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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to
Commission File No. 1-2189
ABBOTT LABORATORIES
An Illinois Corporation
I.R.S. Employer Identification No.
36-0698440
100 Abbott Park Road
Abbott Park, Illinois 60064-6400
Telephone: (224) 667-6100
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Shares, Without Par ValueABT
New York Stock Exchange
Chicago Stock Exchange, Inc.
Indicate by check mark whether the registrant: (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of l934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer x
Accelerated Filer o
Non-Accelerated Filer o
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of September 30, 2023, Abbott Laboratories had 1,736,058,536 common shares without par value outstanding.


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Abbott Laboratories
Table of Contents
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited)
(dollars in millions except per share data; shares in thousands)
Three Months Ended Nine Months Ended
September 30September 30
2023202220232022
Net sales$10,143 $10,410 $29,868 $33,562 
Cost of products sold, excluding amortization of intangible assets4,605 4,629 13,419 14,549 
Amortization of intangible assets496 498 1,485 1,517 
Research and development672 782 2,041 2,163 
Selling, general and administrative2,723 2,731 8,225 8,275 
Total operating cost and expenses8,496 8,640 25,170 26,504 
Operating earnings1,647 1,770 4,698 7,058 
Interest expense166 141 478 404 
Interest (income)(97)(55)(296)(95)
Net foreign exchange (gain) loss(10)19 17 16 
Other (income) expense, net(83)(93)(370)(253)
Earnings before taxes1,671 1,758 4,869 6,986 
Taxes on earnings235 323 740 1,086 
Net Earnings$1,436 $1,435 $4,129 $5,900 
Basic Earnings Per Common Share$0.82 $0.82 $2.36 $3.35 
Diluted Earnings Per Common Share$0.82 $0.81 $2.35 $3.32 
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share1,738,700 1,752,968 1,740,255 1,756,209 
Dilutive Common Stock Options9,589 10,685 9,819 11,638 
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options1,748,289 1,763,653 1,750,074 1,767,847 
Outstanding Common Stock Options Having No Dilutive Effect7,334 5,445 5,474 2,655 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
3

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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
(dollars in millions)
Three Months EndedNine Months Ended
September 30September 30
2023202220232022
Net Earnings$1,436 $1,435 $4,129 $5,900 
Foreign currency translation gain (loss) adjustments(480)(1,008)(393)(1,429)
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $(1) and $(4) in 2023 and $11 and $36 in 2022
(9)56 (13)172 
Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $30 and $(24) in 2023 and $50 and $96 in 2022
80 213 (23)186 
Other comprehensive income (loss)(409)(739)(429)(1,071)
Comprehensive Income$1,027 $696 $3,700 $4,829 
September 30,
2023
December 31,
2022
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments$(7,126)$(6,733)
Net actuarial (losses) and prior service (costs) and credits(1,506)(1,493)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges and other152 175 
Accumulated other comprehensive income (loss)$(8,480)$(8,051)
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
4

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Abbott Laboratories and Subsidiaries
Condensed Consolidated Balance Sheet
(Unaudited)
(dollars in millions)
September 30,
2023
December 31,
2022
Assets
Current Assets:
Cash and cash equivalents$6,709 $9,882 
Short-term investments338 288 
Trade receivables, less allowances of $472 in 2023 and $500 in 2022
6,499 6,218 
Inventories:
Finished products3,847 3,805 
Work in process888 680 
Materials1,915 1,688 
Total inventories6,650 6,173 
Prepaid expenses and other receivables2,468 2,663 
Total Current Assets22,664 25,224 
Investments788 766 
Property and equipment, at cost21,111 20,212 
Less: accumulated depreciation and amortization11,559 11,050 
Net property and equipment9,552 9,162 
Intangible assets, net of amortization9,282 10,454 
Goodwill23,277 22,799 
Deferred income taxes and other assets6,527 6,033 
$72,090 $74,438 
Liabilities and Shareholders’ Investment
Current Liabilities:
Trade accounts payable$3,961 $4,607 
Salaries, wages and commissions1,479 1,556 
Other accrued liabilities5,347 5,845 
Dividends payable886 887 
Income taxes payable318 343 
Current portion of long-term debt1,051 2,251 
Total Current Liabilities13,042 15,489 
Long-term debt14,477 14,522 
Post-employment obligations, deferred income taxes and other long-term liabilities6,877 7,522 
Commitments and Contingencies
Shareholders’ Investment:
Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued
  
