participants who received AbbVie stock through this distribution may continue to hold the stock in their Plan accounts but may not make new contributions or transfer existing contributions or earnings to purchase AbbVie stock in the Plan; however, participants may elect to reinvest their AbbVie dividends in AbbVie stock. If no election is made, AbbVie dividends are invested in the Plan’s default investment option.
Participants may direct the Trustee to sell all or a portion of the Abbott and AbbVie common shares held in their accounts and reinvest the proceeds in any of the other available investment options.
8 |
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
Participants are at all times fully vested in their own contributions and earnings thereon. Vesting in employer contributions and earnings thereon is based on the following vesting schedule:
Vesting | ||||
Service | percentage | |||
Less than two years | 0 | % | ||
Two years or more | 100 | % |
Abbott Green participants are also fully vested in employer contributions upon disability.
Non-vested portions of employer contributions and earnings thereon are forfeited as of an employee’s termination date. Forfeitures are used to (1) restore any forfeitures of participants who returned to service with Abbott within a given period of time, (2) pay Plan expenses and (3) reduce future employer contributions if terminated participants do not return to service within the given period of time. In 2020, forfeitures reduced Abbott’s employer contributions by approximately $1.4 million. Approximately $249,000 and $535,000 in forfeitures were available at the end of 2020 and 2019, respectively.
Distributions and In-Service Withdrawals
Following retirement, termination or death (or for some participants from merged-in plans, upon disability), participants or their beneficiaries may elect to receive a distribution in installments, in a single lump sum or in a partial lump sum. Participants may elect a direct rollover of their accounts. Also, upon termination, participants may elect to defer distribution to a future date but, after termination of employment, distribution must be made by the 1st of April following the year the participant reaches age 72 (or age 70 ½, if reached prior to January 1, 2020 ) or, if earlier, the 31st of December following the year in which the participant dies. Interest, dividends and other earnings will continue to accrue on such deferred amounts.
Prior to termination, participants are permitted to withdraw their after-tax contributions (after-tax contributions made on or after January 8, 2016 may be withdrawn from the Plan only after being held for two or more years) and rollover contributions (including Roth rollover accounts and merged-in plan rollover accounts) and, after age 59 ½, may also withdraw pretax contributions. Distributions are made in cash or, to the extent contained in the participant’s account, a participant may elect distribution of Abbott and AbbVie common shares, and in each case, subject to certain limitations.
9 |
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE A - DESCRIPTION OF THE PLAN - Continued
Receivable from Participants
Participants may convert their vested account balances into one or two loans to themselves. The borrowing may not exceed the lesser of the current market value of the assets allocated to their vested accounts or 50% of all of their Plan accounts up to $50,000, subject to IRC limitations and restrictions. Participants pay interest on such borrowings at the prime rate in effect at the time the participant loan is made. Loans must be repaid within five years (or by the employee’s anticipated retirement date, if sooner) unless the loan is used for the purchase of the primary residence of the employee, in which case the repayment period can be extended to a period of fifteen years (or until the employee’s anticipated retirement date, if sooner). Repayment is made through periodic payroll deductions or by sending in payments, but a loan may be repaid in a lump sum at any time. Post-termination loan repayments are permitted. For employees whose account is distributed during the repayment period, the balance of the outstanding loan is netted from their Plan distribution.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared using the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.
Investment Valuation
The Plan offers a variety of investment options to participants. Certain investment options are structured as separately managed accounts; therefore, the Plan owns the individual investment holdings within the separately managed accounts and reflects them within the investments of the Plan.
The Plan uses the following methods and significant assumptions to estimate the fair value of investments:
Common stock, mutual funds, REITs and futures contracts - Valued at the published market price per share or unit multiplied by the number of respective shares or units held.
10 |
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
Collective trust funds and Private 40-Act mutual funds - Valued at the net asset value (“NAV”) provided by the administrator of the fund. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. Participants are permitted to make redemptions from the funds on a daily basis. Certain funds require five days’ notice for a Plan level redemption. The Private 40-Act mutual funds agree to redeem shares solely in cash up to the lesser of $250,000 or 1% of the fund’s net assets during any 90-day period for any one shareholder. In consideration of the best interests of the remaining shareholders, the Private 40-Act mutual funds reserve the right to pay any redemption proceeds exceeding this amount in whole or in part by a distribution in kind of securities held by the funds in lieu of cash. It is highly unlikely that shares would ever be redeemed in kind.
Corporate debt and government debt - Valued at the published market price or prices obtained from independent financial services industry-recognized vendors multiplied by the number of respective units held. Prices obtained from vendors are on the basis of bid or mid evaluations in accordance to a region’s market convention, using factors which include but are not limited to market quotations, yields, maturities, and the bond’s terms and conditions. Proprietary methods are used to arrive at the evaluated price, which represent the price a dealer would pay for a security.
Certificate of deposit - Valued at amortized cost, which approximates fair value given the instruments’ short duration of less than 130 days.
Futures contracts
One of the investment options structured as a separately managed account uses futures contracts as part of its investment strategy. A futures contract represents a commitment for the future purchase or sale of an asset or index at a specified price on a specified date. Futures contracts are exchange-traded and settle daily. Upon entering into the contracts, the investment manager of the separately managed account is required to deposit, either in cash or securities, an amount equal to a certain percentage of the notional value of the contract. Subsequent payments are then made or received by the Plan, depending on the daily fluctuation in the value of the underlying contracts.
As of December 31, 2020 and 2019, the Plan held futures contracts with a notional amount of approximately $2.2 million and $2.3 million, respectively. Notional amounts do not quantify risk or represent assets or liabilities of the Plan, but are used in the calculation of the cash settlements under the contracts. The fair value of these derivative contracts was not material at December 31, 2020 and 2019. Changes in fair value are accounted for as investment income within net appreciation in fair value of investments and totaled approximately $456,000 for the year ended December 31, 2020.
11 |
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
Short sales
One of the investment options structured as a separately managed account utilizes short sales as part of its investment strategy. Short sales are transactions in which the separately managed account sells an investment it does not own in anticipation of a decline in value of that investment. To complete the transaction, the separately managed account must borrow the investment to make delivery to the buyer. The separately managed account is obligated to replace the investment borrowed by purchasing the investment at market price at the time of replacement. The price at such time may be more or less than the price at which the investment was sold by the separately managed account. When an investment is sold short, a decrease in the value of the investment will be recognized as a gain and an increase in the value of the investment will be recognized as a loss.
The following tables summarize the basis used to measure investment assets and liabilities at fair value at December 31, 2020 and 2019 (dollars in thousands):
Basis of Fair Value Measurement | ||||||||||||||||||||
2020 | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Measured at NAV | Total | |||||||||||||||
Assets - Investments: | ||||||||||||||||||||
Common stock | $ | 4,819,600 | $ | - | $ | - | $ | - | $ | 4,819,600 | ||||||||||
Mutual funds | 96,224 | - | - | - | 96,224 | |||||||||||||||
REITs | 18,379 | - | - | - | 18,379 | |||||||||||||||
Collective trust funds | - | - | - | 7,240,401 | 7,240,401 | |||||||||||||||
Corporate debt | - | 242,622 | - | - | 242,622 | |||||||||||||||
Government debt | - | 146,837 | - | - | 146,837 | |||||||||||||||
Certificate of deposit | - | 4,509 | - | - | 4,509 | |||||||||||||||
Private 40-Act mutual funds | - | - | - | 409,934 | 409,934 | |||||||||||||||
Total investments at fair value | $ | 4,934,203 | $ | 393,968 | $ | - | $ | 7,650,335 | $ | 12,978,506 |
Basis of Fair Value Measurement | ||||||||||||||||||||
2020 | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Measured at NAV | Total | |||||||||||||||
Liabilities - Investments sold short: | ||||||||||||||||||||
Government debt | $ | - | $ | 35,036 | $ | - | $ | - | $ | 35,036 | ||||||||||
Total investments sold short at fair value | $ | - | $ | 35,036 | $ | - | $ | - | $ | 35,036 |
12 |
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
Basis of Fair Value Measurement | ||||||||||||||||||||
Quoted | Significant | |||||||||||||||||||
Prices in | Other | Significant | ||||||||||||||||||
Active | Observable | Unobservable | Measured at | |||||||||||||||||
2019 | Markets | Inputs | Inputs | NAV | Total | |||||||||||||||
Assets - Investments: | ||||||||||||||||||||
Common stock | $ | 4,059,697 | $ | - | $ | - | $ | - | $ | 4,059,697 | ||||||||||
Mutual funds | 96,694 | - | - | - | 96,694 | |||||||||||||||
REITs | 29,638 | - | - | - | 29,638 | |||||||||||||||
Collective trust funds | - | - | - | 5,972,632 | 5,972,632 | |||||||||||||||
Corporate debt | - | 250,580 | - | - | 250,580 | |||||||||||||||
Government debt | - | 299,689 | - | - | 299,689 | |||||||||||||||
Certificate of deposit | - | 3,106 | - | - | 3,106 | |||||||||||||||
Private 40-Act mutual funds | - | - | - | 238,088 | 238,088 | |||||||||||||||
Total investments at fair value | $ | 4,186,029 | $ | 553,375 | $ | - | $ | 6,210,720 | $ | 10,950,124 |
Basis of Fair Value Measurement | ||||||||||||||||||||
Quoted | Significant | |||||||||||||||||||
Prices in | Other | Significant | ||||||||||||||||||
Active | Observable | Unobservable | Measured at | |||||||||||||||||
2019 | Markets | Inputs | Inputs | NAV | Total | |||||||||||||||
Liabilities - Investments sold short: | ||||||||||||||||||||
Government debt | $ | - | $ | 176,943 | $ | - | $ | - | $ | 176,943 | ||||||||||
Total investments sold short at fair value | $ | - | $ | 176,943 | $ | - | $ | - | $ | 176,943 |
The Private 40-Act mutual funds are not direct filing entities. These funds invest in fixed income instruments of varying maturities. The investment objective of one fund is to seek maximum current income and the other is to seek maximum total return, both being consistent with preservation of capital and liquidity.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the terms of the Plan. No allowance for credit losses has been recorded as of December 31, 2020 or 2019.
13
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Income Recognition
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net realized and unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as net appreciation in fair value of investments.
Administrative Expenses
Participants are charged transaction fees for loan processing and commissions on purchases and sales of Abbott shares and sales of AbbVie stock. Investment fees for mutual funds, REITs, collective trusts, and managed accounts are charged against the net assets of the respective fund. Abbott pays other record-keeping and administration fees, where applicable.
Payment of Benefits
Benefits are recorded when paid.
NOTE C - INVESTMENTS
Distributions of Abbott common shares and conversions of participants’ common share account balances to participant loans or other investment options are recorded at fair market value.
A summary of Abbott common share data as of December 31, 2020 and 2019 is presented below:
2020 | 2019 | |||||||
Abbott common shares, 27,617,036 and 28,371,110 shares, respectively (dollars in thousands) | $ | 3,023,789 | $ | 2,464,315 | ||||
Market value per share | $ | 109.49 | $ | 86.86 |
14
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
The Plan holds units of collective trust funds managed by the Trustee and shares of the Trustee’s common stock. A significant portion of the Plan’s assets is invested in Abbott common shares. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA. During 2020, the Plan received $40 million in common stock dividends from Abbott.
Participants pay fees to the recordkeeper for loan transaction processing and for commissions on purchases and sales of Abbott shares and sales of AbbVie stock. These transactions qualify as permitted party-in-interest transactions.
NOTE E - PLAN TERMINATION
The Plan may be terminated at any time by Abbott upon written notice to the Trustee and Committee. All participants’ account balances would become fully vested upon Plan termination. Upon termination of the Plan, distributions of each participant’s share in the Trust, as determined by the terms of the Plan, would be made to each participant. At the present time, Abbott has no intention of terminating the Plan.
