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, 2022
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, 2022 AND 2021
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, 2022 and 2021, the related statement of changes in net assets available for benefits for the year ended December 31, 2022, 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, 2022 and 2021, and the changes in net assets available for benefits for the year ended December 31, 2022 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.
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Supplemental information
The schedule of assets (held at end of year) as of December 31, 2022 (“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 23, 2023
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Abbott Laboratories Stock Retirement Plan | |||
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS | |||
December 31, 2022 and 2021 | |||
(Dollars in thousands) | |||
2022 | 2021 | |||||||
Assets | ||||||||
Investments, at fair value | $ | 13,132,520 | $ | 15,408,940 | ||||
Notes receivable from participants | 89,059 | 86,885 | ||||||
Accrued interest and dividend income | 2,784 | 829 | ||||||
Due from brokers | 108,923 | 189,159 | ||||||
Total assets | 13,333,286 | 15,685,813 | ||||||
Liabilities | ||||||||
Cash overdraft | 304 | - | ||||||
Investments sold short, at fair value | 105,823 | 96,364 | ||||||
Accrued investment expenses | 200 | 201 | ||||||
Due to brokers | 189,038 | 202,357 | ||||||
Total liabilities | 295,365 | 298,922 | ||||||
NET ASSETS AVAILABLE FOR BENEFITS | $ | 13,037,921 | $ | 15,386,891 |
The accompanying notes are an integral part of these statements.
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Abbott Laboratories Stock Retirement Plan | |
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS | |
Year ended December 31, 2022 | |
(Dollars in thousands) | |
Additions | ||||
Contributions | ||||
Employer | $ | 189,912 | ||
Participant | 368,307 | |||
Rollovers | 39,151 | |||
Total contributions | 597,370 | |||
Investment (loss) income | ||||
Net depreciation in fair value of investments | (2,193,210 | ) | ||
Interest and dividends | 136,530 | |||
Net investment loss | (2,056,680 | ) | ||
Interest income on notes receivable from participants | 3,265 | |||
Net additions | (1,456,045 | ) | ||
Deductions | ||||
Benefits paid to participants | 892,655 | |||
Other expenses | 270 | |||
Total deductions | 892,925 | |||
NET DECREASE | (2,348,970 | ) | ||
Net assets available for benefits | ||||
Beginning of year | 15,386,891 | |||
End of year | $ | 13,037,921 |
The accompanying notes are an integral part of this statement.
6
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
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).
Alight Solutions serves as the recordkeeper 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.
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, 2022 was 5% of the participant’s eligible earnings if the participant elected to contribute at least 2% of eligible earnings to the Plan.
7
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
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.
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Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
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% |
A participant becomes 100% vested in his or her employer contributions if, while employed by the Company, he or she dies or attains age 65. Abbott Green participants who first became participants prior to January 1, 2018 are also fully vested in employer contributions upon 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 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 2022, forfeitures reduced Abbott’s employer contributions by approximately $5 million. Approximately $938,000 and $2.1 million in forfeitures were available at the end of 2022 and 2021, 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, 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.
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Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
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.
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Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
Collective trust funds and Private 40-Act mutual fund - 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 fund agrees 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 fund reserves 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 fund in lieu of cash. It is highly unlikely that shares would ever be redeemed in kind.
Corporate debt, government debt and other - 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, 2022 and 2021, the Plan held futures contracts with a notional amount of approximately $1.6 million. 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, 2022 and 2021. Changes in fair value are accounted for as investment (loss) income within net depreciation in fair value of investments and totaled approximately $(375,000) for the year ended December 31, 2022.
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Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
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, 2022 and 2021 (dollars in thousands):
Basis of Fair Value Measurement | ||||||||||||||||||||
2022 | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Measured at NAV | Total | |||||||||||||||
Assets - Investments: | ||||||||||||||||||||
Common stock | $ | 5,310,018 | $ | - | $ | - | $ | - | $ | 5,310,018 | ||||||||||
Mutual funds | 107,725 | - | - | - | 107,725 | |||||||||||||||
REITs | 24,887 | - | - | - | 24,887 | |||||||||||||||
Collective trust funds | - | - | - | 6,706,991 | 6,706,991 | |||||||||||||||
Corporate debt | - | 239,076 | - | - | 239,076 | |||||||||||||||
Government debt | - | 260,737 | - | - | 260,737 | |||||||||||||||
Private 40-Act mutual fund | - | - | - | 477,645 | 477,645 | |||||||||||||||
Certificate of deposit | - | 2,501 | - | - | 2,501 | |||||||||||||||
Other | - | 2,940 | - | - | 2,940 | |||||||||||||||
Total investments at fair value | $ | 5,442,630 | $ | 505,254 | $ | - | $ | 7,184,636 | $ | 13,132,520 |
Basis of Fair Value Measurement | ||||||||||||||||||||
2022 | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Measured at NAV | Total | |||||||||||||||
Liabilities - Investments sold short: | ||||||||||||||||||||
Government debt | $ | - | $ | 105,823 | $ | - | $ | - | $ | 105,823 | ||||||||||
Total investments sold short at fair value | $ | - | $ | 105,823 | $ | - | $ | - | $ | 105,823 |
12
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
Basis of Fair Value Measurement | ||||||||||||||||||||
2021 | Quoted Prices in Active Markets |
Significant Other Observable Inputs |
Significant Unobservable Inputs |
Measured at NAV |
Total | |||||||||||||||
Assets - Investments: | ||||||||||||||||||||
Common stock | $ | 5,944,626 | $ | - | $ | - | $ | - | $ | 5,944,626 | ||||||||||
Mutual funds | 125,728 | - | - | - | 125,728 | |||||||||||||||
REITs | 29,984 | - | - | - | 29,984 | |||||||||||||||
Collective trust funds | - | - | - | 8,416,720 | 8,416,720 | |||||||||||||||
Corporate debt | - | 217,791 | - | - | 217,791 | |||||||||||||||
Government debt | - | 195,521 | - | - | 195,521 | |||||||||||||||
Private 40-Act mutual fund | - | - | - | 373,018 | 373,018 | |||||||||||||||
Other | - | 105,552 | - | - | 105,552 | |||||||||||||||
Total investments at fair value | $ | 6,100,338 | $ | 518,864 | $ | - | $ | 8,789,738 | $ | 15,408,940 |
Basis of Fair Value Measurement | ||||||||||||||||||||
2021 | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Measured at NAV | Total | |||||||||||||||
Liabilities - Investments sold short: | ||||||||||||||||||||
Government debt | $ | - | $ | 96,364 | $ | - | $ | - | $ | 96,364 | ||||||||||
Total investments sold short at fair value | $ | - | $ | 96,364 | $ | - | $ | - | $ | 96,364 |
The Private 40-Act mutual fund is not a direct filing entity. The fund invests in fixed income instruments of varying maturities. The investment objective of the fund is to seek maximum current income while 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, 2022 or 2021.
13
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
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 depreciation 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 recordkeeping 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, 2022 and 2021 is presented below:
2022 | 2021 | |||||||
Abbott common shares, 26,635,240 and 26,840,006 shares, respectively (dollars in thousands) | $ | 2,924,283 | $ | 3,777,462 | ||||
Market value per share | $ | 109.79 | $ | 140.74 |
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Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
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 2022, the Plan received $50.4 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 April 13, 2022, 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, 2022 and 2021, 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, 2022 and 2021
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.
NOTE H - SUBSEQUENT EVENTS
Management of the Plan has evaluated subsequent events from December 31, 2022 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.
