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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to
Commission File No. 1-2189
ABBOTT LABORATORIES
An Illinois Corporation
I.R.S. Employer Identification No.
36-0698440
100 Abbott Park Road
Abbott Park, Illinois 60064-6400
Telephone: (224) 667-6100
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Shares, Without Par ValueABT
New York Stock Exchange
Chicago Stock Exchange, Inc.
Indicate by check mark whether the registrant: (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of l934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer x
Accelerated Filer o
Non-Accelerated Filer o
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of March 31, 2023, Abbott Laboratories had 1,738,946,799 common shares without par value outstanding.


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Abbott Laboratories
Table of Contents
Page
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited)
(dollars in millions except per share data; shares in thousands)
Three Months Ended
March 31
20232022
Net sales$9,747 $11,895 
Cost of products sold, excluding amortization of intangible assets4,331 4,987 
Amortization of intangible assets491 512 
Research and development654 697 
Selling, general and administrative2,762 2,787 
Total operating cost and expenses8,238 8,983 
Operating earnings1,509 2,912 
Interest expense153 131 
Interest (income)(101)(14)
Net foreign exchange (gain) loss6 (3)
Other (income) expense, net(111)(78)
Earnings before taxes1,562 2,876 
Taxes on earnings244 429 
Net Earnings$1,318 $2,447 
Basic Earnings Per Common Share$0.75 $1.38 
Diluted Earnings Per Common Share$0.75 $1.37 
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share1,741,738 1,761,911 
Dilutive Common Stock Options9,977 12,631 
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options1,751,715 1,774,542 
Outstanding Common Stock Options Having No Dilutive Effect7,332 2,655 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
3

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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
(dollars in millions)
Three Months Ended
March 31
20232022
Net Earnings$1,318 $2,447 
Foreign currency translation gain (loss) adjustments139 (106)
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $ in 2023 and $13 in 2022
2 62 
Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $(58) in 2023 and $(15) in 2022
(129)(56)
Other comprehensive income (loss)12 (100)
Comprehensive Income$1,330 $2,347 
March 31,
2023
December 31,
2022
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments$(6,594)$(6,733)
Net actuarial (losses) and prior service (costs) and credits(1,491)(1,493)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges46 175 
Accumulated Other Comprehensive Income (Loss)$(8,039)$(8,051)
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
4

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Abbott Laboratories and Subsidiaries
Condensed Consolidated Balance Sheet
(Unaudited)
(dollars in millions)
March 31,
2023
December 31,
2022
Assets
Current Assets:
Cash and cash equivalents$9,161 $9,882 
Short-term investments371 288 
Trade receivables, less allowances of $503 in 2023 and $500 in 2022
6,020 6,218 
Inventories:
Finished products3,944 3,805 
Work in process805 680 
Materials1,924 1,688 
Total inventories6,673 6,173 
Prepaid expenses and other receivables2,152 2,663 
Total Current Assets24,377 25,224 
Investments776 766 
Property and equipment, at cost20,605 20,212 
Less: accumulated depreciation and amortization11,323 11,050 
Net property and equipment9,282 9,162 
Intangible assets, net of amortization10,006 10,454 
Goodwill22,927 22,799 
Deferred income taxes and other assets6,426 6,033 
$73,794 $74,438 
Liabilities and Shareholders’ Investment
Current Liabilities:
Trade accounts payable$4,167 $4,607 
Salaries, wages and commissions1,098 1,556 
Other accrued liabilities5,758 5,845 
Dividends payable888 887 
Income taxes payable334 343 
Current portion of long-term debt2,285 2,251 
Total Current Liabilities14,530 15,489 
Long-term debt14,615 14,522 
Post-employment obligations, deferred income taxes and other long-term liabilities7,417 7,522 
Commitments and Contingencies
Shareholders’ Investment:
Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued
  