NOTE F - TAX STATUS
The Internal Revenue Service (“IRS”) has determined and informed Abbott by a letter dated May 19, 2017, that the Plan and related Trust are designed in accordance with applicable sections of the IRC. The Plan has been amended since the applicable date of the determination letter. However, the Plan administrator believes that the Plan is designed and is currently being operated, in all material respects, in accordance with the applicable requirements of the IRC.
Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS or other applicable taxing authorities. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. There are currently no audits in progress.
15
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE G – RISKS AND UNCERTAINTIES
In general, the investments provided by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant accounts and the amounts reported in the statements of net assets available for benefits.
In March 2020, the World Health Organization declared COVID-19 a pandemic and recommended containment and mitigation measures worldwide. The pandemic is ongoing and has caused significant volatility and uncertainty in U.S. and international financial markets. The volatility in the markets has not resulted in a material change in the fair value of the Plan’s investments since December 31, 2020; however, the ultimate impact of COVID-19 on the Company, the Plan, and global financial markets will depend on future developments that are difficult to assess or predict, and the potential impact to the Plan’s net assets available for benefits and changes in net assets available for benefits is uncertain.
NOTE H - SUBSEQUENT EVENTS
Management of the Plan has evaluated subsequent events from December 31, 2020 through the date these financial statements were issued. Management of the Plan is not aware of any subsequent events that require recognition or additional disclosure in these financial statements.
16
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - employer securities | ||||||||
*ABBOTT LABORATORIES, common shares | $ | 3,023,789 | ||||||
Common stock | ||||||||
1ST CTZNS BANCSHARES INC CL A | 119 | |||||||
2U INC COM | 58 | |||||||
5TH 3RD BANCORP | 626 | |||||||
ABBVIE INC. | 1,623,860 | |||||||
ACADIA HEALTHCARE CO INC COM | 141 | |||||||
ACCELERON PHARMA INC COM | 13 | |||||||
ACUITY BRANDS INC COM | 139 | |||||||
ADT INC DEL COM | 39 | |||||||
ADVANCE AUTO PTS INC COM | 323 | |||||||
AECOM | 245 | |||||||
AES CORP COM | 496 | |||||||
AFFILIATED MANAGERS GROUP INC COM STK | 141 | |||||||
AGCO CORP COM | 205 | |||||||
AGILENT TECHNOLOGIES INC COM | 1,060 | |||||||
AGIOS PHARMACEUTICALS INC COM | 77 | |||||||
AIR LEASE CORP CL A | 152 | |||||||
AKAMAI TECHNOLOGIES INC COM STK | 95 | |||||||
ALASKA AIR GROUP INC COM | 201 | |||||||
ALBEMARLE CORP COM | 498 | |||||||
ALBERTSONS COS INC CL A | 16 | |||||||
ALEXION PHARMACEUTICALS INC COM | 889 | |||||||
ALKERMES PLC SHS | 101 | |||||||
ALLEGHANY CORP DEL COM | 235 | |||||||
ALLEGION PLC COMMON STOCK | 121 | |||||||
ALLEGRO MICROSYSTEMS INC | 11 | |||||||
ALLIANCE DATA SYS CORP COM | 113 | |||||||
ALLIANT ENERGY CORP COM | 405 | |||||||
ALLISON TRANSMISSION HOLDING | 54 | |||||||
ALLY FINL INC COM | 425 | |||||||
AMCOR PLC | 497 | |||||||
AMDOCS | 296 | |||||||
AMER FINL GROUP INC OH COM STK | 194 | |||||||
AMERCO COM | 130 | |||||||
AMEREN CORP COM | 607 | |||||||
AMERICAN AIRLINES INC COM | 269 | |||||||
AMERICAN NATL GROUP INC COM | 22 | |||||||
AMERICAN WELL CORP COM CL A | 8 | |||||||
AMERICAN WTR WKS CO INC NEW COM | 885 | |||||||
AMERIPRISE FINL INC COM | 724 | |||||||
AMERISOURCEBERGEN CORP COM | 238 | |||||||
AMETEK INC NEW COM | 883 | |||||||
AMPHENOL CORP NEW CL A | 492 | |||||||
ANTERO MIDSTREAM CORPORATION | 71 | |||||||
APA CORP | 172 | |||||||
APARTMENT COM | 25 | |||||||
APARTMENT INCOME REIT CORP COM | 180 | |||||||
APOLLO GLOBAL MGMT INC | 136 | |||||||
APTARGROUP INC COM | 278 | |||||||
APTIV PLC COM | 1,104 | |||||||
ARAMARK COM | 275 |
18
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
ARCH CAPITAL GROUP COM STK | 446 | |||||||
ARCHER-DANIELS-MIDLAND CO COM | 883 | |||||||
ARDAGH GROUP S A ARDAGH GROUP S A | 10 | |||||||
ARISTA NETWORKS INC COM | 99 | |||||||
ARMSTRONG WORLD INDS INC NEW COM STK | 72 | |||||||
ARRAY TECHNOLOGIES INC COM | 73 | |||||||
ARROW ELECTR INC COM | 228 | |||||||
ASHLAND GLOBAL HLDGS INC COM | 142 | |||||||
ASPEN TECHNOLOGY INC COM | 20 | |||||||
ASSOCTD BANC-CORP COM | 79 | |||||||
ASSURANT INC COM | 250 | |||||||
ASSURED GUARANTY LTD COMMON STK | 74 | |||||||
ATHENE HOLDING LTD | 152 | |||||||
ATMOS ENERGY CORP COM | 374 | |||||||
AUTONATION INC COM | 126 | |||||||
AUTOZONE INC COM | 356 | |||||||
AVANGRID INC COM | 82 | |||||||
AVERY DENNISON CORP COM | 241 | |||||||
AVNET INC COM | 110 | |||||||
AXALTA COATING SYSTEMS LTD | 193 | |||||||
AXIS CAPITAL HOLDINGS LTD | 123 | |||||||
AZEK CO INC CL A | 69 | |||||||
BAKER HUGHES CO | 431 | |||||||
BALL CORP COM | 61 | |||||||
BANK OZK COM | 122 | |||||||
BERKELEY LTS INC COM | 16 | |||||||
BERKLEY W R CORP COM | 297 | |||||||
BERRY GLOBAL GROUP INC | 158 | |||||||
BEST BUY INC COM STK | 596 | |||||||
BEYOND MEAT INC | 42 | |||||||
BIGCOMMERCE HLDGS INC | 3 | |||||||
BIO RAD LABS INC CL A | 390 | |||||||
BIOMARIN PHARMACEUTICAL INC | 48 | |||||||
BIO-TECHNE CORP COM | 24 | |||||||
BK HAW CORP COM | 97 | |||||||
BLOCK H & R INC COM | 29 | |||||||
BLUEBIRD BIO INC COM | 50 | |||||||
BOK FINL CORP COM NEW | 69 | |||||||
BORG WARNER INC COM | 258 | |||||||
BRIGHT HORIZONS FA COM | 102 | |||||||
BRIGHTHOUSE FINL INC COM | 99 | |||||||
BROWN & BROWN INC COM | 332 | |||||||
BROWN FORMAN CORP CL A | 15 | |||||||
BROWN-FORMAN INC CL B NON-VTG COM | 69 | |||||||
BRUKER CORP | 103 | |||||||
BRUNSWICK CORP COM | 194 | |||||||
BUNGE LTD | 283 | |||||||
BURLINGTON STORES INC COM | 58 | |||||||
BWX TECHNOLOGIES INC COM | 67 | |||||||
C H ROBINSON WORLDWIDE INC COM | 329 | |||||||
CABOT CORP COM | 80 | |||||||
CABOT OIL & GAS CORP COM | 205 | |||||||
CACI INTL INC CL A | 167 |
19
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
CAMPBELL SOUP CO COM | 147 | |||||||
CAPRI HOLDINGS LTD | 191 | |||||||
CARLISLE COMPANIES INC COM | 257 | |||||||
CARLYLE GROUP INC COM | 106 | |||||||
CARMAX INC COM | 453 | |||||||
CARNIVAL CORP COM PAIRED | 331 | |||||||
CARRIER GLOBAL CORPORATION COM | 663 | |||||||
CARTER INC | 130 | |||||||
CASEYS GEN STORES INC COM | 207 | |||||||
CATALENT INC COM | 539 | |||||||
CBOE GLOBAL MARKETS INC | 245 | |||||||
CBRE GROUP INC CL A | 661 | |||||||
CDK GLOBAL INC COM | 172 | |||||||
CELANESE CORP | 477 | |||||||
CENTERPOINT ENERGY INC COM | 342 | |||||||
CERIDIAN HCM HLDG INC COM | 114 | |||||||
CF INDS HLDGS INC COM | 266 | |||||||
CHANGE HEALTHCARE INC COM | 38 | |||||||
CHARLES RIV LABORATORIES INTL INC COM | 44 | |||||||
CHEMOURS CO COM | 131 | |||||||
CHOICE HOTELS INTL INC COM | 119 | |||||||
CIENA CORP COM NEW | 260 | |||||||
CIMAREX ENERGY CO COM | 120 | |||||||
CIN FNCL CORP COM | 411 | |||||||
CINTAS CORP COM | 115 | |||||||
CIRRUS LOGIC INC COM | 147 | |||||||
CITIZENS FINL GROUP INC COM | 485 | |||||||
CITRIX SYS INC COM | 367 | |||||||
CLEAN HBRS INC COM | 126 | |||||||
CLOROX CO COM | 239 | |||||||
CMS ENERGY CORP COM | 550 | |||||||
CNA FNCL CORP COM | 34 | |||||||
COHERENT INC COM | 20 | |||||||
COLFAX CORP | 122 | |||||||
COLUMBIA SPORTSWEAR CO COM | 80 | |||||||
COMERICA INC COM | 250 | |||||||
COMM BANCSHARES INC COM | 223 | |||||||
COMMSCOPE HLDG CO INC COM | 78 | |||||||
CONAGRA BRANDS INC COM | 558 | |||||||
CONCENTRIX CORP | 132 | |||||||
CONOCOPHILLIPS | 361 | |||||||
CONS EDISON INC COM | 765 | |||||||
CONTINENTAL RES INC COM | 38 | |||||||
COOPER COS INC COM | 496 | |||||||
COPA HOLDINGS SA COM STK | 78 | |||||||
CORELOGIC INC-W/I COM STK | 177 | |||||||
CORNING INC COM | 854 | |||||||
CORTEVA INC COM | 919 | |||||||
COTY INC COM CL A | 63 | |||||||
CRANE CO COM | 121 | |||||||
CREDIT ACCEP CORP MICH COM | 103 | |||||||
CREE INC COM | 369 | |||||||
CROWDSTRIKE HLDGS INC CL A | 284 |
20
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
CROWN HLDGS INC COM | 370 | |||||||
CULLEN / FROST BANKERS INC COM | 157 | |||||||
CUMMINS INC | 1,060 | |||||||
CURTISS WRIGHT CORP COM | 152 | |||||||
D R HORTON INC COM | 720 | |||||||