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18
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
ASHLAND INC COM | 215 | |||||||
ASSURANT INC COM | 247 | |||||||
ASSURED GUARANTY LTD COMMON STK | 142 | |||||||
ATMOS ENERGY CORP COM | 611 | |||||||
AUTONATION INC COM | 143 | |||||||
AUTOZONE INC COM | 170 | |||||||
AVANGRID INC COM | 121 | |||||||
AVANTOR INC COM | 36 | |||||||
AVERY DENNISON CORP COM | 224 | |||||||
AVIS BUDGET GROUP INC COM STK | 166 | |||||||
AVNET INC COM | 150 | |||||||
AXALTA COATING SYSTEMS LTD COM | 168 | |||||||
AXIS CAPITAL HOLDINGS LTD COM | 167 | |||||||
AXON ENTERPRISE INC COM | 100 | |||||||
AZEK CO INC CL A | 89 | |||||||
AZENTA INC COM | 170 | |||||||
BAKER HUGHES CO | 1,099 | |||||||
BALL CORP COM | 375 | |||||||
BANK NEW YORK MELLON CORP COM STK | 1,321 | |||||||
BANK OZK COM | 177 | |||||||
BATH & BODY WORKS INC COM | 381 | |||||||
BERKLEY W R CORP COM | 590 | |||||||
BERRY GLOBAL GROUP INC | 155 | |||||||
BEST BUY INC COM STK | 438 | |||||||
BILL HOLDINGS INC COM | 425 | |||||||
BIO RAD LABORATORIES INC CL A | 355 | |||||||
BIOGEN INC COMMON STOCK | 1,568 | |||||||
BIOMARIN PHARMACEUTICAL INC | 754 | |||||||
BJS WHSL CLUB HLDGS INC COM | 129 | |||||||
BK HAW CORP COM | 122 | |||||||
BLACK KNIGHT INC COM USD0.0001 WI | 342 | |||||||
BLOCK H & R INC COM | 39 | |||||||
BOK FINL CORP COM NEW | 120 | |||||||
BORG WARNER INC COM | 371 | |||||||
BOSTON BEER INC CL A | 6 | |||||||
BOYD GAMING CORP COM | 165 | |||||||
BRIGHT HORIZONS FA COM | 103 | |||||||
BRIGHTHOUSE FINL INC COM | 139 | |||||||
BROADRIDGE FINL SOLUTIONS INC COM STK | 57 | |||||||
BROOKFIELD RENEWABLE CORP CLASS A SUBORDINATE VOTING SHARES WI | 139 | |||||||
BROWN & BROWN INC COM | 492 | |||||||
BROWN FORMAN CORP CL A | 49 | |||||||
BROWN-FORMAN INC CL B NON-VTG COM | 196 | |||||||
BRUNSWICK CORP COM | 170 | |||||||
BUILDERS FIRSTSOURCE INC COM STK | 373 | |||||||
BUNGE LTD | 545 | |||||||
BURLINGTON STORES INC COM | 33 | |||||||
BWX TECHNOLOGIES INC COM | 128 | |||||||
C H ROBINSON WORLDWIDE INC COM NEW | 307 | |||||||
CABLE ONE INC COM | 63 | |||||||
CACI INTL INC CL A | 275 | |||||||
CAESARS ENTMT INC NEW COM | 106 | |||||||
CAMPBELL SOUP CO COM | 435 | |||||||
CAPRI HOLDINGS LTD | 284 |
19
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2022
(Dollars in thousands)
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
CARDINAL HLTH INC | 796 | |||||||
CARLISLE COMPANIES INC COM | 75 | |||||||
CARLYLE GROUP INC COM | 245 | |||||||
CARMAX INC COM | 336 | |||||||
CARNIVAL CORP COM PAIRED | 311 | |||||||
CARRIER GLOBAL CORPORATION COM | 1,362 | |||||||
CARTER INC | 110 | |||||||
CASEYS GEN STORES INC COM | 328 | |||||||
CATALENT INC COM | 217 | |||||||
CBOE GLOBAL MARKETS INC | 525 | |||||||
CBRE GROUP INC CL A | 491 | |||||||
CCC INTELLIGENT SOLUTIONS HLDGS INC COM | 36 | |||||||
CELANESE CORP DEL COM STK | 437 | |||||||
CENTERPOINT ENERGY INC COM | 747 | |||||||
CERIDIAN HCM HLDG INC COM | 281 | |||||||
CERTARA INC COM | 26 | |||||||
CHARLES RIV LABORATORIES INTL INC COM | 29 | |||||||
CHEMED CORP NEW COM | 189 | |||||||
CHEMOURS CO COM | 72 | |||||||
CHENIERE ENERGY INC COM NEW | 626 | |||||||
CHESAPEAKE ENERGY CORP COM | 452 | |||||||
CHURCH & DWIGHT INC COM | 423 | |||||||
CIENA CORP COM NEW | 297 | |||||||
CIN FNCL CORP COM | 620 | |||||||
CINTAS CORP COM | 103 | |||||||
CIRRUS LOGIC INC COM | 161 | |||||||
CITIZENS FINL GROUP INC COM | 760 | |||||||
CLARIVATE PLC | 156 | |||||||
CLEAN HBRS INC COM | 229 | |||||||
CLEVELAND CLIFFS | 325 | |||||||
CLOROX CO COMMON STOCK | 117 | |||||||
CMS ENERGY CORP COM | 724 | |||||||
CNA FNCL CORP COM | 46 | |||||||
COGNEX CORP COM | 22 | |||||||
COHERENT CORP COM | 139 | |||||||
COINBASE GLOBAL INC COM CL A | 223 | |||||||
COLUMBIA BANKING | 153 | |||||||
COLUMBIA SPORTSWEAR CO COM | 125 | |||||||
COM ALCOA CORPORATION COM | 318 | |||||||
COMERICA INC COM | 345 | |||||||
COMM BANCSHARES INC COM | 306 | |||||||
CONAGRA BRANDS INC COM USD5 | 720 | |||||||
CONCENTRIX CORP | 224 | |||||||
CONS EDISON INC COM | 1,336 | |||||||
CONSTELLATION ENERGY CORPORATION COM NPV WI | 1,112 | |||||||
COOPER COS INC COM NEW COM NEW | 634 | |||||||
COPA HOLDINGS SA COM STK | 94 | |||||||
CORE & MAIN INC COM CL A COM CL A | 36 | |||||||
COREBRIDGE FINL INC COM | 64 | |||||||
CORNING INC COM | 897 | |||||||
CORTEVA INC COM | 1,661 | |||||||
COSTAR GROUP INC COM | 1,055 | |||||||
COTERRA ENERGY INC COM | 638 | |||||||
COTY INC COM CL A COM CL A | 119 |
20
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2022
(Dollars in thousands)
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
COUPA SOFTWARE | 104 | |||||||
CRANE HLDGS CO COM | 187 | |||||||
CREDIT ACCEP CORP MICH COM | 114 | |||||||
CROWN HLDGS INC COM | 44 | |||||||
CULLEN / FROST BANKERS INC COM | 308 | |||||||
CUMMINS INC | 1,349 | |||||||
CURTISS WRIGHT CORP COM | 253 | |||||||
D R HORTON INC COM | 529 | |||||||
DARDEN RESTAURANTS INC COM | 181 | |||||||
DARLING INGREDIENTS INC COMSTK | 368 | |||||||
DECKERS OUTDOOR CORP COM | 48 | |||||||
DEFINITIVE HEALTHCARE CORP CL A COM | 7 | |||||||
DELL TECHNOLOGIES INC COM | 340 | |||||||
DENTSPLY SIRONA INC COM | 270 | |||||||
DEVON ENERGY CORP NEW COM | 808 | |||||||
DIAMONDBACK ENERGY INC COM | 407 | |||||||
DICKS SPORTING GOODS INC OC-COM | 253 | |||||||
DISCOVER FINL SVCS COM STK | 1,055 | |||||||
DISH NETWORK CORP CL A COM STK | 139 | |||||||
DOLBY LABORATORIES INC CL A COM STK | 170 | |||||||
DOLLAR TREE INC COM STK | 819 | |||||||
DOMINOS PIZZA INC COM | 130 | |||||||
DONALDSON INC COM | 239 | |||||||
DOORDASH INC CL A COM | 55 | |||||||
DOUBLEVERIFY HLDGS INC COM | 8 | |||||||
DOVER CORP COM | 749 | |||||||
DOXIMITY INC COM | 79 | |||||||
DRIVEN BRANDS HLDGS INC COM | 63 | |||||||
DROPBOX INC CL A CL A | 16 | |||||||
DT MIDSTREAM INC COM | 212 | |||||||
DTE ENERGY CO COM | 896 | |||||||
DUN & BRADSTREET HLDGS INC COM | 122 | |||||||
DUPONT DE NEMOURS INC COMMON STOCK | 1,360 | |||||||
DXC TECHNOLOGY CO COM | 241 | |||||||
EAGLE MATLS INC COM | 33 | |||||||
EAST WEST BANCORP INC COM | 368 | |||||||
EASTMAN CHEM CO COM | 385 | |||||||
EBAY INC COM | 774 | |||||||
EDISON INTL COM | 945 | |||||||
ELANCO ANIMAL HEALTH INC COM | 215 | |||||||
ELECTR ARTS COM | 1,254 | |||||||
ELEMENT SOLUTION INC COM | 162 | |||||||
ENCOMPASS HEALTH CORP COM | 232 | |||||||
ENHABIT INC COM | 25 | |||||||
ENOVIS CORPORATION | 107 | |||||||
ENTERGY CORP NEW COM | 902 | |||||||
ENVISTA HLDGS CORP COM | 217 | |||||||
EQT CORP COM | 493 | |||||||
EQUIFAX INC COM | 467 | |||||||
EQUITABLE HLDGS INC COM | 418 | |||||||
ERIE INDTY CO CL A | 64 | |||||||
ESAB CORPORATION COM | 94 | |||||||