Common shares, without par value Authorized — 2,400,000,000 shares
Issued at stated capital amount — Shares: 2023: 1,986,904,170; 2022: 1,986,519,278
24,488 24,709 
Common shares held in treasury, at cost — Shares: 2023: 247,957,371; 2022: 248,724,257
(15,307)(15,229)
Earnings employed in the business35,868 35,257 
Accumulated other comprehensive income (loss)(8,039)(8,051)
Total Abbott Shareholders’ Investment37,010 36,686 
Noncontrolling Interests in Subsidiaries222 219 
Total Shareholders’ Investment37,232 36,905 
$73,794 $74,438 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
Three Months Ended March 31
20232022
Common Shares:
Balance at January 1
Shares: 2023: 1,986,519,278; 2022: 1,985,273,421
$24,709 $24,470 
Issued under incentive stock programs  
Shares: 2023: 384,892; 2022: 251,632
16 14 
Share-based compensation296 324 
Issuance of restricted stock awards(533)(504)
Balance at March 31  
Shares: 2023: 1,986,904,170; 2022: 1,985,525,053
$24,488 $24,304 
Common Shares Held in Treasury:
Balance at January 1
Shares: 2023: 248,724,257; 2022: 221,191,228
$(15,229)$(11,822)
Issued under incentive stock programs  
Shares: 2023: 3,933,165; 2022: 4,144,476
242 223 
Purchased  
Shares: 2023: 3,166,279; 2022: 17,536,012
(320)(2,127)
Balance at March 31  
Shares: 2023: 247,957,371; 2022: 234,582,764
$(15,307)$(13,726)
Earnings Employed in the Business:
Balance at January 1$35,257 $31,528 
Net earnings1,318 2,447 
Cash dividends declared on common shares (per share — 2023: $0.51; 2022: $0.47)
(890)(826)
Effect of common and treasury share transactions183 146 
Balance at March 31$35,868 $33,295 
Accumulated Other Comprehensive Income (Loss):
Balance at January 1$(8,051)$(8,374)
Other comprehensive income (loss)12 (100)
Balance at March 31$(8,039)$(8,474)
Noncontrolling Interests in Subsidiaries:
Balance at January 1$219 $222 
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases3 8 
Balance at March 31$222 $230 
The accompanying notes to condensed consolidated financial statements are an integral part of this statement.
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Table of Contents

Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(dollars in millions)
Three Months Ended March 31
20232022
Cash Flow From (Used in) Operating Activities:
Net earnings$1,318 $2,447 
Adjustments to reconcile net earnings to net cash from operating activities —
Depreciation315 311 
Amortization of intangible assets491 512 
Share-based compensation281 305 
Trade receivables233 (751)
Inventories(419)(554)
Other, net(1,076)(205)
Net Cash From Operating Activities1,143 2,065 
Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment(380)(321)
Sales (purchases) of other investment securities, net(86)(41)
Other4 2 
Net Cash From (Used in) Investing Activities(462)(360)
Cash Flow From (Used in) Financing Activities:
Net borrowings (repayments) of short-term debt and other(42)8 
Repayments of long-term debt (751)
Purchases of common shares(540)(2,307)
Proceeds from stock options exercised62 59 
Dividends paid(890)(832)
Net Cash From (Used in) Financing Activities(1,410)(3,823)
Effect of exchange rate changes on cash and cash equivalents8 (6)
Net Increase (Decrease) in Cash and Cash Equivalents(721)(2,124)
Cash and Cash Equivalents, Beginning of Year9,882 9,799 
Cash and Cash Equivalents, End of Period$9,161 $7,675 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)

Note 1 — Basis of Presentation

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

Note 2 — New Accounting Standards

Recent Adopted Accounting Standards

In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations, which requires an entity to report information about its supplier finance program. Abbott adopted the standard on January 1, 2023. The new standard did not have an impact on Abbott's condensed consolidated financial statements.
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Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)
Note 3 — Revenue

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

The following tables provide detail by sales category:

Three Months Ended March 31, 2023Three Months Ended March 31, 2022
(in millions)U.S.Int’lTotalU.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$ $912 $912 $ $906 $906 
Other 277 277  241 241 
Total 1,189 1,189  1,147 1,147 
Nutritionals —    
Pediatric Nutritionals459 465 924 338 509 847 
Adult Nutritionals353 690 1,043 339 708 1,047 
Total812 1,155 1,967 677 1,217 1,894 
Diagnostics —     
Core Laboratory289 893 1,182 268 916 1,184 
Molecular47 100 147 172 248 420 
Point of Care93 41 134 91 37 128 
Rapid Diagnostics906 319 1,225 2,181 1,344 3,525 
Total1,335 1,353 2,688 2,712 2,545 5,257 
Medical Devices —    
Rhythm Management260 267 527 248 276 524 
Electrophysiology238 267 505 216 269 485 
Heart Failure218 63 281 196 54 250 
Vascular218 399 617 209 410 619 
Structural Heart210 251 461 190 221 411 
Neuromodulation155 41 196 143 36 179 
Diabetes Care 479 834 1,313 343 783 1,126 
Total1,778 2,122 3,900 1,545 2,049 3,594 
Other3  3 3  3 
Total$3,928 $5,819 $9,747 $4,937 $6,958 $11,895 

Note: The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $29 million of sales for the first quarter of 2022 were moved from Rapid Diagnostics to Heart Failure.

Remaining Performance Obligations

As of March 31, 2023, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $4.1 billion in the Diagnostics segment and approximately $450 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 60 percent of these remaining performance obligations over the next 24 months, approximately 17 percent over the subsequent 12 months and the remainder thereafter.
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Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)
Note 3 — Revenue (Continued)
These performance obligations primarily reflect the future sale of reagents/consumables in contracts with minimum purchase obligations, extended warranty or service obligations related to previously sold equipment, and remote monitoring services related to previously implanted devices. Abbott has applied the practical expedient described in FASB Accounting Standards Codification (ASC) 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amounts above.

Other Contract Assets and Liabilities

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

Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Abbott’s contract liabilities arise primarily in the Medical Devices reportable segment when payment is received upfront for various multi-period extended service arrangements.

Changes in the contract liabilities during the period are as follows:

(in millions)
Contract Liabilities:
Balance at December 31, 2022$500 
Unearned revenue from cash received during the period122 
Revenue recognized related to contract liability balance(93)
Balance at March 31, 2023$529 

Note 4 — Supplemental Financial Information

Shares of unvested restricted stock that contain non-forfeitable rights to dividends are treated as participating securities and are included in the computation of earnings per share under the two-class method. Under the two-class method, net earnings are allocated between common shares and participating securities. Net earnings allocated to common shares for the three months ended March 31, 2023 and 2022 were $1.313 billion and $2.438 billion, respectively.

Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first three months of 2023 includes $282 million of pension contributions and the payment of cash taxes of approximately $122 million. The first three months of 2022 includes $334 million of pension contributions and the payment of cash taxes of approximately $195 million.

The following summarizes the activity for the first three months of 2023 related to the allowance for doubtful accounts as of March 31, 2023:

(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2022$262 
Provisions/charges to income8 
Amounts charged off and other adjustments2 
Balance at March 31, 2023$272 

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)
Note 4 — Supplemental Financial Information (Continued)
The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. Abbott considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends, the historical level of charge-offs, and specific exposures related to particular customers. Abbott also monitors other risk factors and forward-looking information, such as country risk, when determining credit limits for customers and establishing adequate allowances.

The components of long-term investments as of March 31, 2023 and December 31, 2022 are as follows:

(in millions)March 31,
2023
December 31,
2022
Long-term Investments:
Equity securities$565 $558 
Other211 208 
Total$776 $766 

The increase in Abbott’s long-term investments as of March 31, 2023 versus the balance as of December 31, 2022 primarily relates to an increase in the value of securities held in a rabbi trust and additional investments, partially offset by equity method investment losses.

Abbott’s equity securities as of March 31, 2023, include $305 million of investments in mutual funds that are held in a rabbi trust and were acquired as part of the St. Jude Medical, Inc. (St. Jude Medical) business acquisition. These investments, which are specifically designated as available for the purpose of paying benefits under a deferred compensation plan, are not available for general corporate purposes and are subject to creditor claims in the event of insolvency.

Abbott also holds certain investments as of March 31, 2023 with a carrying value of $162 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of approximately $88 million that do not have a readily determinable fair value.