Common shares, without par value Authorized — 2,400,000,000 shares
Issued at stated capital amount — Shares: 2023: 1,987,305,154; 2022: 1,986,519,278
24,727 24,709 
Common shares held in treasury, at cost — Shares: 2023: 251,246,618; 2022: 248,724,257
(15,686)(15,229)
Earnings employed in the business36,920 35,257 
Accumulated other comprehensive income (loss)(8,480)(8,051)
Total Abbott Shareholders’ Investment37,481 36,686 
Noncontrolling Interests in Subsidiaries213 219 
Total Shareholders’ Investment37,694 36,905 
$72,090 $74,438 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
Three Months Ended September 30
20232022
Common Shares:
Balance at June 30
Shares: 2023: 1,987,181,491; 2022: 1,985,676,735
$24,612 $24,429 
Issued under incentive stock programs  
Shares: 2023: 123,663; 2022: 242,705
6 12 
Share-based compensation116 123 
Issuance of restricted stock awards(7)(4)
Balance at September 30  
Shares: 2023: 1,987,305,154; 2022: 1,985,919,440
$24,727 $24,560 
Common Shares Held in Treasury:
Balance at June 30
Shares: 2023: 251,823,511; 2022: 234,456,992
$(15,722)$(13,720)
Issued under incentive stock programs  
Shares: 2023: 579,159; 2022: 528,436
36 31 
Purchased  
Shares: 2023: 2,266; 2022: 8,417,107
 (866)
Balance at September 30  
Shares: 2023: 251,246,618; 2022: 242,345,663
$(15,686)$(14,555)
Earnings Employed in the Business:
Balance at June 30$36,355 $34,487 
Net earnings1,436 1,435 
Cash dividends declared on common shares (per share — 2023: $0.51; 2022: $0.47)
(889)(822)
Effect of common and treasury share transactions18 15 
Balance at September 30$36,920 $35,115 
Accumulated Other Comprehensive Income (Loss):
Balance at June 30$(8,071)$(8,706)
Other comprehensive income (loss)(409)(739)
Balance at September 30$(8,480)$(9,445)
Noncontrolling Interests in Subsidiaries:
Balance at June 30$230 $226 
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases(17)(17)
Balance at September 30$213 $209 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
Nine Months Ended September 30
20232022
Common Shares:
Balance at January 1
Shares: 2023: 1,986,519,278; 2022: 1,985,273,421
$24,709 $24,470 
Issued under incentive stock programs
Shares: 2023: 785,876; 2022: 646,019
36 36 
Share-based compensation531 572 
Issuance of restricted stock awards(549)(518)
Balance at September 30
Shares: 2023: 1,987,305,154; 2022: 1,985,919,440
$24,727 $24,560 
Common Shares Held in Treasury:
Balance at January 1
Shares: 2023: 248,724,257; 2022: 221,191,228
$(15,229)$(11,822)
Issued under incentive stock programs
Shares: 2023: 4,669,629; 2022: 4,808,575
288 261 
Purchased
Shares: 2023: 7,191,990; 2022: 25,963,010
(745)(2,994)
Balance at September 30
Shares: 2023: 251,246,618; 2022: 242,345,663
$(15,686)$(14,555)
Earnings Employed in the Business:
Balance at January 1$35,257 $31,528 
Net earnings4,129 5,900 
Cash dividends declared on common shares (per share — 2023: $1.53; 2022: $1.41)
(2,668)(2,475)
Effect of common and treasury share transactions202 162 
Balance at September 30$36,920 $35,115 
Accumulated Other Comprehensive Income (Loss):
Balance at January 1$(8,051)$(8,374)
Other comprehensive income (loss)(429)(1,071)
Balance at September 30$(8,480)$(9,445)
Noncontrolling Interests in Subsidiaries:
Balance at January 1$219 $222 
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases(6)(13)
Balance at September 30$213 $209 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(dollars in millions)
Nine Months Ended September 30
20232022
Cash Flow From (Used in) Operating Activities:
Net earnings$4,129 $5,900 
Adjustments to reconcile net earnings to net cash from operating activities —
Depreciation945 943 
Amortization of intangible assets1,485 1,517 
Share-based compensation530 570 
Trade receivables(424)(409)
Inventories(527)(1,224)
Other, net(1,915)(42)
Net Cash From Operating Activities4,223 7,255 
Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment(1,447)(1,167)
Acquisitions of businesses and technologies, net of cash acquired(877) 
Proceeds from business dispositions40 48 
Sales (purchases) of other investment securities, net(45)(3)
Other20 14 
Net Cash From (Used in) Investing Activities(2,309)(1,108)
Cash Flow From (Used in) Financing Activities:
Net borrowings (repayments) of short-term debt and other(90)37 
Proceeds from issuance of long-term debt1 7 
Repayments of long-term debt(1,447)(753)
Purchases of common shares(968)(3,110)
Proceeds from stock options exercised133 126 
Dividends paid(2,668)(2,486)
Net Cash From (Used in) Financing Activities(5,039)(6,179)
Effect of exchange rate changes on cash and cash equivalents(48)(173)
Net Increase (Decrease) in Cash and Cash Equivalents(3,173)(205)
Cash and Cash Equivalents, Beginning of Year9,882 9,799 
Cash and Cash Equivalents, End of Period$6,709 $9,594 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)