ESSENTIAL UTILS INC COM | 436 | |||||||
EURONET WORLDWIDE INC COM | 43 |
21
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2022
(Dollars in thousands)
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
EVERCORE INC | 158 | |||||||
EVEREST RE GROUP COM | 352 | |||||||
EVERGY INC COM NPV | 553 | |||||||
EVERSOURCE ENERGY COM | 1,141 | |||||||
EXACT SCIENCES CORP COM | 280 | |||||||
EXELIXIS INC COM STK | 27 | |||||||
EXPEDITORS INTL WASH INC COM | 450 | |||||||
F N B CORP PA COM | 180 | |||||||
F&G ANNUITIES & LIFE INC COM | 14 | |||||||
F5 INC COM STK NPV | 338 | |||||||
FIDELITY NATL FINL INC | 386 | |||||||
FIRST AMERN FINL CORP COM STK | 209 | |||||||
FIRST CTZNS BANCSHARES INC N C CL A | 248 | |||||||
FIRST HAWAIIAN INC COM | 132 | |||||||
FIRST HORIZON CORPORATION COM | 512 | |||||||
FIRST REP BK SAN FRANCISCO CALIF NEW COM | 876 | |||||||
FIRST SOLAR INC COM | 628 | |||||||
FIRSTENERGY CORP COM | 900 | |||||||
FLOWERS FOODS INC COM | 213 | |||||||
FLOWSERVE CORP COM | 158 | |||||||
FMC CORP COM (NEW) | 409 | |||||||
FORTIVE CORP COM MON STOCK | 899 | |||||||
FORTUNE BRANDS INNOVATIONS INC | 193 | |||||||
FOX CORP CL A CL A | 357 | |||||||
FOX CORP CL B CL B | 160 | |||||||
FRESHPET INC COM | 42 | |||||||
FRKLN RES INC COM | 298 | |||||||
FRONTIER COMMUNICATIONS PARENT INC COM NPV | 247 | |||||||
FTI CONSULTING INC COM | 123 | |||||||
GALLAGHER ARTHUR J & CO COM | 1,373 | |||||||
GAMESTOP CORP NEW CL A | 196 | |||||||
GAP INC COM | 87 | |||||||
GARMIN LTD COMMON STOCK | 562 | |||||||
GATES INDL CORP PL COM | 49 | |||||||
GEN DIGITAL INC COM | 304 | |||||||
GENPACT LIMITED COM STK | 156 | |||||||
GENTEX CORP COM | 253 | |||||||
GENUINE PARTS CO COM | 875 | |||||||
GINKGO BIOWORKS HOLDINGS INC COM | 47 | |||||||
GLOBAL PMTS INC COM | 1,053 | |||||||
GLOBALFOUNDRIES INC | 102 | |||||||
GLOBE LIFE INC COM | 426 | |||||||
GLOBUS MED INC CL A | 209 | |||||||
GODADDY INC CL A CL A | 399 | |||||||
GRACO INC COM | 140 | |||||||
GRAND CANYON ED INC COM STK | 128 | |||||||
GRAPHIC PACKAGING HLDG CO COM STK | 62 | |||||||
GROCERY OUTLET HLDG CORP COM | 94 | |||||||
GUIDEWIRE SOFTWARE INC COM | 202 | |||||||
GXO LOGISTICS INC COM | 159 | |||||||
HALLIBURTON CO COM | 764 | |||||||
HANESBRANDS INC COM STK | 87 | |||||||
HANOVER INS GROUP INC COM | 189 | |||||||
HARLEY DAVIDSON COM | 221 |
22
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2022
(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 | 952 | |||||||
HASBRO INC COM | 317 | |||||||
HAWAIIAN ELEC INDS INC COM | 180 | |||||||
HAYWARD HLDGS INC COM | 25 | |||||||
HEICO CORP NEW CL A | 24 | |||||||
HEICO CORP NEW COM | 17 | |||||||
HENRY SCHEIN INC COMMON STOCK | 427 | |||||||
HERSHEY COMPANY COM STK | 178 | |||||||
HERTZ GLOBAL HLDGS INC | 115 | |||||||
HESS CORP COM STK | 342 | |||||||
HEWLETT PACKARD ENTERPRISE CO COM | 811 | |||||||
HEXCEL CORP NEW COM | 195 | |||||||
HF SINCLAIR CORPORATION COM | 276 | |||||||
HILTON WORLDWIDE HLDGS INC COM NEW | 368 | |||||||
HOLOGIC INC COM | 727 | |||||||
HORIZON THERAPEUTICS PLC | 69 | |||||||
HORMEL FOODS CORP COM | 516 | |||||||
HOWARD HUGHES CORP COM STOCK | 111 | |||||||
HOWMET AEROSPACE INC COM | 521 | |||||||
HP INC COM | 578 | |||||||
HUBBELL INC COM | 497 | |||||||
HUNT J B TRANS SVCS INC COM | 62 | |||||||
HUNTINGTON BANCSHARES INC COM | 800 | |||||||
HUNTINGTON INGALLS INDS INC COM | 280 | |||||||
HUNTSMAN CORP COM STK | 198 | |||||||
HYATT HOTELS CORP COM CL A | 169 | |||||||
IAC INC COM NEW | 135 | |||||||
ICU MED INC COM | 102 | |||||||
IDACORP INC COM | 215 | |||||||
IDEX CORP COM | 563 | |||||||
INCYTE CORP COM | 78 | |||||||
INFORMATICA INC CL A CL A | 20 | |||||||
INGERSOLL RAND INC COM | 839 | |||||||
INGREDION INC COM | 254 | |||||||
INTEGRA LIFESCIENCES HLDG CORP COM DESP | 161 | |||||||
INTERACTIVE BROKERS GROUP INC CL COM | 266 | |||||||
INTERPUBLIC GROUP COMPANIES INC COM | 511 | |||||||
INTL FLAVORS & FRAGRANCES INC COM | 1,056 | |||||||
INTL PAPER CO COM | 486 | |||||||
INVESCO LTD COM STK | 266 | |||||||
IONIS PHARMACEUTICALS INC COM | 17 | |||||||
IPG PHOTONICS CORP COM | 122 | |||||||
ITT INC COM | 268 | |||||||
JABIL INC COM | 65 | |||||||
JACOBS SOLUTIONS INC COM | 606 | |||||||
JAMF HLDG CORP COM | 8 | |||||||
JANUS HENDERSON GROUP PLC | 127 | |||||||
JAZZ PHARMACEUTICALS PLC COM | 387 | |||||||
JEFFERIES FINL GROUP INC COM | 272 | |||||||
JETBLUE AWYS CORP COM | 82 | |||||||
JONES LANG LASALLE INC COM STK | 301 | |||||||
JUNIPER NETWORKS INC COM | 404 | |||||||
KBR INC COM | 100 | |||||||
KELLOGG CO COM | 324 |
23
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2022
(Dollars in thousands)
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
KEMPER CORP DEL COM | 124 | |||||||
KEYCORP NEW COM | 640 | |||||||
KEYSIGHT TECHNOLOGIES INC COM | 89 | |||||||
KIRBY CORP COM | 152 | |||||||
KKR & CO INC CL A CL A | 1,049 | |||||||
KNIGHT-SWIFT TRANSN HLDGS INC CL A | 323 | |||||||
KOHLS CORP COM | 116 | |||||||
KROGER CO COM | 1,155 | |||||||
KYNDRYL HLDGS INC COM | 90 | |||||||
LAB CORP AMER HLDGS COM NEW | 824 | |||||||
LAMAR ADVERTISING CO NEW CL A CL A | 39 | |||||||
LANDSTAR SYS INC COM | 25 | |||||||
LAS VEGAS SANDS CORP COM STK | 394 | |||||||
LEAR CORP COM NEW COM NEW | 288 | |||||||
LEGGETT & PLATT INC COM | 170 | |||||||
LEIDOS HLDGS INC COM | 566 | |||||||
LENNAR CORP CL A CL A | 897 | |||||||
LENNAR CORP CL B CL B | 44 | |||||||
LENNOX INTL INC COM | 302 | |||||||
LESLIES INC COM | 8 | |||||||
LIBERTY BROADBAND CORP COM SER A COM SERA | 28 | |||||||
LIBERTY BROADBAND CORP COM SER C COM SERC | 192 | |||||||
LIBERTY MEDIA CORP DEL COM SER A SIRIUSXM GROUP COM SER A SIRIUSXM GROUP | 84 | |||||||
LIBERTY MEDIA CORP DEL COM SER A FORMULAONE COM SER A MEDIA GROUP | 39 | |||||||
LIBERTY MEDIA CORP DEL COM SER C SIRIUSXM GROUP COM SER C SIRIUSXM GROUP | 173 | |||||||
LIBERTY MEDIA CORPORATION COM | 421 | |||||||
LINCOLN NATL CORP COM | 163 | |||||||
LITHIA MTRS INC COM CL A | 219 | |||||||
LITTELFUSE INC COM | 211 | |||||||
LIVE NATION ENTERTAINMENT INC | 215 | |||||||
LKQ CORP COM LKQ CORP | 528 | |||||||
LOEWS CORP COM | 453 | |||||||
LOUISIANA-PACIFIC CORP COM | 150 | |||||||
LUCID GROUP INC COM | 9 | |||||||
LUMEN TECHNOLOGIES INC | 212 | |||||||
LUMENTUM HLDGS INC COM | 140 | |||||||
LYFT INC CL A CL A | 28 | |||||||
LYONDELLBASELL IND N V COM | 843 | |||||||
M & T BK CORP COM | 986 | |||||||
MACYS INC COM STK | 220 | |||||||
MADISON SQUARE GARDEN SPORTS CORP | 69 | |||||||
MANHATTAN ASSOCS INC COM | 114 | |||||||
MANPOWERGROUP INC | 165 | |||||||
MARATHON OIL CORP COM | 677 | |||||||
MARKEL CORP HOLDING CO COM | 536 | |||||||