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

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

Three Months Ended March 31
Cumulative Foreign
Currency Translation
(Loss) Adjustments
Net Actuarial (Losses) and
Prior Service (Costs) and
Credits
Cumulative Gains (Losses)
on Derivative Instruments
Designated as Cash Flow
Hedges and Other
(in millions)202320222023202220232022
Balance at January 1$(6,733)$(5,839)$(1,493)$(2,670)$175 $135 
Other comprehensive income (loss) before reclassifications139 (106)2 17 (42)(34)
Amounts reclassified from accumulated other comprehensive income   45 (87)(22)
Net current period comprehensive income (loss)139 (106)2 62 (129)(56)
Balance at March 31$(6,594)$(5,945)$(1,491)$(2,608)$46 $79 

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)
Note 5 — Changes In Accumulated Other Comprehensive Income (Loss) (Continued)
Reclassified amounts for cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior service cost are included as a component of net periodic benefit costs; see Note 12 for additional details.

Note 6 — Goodwill and Intangible Assets

The total amount of goodwill reported was $22.9 billion at March 31, 2023 and $22.8 billion at December 31, 2022. Foreign currency translation adjustments increased goodwill by approximately $128 million in the first three months of 2023. The amount of goodwill related to reportable segments at March 31, 2023 was $2.7 billion for the Established Pharmaceutical Products segment, $286 million for the Nutritional Products segment, $3.5 billion for the Diagnostic Products segment, and $16.4 billion for the Medical Devices segment. There was no reduction of goodwill relating to impairments in the first three months of 2023.

The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.4 billion and $27.2 billion as of March 31, 2023 and December 31, 2022, respectively. Accumulated amortization was $18.2 billion and $17.6 billion as of March 31, 2023 and December 31, 2022, respectively. Foreign currency translation adjustments increased intangible assets by $43 million in the first three months of 2023. Abbott’s estimated annual amortization expense for intangible assets is approximately $2.0 billion in 2023, $1.9 billion in 2024, $1.7 billion in 2025, $1.5 billion in 2026 and $1.2 billion in 2027.

Indefinite-lived intangible assets, which relate to in-process R&D (IPR&D) acquired in a business combination, were approximately $807 million as of March 31, 2023 and December 31, 2022.

Note 7 — Restructuring Plans

In 2022 and 2023, Abbott management approved various plans to streamline operations in order to reduce costs and improve efficiencies in its medical devices, nutritional, diagnostic, and established pharmaceutical businesses. In the first three months of 2023, Abbott recorded employee related severance and other charges of approximately $17 million, of which approximately $6 million was recorded in Cost of products sold, and approximately $11 million was recorded in Selling, general and administrative expenses.

The following summarizes the activity related to these restructuring actions and the status of the related accruals as of March 31, 2023:

(in millions)
Accrued balance at December 31, 2022$228 
Restructuring charges in 202317 
Payments and other adjustments(61)
Accrued balance at March 31, 2023$184 


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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)
Note 8 — Incentive Stock Programs

In the first three months of 2023, Abbott granted 1,887,093 stock options, 445,278 restricted stock awards and 4,761,433 restricted stock units under its incentive stock program. At March 31, 2023, approximately 74 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at March 31, 2023 is as follows:

OutstandingExercisable
Number of shares 29,760,644 25,107,006 
Weighted average remaining life (years)
5.44.7
Weighted average exercise price $73.33 $65.76 
Aggregate intrinsic value (in millions)
$947 $946 

The total unrecognized share-based compensation cost at March 31, 2023 amounted to approximately $760 million, which is expected to be recognized over the next three years.

Note 9 — Debt and Lines of Credit

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

Note 10 — Financial Instruments, Derivatives and Fair Value Measures

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

Abbott enters into foreign currency forward exchange contracts to manage currency exposures for foreign currency denominated third-party trade payables and receivables, and for intercompany loans and trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity. For intercompany loans, the contracts require Abbott to sell or buy foreign currencies, primarily European currencies, in exchange for primarily U.S. dollars and other European currencies. For intercompany and trade payables and receivables, the currency exposures are primarily the U.S. dollar and European currencies. At March 31, 2023 and December 31, 2022, Abbott held the gross notional amounts of $11.4 billion and $12.0 billion, respectively, of such foreign currency forward exchange contracts.