DARDEN RESTAURANTS INC COM | 494 | |||||||
DATTO HLDG CORP COM | 11 | |||||||
DAVITA INC COM | 233 | |||||||
DELTA AIR LINES INC DEL COM NEW | 811 | |||||||
DENTSPLY SIRONA INC COM | 364 | |||||||
DEVON ENERGY CORP | 105 | |||||||
DEVON ENERGY CORP NEW COM | 194 | |||||||
DIAMONDBACK ENERGY INC COM | 245 | |||||||
DICKS SPORTING GOODS INC | 112 | |||||||
DISCOVER FINL SVCS COM STK | 877 | |||||||
DISCOVERY INC - A | 152 | |||||||
DISCOVERY INC COM | 254 | |||||||
DISH NETWORK CORP CL A COM STK | 249 | |||||||
DOLBY LABORATORIES INC CL A COM STK | 171 | |||||||
DOLLAR TREE INC COM STK | 417 | |||||||
DONALDSON INC COM | 204 | |||||||
DOVER CORP COM | 577 | |||||||
DTE ENERGY CO COM | 744 | |||||||
DUCK CREEK TECHNOLOGIES INC COM | 5 | |||||||
DUN & BRADSTREET HLDGS INC COM | 35 | |||||||
DXC TECHNOLOGY CO COM | 210 | |||||||
EAGLE MATLS INC COM | 135 | |||||||
EAST WEST BANCORP INC COM | 230 | |||||||
EASTMAN CHEM CO COM | 433 | |||||||
EATON VANCE CORP | 242 | |||||||
ECHOSTAR CORPORATION | 32 | |||||||
EDISON INTL COM | 710 | |||||||
ELANCO ANIMAL HEALTH INC COM | 439 | |||||||
ELEMENT SOLUTION INC COM | 123 | |||||||
ENCOMPASS HEALTH CORP COM | 143 | |||||||
ENERGIZER HLDGS INC NEW COM | 18 | |||||||
ENTEGRIS INC COM | 25 | |||||||
ENTERGY CORP NEW COM | 640 | |||||||
ENVISTA HLDGS CORP COM | 174 | |||||||
EQT CORP COM | 113 | |||||||
EQUIFAX INC COM | 194 | |||||||
EQUITABLE HLDGS INC COM | 322 | |||||||
EQUITRANS MIDSTREAM CORP COM NPV WI | 96 | |||||||
ERIE INDTY CO CL A | 86 | |||||||
ESSENTIAL UTILS INC COM | 337 | |||||||
EURONET WORLDWIDE INC COM | 234 | |||||||
EVERCORE INC | 139 | |||||||
EVEREST RE GROUP COM | 289 | |||||||
EVERGY INC COM NPV | 401 | |||||||
EVERSOURCE ENERGY COM | 940 | |||||||
EXACT SCIENCES CORP COM | 82 | |||||||
EXELIXIS INC COM STK | 126 | |||||||
EXPEDIA GROUP INC COM | 501 |
21
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
EXPEDITORS INTL WASH INC COM | 197 | |||||||
EXTENDED STAY AMER INC | 85 | |||||||
F N B CORP PA COM | 96 | |||||||
F5 NETWORKS INC COM STK | 337 | |||||||
FASTENAL CO COM | 164 | |||||||
FIDELITY NATL FINL INC | 337 | |||||||
FIREEYE INC COM | 127 | |||||||
FIRST AMERN FINL CORP COM STK | 180 | |||||||
FIRST HAWAIIAN INC COM | 99 | |||||||
FIRST HORIZON CORPORATION COM | 219 | |||||||
FIRST REP BK SAN FRANCISCO CALIF NEW COM | 806 | |||||||
FIRST SOLAR INC COM | 292 | |||||||
FIRSTENERGY CORP COM | 523 | |||||||
FLOWERS FOODS INC COM | 143 | |||||||
FLOWSERVE CORP COM | 155 | |||||||
FMC CORP COM (NEW) | 379 | |||||||
FOOT LOCKER INC COM | 135 | |||||||
FORD MTR CO DEL COM | 1,085 | |||||||
FORTIVE CORP COMMON STOCK | 673 | |||||||
FORTUNE BRANDS HOME & SEC INC COM | 371 | |||||||
FOX CORP CL A | 305 | |||||||
FOX CORP CL B | 141 | |||||||
FREEPORT-MCMORAN INC | 1,194 | |||||||
FRKLN RES INC COM | 218 | |||||||
FRONTDOOR INC COM | 114 | |||||||
FTI CONSULTING INC COM | 121 | |||||||
GALLAGHER ARTHUR J & CO COM | 746 | |||||||
GAP INC COM | 118 | |||||||
GARMIN LTD COMMON STOCK | 571 | |||||||
GATES INDL CORP PL | 15 | |||||||
GENERAC HLDGS INC COM STK | 38 | |||||||
GENPACT LIMITED | 152 | |||||||
GENTEX CORP COM | 265 | |||||||
GENUINE PARTS CO COM | 447 | |||||||
GLOBE LIFE INC COM | 307 | |||||||
GLOBUS MED INC CL A | 157 | |||||||
GOHEALTH INC CL A | 17 | |||||||
GRACE W R & CO DEL NEW COM STK | 63 | |||||||
GRACO INC COM | 189 | |||||||
GRAFTECH INTL LTD COM | 24 | |||||||
GRAHAM HLDGS CO COM CL B COM | 69 | |||||||
GRAINGER W W INC COM | 156 | |||||||
GRAND CANYON ED INC COM STK | 140 | |||||||
GRAPHIC PACKAGING HLDG CO COM STK | 109 | |||||||
GROCERY OUTLET HLDG CORP COM | 41 | |||||||
GRUBHUB INC COM | 199 | |||||||
GUIDEWIRE SOFTWARE INC COM | 279 | |||||||
HAEMONETICS CORP MASS COM | 13 | |||||||
HAIN CELESTIAL GROUP INC COM | 104 | |||||||
HALLIBURTON CO COM | 528 | |||||||
HANESBRANDS INC COM STK | 163 | |||||||
HANOVER INS GROUP INC COM | 134 | |||||||
HARLEY DAVIDSON COM | 181 |
22
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
HARTFORD FINL SVCS GROUP INC COM | 552 | |||||||
HASBRO INC COM | 379 | |||||||
HAWAIIAN ELEC INDS INC COM | 122 | |||||||
HEICO CORP NEW CL A | 57 | |||||||
HEICO CORP NEW COM | 36 | |||||||
HELMERICH & PAYNE INC COM | 78 | |||||||
HENRY SCHEIN INC COMMON STOCK | 303 | |||||||
HERBALIFE NUTRITION LTD COM STK | 120 | |||||||
HERSHEY COMPANY COM STK | 165 | |||||||
HESS CORP COM STK | 462 | |||||||
HEWLETT PACKARD ENTERPRISE CO COM | 487 | |||||||
HEXCEL CORP NEW COM | 130 | |||||||
HILL-ROM HLDGS INC COM STK | 186 | |||||||
HILTON WORLDWIDE HLDGS INC COM | 969 | |||||||
HOLLYFRONTIER CORP COM | 125 | |||||||
HOLOGIC INC COM | 181 | |||||||
HORIZON THERAPEUTICS PLC | 34 | |||||||
HORMEL FOODS CORP COM | 409 | |||||||
HOWARD HUGHES CORP COM STOCK | 100 | |||||||
HOWMET AEROSPACE INC COM | 354 | |||||||
HP INC COM | 1,070 | |||||||
HUBBELL INC COM | 267 | |||||||
HUNT J B TRANS SVCS INC COM | 269 | |||||||
HUNTINGTON BANCSHARES INC COM | 406 | |||||||
HUNTINGTON INGALLS INDS INC COM | 190 | |||||||
HUNTSMAN CORP COM STK | 162 | |||||||
HYATT HOTELS CORP COM CL A | 84 | |||||||
IAA SPINCO INC | 214 | |||||||
ICU MED INC COM | 99 | |||||||
IDACORP INC COM | 155 | |||||||
IDEX CORP COM | 473 | |||||||
IHS MARKIT LTD COM | 518 | |||||||
INGERSOLL RAND INC COM | 503 | |||||||
INGREDION INC COM | 170 | |||||||
INTEGRA LIFESCIENCES HLDG CORP COM DESP | 145 | |||||||
INTERACTIVE BROKERS GROUP INC CL COM | 144 | |||||||
INTERPUBLIC GROUP COMPANIES INC COM | 289 | |||||||
INTL FLAVORS & FRAGRANCES INC COM | 366 | |||||||
INTL PAPER CO COM | 624 | |||||||
INVESCO LTD COM STK | 212 | |||||||
IONIS PHARMACEUTICALS INC COM | 121 | |||||||
IPG PHOTONICS CORP COM | 239 | |||||||
IQVIA HLDGS INC COM | 675 | |||||||
ITT INC COM | 214 | |||||||
JABIL INC COM | 163 | |||||||
JACK HENRY & ASSOC INC COM | 86 | |||||||
JACOBS ENGR GROUP INC COM | 436 | |||||||
JAMF HLDG CORP COM | 15 | |||||||
JAZZ PHARMACEUTICALS PLC | 287 | |||||||
JEFFERIES FINL GROUP INC COM | 164 | |||||||
JETBLUE AWYS CORP COM | 144 | |||||||
JFROG LTD COM | 3 | |||||||
JOHNSON CTLS INTL PLC COM | 1,072 |
23
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Common stock - continued | ||||||||
JONES LANG LASALLE INC COM STK | 246 | |||||||
JUNIPER NETWORKS INC COM | 234 | |||||||
KELLOGG CO COM | 324 | |||||||
KEMPER CORP DEL COM | 154 | |||||||
KEYCORP NEW COM | 507 | |||||||
KEYSIGHT TECHNOLOGIES INC COM | 523 | |||||||
KIRBY CORP COM | 99 | |||||||
KKR & CO INC CL A | 701 | |||||||
KNIGHT-SWIFT TRANSN HLDGS INC | 168 | |||||||
KOHLS CORP COM | 206 | |||||||
KROGER CO COM | 777 | |||||||
KS CY SOUTHN | 601 | |||||||
L BRANDS INC COM | 267 | |||||||
LAB CORP AMER HLDGS COM NEW | 596 | |||||||
LAMAR ADVERTISING CO NEW CL A | 230 | |||||||
LAMB WESTON HLDGS INC COM | 277 | |||||||
LANDSTAR SYS INC COM | 30 | |||||||
LAZARD LTD CL A | 134 | |||||||
LEAR CORP COM NEW | 299 | |||||||
LEGGETT & PLATT INC COM | 188 | |||||||
LEIDOS HLDGS INC COM | 402 | |||||||
LEMONADE INC COM | 50 | |||||||
LENDINGTREE INC NEW COM | 4 | |||||||
LENNAR CORP CL A | 657 | |||||||
LENNAR CORP CL B | 29 | |||||||
LENNOX INTL INC COM | 297 | |||||||
LESLIES INC COM | 21 | |||||||
LIBERTY BROADBAND CORP COM SER A | 125 | |||||||
LIBERTY BROADBAND CORP COM SER C | 800 | |||||||
LIBERTY MEDIA CORP DEL COM SER A SIRIUSXM GROUP | 101 | |||||||
LIBERTY MEDIA CORP DEL COM SER A FORMULAONE COM | 30 | |||||||
LIBERTY MEDIA CORP DEL COM SER C FORMULAONE | 264 | |||||||
LIBERTY MEDIA CORP DEL COM SER C SIRIUSXM GROUP | 215 | |||||||
LINCOLN ELEC HLDGS INC COM | 122 | |||||||
LINCOLN NATL CORP COM | 273 | |||||||
LIONS GATE ENTMT CORP CL B NON VTG | 38 | |||||||
LIONS GATE ENTMT CORP VOTING SHARES CL A | 22 | |||||||
LITTELFUSE INC COM | 193 | |||||||
LKQ CORP COM LKQ CORP | 339 | |||||||
LOEWS CORP COM | 331 | |||||||
LPL FINL HLDGS INC COM | 238 | |||||||
LUMEN TECH INC | 335 | |||||||
LUMENTUM HLDGS INC COM | 204 | |||||||
LYFT INC CL A | 384 | |||||||
LYONDELLBASELL IND N V | 743 | |||||||
M & T BK CORP COM | 520 | |||||||
MACQUARIE INFRASTRUCTURE CORP | 89 | |||||||
MADISON SQUARE GARDEN ENTMT CORP CL A | 62 | |||||||
MADISON SQUARE GARDEN SPORTS CORP | 110 | |||||||
MANHATTAN ASSOCS INC COM | 23 | |||||||
MANPOWERGROUP INC | 168 | |||||||
MARATHON OIL CORP COM | 169 | |||||||
MARATHON PETE CORP COM | 847 |
24