MARRIOTT VACATIONS WORLDWIDE CORP COM | 199 | |||||||
MARTIN MARIETTA MATLS INC COM | 757 | |||||||
MASCO CORP COM | 394 | |||||||
MASIMO CORP COM STK | 65 | |||||||
MASTEC INC COM | 206 | |||||||
MASTERBRAND INC COM | 25 | |||||||
MATCH GROUP INC NEW COM | 29 | |||||||
MATTEL INC COM STOCK | 129 | |||||||
MC CORMICK & CO INC COM NON-VTG | 821 |
24
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
MDU RES GROUP INC COM | 242 | |||||||
MERCURY SYSTEMS INC | 87 | |||||||
MGIC INVT CORP WIS COM | 152 | |||||||
MGM RESORTS INTERNATIONAL COM | 425 | |||||||
MICROCHIP TECHNOLOGY INC COM | 216 | |||||||
MIDDLEBY CORP COM | 263 | |||||||
MIRATI THERAPEUTICS INC COM | 80 | |||||||
MISTER CAR WASH INC COM | 8 | |||||||
MKS INSTRS INC COM | 192 | |||||||
MOHAWK INDS INC COM | 213 | |||||||
MOLINA HEALTHCARE INC COM | 167 | |||||||
MOLSON COORS BEVERAGE COMPANY COM | 356 | |||||||
MORNINGSTAR INC COM STK | 21 | |||||||
MOSAIC CO/THE | 517 | |||||||
MOTOROLA SOLUTIONS INC | 1,676 | |||||||
MSA SAFETY INC COM | 129 | |||||||
MSC INDL DIRECT INC CL A COM | 149 | |||||||
MSCI INC COMMON | 353 | |||||||
NASDAQ INC | 834 | |||||||
NATERA INC COM | 11 | |||||||
NATIONAL INSTRS CORP COM | 166 | |||||||
NATL FUEL GAS CO COM | 202 | |||||||
NCINO INC NEW COM | 58 | |||||||
NCR CORP COM | 112 | |||||||
NEW YORK CMNTY BANCORP INC COM | 228 | |||||||
NEW YORK TIMES CO CL A | 208 | |||||||
NEWELL BRANDS INC COM | 195 | |||||||
NEWMARKET CORP COM | 72 | |||||||
NEWS CORP COM CL A | 273 | |||||||
NEWS CORP COM CL B | 86 | |||||||
NEXSTAR MEDIA GROUP INC COMMON STOCK | 228 | |||||||
NISOURCE INC COM | 440 | |||||||
NORDSON CORP COM | 411 | |||||||
NORDSTROM INC COM | 10 | |||||||
*NORTHERN TR CORP COM | 719 | |||||||
NORWEGIAN CRUISE LINE HLDGS LTD COM | 187 | |||||||
NOV INC COM | 323 | |||||||
NRG ENERGY INC COM NEW | 288 | |||||||
NUCOR CORP COM | 1,335 | |||||||
NUTANIX INC CL A CL A | 113 | |||||||
NVENT ELECTRIC PLC COM | 251 | |||||||
NVR INC COM STK | 148 | |||||||
O REILLY AUTOMOTIVE INC NEW COM | 1,224 | |||||||
OAK STR HEALTH INC COM | 99 | |||||||
OGE ENERGY CORP COM | 312 | |||||||
OKTA INC CL A CL A | 352 | |||||||
OLD REPUBLIC INTERNATIONAL CORP COM STK | 267 | |||||||
OLIN CORP COM | 264 | |||||||
OLLIES BARGAIN OUTLET HLDGS INC COM | 109 | |||||||
OMNICOM GROUP INC COM | 656 | |||||||
ON SEMICONDUCTOR CORP COM | 402 | |||||||
ONEMAIN HLDGS INC COM | 152 | |||||||
ONEOK INC COM STK | 1,023 | |||||||
OPENDOOR TECHNOLOGIES INC COM | 16 |
25
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
ORGANON & CO COM | 281 | |||||||
OSHKOSH CORPORATION | 229 | |||||||
OTIS WORLDWIDE CORP COM | 1,133 | |||||||
OVINTIV INC COM | 144 | |||||||
OWENS CORNING NEW COM STK | 314 | |||||||
PACCAR INC COM | 1,334 | |||||||
PACKAGING CORP AMER COM | 461 | |||||||
PACWEST BANCORP DEL COM | 106 | |||||||
PARAMOUNT GLOBAL COM | 7 | |||||||
PARAMOUNT GLOBAL OM | 385 | |||||||
PARKER-HANNIFIN CORP COM | 1,138 | |||||||
PAYCOR HCM INC COM | 53 | |||||||
PDC ENERGY INC COM | 102 | |||||||
PELOTON INTERACTIVE INC | 96 | |||||||
PENN ENTERTAINMENT INC | 181 | |||||||
PENSKE AUTOMOTIVE GROUP INC COM STK | 117 | |||||||
PENTAIR PLC COM | 293 | |||||||
PERFORMANCE FOOD GROUP CO COM | 242 | |||||||
PERKINELMER INC COM | 699 | |||||||
PERRIGO COMPANY LIMITED COM | 181 | |||||||
PETCO HEALTH & WELLNESS CO INC CL A COM | 30 | |||||||
PG& E CORP COM | 1,057 | |||||||
PHILLIPS 66 COM | 1,944 | |||||||
PILGRIMS PRIDE CORP | 21 | |||||||
PINNACLE FINL PARTNERS INC COM | 217 | |||||||
PINNACLE W. CAP CORP COM | 339 | |||||||
PINTEREST INC CL A CL A | 440 | |||||||
PLANET FITNESS INC CL A CL A | 68 | |||||||
PLAYTIKA HLDG CORP COM | 3 | |||||||
PLUG PWR INC COM NEW | 127 | |||||||
POLARIS INC | 57 | |||||||
POPULAR INC COM NEW COM | 187 | |||||||
POST HLDGS INC COM STK | 195 | |||||||
PPG IND INC COM | 549 | |||||||
PPL CORP COM | 851 | |||||||
PREMIER INC CL A CL A | 163 | |||||||
PRIMERICA INC COM | 205 | |||||||
PRINCIPAL FINL GROUP INC COM STK | 803 | |||||||
PROCORE TECHNOLOGIES INC COM | 37 | |||||||
PROSPERITY BANCSHARES INC COM | 252 | |||||||
PRUDENTIAL FINL INC COM | 1,447 | |||||||
PUB SERVICE ENTERPRISE GROUP INC COM | 1,205 | |||||||
PULTE GROUP INC | 248 | |||||||
PVH CORP COM | 181 | |||||||
QIAGEN NV | 447 | |||||||
QORVO INC COM | 362 | |||||||
QUANTA SVCS INC COM | 364 | |||||||
QUANTUMSCAPE CORP | 58 | |||||||
QUEST DIAGNOSTICS INC COM | 702 | |||||||
QUIDELORTHO CORPORATION | 165 | |||||||
RALPH LAUREN CORP CL A CL A | 169 | |||||||
RANGE RES CORP COM | 79 | |||||||
RAYMOND JAMES FNCL INC COM STK | 756 | |||||||
REGAL REXNORD CORPORATION COM STK | 314 |
26
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
REGIONS FINL CORP NEW COM | 796 | |||||||
REINSURANCE GROUP AMER INC COM NEW STK | 375 | |||||||
RELIANCE STL & ALUM CO COM | 467 | |||||||
RENAISSANCE RE HLDGS LTD COM | 142 | |||||||
REPLIGEN CORP COM STK | 106 | |||||||
REPUBLIC SVCS INC COM | 984 | |||||||
REYNOLDS CONSUMER PRODS INC COM | 65 | |||||||
RH COM | 126 | |||||||
RITCHIE BROS AUCTIONEERS | 36 | |||||||
RIVIAN AUTOMOTIVE INC | 378 | |||||||
ROBERT HALF INTL INC COM | 37 | |||||||
ROBINHOOD MKTS INC COM CL A | 181 | |||||||
ROCKET COS INC CL A CL A | 14 | |||||||
ROCKWELL AUTOMATION | 380 | |||||||
ROKU INC COM CL A COM CL A | 140 | |||||||
ROLLINS INC COM | 25 | |||||||
ROSS STORES INC COM | 900 | |||||||
ROYAL CARIBBEAN GROUP COM STK | 430 | |||||||
ROYAL GOLD INC COM STK | 273 | |||||||
ROYALTY PHARMA PLC COM | 581 | |||||||
RPM INTL INC | 466 | |||||||
RXO LLC COM | 64 | |||||||
RYDER SYS INC COM | 161 | |||||||
S.W. AIRL CO COM | 788 | |||||||
SCHNEIDER NATL INC WIS CL B | 50 | |||||||
SCIENCE APPLICATIONS INTL CORP NEW COM | 241 | |||||||
SCOTTS MIRACLE-GRO CLASS'A'COM NPV | 51 | |||||||
SEABOARD CORP DEL COM | 38 | |||||||
SEI INVTS CO COM | 237 | |||||||
SENSATA TECHNOLOGIES B V HOLDING | 241 | |||||||
SENTINELONE INC CL A COM | 32 | |||||||
SERVICE CORP INTL COM | 409 | |||||||
SIGNATURE BK NY N Y COM | 268 | |||||||
SIGNIFY | 86 | |||||||
SILGAN HLDGS INC COM | 172 | |||||||
SIRIUS XM HLDGS INC COM | 162 | |||||||
SITEONE LANDSCAPE SUPPLY INC COM | 81 | |||||||
SIX FLAGS ENTMT CORP NEW COM | 34 | |||||||
SKECHERS U S A INC CL A | 188 | |||||||
SKYWORKS SOLUTIONS INC COM | 579 | |||||||
SL GREEN RLTY CORP COM | 85 | |||||||
SLM CORP COM | 164 | |||||||
SMITH A O CORP COM | 215 | |||||||
SMUCKER J M CO COM NEW | 645 | |||||||
SNAP-ON INC COM | 475 | |||||||
SOFI TECHNOLOGIES INC COM | 147 | |||||||
SONOCO PROD CO COM | 234 | |||||||
SOUTHWESTERN ENERGY CO COM | 236 | |||||||
SPECTRUM BRANDS HLDGS INC | 96 | |||||||
SPIRIT AEROSYSTEMS HLDGS INC CL A | 6 | |||||||