Note 1 — Basis of Presentation

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


Note 2 — New Accounting Standards

Recently Adopted Accounting Standards

In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-04, Disclosure of Supplier Finance Program Obligations, which requires an entity to report information about its supplier finance program. Abbott adopted the standard on January 1, 2023. The new standard did not have an impact on Abbott's condensed consolidated financial statements.
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Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 3 — Revenue

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

The following tables provide detail by sales category:

Three Months Ended September 30, 2023Three Months Ended September 30, 2022
(in millions)U.S.Int’lTotalU.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$ $987 $987 $ $1,001 $1,001 
Other 381 381  325 325 
Total 1,368 1,368  1,326 1,326 
Nutritionals —    
Pediatric Nutritionals506 495 1,001 357 470 827 
Adult Nutritionals354 718 1,072 329 639 968 
Total860 1,213 2,073 686 1,109 1,795 
Diagnostics —     
Core Laboratory317 997 1,314 281 938 1,219 
Molecular38 95 133 65 118 183 
Point of Care97 43 140 92 35 127 
Rapid Diagnostics561 301 862 1,273 839 2,112 
Total1,013 1,436 2,449 1,711 1,930 3,641 
Medical Devices —    
Rhythm Management271 292 563 263 270 533 
Electrophysiology246 298 544 225 244 469 
Heart Failure217 67 284 207 51 258 
Vascular251 421 672 213 393 606 
Structural Heart223 264 487 207 213 420 
Neuromodulation188 39 227 156 36 192 
Diabetes Care 544 928 1,472 423 744 1,167 
Total1,940 2,309 4,249 1,694 1,951 3,645 
Other4  4 3  3 
Total$3,817 $6,326 $10,143 $4,094 $6,316 $10,410 


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Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 3 — Revenue (Continued)
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
(in millions)U.S.Int’lTotal U.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$ $2,889 $2,889 $ $2,853 $2,853 
Other 955 955  843 843 
Total 3,844 3,844  3,696 3,696 
Nutritionals —    
Pediatric Nutritionals1,472 1,477 2,949 1,108 1,491 2,599 
Adult Nutritionals1,081 2,086 3,167 1,016 2,027 3,043 
Total2,553 3,563 6,116 2,124 3,518 5,642 
Diagnostics —
Core Laboratory917 2,872 3,789 836 2,788 3,624 
Molecular128 293 421 308 507 815 
Point of Care289 127 416 284 110 394 
Rapid Diagnostics1,975 853 2,828 5,436 2,923 8,359 
Total3,309 4,145 7,454 6,864 6,328 13,192 
Medical Devices —
Rhythm Management800 873 1,673 775 830 1,605 
Electrophysiology729 873 1,602 667 773 1,440 
Heart Failure661 199 860 610 167 777 
Vascular733 1,271 2,004 650 1,228 1,878 
Structural Heart652 794 1,446 604 667 1,271 
Neuromodulation528 122 650 456 112 568 
Diabetes Care1,528 2,681 4,209 1,165 2,320 3,485 
Total5,631 6,813 12,444 4,927 6,097 11,024 
Other10  10 8  8 
Total$11,503 $18,365 $29,868 $13,923 $19,639 $33,562 

Note: The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $30 million of sales in the third quarter of 2022 and $87 million in the first nine months of 2022 were moved from Rapid Diagnostics to Heart Failure.