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Common stock - continued | ||||||||
MARKEL CORP HOLDING CO COM | 439 | |||||||
MARTIN MARIETTA MATLS INC COM | 564 | |||||||
MARVELL TECHNOLOGY | 1,003 | |||||||
MASCO CORP COM | 455 | |||||||
MATTEL INC COM STOCK | 78 | |||||||
MAXIM INTEGRATED PRODS INC COM | 502 | |||||||
MC CORMICK & CO INC COM NON-VTG | 328 | |||||||
MCAFEE CORP CL A | 6 | |||||||
MCKESSON CORP | 231 | |||||||
MDU RES GROUP INC COM | 169 | |||||||
MERCURY GEN CORP NEW COM | 45 | |||||||
MERCURY SYSTEMS INC | 28 | |||||||
METTLER-TOLEDO INTL INC COM | 51 | |||||||
MGIC INVT CORP WIS COM | 136 | |||||||
MGM RESORTS INTERNATIONAL COM | 472 | |||||||
MICROCHIP TECHNOLOGY INC COM | 272 | |||||||
MIDDLEBY CORP COM | 229 | |||||||
MKS INSTRS INC COM | 65 | |||||||
MOHAWK INDS INC COM | 264 | |||||||
MOLINA HEALTHCARE INC COM | 131 | |||||||
MOLSON COORS BEVERAGE COMPANY COM | 253 | |||||||
MORNINGSTAR INC COM STK | 26 | |||||||
MOSAIC CO/THE | 249 | |||||||
MOTOROLA SOLUTIONS INC | 821 | |||||||
MSA SAFETY INC COM | 137 | |||||||
MSC INDL DIRECT INC CL A COM | 121 | |||||||
MURPHY OIL CORP COM | 56 | |||||||
N V R INC COM | 396 | |||||||
NASDAQ INC | 478 | |||||||
NATIONAL | 167 | |||||||
NATIONAL INSTRS CORP COM | 182 | |||||||
NATL FUEL GAS CO COM | 116 | |||||||
NCINO INC COM | 3 | |||||||
NCR CORP COM | 153 | |||||||
NEKTAR THERAPEUTICS COM | 96 | |||||||
NETAPP INC COM STK | 216 | |||||||
NEW YORK CMNTY BANCORP INC COM | 154 | |||||||
NEW YORK TIMES CO CL A | 271 | |||||||
NEWELL BRANDS INC COM | 262 | |||||||
NEWMARKET CORP COM | 16 | |||||||
NEWS CORP COM CL A | 225 | |||||||
NEWS CORP COM CL B | 69 | |||||||
NEXSTAR MEDIA GROUP INC CL A | 51 | |||||||
NIELSEN HOLDINGS PLC COMSTK | 239 | |||||||
NISOURCE INC COM | 278 | |||||||
NORDSON CORP COM | 69 | |||||||
NORDSTROM INC COM | 109 | |||||||
*NORTHERN TR CORP COM | 564 | |||||||
NORWEGIAN CRUISE LINE HLDGS LTD | 251 | |||||||
NRG ENERGY INC COM NEW | 192 | |||||||
NU SKIN ENTERPRISES INC CL A | 90 | |||||||
NUANCE COMMUNICATIONS INC COM | 390 | |||||||
NUCOR CORP COM | 511 |
25
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Common stock - continued | ||||||||
NVENT ELECTRIC PLC COM | 116 | |||||||
OAK STR HEALTH INC COM | 21 | |||||||
OCCIDENTAL PETROLEUM CORP | 458 | |||||||
OGE ENERGY CORP COM | 205 | |||||||
OLD DOMINION FREIGHT LINE INC COM | 84 | |||||||
OLD REP INTL CORP COM | 179 | |||||||
OLIN CORP COM | 113 | |||||||
OLLIES BARGAIN OUTLET HLDGS INC COM | 17 | |||||||
OMNICOM GROUP INC COM | 422 | |||||||
ON SEMICONDUCTOR CORP COM | 423 | |||||||
ONEMAIN HLDGS INC COM | 102 | |||||||
ONEOK INC COM STK | 542 | |||||||
OSHKOSH CORPORATION | 187 | |||||||
OTIS WORLDWIDE CORP COM | 872 | |||||||
OWENS CORNING NEW COM STK | 261 | |||||||
PACCAR INC COM | 926 | |||||||
PACKAGING CORP AMER COM | 412 | |||||||
PACWEST BANCORP DEL COM | 96 | |||||||
PARKER-HANNIFIN CORP COM | 1,104 | |||||||
PARSLEY ENERGY | 138 | |||||||
PAYCHEX INC COM | 202 | |||||||
PEGASYSTEMS INC COM | 18 | |||||||
PELOTON INTERACTIVE INC | 922 | |||||||
PENSKE AUTOMOTIVE GROUP INC COM STK | 61 | |||||||
PENTAIR PLC COM | 282 | |||||||
PEOPLES UTD FINL INC COM | 176 | |||||||
PERKINELMER INC COM | 410 | |||||||
PERRIGO COMPANY LIMITED COM | 197 | |||||||
PG& E CORP COM | 521 | |||||||
PILGRIMS PRIDE CORP | 22 | |||||||
PINNACLE FINL PARTNERS INC COM | 152 | |||||||
PINNACLE W. CAP CORP COM | 286 | |||||||
PINTEREST INC CL A | 145 | |||||||
PIONEER NAT RES CO COM | 596 | |||||||
PLANET FITNESS INC CL A | 84 | |||||||
POLARIS INC | 160 | |||||||
POPULAR INC COM | 150 | |||||||
POST HLDGS INC COM STK | 207 | |||||||
PPD INC COM | 27 | |||||||
PPG IND INC COM | 1,077 | |||||||
PPL CORP COM | 686 | |||||||
PRA HEALTH SCIENCES INC COM | 36 | |||||||
PREMIER INC CL A | 132 | |||||||
PRIMERICA INC COM | 63 | |||||||
PRINCIPAL FINL GROUP INC COM STK | 428 | |||||||
PROSPERITY BANCSHARES INC COM | 199 | |||||||
PRUDENTIAL FINL INC COM | 985 | |||||||
PUB SERVICE ENTERPRISE GROUP INC COM | 932 | |||||||
PULTE GROUP INC | 367 | |||||||
PURE STORAGE INC CL A | 76 | |||||||
PVH CORP COM | 212 | |||||||
QIAGEN NV | 373 | |||||||
QORVO INC COM | 606 |
26
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Common stock - continued | ||||||||
QUANTA SVCS INC COM | 253 | |||||||
QUEST DIAGNOSTICS INC COM | 502 | |||||||
QURATE RETAIL INC | 134 | |||||||
RALPH LAUREN CORP CL A | 157 | |||||||
RAYMOND JAMES FNCL INC COM STK | 369 | |||||||
REALPAGE INC | 26 | |||||||
REATA PHARMACEUTICALS INC CL A | 10 | |||||||
REGAL BELOIT CORP | 155 | |||||||
REGIONS FINL CORP NEW COM | 493 | |||||||
REINSURANCE GROUP AMER INC COM NEW STK | 246 | |||||||
RELIANCE STL & ALUM CO COM | 245 | |||||||
RENAISSANCE RE HLDGS LTD COM | 179 | |||||||
REPUBLIC SVCS INC COM | 638 | |||||||
REYNOLDS CONSUMER PRODS INC COM | 35 | |||||||
ROBERT HALF INTL INC COM | 224 | |||||||
ROCKWELL AUTOMATION | 471 | |||||||
ROLLINS INC COM | 34 | |||||||
ROYAL CARIBBEAN GROUP COM STK | 431 | |||||||
ROYAL GOLD INC COM STK | 63 | |||||||
ROYALTY PHARMA PLC COM | 96 | |||||||
RPM INTL INC | 61 | |||||||
RYDER SYS INC COM | 104 | |||||||
S.W. AIRL CO COM | 869 | |||||||
SABRE CORP COM | 117 | |||||||
SAGE THERAPEUTICS INC COM | 132 | |||||||
SANTANDER CONSUMER USA HLDGS INC COM | 53 | |||||||
SCHNEIDER NATL INC WIS CL B | 39 | |||||||
SCIENCE APPLICATIONS INTL CORP NEW COM | 154 | |||||||
SCOTTS MIRACLE-GRO CLASS'A'COM NPV | 17 | |||||||
SEABOARD CORP DEL COM | 24 | |||||||
SEALED AIR CORP NEW COM STK | 229 | |||||||
SEI INVTS CO COM | 202 | |||||||
SENSATA TECHNOLOGIES B V HOLDING | 262 | |||||||
SERVICE CORP INTL COM | 259 | |||||||
SIGNATURE BK NY N Y COM | 226 | |||||||
SILGAN HLDGS INC COM | 93 | |||||||
SIRIUS XM HLDGS INC COM | 96 | |||||||
SIX FLAGS ENTMT CORP NEW COM | 83 | |||||||
SKECHERS U S A INC CL A | 155 | |||||||
SKYWORKS SOLUTIONS INC COM | 806 | |||||||
SLM CORP COM | 115 | |||||||
SMITH A O CORP COM | 234 | |||||||
SMUCKER J M CO COM NEW | 408 | |||||||
SNAP-ON INC COM | 292 | |||||||
SOLARWINDS CORP COM | 21 | |||||||
SONOCO PROD CO COM | 190 | |||||||
SPECTRUM BRANDS HLDGS INC | 108 | |||||||
SPIRIT AEROSYSTEMS HLDGS INC CL A | 132 | |||||||
SPROUTS FMRS MKT INC COM | 12 | |||||||
SS&C TECHNOLOGIES HLDGS INC COM | 410 | |||||||
STANLEY BLACK & DECKER INC COM | 871 | |||||||
STATE STR CORP COM | 810 | |||||||
STEEL DYNAMICS INC COM | 234 |
27
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Common stock - continued | ||||||||
STERICYCLE INC COM | 200 | |||||||
STERIS PLC ORD | 481 | |||||||
STERLING BANCORP DEL COM | 111 | |||||||
SVB FINANCIAL GROUP COMMON STOCK | 629 | |||||||
SYNCHRONY FINL COM | 639 | |||||||
SYNEOS HEALTH INC COM | 147 | |||||||
SYNNEX CORP COM STK | 109 | |||||||
SYNOPSYS INC COM | 90 | |||||||
SYNOVUS FINL CORP COM | 152 | |||||||
T ROWE PRICE GROUP INC | 808 | |||||||
TAKE-TWO INTERACTIVE SOFTWARE INC COM STK | 55 | |||||||
TANDEM DIABETES CARE INC COM | 20 | |||||||
TAPESTRY INC COM | 277 | |||||||
TARGA RES CORP COM | 186 | |||||||
TCF FINL CORP NEW COM | 175 | |||||||
TELADOC HEALTH INC | 45 | |||||||
TELEDYNE TECH | 184 | |||||||
TELEDYNE TECHNOLOGIES INC COM | 453 | |||||||
TELEFLEX INC COM | 228 | |||||||
TELEPHONE & DATA SYS INC COM STK | 60 | |||||||
TEMPUR SEALY INTL INC | 41 | |||||||
TERADATA CORP DEL COM STK | 20 | |||||||
TERMINIX GLOBAL HLDGS INC COM | 217 | |||||||
TEXTRON INC COM | 346 | |||||||
TFS FINL CORP COM STK | 27 | |||||||
THOR INDS INC COM STK | 153 | |||||||
TIFFANY | 502 | |||||||
TIMKEN CO COM | 153 | |||||||
TOLL BROS INC COM | 162 | |||||||
TORO CO COM | 31 | |||||||
TRADEWEB MKTS INC CL A | 26 | |||||||
TRANE TECHNOLOGIES PLC COM | 1,098 | |||||||
TRANSDIGM GROUP INC COM | 795 | |||||||
TRANSUNION COM | 54 | |||||||
TRAVEL & LEISURE CO | 121 | |||||||
TREEHOUSE FOODS INC COM | 77 | |||||||
TRIMBLE INC COM TRIMBLE INC | 531 | |||||||
TRINITY IND INC COM | 77 | |||||||
TRIPADVISOR INC COM | 93 | |||||||
TWILIO INC CL A | 251 | |||||||
TWITTER INC COM | 1,337 | |||||||
TYSON FOODS INC CL A COM (DELAWARE) | 592 | |||||||
U.S. CELLULAR CORP COM | 15 | |||||||
UBIQUITI INC COM | 15 | |||||||
UGI CORP NEW COM | 234 | |||||||
ULTA BEAUTY INC | 34 | |||||||
UMPQUA HLDGS CORP COM | 107 | |||||||
UNDER ARMOR INC CL A | 105 | |||||||
UNDER ARMOUR INC CL C COM | 94 | |||||||