SS&C TECHNOLOGIES HLDGS INC COM | 454 | |||||||
SSR MNG INC COM NPV | 128 | |||||||
STANLEY BLACK & DECKER INC COM | 438 | |||||||
STATE STR CORP COM | 1,125 |
27
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
STEEL DYNAMICS INC COM | 643 | |||||||
STERICYCLE INC COM | 181 | |||||||
STERIS PLC ORD | 728 | |||||||
STIFEL FINL CORP COM | 239 | |||||||
SUNRUN INC COM | 197 | |||||||
SVB FINANCIAL GROUP COMMON STOCK | 194 | |||||||
SYNCHRONY FINL COM | 583 | |||||||
SYNEOS HEALTH INC COM | 123 | |||||||
SYNOVUS FINL CORP COM NEW COM NEW | 214 | |||||||
T ROWE PRICE GROUP INC | 948 | |||||||
TAKE-TWO INTERACTIVE SOFTWARE INC | 115 | |||||||
TANDEM DIABETES CARE INC COM NEW COM | 7 | |||||||
TAPESTRY INC COM | 315 | |||||||
TD SYNNEX CORPORATION COM | 160 | |||||||
TELADOC HEALTH INC | 136 | |||||||
TELEDYNE TECHNOLOGIES INC COM | 731 | |||||||
TELEFLEX INC COM | 463 | |||||||
TEMPUR SEALY INTL INC | 228 | |||||||
TENET HEALTHCARE CORP COM | 205 | |||||||
TERADATA CORP DEL COM STK | 63 | |||||||
TERADYNE INC COM | 50 | |||||||
TETRA TECH INC NEW COM | 177 | |||||||
TEXTRON INC COM | 583 | |||||||
TFS FINL CORP COM STK | 29 | |||||||
THOR INDS INC COM STK | 154 | |||||||
TIMKEN CO COM | 171 | |||||||
TOLL BROS INC COM | 101 | |||||||
TOPBUILD CORP COM | 31 | |||||||
TRADEWEB MKTS INC CL A CL A | 102 | |||||||
TRANE TECHNOLOGIES PLC COM | 640 | |||||||
TRANSDIGM GROUP INC COM | 783 | |||||||
TRANSUNION COM | 115 | |||||||
TRAVEL + LEISURE CO COM | 32 | |||||||
TRIMBLE INC COM TRIMBLE INC | 492 | |||||||
TRIPADVISOR INC COM | 66 | |||||||
TWILIO INC CL A CL A | 209 | |||||||
TYLER TECHNOLOGIES INC COM STK | 66 | |||||||
TYSON FOODS INC CL A COM (DELAWARE) | 701 | |||||||
UBIQUITI INC COM | 32 | |||||||
UGI CORP NEW COM | 307 | |||||||
U-HAUL HOLDING COMPANY | 176 | |||||||
U-HAUL HOLDING COMPANY | 22 | |||||||
UIPATH INC CL A CL A | 172 | |||||||
ULTRAGENYX PHARMACEUTICAL INC COM | 27 | |||||||
UNDER ARMOR INC CL A | 76 | |||||||
UNDER ARMOUR INC CL C COM | 69 | |||||||
UNITED AIRLINES HOLDINGS INC | 486 | |||||||
UNITED RENTALS INC COM | 531 | |||||||
UNITED STS STL CORP NEW COM | 230 | |||||||
UNITED THERAPEUTICS CORP DEL COM STK | 489 | |||||||
UNITY SOFTWARE INC COM | 91 | |||||||
UNIVAR SOLUTIONS INC | 202 | |||||||
UNUM GROUP | 322 | |||||||
UNVL HEALTH SERVICES INC CL B COM | 345 |
28
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Common stock - continued | ||||||||
UPSTART HLDGS INC COM | 30 | |||||||
US FOODS HLDG CORP COM | 271 | |||||||
UWM HLDGS CORP COM | 2 | |||||||
V F CORP COM | 381 | |||||||
VAIL RESORTS INC COM | 20 | |||||||
VALMONT INDS INC COM | 236 | |||||||
VERISIGN INC COM | 673 | |||||||
VERTIV HOLDINGS LLC | 138 | |||||||
VIASAT INC COM | 90 | |||||||
VIATRIS INC | 533 | |||||||
VICTORIAS SECRET & CO COM | 33 | |||||||
VIRTU FINL INC CL A | 77 | |||||||
VISTRA CORP COM | 152 | |||||||
VONTIER CORP COM | 45 | |||||||
VOYA FINL INC COM | 237 | |||||||
VULCAN MATERIALS CO COM | 469 | |||||||
WABTEC CORP COM | 714 | |||||||
WARNER BROS DISCOVERY INC | 235 | |||||||
WATSCO INC COM | 153 | |||||||
WAYFAIR INC CL A CL A | 37 | |||||||
WEBSTER FNCL CORP WATERBURY CONN COM | 324 | |||||||
WEC ENERGY GROUP INC COM | 1,169 | |||||||
WESCO INTL INC COM | 104 | |||||||
WESTERN ALLIANCE BANCORPORATION COM | 96 | |||||||
WESTERN UNION CO | 139 | |||||||
WESTLAKE CORPORATION COM | 134 | |||||||
WESTN DIGITAL CORP COM | 396 | |||||||
WESTROCK CO COM | 352 | |||||||
WEWORK INC CL A CL A | 12 | |||||||
WEX INC COM | 77 | |||||||
WHIRLPOOL CORP COM | 298 | |||||||
WHITE MOUNTAINS INSURANCE GROUP COM | 140 | |||||||
WILLIAMS CO INC COM | 1,583 | |||||||
WILLIAMS SONOMA INC COM | 63 | |||||||
WILLIS TOWERS WATSON PLC COM | 1,040 | |||||||
WILLSCOT MOBILE MINI HLDGS CORP | 170 | |||||||
WINTRUST FINL CORP COM | 201 | |||||||
WIX.COM LTD COM | 37 | |||||||
WOLFSPEED INC COM | 336 | |||||||
WOODWARD INC COM | 225 | |||||||
WYNDHAM HOTELS & RESORTS INC COM | 75 | |||||||
WYNN RESORTS LTD COM | 297 | |||||||
XCEL ENERGY INC COM | 1,510 | |||||||
XPO INC COM | 125 | |||||||
XYLEM INC COM | 673 | |||||||
YUM BRANDS INC COM | 1,263 | |||||||
ZEBRA TECHNOLOGIES CORP CL A | 308 | |||||||
ZILLOW GROUP INC COM | 65 | |||||||
ZILLOW GROUP INC COM | 189 | |||||||
ZIMMER BIOMET HLDGS INC COM | 1,057 | |||||||
ZIONS BANCORPORATION N A | 286 | |||||||
ZOOM VIDEO COMMUNICATIONS INC CL A | 335 | |||||||
Total Common stock | 5,310,018 |
29
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Mutual funds | ||||||||
PIMCO ALL ASSET FUND | 107,725 | |||||||
REITs | ||||||||
1ST INDL RLTY TR INC COM | 251 | |||||||
AGNC INVT CORP COM | 234 | |||||||
ALEXANDRIA REAL ESTATE EQUITIES INC COM | 932 | |||||||
AMERICAN HOMES 4 RENT COMMON STOCK | 367 | |||||||
AMERICOLD RLTY TR INC COM | 301 | |||||||
ANNALY CAPITAL MANAGEMENT INC COM | 390 | |||||||
AVALONBAY CMNTYS REIT | 891 | |||||||
BRIXMOR PPTY GROUP INC COM | 267 | |||||||
BSTN PPTYS INC | 419 | |||||||
CAMDEN PPTY TR SH BEN INT | 420 | |||||||
COUSINS PPTYS INC | 151 | |||||||
CUBESMART | 356 | |||||||
DOUGLAS EMMETT INC COM REIT | 104 | |||||||
EASTGROUP PPTYS INC REIT | 241 | |||||||
EPR PPTYS COM SH BEN INT COM SH BEN INT | 111 | |||||||
EQTY LIFESTYLE PPTYS INC REIT | 176 | |||||||
EQTY RESDNTL EFF 5/15/02 | 863 | |||||||
ESSEX PPTY TR REIT | 544 | |||||||
EXTRA SPACE STORAGE INC COM | 679 | |||||||
FEDERAL RLTY INVT TR COM | 320 | |||||||
GAMING & LEISURE PPTYS INC COM | 503 | |||||||
HEALTHCARE REALTY TRUST INC COM | 289 | |||||||
HEALTHPEAK OP LLC | 534 | |||||||
HIGHWOODS PPTYS INC COM | 115 | |||||||
HOST HOTELS & RESORTS INC REIT | 449 | |||||||
HUDSON PACIFIC PROPERTIES INC COM | 53 | |||||||
INVITATION HOMES INC COM | 715 | |||||||
IRON MTN INC NEW COM | 143 | |||||||
JBG SMITH PROPERTIES COM | 80 | |||||||
KILROY RLTY CORP COM | 178 | |||||||
KIMCO REALTY CORPORATION | 505 | |||||||
LIFE STORAGE INC COM | 327 | |||||||
MEDICAL PPTYS TR INC COM REIT | 261 | |||||||
MID-AMER APT CMNTYS INC COM | 712 | |||||||
NATIONAL RETAIL PPTYS INC COM STK | 322 | |||||||
NATIONAL STORAGE AFFILIATES TR COM SHS BEN INT | 121 | |||||||
OMEGA HEALTHCARE INVS INC REIT | 260 | |||||||
PARK HOTELS & RESORTS INC COM | 104 | |||||||
RAYONIER INC REIT | 190 | |||||||
REALTY INCOME CORP COM | 1,573 | |||||||
REGENCY CTRS CORP COM | 423 | |||||||
REXFORD INDL RLTY INC COM | 396 | |||||||
RITHM CAPITAL CORP | 140 | |||||||
SBA COMMUNICATIONS CORP | 911 | |||||||
SIMON PROPERTY GROUP INC COM | 780 | |||||||
SPIRIT REALTY CAPITAL INC COM | 220 | |||||||
STARWOOD PROPERTY TRUST INC COM REIT | 212 | |||||||
STORE | 322 | |||||||
SUN COMMUNITIES INC COM | 687 | |||||||
UDR INC COM STK | 495 | |||||||