Abbott has designated a yen-denominated, 5-year term loan of approximately $451 million and $446 million as of March 31, 2023 and December 31, 2022, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt, which is due to changes in foreign exchange rates, is recorded in Accumulated other comprehensive income (loss), net of tax.

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

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)
Note 10 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the amounts and location of certain derivative financial instruments as of March 31, 2023 and December 31, 2022:

Fair Value - AssetsFair Value - Liabilities
(in millions)March 31,
2023
December 31,
2022
Balance Sheet CaptionMarch 31,
2023
December 31,
2022
Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current $ $ Deferred income taxes and other assets$126 $136 Post-employment obligations, deferred income taxes and other long-term liabilities
Current  Prepaid expenses and other receivables21 20 Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments76 304 Prepaid expenses and other receivables139 96 Other accrued liabilities
Others not designated as hedges78 108 Prepaid expenses and other receivables96 130 Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary— — n/a451 446 Long-term debt
$154 $412 $833 $828 

The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three months ended March 31, 2023 and 2022.

Gain (loss) Recognized in Other Comprehensive Income (loss)Income (expense) and
 Gain (loss) Reclassified into Income
Three Months
Ended March 31
Three Months
Ended March 31
(in millions)2023202220232022Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges$(63)$(49)$126 $27 Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary(5)30 — — n/a
Interest rate swaps designated as fair value hedgesn/an/a9 (121)Interest expense

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)
Note 10 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
Losses of $103 million and $51 million were recognized in the three months ended March 31, 2023 and 2022, respectively, related to foreign currency forward exchange contracts not designated as a hedge. These amounts are reported in the Condensed Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line.

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

March 31, 2023December 31, 2022
(in millions)Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Long-term Investment Securities:
Equity securities$565 $565 $558 $558 
Other211 211 208 208 
Total Long-term Debt(16,900)(16,927)(16,773)(16,313)
Foreign Currency Forward Exchange Contracts:   
Receivable position154 154 412 412 
(Payable) position(235)(235)(226)(226)
Interest Rate Hedge Contracts:    
(Payable) position(147)(147)(156)(156)

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

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Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)
Note 10 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:

Basis of Fair Value Measurement
(in millions)Outstanding
Balances
Quoted
Prices in
Active
Markets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
March 31, 2023:
Equity securities$315 $315 $ $ 
Foreign currency forward exchange contracts154  154  
Total Assets$469 $315 $154 $ 
Fair value of hedged long-term debt$2,720 $ $2,720 $ 
Interest rate swap derivative financial instruments147  147  
Foreign currency forward exchange contracts235  235  
Contingent consideration related to business combinations133   133 
Total Liabilities$3,235 $ $3,102 $133 
December 31, 2022:
Equity securities$307 $307 $ $ 
Foreign currency forward exchange contracts412  412  
Total Assets$719 $307 $412 $ 
Fair value of hedged long-term debt$2,691 $ $2,691 $ 
Interest rate swap derivative financial instruments156  156  
Foreign currency forward exchange contracts226  226  
Contingent consideration related to business combinations130   130 
Total Liabilities$3,203 $ $3,073 $130 

The fair value of foreign currency forward exchange contracts is determined using a market approach, which utilizes values for comparable derivative instruments. The fair value of debt was determined based on the face value of the debt adjusted for the fair value of the interest rate swaps, which is based on a discounted cash flow analysis using significant other observable inputs. The fair value of the contingent consideration was determined based on independent appraisals at the time of acquisition, adjusted for the time value of money and other changes in fair value.

Note 11 — Litigation and Environmental Matters

Abbott has been identified as a potentially responsible party for investigation and cleanup costs at a number of locations in the United States and Puerto Rico under federal and state remediation laws and is investigating potential contamination at a number of company-owned locations. Abbott has recorded an estimated cleanup cost for each site for which management believes Abbott has a probable loss exposure. No individual site cleanup exposure is expected to exceed $4 million, and the aggregate cleanup exposure is not expected to exceed $10 million.

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
March 31, 2023
(Unaudited)
Note 11 — Litigation and Environmental Matters (Continued)
Abbott is involved in various claims and legal proceedings, and Abbott estimates the range of possible loss for its legal proceedings and environmental exposures to be from approximately $25 million to $35 mill