UNITED AIRLINES HOLDINGS INC COM | 399 | |||||||
UNITED RENTALS INC COM | 533 | |||||||
UNITED THERAPEUTICS CORP DEL COM STK | 212 | |||||||
UNITY SOFTWARE INC COM | 20 |
28
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Common stock - continued | ||||||||
UNIVAR SOLUTIONS INC | 102 | |||||||
UNUM GROUP | 145 | |||||||
UNVL HEALTH SERVICES INC CL B COM | 321 | |||||||
US FOODS HLDG CORP COM | 236 | |||||||
V F CORP COM | 820 | |||||||
VAIL RESORTS INC COM | 322 | |||||||
VALMONT INDS INC COM | 118 | |||||||
VALVOLINE INC COM | 138 | |||||||
VARIAN | 437 | |||||||
VEREIT INC COM | 262 | |||||||
VERISIGN INC COM | 285 | |||||||
VIACOMCBS INC CL A | 14 | |||||||
VIACOMCBS INC NPV CLASS B | 646 | |||||||
VIASAT INC COM | 62 | |||||||
VIATRIS INC | 714 | |||||||
VIRGIN GALACTIC HLDGS INC COM | 7 | |||||||
VIRTU FINL INC CL A | 6 | |||||||
VISTRA CORP COM | 301 | |||||||
VONTIER CORP COM | 129 | |||||||
VOYA FINL INC COM | 237 | |||||||
VROOM INC COM | 7 | |||||||
VULCAN MATERIALS CO COM | 618 | |||||||
WABTEC CORP COM | 421 | |||||||
WATERS CORP COM | 441 | |||||||
WATSCO INC COM | 238 | |||||||
WAYFAIR INC CL A | 42 | |||||||
WEBSTER FNCL CORP WATERBURY CONN COM | 121 | |||||||
WEC ENERGY GROUP INC COM | 925 | |||||||
WESTERN ALLIANCE BANCORPORATION COM | 188 | |||||||
WESTERN UNION CO | 233 | |||||||
WESTLAKE CHEM CORP COM STK | 89 | |||||||
WESTN DIGITAL CORP COM | 534 | |||||||
WESTROCK CO COM | 351 | |||||||
WEX INC COM | 264 | |||||||
WHIRLPOOL CORP COM | 350 | |||||||
WHITE MOUNTAINS INSURANCE GROUP COM | 98 | |||||||
WILEY JOHN & SONS INC CL A | 63 | |||||||
WILLIAMS CO INC COM | 771 | |||||||
WILLIAMS SONOMA INC COM | 211 | |||||||
WILLIS TOWERS WATSON PLC COM | 857 | |||||||
WINTRUST FINL CORP COM | 112 | |||||||
WOODWARD INC COM | 218 | |||||||
WYNDHAM HOTELS & RESORTS INC COM | 175 | |||||||
WYNN RESORTS LTD COM | 268 | |||||||
XCEL ENERGY INC COM | 1,117 | |||||||
XEROX HLDGS CORP COM NEW | 120 | |||||||
XPO LOGISTICS INC COM | 323 | |||||||
XYLEM INC COM | 581 | |||||||
YUM CHINA HLDGS INC COM | 677 | |||||||
ZEBRA TECHNOLOGIES CORP CL A | 56 | |||||||
ZILLOW GROUP INC COM | 223 | |||||||
ZILLOW GROUP INC COM CLASS C | 528 | |||||||
ZIMMER BIOMET HLDGS INC COM | 1,010 |
29
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Common stock - continued | ||||||||
ZIONS BANCORPORATION N A | 222 | |||||||
ZYNGA INC | 50 | |||||||
Total Common stock | 4,819,600 | |||||||
Mutual funds | ||||||||
PIMCO ALL ASSET FUND | 96,224 | |||||||
REITs | ||||||||
1ST INDL RLTY TR INC COM | 171 | |||||||
AGNC INVT CORP COM | 266 | |||||||
ALEXANDRIA REAL ESTATE EQUITIES INC COM | 754 | |||||||
AMERICAN CAMPUS CMNTYS INC COM | 188 | |||||||
AMERICAN HOMES 4 RENT COMMON STOCK | 256 | |||||||
AMERICOLD RLTY TR COM | 221 | |||||||
ANNALY CAP MGMT INC COM | 376 | |||||||
APPLE HOSPITALITY REIT INC COM NEW | 87 | |||||||
AVALONBAY CMNTYS REIT | 713 | |||||||
BRANDYWINE RLTY TR SH BEN INT NEW REIT | 65 | |||||||
BRIXMOR PPTY GROUP INC COM | 158 | |||||||
BROOKFIELD PPTY REIT INC COM | 3 | |||||||
BSTN PPTYS INC | 470 | |||||||
CAMDEN PPTY TR SH BEN INT | 298 | |||||||
CORESITE RLTY CORP COM CORESITE REALTY CORP | 53 | |||||||
CORP OFFICE PPTYS TR COM | 94 | |||||||
COUSINS PPTYS INC | 159 | |||||||
CUBESMART | 206 | |||||||
CYRUSONE INC COM | 276 | |||||||
DOUGLAS EMMETT INC COM REIT | 156 | |||||||
DUKE RLTY CORP COM NEW REIT | 464 | |||||||
EMPIRE ST RLTY TR INC CL A | 42 | |||||||
EPR PPTYS COM SH BEN INT | 78 | |||||||
EQTY LIFESTYLE PPTYS INC REIT | 205 | |||||||
EQTY RESDNTL | 688 | |||||||
EQUITY COMMONWEALTH | 102 | |||||||
ESSEX PPTY TR REIT | 488 | |||||||
EXTRA SPACE STORAGE INC COM | 140 | |||||||
FEDERAL RLTY INVT TR SH BEN INT NEW | 206 | |||||||
GAMING & LEISURE PPTYS INC COM | 292 | |||||||
HEALTHCARE TR AMER INC CL A NEW | 192 | |||||||
HEALTHPEAK PROPERTIES INC | 518 | |||||||
HIGHWOODS PPTYS INC COM | 131 | |||||||
HOST HOTELS & RESORTS INC REIT | 321 | |||||||
HUDSON PACIFIC PROPERTIES INC COM | 116 | |||||||
INVITATION HOMES INC COM | 531 | |||||||
IRON MTN INC NEW COM | 113 | |||||||
JBG SMITH PROPERTIES COM | 123 | |||||||
KILROY RLTY CORP COM | 212 | |||||||
KIMCO RLTY CORP COM | 199 | |||||||
LIFE STORAGE INC COM | 182 | |||||||
MEDICAL PPTYS TR INC COM REIT | 364 | |||||||
MID-AMER APT CMNTYS INC COM | 458 | |||||||
NATIONAL RETAIL PPTYS INC COM STK | 225 | |||||||
NEW RESIDENTIAL INVT CORP COM NEW | 133 |
30
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
REITs - continued | ||||||||
OMEGA HEALTHCARE INVS INC REIT | 256 | |||||||
OUTFRONT MEDIA INC COM | 90 | |||||||
PARAMOUNT GROUP INC COM | 55 | |||||||
PARK HOTELS & RESORTS INC COM | 130 | |||||||
RAYONIER INC REIT | 125 | |||||||
REALTY INCOME CORP COM | 690 | |||||||
REGENCY CTRS CORP COM | 247 | |||||||
REXFORD INDL RLTY INC COM | 195 | |||||||
SIMON PROPERTY GROUP INC COM | 190 | |||||||
SL GREEN RLTY CORP | 140 | |||||||
SPIRIT REALTY CAPITAL INC COM | 135 | |||||||
STARWOOD PROPERTY TRUST INC COM REIT | 169 | |||||||
STORE CAPITAL CORPORATION | 258 | |||||||
SUN COMMUNITIES INC COM | 507 | |||||||
UDR INC COM STK | 358 | |||||||
VENTAS INC REIT | 578 | |||||||
VICI PPTYS INC COM | 435 | |||||||
VORNADO RLTY TR COM | 211 | |||||||
W P CAREY INC COM | 386 | |||||||
WEINGARTEN RLTY INVS COM | 84 | |||||||
WELLTOWER INC COM REIT | 855 | |||||||
WEYERHAEUSER CO COM | 792 | |||||||
Total REITs | 18,379 | |||||||
Collective trust funds | ||||||||
BLACKROCK INTERNATIONAL MULTI CAP EQUITY FUND | 100,355 | |||||||
CAPITAL GROUP EUROPACIFIC GROWTH TRUST | 434,878 | |||||||
CAPITAL GROUP GROWTH FUND OF AMERICA TRUST | 1,130,643 | |||||||
CAPITAL GROUP WASHINGTON MUTUAL INVESTORS TRUST | 252,933 | |||||||
GW&K SMALL-MID CAP CORE EQUITY FUND | 132,378 | |||||||
*NORTHERN TRUST COLLECTIVE WORLD ex-U.S. INDEX FUND | 97,002 | |||||||
*NORTHERN TRUST COLLECTIVE ACWI ex-U.S. INDEX FUND | 20,080 | |||||||
PIMCO TOTAL RETURN COLLECTIVE TRUST FUND | 289,889 | |||||||
SSGA RUSSELL SMALL/MID CAP INDEX FUND CLASS K | 826,333 | |||||||
SSGA S&P 500 INDEX FUND CLASS K | 1,370,380 | |||||||
SSGA U.S. BOND INDEX FUND CLASS K | 213,861 | |||||||
SSGA TARGET RETIREMENT 2020 | 238,653 | |||||||
SSGA TARGET RETIREMENT 2025 | 395,188 | |||||||
SSGA TARGET RETIREMENT 2030 | 408,694 | |||||||
SSGA TARGET RETIREMENT 2035 | 358,621 | |||||||
SSGA TARGET RETIREMENT 2040 | 290,642 | |||||||
SSGA TARGET RETIREMENT 2045 | 241,581 | |||||||
SSGA TARGET RETIREMENT 2050 | 165,560 | |||||||
SSGA TARGET RETIREMENT 2055 | 88,021 | |||||||
SSGA TARGET RETIREMENT 2060 | 36,926 | |||||||
SSGA TARGET RETIREMENT 2065 | 3,639 | |||||||
SSGA TARGET RETIREMENT INCOME | 137,385 | |||||||
*NORTHERN TRUST COLLECTIVE SHORT TERM INVESTMENT FUND | 6,759 | |||||||
Total Collective trust funds | 7,240,401 |
31
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Futures contracts | ||||||||
EQUITY FUTURES OFFSET - LONG | (2,218) | |||||||
FUT MAR 21 EMINI S&P 500 | 375 | |||||||
FUT MAR 21 IMMEMINI MDCP | 1,843 | |||||||
Total Futures contracts | - | |||||||
Corporate debt | ||||||||
ABBVIE INC 2.15% DUE 11-19-2021 REG | 2,642 | |||||||
AERCAP IRELAND CAP 4.5% DUE 05-15-2021 | 2,228 | |||||||
AIR LEASE CORP MED 2.25% DUE 01-15-2023 | 2,259 | |||||||
AIRCASTLE LTD 5.125% DUE 03-15-2021 | 2,621 | |||||||
AMERICAN ELEC PWR CO INC FLTG RT DUE 11-01-2023 REG | 5,007 | |||||||
AMERN HONDA FIN FLTG RT 2.87288% DUE 06-27-2022 | 1,710 | |||||||
ASSURANT INC SR NT DUE 03-26-2021/03-26-2019 REG | 206 | |||||||
AT&T INC FLTG RT 02-15-2023 | 1,214 | |||||||
ATHENE GLOBAL FUNDING 144A FRN 07-01-2022 | 3,677 | |||||||
AVIATION CAP GROUP 2.875% DUE 01-20-2022 | 210 | |||||||
AVIATION CAP GROUP FLTG RT 1.1405% DUE 06-01-2021 | 1,888 | |||||||
B A T CAP CORP 3.36738% 08-15-2022 | 6,546 | |||||||
BOC AVIATION PTE LTD GLOBAL MEDIUM TERM VAR RT DUE 05-02-2021 | 3,094 | |||||||
BOEING CO 1.875% DUE 06-15-2023 | 916 | |||||||
BOEING CO 4.508% DUE 05-01-2023 | 3,242 | |||||||
BRIXMOR OPER PARTNERSHIP LP FLTG 02-01-2022 | 999 | |||||||
BROADCOM INC 3.125% DUE 04-15-2021 REG | 1,006 | |||||||
CALIFORNIA ST FLTG RT 04-01-2047 BEO TAXABLE | 2,599 | |||||||
CHARTER COMMUNICATIONS OPER LLC FRNS 02-01-2024 | 1,025 | |||||||
CITIBANK N A FLTG RT 05-20-2022 REG | 4,107 | |||||||
DAIMLER FIN NORTH AMER LLC CORP FLTG 144A 02-15-2022 | 2,015 | |||||||