VENTAS INC REIT | 711 |
30
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
REITs - continued | ||||||||
VICI PPTYS INC COM | 1,231 | |||||||
VORNADO RLTY TR COM | 145 | |||||||
W P CAREY INC COM | 637 | |||||||
WELLTOWER INC COM REIT | 1,225 | |||||||
WEYERHAEUSER CO COM | 901 | |||||||
Total REITs | 24,887 | |||||||
Collective trust funds | ||||||||
BLACKROCK INTERNATIONAL MULTI CAP EQUITY FUND | 86,674 | |||||||
CAPITAL GROUP EUROPACIFIC GROWTH TRUST | 312,457 | |||||||
CAPITAL GROUP GROWTH FUND OF AMERICA TRUST | 818,530 | |||||||
CAPITAL GROUP WASHINGTON MUTUAL INVESTORS TRUST | 305,650 | |||||||
GW&K SMALL-MID CAP CORE EQUITY FUND | 149,601 | |||||||
*NORTHERN TRUST COLLECTIVE ACWI ex-U.S. INDEX FUND | 121,914 | |||||||
*NORTHERN TRUST COLLECTIVE SHORT TERM INVESTMENT FUND | 6,791 | |||||||
PIMCO TOTAL RETURN COLLECTIVE TRUST FUND | 201,504 | |||||||
SSGA RUSSELL SMALL/MID CAP INDEX FUND CLASS K | 647,715 | |||||||
SSGA S&P 500 INDEX FUND CLASS K | 1,432,743 | |||||||
SSGA U.S. BOND INDEX FUND CLASS K | 129,873 | |||||||
SSGA TARGET RETIREMENT 2020 | 209,451 | |||||||
SSGA TARGET RETIREMENT 2025 | 380,324 | |||||||
SSGA TARGET RETIREMENT 2030 | 416,932 | |||||||
SSGA TARGET RETIREMENT 2035 | 384,694 | |||||||
SSGA TARGET RETIREMENT 2040 | 312,801 | |||||||
SSGA TARGET RETIREMENT 2045 | 267,412 | |||||||
SSGA TARGET RETIREMENT 2050 | 203,084 | |||||||
SSGA TARGET RETIREMENT 2055 | 121,911 | |||||||
SSGA TARGET RETIREMENT 2060 | 59,829 | |||||||
SSGA TARGET RETIREMENT 2065 | 11,881 | |||||||
SSGA TARGET RETIREMENT INCOME | 125,220 | |||||||
Total Collective trust funds | 6,706,991 | |||||||
Futures contracts | ||||||||
EQUITY FUTURES OFFSET - LONG | (1,607 | ) | ||||||
FUT MAR 23 EMINI S&P 500 | 386 | |||||||
FUT MAR 23 IMM EMINI MDCP | 1,221 | |||||||
Total Futures contracts | - | |||||||
Corporate debt | ||||||||
AERCAP IRELAND CAP DESIGNATED ACTIVITY C4.5% DUE 09-15-2023 REG | 1,987 | |||||||
AERCAP IRELAND CAP/GLOBA 1.65% DUE 10-29-2024 BEO | 2,953 | |||||||
AIR LEASE CORP MED 2.25% DUE 01-15-2023 | 2,198 | |||||||
AMERICAN ELEC PWR CO INC FLTG RT DUE 11-01-2023 REG | 4,977 | |||||||
AMERICAN ELEC PWR INC DISC COML PAPER 4/2 YRS 3&4 01-04-2023 | 1,300 | |||||||
APIDOS CLO XXVII / APIDOS CLO XXVII SR SECD NT CL A-1R 144A 5.72243% 07-17-2030 | 3,757 | |||||||
AT&T INC FLTG RT 02-15-2023 | 1,200 | |||||||
AT&T INC DISC COML PAPER 4/2 YRS 3&4 01-03-2023 | 7,096 | |||||||
ATMOS ENERGY CORP SR NT FLTG 5.10343% 03-09-2023 | 4,197 | |||||||
BANK OF NOVIA SCOTIA 2YR FRN NEW ISSUE FLTG RT 03-11-2024 | 2,995 | |||||||
BARCLAYS PLC SR NT FLTG VAR RT DUE 05-16-2024/05-16-2023 | 700 | |||||||
BOEING CO 1.433% 02-04-2024 | 1,146 | |||||||
BOEING CO 1.875% DUE 06-15-2023 | 886 | |||||||
BOEING CO 4.508% DUE 05-01-2023 | 2,994 | |||||||
CAPITAL ONE FINL CORP 05-09-2025 | 1,976 |
31
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Corporate debt - continued | ||||||||
CARLYLE GLOBAL MARKET STRATEGI 14/08/2030 0% 08-14-2030 | 3,714 | |||||||
CENTERPOINT ENERGY RES CORP DEL SR NT FLTG RATE 5.27857% 03-02-2023 | 976 | |||||||
CHARTER COMMUNICATIONS OPER LLC FRNS 02-01-2024 | 1,005 | |||||||
CONSOLIDATED EDISON CO N Y INC DISC COMLPAPER 4/2 YRS 3&4 01-17-2023 | 1,895 | |||||||
CONSOLIDATED EDISON CO N Y INC DISC COMLPAPER 4/2 YRS 3&4 01-18-2023 | 1,995 | |||||||
CONSOLIDATED EDISON CO N Y INC DISC COMLPAPER 4/2 YRS 3&4 01-19-2023 | 1,995 | |||||||
CONSOLIDATED EDISON CO N Y INC DISC COMLPAPER 4/2 YRS 3&4 01-20-2023 | 1,994 | |||||||
CR SUISSE GROUP 3.8% DUE 06-09-2023 | 4,285 | |||||||
CROWN CASTLE INTL CORP 4/A2 DISC COML PAPER YRS 3&4 01-10-2023 | 649 | |||||||
CROWN CASTLE INTL CORP 4/A2 DISC COML PAPER YRS 3&4 CPN 01-04-2023 | 1,849 | |||||||
DELL EQUIP FIN TR 2021-2 ASSET BACKED NTCL A-3 144A .53% 12-22-2026 | 1,437 | |||||||
DOMINION ENERGY INC FLTG RT DUE 09-15-2023 | 1,896 | |||||||
DUKE ENERGY CORP DISC COML PAPER 4/2 YRS3&4 01-17-2023 | 5,189 | |||||||
ELECTRICITE DE FRANCE DISC COML PAPER 4/2 YRS 3&4 01-20-2023 | 7,877 | |||||||
ELLINGTON FINL MTG TR 2022-1 MTG PASS THRU CTF CL A-1 2.206% 01-25-2067 | 2,334 | |||||||
ENEL FIN AMER LLC DISC COML PAPER 4/A2 YRS 3&4 01-12-2023 | 4,393 | |||||||
FISERV INC DISC COML PAPER 4/2 YRS 3&4 01-23-2023 | 7,876 | |||||||
FORD CR AUTO OWNER FLTG RT 5.31804% DUE 08-15-2025 | 3,008 | |||||||
GEN MTRS FINL CO FIXED 4.15% 06-19-2023 | 995 | |||||||
GOLDMAN SACHS FLTG RT 5.418721% DUE 12-09-2026 | 3,272 | |||||||
GS MTG BACKED SECS FLTG RT 5% DUE 01-25-2052 | 2,443 | |||||||
HALEON US CAPITAL LLC 3.024% 03-24-2024 | 971 | |||||||
HUMANA INC DISC COML PAPER 4/2 YRS 3&4 01-05-2023 | 250 | |||||||
HYUNDAI AUTO RECEIVABLES TR 2022-C NT CLA-2-B FLTG RATE 5.33804% 11-17-2025 | 3,911 | |||||||
LCM XIII LTD PARTNERSHIP / LCM XIII 0% 07-19-2027 | 556 | |||||||
MARATHON STATIC VAR RT 4.70082% DUE 07-20-2030 | 3,473 | |||||||
MFA 2020-NQM2 TR 1.381% DUE 04-25-2065 | 575 | |||||||
MITSUBISHI UFJ FINL GROUP INC SR NT FLTGDUE 07-26-2023 REG | 2,033 | |||||||
MIZUHO FINL GROUP INC FLTG 05-22-2026 | 2,159 | |||||||
MMAF EQUIPMENT FINANCE LLC 2022-B AST BACKED CTF CL A-1 144A 4.924% 12-01-2023 | 1,613 | |||||||
NAVIENT PRIVATE ED LN TR 2020-I 5.68443%04-15-2069 | 1,731 | |||||||
NEUBERGER BERMAN CLO LTD 20/04/2031 1.29400002956% 04-21-2031 | 3,833 | |||||||
NEXTERA ENERGY CAP HLDGS INC SR NT FLTG RATE 5.702202% 03-21-2024 | 298 | |||||||
NOMURA HLDGS INC 2.648% 01-16-2025 | 1,039 | |||||||
OBX 2022-NQM1 TR MTG BACKED NT CL A-1 144A 2.30500006676% 11-25-2061 | 2,183 | |||||||
OBX 2022-NQM2 TR VAR RT 2.783% DUE 01-25-2062 | 728 | |||||||
ORACLE CORP NEW DISC COML PAPER 4/2 YRS 3&4 CPN 01-27-2023 | 2,839 | |||||||
OSCAR US FDG XIV LLC NT CL A-2 144A 1.6%03-10-2025 | 346 | |||||||
PAC GAS & ELEC CO 4.25% DUE 08-01-2023 | 895 | |||||||
PAC GAS & ELEC CO 1.7% DUE 11-15-2023 | 1,355 | |||||||
PAC GAS & ELEC CO FIXED 3.75% DUE 02-15-2024 | 196 | |||||||
PACIFIC GAS & ELEC CO 3.25% 06-15-2023 | 99 | |||||||
PACIFIC GAS & ELEC CO 3.4% 08-15-2024 | 288 | |||||||
PACIFIC GAS & ELECTRIC CO 3.85% 11-15-2023 | 99 | |||||||
PVPTL DAIMLER TRUCKS FLTG RT 12-14-2023 | 2,485 | |||||||
PVTPL AMMC CLO 16 LTD/AMMC CLO 16 CORP SR SECD NT CL A-R2 FLTG 04-14-2029 | 1,697 | |||||||
PVTPL APIDOS CLO 17-26A A1AR FLTG 07-18-2029 USD | 1,975 | |||||||
PVTPL BAMLL COML MTG SECS SR 2019-AHT CL A FLTG 03-15-2034 | 680 | |||||||
PVTPL BDS 2019-FL4 LTD SER 19-FL4 CL A FLTG 08-15-2036 | 48 | |||||||
PVTPL CBAM 2018-8 LTD LLC NT CL A-1 FLTG 3C7 10-20-2029 BEO | 3,100 | |||||||
PVTPL CMO AREIT 2021-CRE5 LTD/AREIT AREIT 2021-C SR NT CL A VAR RT 07-17-2026 | 2,046 | |||||||
PVTPL CMO COLT 2021-4 MTG LN TR MTG PASSTHRU CTF CL A-1 10-25-2066 | 2,079 | |||||||