DNB BK ASA MEDIUM VAR RT .80838% DUE 12-02-2022 | 504 | |||||||
DOMINION ENERGY GAS HLDGS LLC FORMERLY SR NT 2018 SER A FLTG DUE 06-15-2021 REG | 501 | |||||||
DOMINION ENERGY INC FLTG RT DUE 09-15-2023 | 1,903 | |||||||
DUKE ENERGY CORP NEW SR NT FLTG 03-11-2022 | 1,307 | |||||||
DUKE ENERGY CORP NEW SR NT FLTG RATE 144A DUE 05-14-2021 BEO | 2,404 | |||||||
ENBRIDGE INC FLTG 02-18-2022 | 5,003 | |||||||
EQUIFAX INC SR NT FLTG DUE 08-15-2021 REG | 301 | |||||||
EXPORT-IMP BK INDI FRN SNR MTN 08/22 | 2,494 | |||||||
FIRST ABU DHABI BK FR SNR EMTN 04/22 | 1,006 | |||||||
GEN MLS INC-MEDIUM TERM NTS-BOOK TRANCHE# TR 00148 6.41% 10-15-2022 | 1,985 | |||||||
GEN MTRS FINL CO FIXED 4.2% DUE 11-06-2021 | 5,154 | |||||||
GENERAL MTRS CO FLTG RT 1.0825% DUE 09-10-2021 | 3,003 | |||||||
GOLDMAN SACHS FLTG RT .800857% DUE 12-09-2026 | 3,421 | |||||||
GOLDMAN SACHS FLTG RT 1.28575% DUE 04-26-2022 | 1,166 | |||||||
GULF STREAM MERIDIAN 2 LTD / GULF NT CL A-1 FLTG 144A 3C7 2.63463% 10-15-2029 | 2,000 | |||||||
HARLEY DAVIDSON FLTG RT 1.16763% DUE 03-02-2021 | 1,900 | |||||||
HEWLETT PACKARD FLTG RT .91425% DUE 10-05-2021 | 1,100 | |||||||
KOMMUNEKREDIT 2.5% SNR EMTN 14/04/22 USD | 8,232 | |||||||
KRAFT HEINZ FOODS CO GTD SR NT FLTG DUE 08-10-2022 REG | 1,696 | |||||||
LLOYDS BKG GROUP PLC NT FLTG RATE DUE 06-21-2021 REG | 2,910 | |||||||
MFA 2020-NQM2 TR FLTG RT 1.381% DUE 04-25-2065 | 2,264 | |||||||
MITSUBISHI UFJ FINL GROUP INC SR NT FLTGDUE 07-26-2023 REG | 2,052 | |||||||
MITSUBISHI UFJ FINL GROUP INC SR NT FLTGRATE DUE 07-25-2022 REG | 3,078 | |||||||
MIZUHO FINL GROUP INC SR NT FLTG DUE 07-16-2023/07-16-2022 REG | 3,720 | |||||||
MUFG UN BK N A SAN FLTG RT .720286% DUE 12-09-2022 | 1,071 | |||||||
NAVIENT PRIVATE ED LN TR 2020-I 1.10088% 04-15-2069 | 3,000 |
32
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Corporate debt - continued | ||||||||
NEXTERA ENERGY CAPITAL HLDGS INC FLTG RT 02-25-2022 | 705 | |||||||
NISSAN MTR ACCEP CORP NT FLTG RATE 144A DUE 07-13-2022 BEO | 992 | |||||||
NOMURA HLDGS INC 2.648% 01-16-2025 | 1,175 | |||||||
OCCIDENTAL PETE CORP FLTG 08-15-2022 | 1,372 | |||||||
PAC GAS & ELEC CO FIXED 1.75% DUE 06-16-2022 | 4,513 | |||||||
PAC GAS & ELEC CO FIXED 3.75% DUE 02-15-2024 | 213 | |||||||
PAC GAS & ELEC CO FLTG RT 1.52463% DUE 11-15-2021 | 2,501 | |||||||
PAC GAS & ELEC CO FLTG RT 1.6695% DUE 06-16-2022 | 1,801 | |||||||
PACIFIC GAS & ELEC CO 3.25% 06-15-2023 | 104 | |||||||
PACIFIC GAS & ELEC CO 3.4% 08-15-2024 | 320 | |||||||
PACIFIC GAS & ELECTRIC CO 3.85% 11-15-2023 | 106 | |||||||
PHILLIPS 66 FLTG RT .77588% DUE 02-15-2024 | 1,601 | |||||||
PVTPL AIA GROUP LTD FLTG 09-20-2021 | 1,299 | |||||||
PVTPL AREIT 2020-CRE4 LTD/AREIT SR SECD NT CL SER 20-CRE4 CL A STEP 04-14-2037 | 2,021 | |||||||
PVTPL AVIATION CAP GROUP 2.875% 01-20-2022 | 506 | |||||||
PVTPL BAMLL COML MTG SECS SR 2019-AHT CL A FLTG 03-15-2034 | 690 | |||||||
PVTPL CBAM 2018-8 LTD LLC NT CL A-1 FLTG 3C7 10-20-2029 BEO | 3,974 | |||||||
PVTPL CENT CLO 19 LTD / CENT CLO 19 CORPSR SECD NT CL A-1A 144A 10-29-2025 | 473 | |||||||
PVTPL CMO GOSFORTH FUNDING 2012-1 PLC STEP UP DUE 08-25-2060 BEO | 431 | |||||||
PVTPL CMO MF1 2019-FL2 LTD FLTG 12-25-2034 | 4,161 | |||||||
PVTPL CMO THE BANCORP COML MTG TR SER 2019-CRE6 TR CLS A FLTG DUE 09-15-2036 | 722 | |||||||
PVTPL CMO WELLS FARGO COML MTG TR SER 2017-HSDB CL A VAR RT 12-13-2023 | 1,467 | |||||||
PVTPL CMO WELLS FARGO COMMERCIAL MTG TST SR 2012-C10 CL AFL VAR RT 09-15-2022 | 2,594 | |||||||
PVTPL CMO WFRBS COML MTG SER-2014-C21 CL-ASBF FLTG 08-16-2047 BEO | 483 | |||||||
PVTPL CROWN PT CLO 6 LTD/CROWN PT CLO 6 LLC SR SECD NT CL A-1 FLTG 144A VAR RT | 2,811 | |||||||
PVTPL DAIMLER FIN NORTH AMER LLC NT FLTG RATE 02-22-2022 | 5,036 | |||||||
PVTPL IMPERIAL TOBBACCO FINANCE 3.75% 07-21-2022 | 4,275 | |||||||
PVTPL JACKSON NATL LIFE GLOBAL FDG SECD FLTG 06-11-2021 | 5,010 | |||||||
PVTPL JAMESTOWN CLO LTD SER 14-4A CL A1BR VAR 07-15-2026 | 116 | |||||||
PVTPL KEB HANA BK SR NT FLTG DUE 10-02-2022 BEO | 802 | |||||||
PVTPL MF1 2020-FL3 LTD SR SECD NT CL A FLTG 07-15-2035 BEO | 2,017 | |||||||
PVTPL MF1 MULTIFAMILY HOUSING MORTGAGE LO SR 20-FL4 CL A VAR RT DUE 11-15-2035 | 2,404 | |||||||
PVTPL NAVIENT PRIVATE ED REFI LN TR SRS 20-HA CL A 1.31% DUE 01-15-2069 | 3,334 | |||||||
PVTPL NELNET STUDENT LN TR FLTG RT SER 19-2A CL A 06-27-2067 BEO | 2,742 | |||||||
PVTPL NISSAN MTR ACCEP CORP FLTG 09-21-2021 BEO | 3,491 | |||||||
PVTPL PALMER SQUARE LN FDG 144A FLTG RT SER 19-3A CL A1 08-20-2027 BEO | 3,390 | |||||||
PVTPL PALMER SQUARE LN FDG 2020-1 CL A1 FLTG RT DUE 02-20-2028 | 4,740 | |||||||
PVTPL PALMER SQUARE LN FDG SER 18-2A CL A1 FLTG 07-15-2026 | 1,452 | |||||||
PVTPL SMB PRIVATE ED LN TR 2020-PT-A SR 20-PTA CL A-1 VAR RT 09-15-2054 | 1,317 | |||||||
PVTPL SOCIAL PROFESSIONAL LOAN PROGRAM LL VAR RT DUE 10-25-2036 BEO | 327 | |||||||
PVTPL THL CR WIND RIV SER 12-1A CL AR2 FLTG 01-15-2026 BEO | 206 | |||||||
PVTPL TRALEE CDO LTD SER 18-5A CL A1 FLTG 10-20-2028 BEO | 2,986 | |||||||
PVTPL VOLKSWAGEN GROUP AMER FIN LLC .75%DUE 11-23-2022 BEO | 5,015 | |||||||
PVTPL Z CAP CR PARTNERS CLO SER 15-1A CL A1R FLTGT RT 07-16-2027 | 2,700 | |||||||
PVTPLTRALEE CLO III LTD SER 2014-3A CL A-R FLTG 10-20-2027 | 1,024 | |||||||
QNB FINANCE LTD FRN 31/05/21 | 1,505 | |||||||
ROYAL BK SCOTLAND FLTG RT 1.62588% DUE 05-15-2023 | 4,247 | |||||||
SANTANDER UK PLC NT FLTG DUE 06-01-2021 REG | 1,949 | |||||||
SEMPRA ENERGY NT FLTG RATE DUE 03-15-2021 REG | 1,601 | |||||||
SHELL INTL FIN B V DISC COML PAPER 4/2 YRS 1&2 01-19-2021 | 3,000 | |||||||
SOFI PROFESSIONAL LN PROGRAM 2020-C POSTGRADUATE LN AST BKD NT 1.95% 02-15-2046 | 3,305 | |||||||
SOUTHERN CALIF EDISON CO FLTG RT DUE 12-03-2021 REG | 3,502 | |||||||
STANDARD CHARTERED PLC NT FLTG 144A DUE 09-10-2022/09-10-2021 BEO | 2,008 |
33
Abbott Laboratories Stock Retirement Plan | ||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||
December 31, 2020 | ||||
(Dollars in thousands) | ||||
Identity of party involved/ Description of asset/ Rate/ Maturity | Cost (a) | Current value | ||||||
Corporate debt - continued | ||||||||
STD CHARTERED PLC FLTG RT 1.26% DUE 10-14-2023 | 5,335 | |||||||
SUMITOMO MITSUI FINL GRP FLTG RT DUE 10-18-2022 BEO | 4,440 | |||||||
SYNCHRONY BK 3% DUE 06-15-2022 | 1,033 | |||||||
UBS GROUP FDG SWITZ AG NT FLTG 144A DUE 08-15-2023/08-15-2022 BEO | 5,049 | |||||||
WELLS FARGO & CO FLTG RT 1.28575% DUE 01-24-2023 | 1,210 | |||||||
WELLS FARGO & CO NEW NT FLTG DUE 10-31-2023/10-31-2022 REG | 2,032 | |||||||
ZOETIS INC SR NT FLTG 08-20-2021 | 601 | |||||||
Total Corporate debt | 242,622 | |||||||
Government debt | ||||||||
FEDERAL HOME LN MTG CORP POOL #ZM5146 4%12-01-2047 BEO | 614 | |||||||
FEDERAL HOME LN MTG CORP POOL #ZM6064 4%04-01-2048 BEO | 109 | |||||||
FEDERAL HOME LN MTG CORP POOL #ZM8299 4%09-01-2048 BEO | 570 | |||||||
FEDERAL HOME LN MTG CORP POOL #ZT0712 4%10-01-2048 BEO | 481 | |||||||
FHLMC 4% MBS 01/01/2050 USD'SD-8039 POOL #SD8039 4 01-01-2050 | 465 | |||||||
FHLMC POOL #SD8006 4.0% 08-01-2049 | 352 | |||||||
FHLMC SD8012 4.0% 09-01-2049 BEO | 18 | |||||||
GNMA 2016-H17 MTG PASS THRU CTF CL MX FC08-20-2066 | 765 | |||||||
GNMA 2016-H20 REMIC PASSTHRU CTF CL MX-PT 09-20-2066 | 1,659 | |||||||
GNMA REMIC PASSTHRU SER 2016-H11 CLS F 05-20-2066 | 151 | |||||||
UNITED STATES TREASURY BILLS 01-28-2021 | 335 | |||||||
UNITED STATES TREASURY .375% DUE 03-31-2022 | 45,845 | |||||||
UNITED STATES TREASURY N/B 2% DUE 02-15-2050 REG | 760 | |||||||
UNITED STATES TREASURY NOTES .125% DUE 06-30-2022 REG | 65,510 | |||||||
UNITED STATES TREASURY NOTES 0.125% 11-30-2022 | 29,203 | |||||||
Total Government debt | 146,837 | |||||||
Certificate of deposit | ||||||||
SUMITOMO MITSUI BKG CORP N Y BRH INSTL CDTD 02-06-2020 FRN 11-05-2021 | 4,509 | |||||||
Private 40-Act mutual funds | ||||||||
PIMCO Short-Term Floating NAV Portfolio II | 357,819 | |||||||
PIMCO Short-Term Portfolio | 52,115 | |||||||
Total Private 40-Act mutual funds | 409,934 | |||||||
*Loans to participants, 3.00% to 9.25% | 88,523 | |||||||
$ | 13,067,029 | |||||||
*Represents a party-in-interest transaction. | ||||||||
(a) Cost information omitted as all investments are fully participant directed. |
34
FINANCIAL STATEMENTS AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ABBOTT LABORATORIES STOCK RETIREMENT PLAN (PUERTO RICO)
DECEMBER 31, 2020 and 2019
C O N T E N T S
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Plan Administrator and Plan Participants
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
Opinion on the financial statements
We have audited the accompanying statements of net assets available for benefits of Abbott Laboratories Stock Retirement Plan (Puerto Rico) (the “Plan”) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
3
Supplemental information
The schedule of assets (held at end of year) as of December 31, 2020 (“supplemental information”) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Grant Thornton LLP
We have served as the Plan’s auditor since 2014.
Chicago, Illinois
June 28, 2021
4
Abbott Laboratories Stock Retirement Plan (Puerto Rico) | |||
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS | |||
December 31, 2020 and 2019 | |||
(Dollars in thousands) |
2020 | 2019 | ||||||
Assets | |||||||
Cash | $ | 4 | $ | 19 | |||
Investments, at fair value | 201,807 | 168,599 | |||||
Notes receivable from participants | 4,410 | 4,458 | |||||
Due from brokers | 4 | 151 | |||||
Accrued interest income | 3 | 17 | |||||
Total assets | 206,228 | 173,244 | |||||
Liabilities | |||||||
Accrued investment expenses | 3 | 3 | |||||
Due to brokers | 15 | 60 | |||||
Total liabilities | 18 | 63 | |||||
NET ASSETS AVAILABLE FOR BENEFITS | $ | 206,210 | $ | 173,181 |
The accompanying notes are an integral part of these statements.
5
Abbott Laboratories Stock Retirement Plan (Puerto Rico) | |
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS | |
Year ended December 31, 2020 | |
(Dollars in thousands) |
Additions | |||
Contributions | |||
Employer | $ | 2,013 | |
Participant | 4,233 | ||
Rollovers | 274 | ||
Total contributions | 6,520 | ||
Investment income | |||
Net appreciation in fair value of investments | 35,269 | ||
Interest and dividends | 2,302 | ||
Net investment income | 37,571 | ||
Interest income on notes receivable from participants | 198 | ||
Total additions | 44,289 | ||
Deductions | |||
Benefits paid to participants | 11,225 | ||
Other expenses | 35 | ||
Total deductions | 11,260 | ||
NET INCREASE | 33,029 | ||
Net assets available for benefits | |||
Beginning of year | 173,181 | ||
End of year | $ | 206,210 |
The accompanying notes are an integral part of this statement.
6
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
December 31, 2020 and 2019
NOTE A - DESCRIPTION OF THE PLAN
The following description of the Abbott Laboratories Stock Retirement Plan (Puerto Rico) (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
General
The Plan was established January 1, 2013 in conjunction with Abbott Laboratories (“Abbott”) separating into two publicly traded companies – Abbott and AbbVie Inc. (“AbbVie”). The Plan covers employees of Abbott’s selected subsidiaries and affiliates in Puerto Rico (the “Company”). The employees of the Company had previously participated in the former Abbott Laboratories Stock Retirement Plan (Puerto Rico), which, effective January 1, 2013 was renamed AbbVie Puerto Rico Savings Plan (the “Former Plan”) and sponsorship was assumed by an affiliate of AbbVie.
The Plan is a profit-sharing plan containing a cash or deferred arrangement intended to qualify for favorable tax treatment under sections 1081.01 (a) and (d) of the Puerto Rico Internal Revenue Code of 2011, as amended. In addition, the Plan provides an arrangement by which employees may invest in Abbott shares. Employees of the Company may, after meeting certain employment requirements, voluntarily participate in the Plan. Beginning March 2017, newly hired employees in certain specified Abbott divisions and business units became eligible to participate in the Plan under a different structure (“Abbott Green” employees).
The Plan’s sponsor is Abbott Healthcare (Puerto Rico) Ltd. Alight Solutions serves as the record keeper of the Plan. The Northern Trust Company (“Custodian”) and Banco Popular de Puerto Rico (“Trustee”) serve as the Plan’s custodian and trustee, respectively. The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Contributions and Vesting
Contributions to the Plan are paid to a trust administered by the Trustee. An investment committee (the “Committee”) may direct the Trustee to establish investment options of the Committee’s choosing.
Employees are eligible to commence participation in the Plan on any entry date following their date of hire. Eligible employees electing to participate may contribute from 2% (or 1%, for Abbott Green participants) to 25% of their eligible earnings, subject to certain limitations. Participants may choose to make their contributions from either pretax earnings or after-tax earnings, or both. Participants who have attained age 50 before the end of the Plan year and who are making the maximum pretax contribution are eligible to make catch-up contributions. Participants may elect to invest their contributions in any or all of the investment options, except for investment options closed to new contributions.
7
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
Employer matching contributions to the Plan are made each payroll period based on the participating employees’ eligible earnings. Excluding the Abbott Green participants, the employer contribution for the year ended December 31, 2020 was 5% of the participant’s eligible earnings if the participant elected to contribute at least 2% of eligible earnings to the Plan. Effective with the first pay period ending after March 1, 2017, employer matching contributions for Abbott Green participants are made at the rate of 100% up to a 3% deferral of eligible earnings. Employer contributions are invested each pay period according to the participant’s investment elections.
In connection with the January 1, 2013 separation of Abbott into two publicly traded companies, Abbott shareholders received as a tax-free distribution one share of AbbVie stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Plan participants may continue to hold the AbbVie stock they received from the distribution that transferred from the Former Plan into their Plan accounts; however, they may not make new contributions or transfer existing contributions or earnings to purchase AbbVie stock in the Plan. AbbVie dividends are invested in the Plan’s default investment option.
Participants may direct the Trustee to sell all or a portion of the Abbott and AbbVie common shares held in their accounts and reinvest the proceeds in any of the other investment options available to the participants.
Participants are at all times fully vested in their own contributions and earnings thereon. Vesting in employer contributions and earnings thereon is based on the following vesting schedule:
Vesting | ||||
Service | percentage | |||
Less than two years | 0 | % | ||
Two years or more | 100 | % |
Abbott Green participants are also fully vested in matching contributions upon death or qualifying disability.
Non-vested portions of employer contributions and earnings thereon are forfeited as of an employee’s termination date. Forfeitures are used to (1) restore any forfeitures of participants who returned to service with the Company within a given period of time, (2) pay Plan expenses and (3) reduce future employer contributions if terminated participants do not return to service within the given period of time. In 2020, approximately $39,100 of forfeitures were used to reduce employer contributions. Forfeitures totaling approximately $117,900 and $117,000 were available at the end of 2020 and 2019, respectively.
8
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE A - DESCRIPTION OF THE PLAN - Continued
Distributions and In-Service Withdrawals
Following retirement, termination or death, participants or their beneficiaries may elect to receive a distribution in installments, a single lump sum or a partial lump sum. Participants may elect a direct rollover of their accounts. Distribution must be made by the 1st of April following the year the participant reaches age 72 (or age 70 ½, if reached prior to January 1, 2020 ) or, if earlier, the 31st of December following the year in which the participant dies. Interest, dividends and other earnings will continue to accrue on such deferred amounts.