PVTPL CMO NATIXIS COML MTG SECS SER 2018-TECH CL A FLTG 144A 11-15-2034 | 2,156 | |||||||
PVTPL CMO WELLS FARGO COML MTG TR SER 2017-HSDB CL A VAR RT 12-13-2023 | 1,479 |
32
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Corporate debt - continued | ||||||||
PVTPL CMO WFRBS COML MTG SER-2014-C21 CL-ASBF FLTG 08-16-2047 BEO | 169 | |||||||
PVTPL GPMT 2021-FL3 LTD/GPMT 2021-FL3 LLC SR SECD NT CL A FLTG 07-16-2035 | 1,302 | |||||||
PVTPL HALSEYPOINT CLO II LTD SR 20-2A CL A1 FLTG 07-20-2031 | 3,736 | |||||||
PVTPL JACKSON NATIONAL LIFE GLBL FUNDING FLTG RT 06-28-2024 | 2,600 | |||||||
PVTPL KKR CLO 9 LTD / KKR CLO 9 LLC 15/07/2030 VAR RT DUE 07-15-2030 BEO | 2,747 | |||||||
PVTPL MAGALLANES INC 3.428% 03-15-2024 BEO | 680 | |||||||
PVTPL MAGALLANES INC FLTG RT 03-15-2024 | 1,096 | |||||||
PVTPL MAGNETITE XVIII LTD/MAGNETITE XVIII LL SR16-18A CL AR2 VAR RT 11-15-2028 | 286 | |||||||
PVTPL MF1 MULTIFAMILY HOUSING MORTGAGE LO SR 20-FL4 CL A VAR RT DUE 11-15-2035 | 1,709 | |||||||
PVTPL NAVIENT PRIVATE ED REFI LN TR 2021-G CL A 1.58% DUE 04-15-2070 BEO | 1,668 | |||||||
PVTPL NAVIENT PRIVATE ED REFI LN TR SRS 20-HA CL A 1.31% DUE 01-15-2069 | 1,132 | |||||||
PVTPL NAVIENT STUDENT LN TR 2014-1 SR 22-A CL A 2.23% 07-15-2070 | 1,235 | |||||||
PVTPL NELNET STUDENT LN TR FLTG RT SER 19-2A CL A 06-27-2067 BEO | 1,874 | |||||||
PVTPL OCTAGON INVT PARTNERS XXI LTD/OCTAGON SR SECD NT 02-14-2031 | 3,449 | |||||||
PVTPL PALMER SQUARE LN FDG 2020-1 CL A1 FLTG RT DUE 02-20-2028 | 1,466 | |||||||
PVTPL PALMER SQUARE LN FDG 2021-3 LTD/SR SECD NT CL A-1 FLTG 5.04257% 07-20-2029 | 2,843 | |||||||
PVTPL PALMER SQUARE LOAN FUNDING LTD SER 21-4A CL A1 FLTG RT 10-15-2029 BEO | 2,076 | |||||||
PVTPL SOUND PT CLO XVI LTD/SOUND PT CLO XVI VAR RT DUE 07-25-2030 BEO | 1,969 | |||||||
PVTPL STANDARD CHARTERED PLC NT FLTG RATE 11-23-2025 | 4,469 | |||||||
PVTPL STRATUS CLO 2021-3 LTD/STRATUS CLO202 SR 21-3A CL A VAR RT DUE 12-29-2029 | 267 | |||||||
PVTPL TCW CLO SER 18-1A CL A1R FLTG 04-25-2031 BEO | 295 | |||||||
PVTPL UBS AG LONDON BRH 09/02/2024 4.95604% DUE 02-09-2024 BEO | 697 | |||||||
PVTPL VENTURE CLO LTD SR 17-28A CL A2R VAR RT 07-20-2030 | 3,728 | |||||||
PVTPL VIBRANT CLO VI LTD SER 17-6A CL AR FLTG 06-20-2029 | 1,735 | |||||||
PVTPL VMC FIN 2021-FL4 LLC SR SECD NT CLA 144A FLTG RATE VAR RT DUE 06-16-2036 | 965 | |||||||
READY CAP MTG FING FLTG RT 5.84529% DUE 04-25-2038 | 1,424 | |||||||
SARANAC CLO VI LTD / SARANAC CLO VI 6.29371% 08-13-2031 | 1,865 | |||||||
SOFI PROFESSIONAL LN PROGRAM 2020-C POSTGRADUATE LN AST BKD NT 1.95% 02-15-2046 | 1,233 | |||||||
SOUND PT CLO XV LTD / SOUND PT CLO SR SECD NT CL A-RR 144A 5.71529% 01-23-2029 | 2,955 | |||||||
SOUTHERN CALIF EDISON CO 1ST & REF MTG SER 2021 FLTG 5.136515% 04-03-2023 | 4,493 | |||||||
TOWD PT MTG TR 2021-1 NT CL A1 144A 2.25% 11-25-2061 | 2,098 | |||||||
TOYOTA AUTO RECEIVABLES OWNER TRUST SER 22-D CL A2B FLTG RT 01-15-2026 | 3,909 | |||||||
TRANSCANADA PIPELINES LTD DISC COML PAPER 4/2 YRS 3&4 CPN 01-19-2023 | 4,488 | |||||||
VW CR INC DISC COML PAPER 4/2 YRS 2&4 01-26-2023 | 7,074 | |||||||
WALGREENS BOOTS ALLIANCE DISC COML PAPER4/2 YRS 3&4 01-18-2023 | 7,879 | |||||||
WARNERMEDIA HLDGS INC SR NT 3NC1 144A 3.788% 03-15-2025 | 859 | |||||||
WELLS FARGO & CO MEDIUM TERM SR NTS BOOKVAR RT DUE 04-25-2026/04-25-2025 | 2,293 | |||||||
WFRBS COML MTG TR 3.337% DUE 06-15-2046 | 3,659 | |||||||
Total Corporate debt | 239,076 | |||||||
Government debt | ||||||||
GNMA 2016-H17 MTG PASS THRU CTF CL MX FC08-20-2066 | 509 | |||||||
GNMA 2016-H20 REMIC PASSTHRU CTF CL MX-PT 09-20-2066 | 1,072 | |||||||
GNMA REMIC PASSTHRU SER 2016-H11 CLS F 05-20-2066 | 98 | |||||||
UNITED STATES TREASURY BILLS 05-11-2023 | 330 | |||||||
UNITED STATES TREASURY NOTES .875% 12-15-2024 | 4,402 | |||||||
UNITED STATES TREASURY NOTES 30/11/2023 .5% DUE 11-30-2023 BEO | 195,404 | |||||||
UNITED STATES TREASURY NOTES 4.25% 09-30-2024 | 58,922 | |||||||
Total Government debt | 260,737 | |||||||
Private 40-Act mutual fund | ||||||||
PIMCO Short-Term Floating NAV Portfolio II | 477,645 |
33
Abbott Laboratories Stock Retirement Plan | ||||||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued | ||||||||
December 31, 2022 | ||||||||
(Dollars in thousands) | ||||||||
Identity of party involved/ | Current | |||||||
Description of asset/ Rate/ Maturity | Cost (a) | value | ||||||
Certificate of deposit | ||||||||
TORONTO DOMINION BK N Y BRH INSTL DTD 10-19-2022 CTF DEP VAR RT 04-21-2023 | 2,501 | |||||||
Other | ||||||||
BUY TO OPEN REPO W/BNP PARIB 4.32% FROM 12-30-2022 TO 01-03-2023 | 2,300 | |||||||
DOMESTIC MASTER RECEIVABLE FROM TD | 300 | |||||||
FORWARDS RECEIVABLE FROM CREDIT SUISSE AG NEW YORK BRANCH | 340 | |||||||
Total Other | 2,940 | |||||||
*Loans to participants, 3.00% to 7.00% | 89,059 | |||||||
$ | 13,221,579 | |||||||
*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, 2022 and 2021
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 (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, 2022 and 2021, the related statement of changes in net assets available for benefits for the year ended December 31, 2022, 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, 2022 and 2021, and the changes in net assets available for benefits for the year ended December 31, 2022 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, 2022 (“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 23, 2023
4
Abbott Laboratories Stock Retirement Plan (Puerto Rico) | |||
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS | |||
December 31, 2022 and 2021 | |||
(Dollars in thousands) | |||
2022 | 2021 | |||||||
Assets | ||||||||
Cash | $ | 5 | $ | 9 | ||||
Investments, at fair value | 204,193 | 242,246 | ||||||
Notes receivable from participants | 4,359 | 4,518 | ||||||
Due from brokers | - | 1 | ||||||
Accrued interest income | 33 | 4 | ||||||
Total assets | 208,590 | 246,778 | ||||||
Liabilities | ||||||||
Due to brokers | 1 | 303 | ||||||
Total liabilities | 1 | 303 | ||||||
NET ASSETS AVAILABLE FOR BENEFITS | $ | 208,589 | $ | 246,475 |
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, 2022 | |
(Dollars in thousands) | |
Additions | ||||
Contributions | ||||
Employer | $ | 2,290 | ||
Participant | 4,995 | |||
Rollovers | 119 | |||
Total contributions | 7,404 | |||
Investment (loss) income | ||||
Net depreciation in fair value of investments | (35,786 | ) | ||
Interest and dividends | 3,481 | |||
Net investment loss | (32,305 | ) | ||
Interest income on notes receivable from participants | 159 | |||
Net additions | (24,742 | ) | ||
Deductions | ||||