Prior to termination, participants are permitted to withdraw their after-tax contributions (after-tax contributions made on or after January 8, 2016 may be withdrawn from the Plan only after being held for two or more years) and rollover contributions (including merged-in plan rollover accounts) and, after age 59 ½, may also withdraw pretax contributions. Distributions are made in cash or, to the extent contained in the participant’s account, a participant may elect distribution of Abbott and AbbVie common shares, and in each case, are subject to certain limitations.
Notes Receivable from Participants
Participants may convert their vested account balances into one or two loans to themselves. The borrowing may not exceed the lesser of the current market value of the assets allocated to their vested accounts or 50% of all of their Plan accounts up to $50,000, subject to Puerto Rico Internal Revenue Code limitations and restrictions. Participants pay interest on such borrowings at the prime rate in effect at the time the participant loan is made. Loans must be repaid within five years (or by the employee’s anticipated retirement date, if sooner) unless the loan is used for the purchase of the primary residence of the employee, in which case the repayment period can be extended to a period of fifteen years (or until the employee’s anticipated retirement date, if sooner). Repayment is generally made through periodic payroll deductions or by sending in a payment, but a loan may be repaid in a lump sum at any time. Post-termination loan repayments are permitted. For employees whose account is distributed during the repayment period, the balance of the outstanding loan is netted from their Plan distribution.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared using the accrual basis of accounting.
9
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.
Investment Valuation
The Plan uses the following methods and significant assumptions to estimate the fair value of investments:
Common stock and mutual funds - Valued at the published market price per share or unit multiplied by the number of shares or units held.
Collective trust funds - Valued at the net asset value (“NAV”) provided by the administrator of the fund. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. Participants are permitted to make redemptions from the funds on a daily basis. Certain funds require five days’ notice for a Plan level redemption.
The following tables summarize the basis used to measure investments at fair value at December 31, 2020 and 2019 (dollars in thousands):
Basis of Fair Value Measurement | ||||||||||||||||||||
2020 | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Measured at NAV | Total | |||||||||||||||
Common stock | $ | 92,499 | $ | - | $ | - | $ | - | $ | 92,499 | ||||||||||
Mutual funds | 13,336 | - | - | - | 13,336 | |||||||||||||||
Collective trust funds | - | - | - | 95,972 | 95,972 | |||||||||||||||
Total investments at fair value | $ | 105,835 | $ | - | $ | - | $ | 95,972 | $ | 201,807 |
10
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
Basis of Fair Value Measurement | ||||||||||||||||||||
Quoted | Significant | |||||||||||||||||||
Prices in | Other | Significant | ||||||||||||||||||
Active | Observable | Unobservable | Measured at | |||||||||||||||||
2019 | Markets | Inputs | Inputs | NAV | Total | |||||||||||||||
Common stock | $ | 78,489 | $ | - | $ | - | $ | - | $ | 78,489 | ||||||||||
Mutual funds | 13,728 | - | - | - | 13,728 | |||||||||||||||
Collective trust funds | - | - | - | 76,382 | 76,382 | |||||||||||||||
Total investments at fair value | $ | 92,217 | $ | - | $ | - | $ | 76,382 | $ | 168,599 |
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the terms of the Plan. No allowance for credit losses has been recorded as of December 31, 2020 or 2019.
Income Recognition
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net realized and unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as net appreciation in fair value of investments.
Administrative Expenses
Participants are charged transaction fees for loan processing and commissions on purchases and sales of Abbott shares and sales of AbbVie shares. Investment fees for mutual funds and collective trusts are charged against the net assets of the respective fund. The Company pays other record-keeping and administration fees, where applicable.
Payment of Benefits
Benefits are recorded when paid.
11
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE C - INVESTMENTS
Distributions of Abbott common shares and conversions of participants’ common share account balances to participant loans or other investment options are recorded at fair market value.
A summary of Abbott common share data as of December 31, 2020 and 2019 is presented below:
2020 | 2019 | ||||||
Abbott common shares, 605,942 and 631,512 shares, respectively (dollars in thousands) | $ | 66,345 | $ | 54,853 | |||
Market value per share | $ | 109.49 | $ | 86.86 |
NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
The Plan holds units of collective trust funds managed by the Trustee. A significant portion of the Plan’s assets is invested in Abbott common shares. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA. During 2020, the Plan received $900,000 in common stock dividends from Abbott.
Participants pay fees to the recordkeeper for loan transaction processing and for commissions on purchases and sales of Abbott shares and sales of AbbVie stock. These transactions qualify as permitted party-in-interest transactions.
NOTE E - PLAN TERMINATION
The Plan may be terminated at any time by Abbott upon written notice to the Trustee and Committee. All participants’ account balances would become fully vested upon Plan termination. Upon termination of the Plan, distributions of each participant’s share in the trust, as determined by the terms of the Plan, would be made to each participant. At the present time, Abbott has no intention of terminating the Plan.
12
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE F - TAX STATUS
The Plan received letters dated April 19, 2016 and December 2, 2019 from the Department of the Treasury of the Commonwealth of Puerto Rico that the Plan, as written, qualifies under Section 1081.01(a) of the Puerto Rico Internal Revenue Code of 2011, as amended and, consequently, its enabling trust is exempt from local income tax. The Plan has been amended since receiving the letters. The Plan administrator believes that the Plan is designed and is currently being operated, in all material respects, in accordance with the applicable Puerto Rico Internal Revenue Code.
Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the applicable taxing authorities. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress.
NOTE G - RISKS AND UNCERTAINTIES
In general, the investments provided by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant accounts and the amounts reported in the statements of net assets available for benefits.
In March 2020, the World Health Organization declared COVID-19 a pandemic and recommended containment and mitigation measures worldwide. The pandemic is ongoing and has caused significant volatility and uncertainty in U.S. and international financial markets. The volatility in the markets has not resulted in a material change in the fair value of the Plan’s investments since December 31, 2020; however, the ultimate impact of COVID-19 on the Company, the Plan, and global financial markets will depend on future developments that are difficult to assess or predict, and the potential impact to the Plan’s net assets available for benefits and changes in net assets available for benefits is uncertain.
13
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2020 and 2019
NOTE H - SUBSQUENT EVENTS
Management of the Plan has evaluated subsequent events from December 31, 2020 through the date these financial statements were issued. Management of the Plan is not aware of any subsequent events that require recognition or additional disclosure in these financial statements.
14
Abbott Laboratories Stock Retirement Plan (Puerto Rico) |
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
December 31, 2020 |
(Dollars in thousands) |
Identity of party involved/ | Current | |||||
description of asset | Cost (a) | value | ||||
Common stock - employer securities | ||||||
*Abbott Laboratories, common shares | $ | 66,345 | ||||
Common stock | ||||||
AbbVie Inc., common stock | 26,154 | |||||
Total Common stock | 92,499 | |||||
Mutual funds | ||||||
PIMCO All Asset Fund | 2,119 | |||||
PIMCO Short Asset Investment Fund | 8,347 | |||||
Vanguard Mid-Cap Value Index Fund Admiral | 2,870 | |||||
Total Mutual funds | 13,336 | |||||
Collective trust funds | ||||||
Blackrock International Opportunities Fund | 2,106 | |||||
Capital Group EuroPacific Growth Trust | 6,396 | |||||
Capital Group The Growth Fund of America Trust | 17,002 | |||||
Capital Group Washington Mutual Investors Trust | 2,926 | |||||
GW&K Small-Mid Cap Core Equity Fund | 3,707 | |||||
*Northern Trust Collective World ex-U.S. Index Fund | 594 | |||||
*Northern Trust Collective ACWI ex-U.S. Index Fund | 93 | |||||
PIMCO Total Return Collective Trust Fund | 3,178 | |||||
SSGA Russell Small/Mid Cap Index Fund | 3,866 | |||||
SSGA S&P 500 Index Fund | 13,859 | |||||
SSGA U.S. Bond Index Fund | 1,524 | |||||
SSGA Target Retirement 2020 | 5,077 | |||||
SSGA Target Retirement 2025 | 7,735 | |||||
SSGA Target Retirement 2030 | 6,610 | |||||
SSGA Target Retirement 2035 | 5,266 | |||||
SSGA Target Retirement 2040 | 4,894 | |||||
SSGA Target Retirement 2045 | 3,414 | |||||
SSGA Target Retirement 2050 | 2,181 | |||||
SSGA Target Retirement 2055 | 1,104 | |||||
SSGA Target Retirement 2060 | 240 | |||||
SSGA Target Retirement 2065 | 42 | |||||
SSGA Target Retirement Income | 4,095 | |||||
*Northern Trust Collective Short Term Investment Fund | 63 | |||||
Total Collective trust funds | 95,972 | |||||
*Loans to participants, 3.25% to 5.50% | 4,410 | |||||
$ | 206,217 |
*Represents a party-in-interest transaction. | ||
(a) Cost information omitted as all investments are fully participant directed. |
16
EXHIBIT INDEX
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
ABBOTT LABORATORIES STOCK RETIREMENT PROGRAM
Date: June 28, 2021 | By: | /s/ Sean J. Treacy |
Sean J. Treacy | ||
Plan Administrator |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated June 28, 2021, with respect to the financial statements and supplemental information included in the Annual Report of Abbott Laboratories Stock Retirement Plan on Form 11-K for the year ended December 31, 2020. We consent to the incorporation by reference of said report in Abbott Laboratories’ previously filed S-8 Registration Statements for the Abbott Laboratories Stock Retirement Program as follows:
File No. | Effective Date | |
33-26685 | January 23, 1989 | |
33-504522 | August 4, 1992 | |
33-51585 | December 20, 1993 | |
33-56897 | December 16, 1994 | |
33-65127 | December 18, 1995 | |
333-19511 | January 10, 1997 | |
333-43383 | December 29, 1997 | |
333-69579 | December 23, 1998 | |
333-93257 | December 21, 1999 | |
333-74224 | November 30, 2001 | |
333-102180 | December 23, 2002 | |
333-109253 | September 29, 2003 | |
333-124849 | May 12, 2005 | |
333-141116 | March 7, 2007 | |
333-153198 | August 26, 2008 | |
333-169888 | October 12, 2010 | |
333-204772 | June 5, 2015 | |
333-227802 | October 12, 2018 | |
333-251335 | December 14, 2020 |
/s/ Grant Thornton LLP
Chicago, Illinois
June 28, 2021
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated June 28, 2021, with respect to the financial statements and supplemental information included in the Annual Report of Abbott Laboratories Stock Retirement Plan (Puerto Rico) on Form 11-K for the year ended December 31, 2020. We consent to the incorporation by reference of said report in Abbott Laboratories’ previously filed S-8 Registration Statements for the Abbott Laboratories Stock Retirement Program as follows:
File No. | Effective Date | |
33-26685 | January 23, 1989 | |
33-504522 | August 4, 1992 | |
33-51585 | December 20, 1993 | |
33-56897 | December 16, 1994 | |
33-65127 | December 18, 1995 | |
333-19511 | January 10, 1997 | |
333-43383 | December 29, 1997 | |
333-69579 | December 23, 1998 | |
333-93257 | December 21, 1999 | |
333-74224 | November 30, 2001 | |
333-102180 | December 23, 2002 | |
333-109253 | September 29, 2003 | |
333-124849 | May 12, 2005 | |
333-141116 | March 7, 2007 | |
333-153198 | August 26, 2008 | |
333-169888 | October 12, 2010 | |
333-204772 | June 5, 2015 | |
333-227802 | October 12, 2018 | |
333-251335 | December 14, 2020 |
/s/ Grant Thornton LLP
Chicago, Illinois
June 28, 2021