Benefits paid to participants | 13,111 | |||
Other expenses | 33 | |||
Total deductions | 13,144 | |||
NET DECREASE | (37,886 | ) | ||
Net assets available for benefits | ||||
Beginning of year | 246,475 | |||
End of year | $ | 208,589 |
The accompanying notes are an integral part of these statements.
6
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
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 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, 2022 and 2021
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, 2022 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; 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% |
A participant becomes 100% vested in his or her employer contributions if, while employed by the Company, he or she dies or attains age 65.
Abbott Green participants who first became participants prior to January 1, 2018 are also fully vested in matching contributions upon 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 2022, approximately $71,500 of forfeitures were used to reduce employer contributions. Forfeitures totaling approximately $113,400 and $181,000 were available at the end of 2022 and 2021, respectively.
8
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
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. Interest, dividends and other earnings will continue to accrue on any deferred amounts prior to distribution.
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.
9
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
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 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, 2022 and 2021 (dollars in thousands):
Basis of Fair Value Measurement | ||||||||||||||||||||
2022 | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Measured at NAV | Total | |||||||||||||||
Common stock | $ | 99,063 | $ | - | $ | - | $ | - | $ | 99,063 | ||||||||||
Mutual funds | 36,775 | - | - | - | 36,775 | |||||||||||||||
Collective trust funds | - | - | - | 68,355 | 68,355 | |||||||||||||||
Total investments at fair value | $ | 135,838 | $ | - | $ | - | $ | 68,355 | $ | 204,193 |
10
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2022 and 2021
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
Basis of Fair Value Measurement | ||||||||||||||||||||
2021 | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | Measured at NAV | Total | |||||||||||||||
Common stock | $ | 115,446 | $ | - | $ | - | $ | - | $ | 115,446 | ||||||||||
Mutual funds | 45,416 | - | - | - | 45,416 | |||||||||||||||
Collective trust funds | - | - | - | 81,384 | 81,384 | |||||||||||||||
Total investments at fair value | $ | 160,862 | $ | - | $ | - | $ | 81,384 | $ | 242,246 |
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, 2022 or 2021.
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 depreciation 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, 2022 and 2021
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, 2022 and 2021 is presented below:
2022 | 2021 | |||||||
Abbott common shares, 587,473 and 594,382 shares, respectively (dollars in thousands) | $ | 64,499 | $ | 83,653 | ||||
Market value per share | $ | 109.79 | $ | 140.74 |
NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
The Plan holds units of collective trust funds managed by the Custodian. 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 2022, the Plan received $1,112,000 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, 2022 and 2021
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, 2022 and 2021, 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.
NOTE H – SUBSEQUENT EVENTS
Management of the Plan has evaluated subsequent events from December 31, 2022 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.
13
Abbott Laboratories Stock Retirement Plan (Puerto Rico) | |||||
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) | |||||
December 31, 2022 | |||||
(Dollars in thousands) | |||||
Identity of party involved/ | Current | |||||
description of asset | Cost (a) | value | ||||
Common stock - employer securities | ||||||
*Abbott Laboratories, common shares | $ | 64,499 | ||||
Common stock | ||||||
AbbVie Inc., common stock | 34,564 | |||||
Total Common stock | 99,063 | |||||
Mutual funds | ||||||
American Funds EuroPacific Growth Trust | 4,874 | |||||
American Funds The Growth Fund of America Trust | 12,174 | |||||
American Funds Washington Mutual Investors Trust | 3,283 | |||||
PIMCO All Asset Fund | 2,681 | |||||
PIMCO Short Asset Investment Fund | 10,372 | |||||
Vanguard Mid-Cap Value Index Fund Admiral | 3,391 | |||||
Total Mutual funds | 36,775 | |||||
Collective trust funds | ||||||
Blackrock International Opportunities Fund | 1,814 | |||||
GW&K Small-Mid Cap Core Equity Fund | 3,451 | |||||
*Northern Trust Collective ACWI ex-U.S. Index Fund | 672 | |||||
*Northern Trust Collective Short Term Investment Fund | 184 | |||||
PIMCO Total Return Collective Trust Fund | 2,060 | |||||
SSGA Russell Small/Mid Cap Index Fund | 3,494 | |||||
SSGA S&P 500 Index Fund | 13,419 | |||||
SSGA U.S. Bond Index Fund | 812 | |||||
SSGA Target Retirement 2020 | 4,352 | |||||
SSGA Target Retirement 2025 | 7,123 | |||||
SSGA Target Retirement 2030 | 8,403 | |||||
SSGA Target Retirement 2035 | 5,546 | |||||
SSGA Target Retirement 2040 | 5,254 | |||||
SSGA Target Retirement 2045 | 3,814 | |||||
SSGA Target Retirement 2050 | 2,170 | |||||
SSGA Target Retirement 2055 | 1,275 | |||||
SSGA Target Retirement 2060 | 349 | |||||
SSGA Target Retirement 2065 | 54 | |||||
SSGA Target Retirement Income | 4,109 | |||||
Total Collective trust funds | 68,355 | |||||
*Loans to participants, 3.25% to 7.00% | 4,359 | |||||
$ | 208,552 |
*Represents a party-in-interest transaction.
(a) Cost information omitted as all investments are fully participant directed.
15
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 23, 2023 | 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 23, 2023, 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, 2022. We consent to the incorporation by reference of said report in the Registration Statement of Abbott Laboratories on Form S-8 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
Chicago, Illinois
June 23, 2023
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated June 23, 2023, 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, 2022. We consent to the incorporation by reference of said report in the Registration Statement of Abbott Laboratories on Form S-8 as follows:
File No. | Effective Date | |
33-26685 | January 23, 1989 | |
33-504522 | August 4, 1992 | |
33-51585 | December 20, 1993 | |