Remaining Performance Obligations

As of September 30, 2023, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $4.2 billion in the Diagnostics segment and approximately $456 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 59 percent of these remaining performance obligations over the next 24 months, approximately 17 percent over the subsequent 12 months and the remainder thereafter.

These performance obligations primarily reflect the future sale of reagents/consumables in contracts with minimum purchase obligations, extended warranty or service obligations related to previously sold equipment, and remote monitoring services related to previously implanted devices. Abbott has applied the practical expedient described in FASB Accounting Standards Codification (ASC) 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amounts above.

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Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 3 — Revenue (Continued)
Other Contract Assets and Liabilities

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

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

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

(in millions)
Contract Liabilities:
Balance at December 31, 2022$500 
Unearned revenue from cash received during the period346 
Revenue recognized related to contract liability balance(292)
Balance at September 30, 2023$554 

Note 4 — Supplemental Financial Information

Shares of unvested restricted stock that contain non-forfeitable rights to dividends are treated as participating securities and are included in the computation of earnings per share under the two-class method. Under the two-class method, net earnings are allocated between common shares and participating securities. Net earnings allocated to common shares for the three months ended September 30, 2023 and 2022 were $1.431 billion and $1.429 billion, respectively, and for the nine months ended September 30, 2023 and 2022 were $4.113 billion and $5.876 billion, respectively.

Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first nine months of 2023 includes $302 million of pension contributions and the payment of cash taxes of approximately $1.180 billion. The first nine months of 2022 includes $362 million of pension contributions and the payment of cash taxes of approximately $987 million.

The following summarizes the activity for the first nine months of 2023 related to the allowance for doubtful accounts as of September 30, 2023:

(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2022$262 
Provisions/charges to income22 
Amounts charged off and other deductions(25)
Balance at September 30, 2023$259 

The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. Abbott considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends, the historical level of charge-offs, and specific exposures related to particular customers. Abbott also monitors other risk factors and forward-looking information, such as country risk, when determining credit limits for customers and establishing adequate allowances.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 4 — Supplemental Financial Information (Continued)
The components of long-term investments as of September 30, 2023 and December 31, 2022 are as follows:

(in millions)September 30,
2023
December 31,
2022
Long-term Investments:
Equity securities$566 $558 
Other222 208 
Total$788 $766 

The increase in Abbott’s long-term investments as of September 30, 2023 versus the balance as of December 31, 2022 is primarily due to investments acquired as part of a business acquisition and other additional investments, partially offset by the impact of equity method investment losses.

Abbott’s equity securities as of September 30, 2023 include $291 million of investments in mutual funds that are held in a rabbi trust and were acquired as part of the St. Jude Medical, Inc. business acquisition. These investments, which are specifically designated as available for the purpose of paying benefits under a deferred compensation plan, are not available for general corporate purposes and are subject to creditor claims in the event of insolvency.

Abbott also holds certain investments as of September 30, 2023 with a carrying value of $175 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of approximately $87 million that do not have a readily determinable fair value.

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

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

Three Months Ended September 30
Cumulative Foreign
Currency Translation
(Loss) Adjustments
Net Actuarial (Losses) and
Prior Service (Costs) and
Credits
Cumulative Gains (Losses)
on Derivative Instruments
Designated as Cash Flow
Hedges and Other
(in millions)202320222023202220232022
Balance at June 30$(6,646)$(6,260)$(1,497)$(2,554)$72 $108 
Other comprehensive income (loss) before reclassifications(497)(1,008)(9)15 96 278 
Amounts reclassified from accumulated other comprehensive income17   41 (16)(65)
Net current period comprehensive income (loss)(480)(1,008)(9)56 80 213 
Balance at September 30$(7,126)$(7,268)$(1,506)$(2,498)$152 $321 
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 5 — Changes In Accumulated Other Comprehensive Income (Loss) (Continued)
Nine Months Ended September 30
Cumulative Foreign
Currency Translation
(Loss) Adjustments
Net Actuarial (Losses) and
Prior Service (Costs) and
Credits
Cumulative Gains (Losses)
on Derivative Instruments
Designated as Cash Flow
Hedges and Other
(in millions)20232022202320222023 2022
Balance at January 1$(6,733)$(5,839)$(1,493)$(2,670)$175 $135 
Other comprehensive income (loss) before reclassifications(410)(1,429)(6)45 134 289 
Amounts reclassified from accumulated other comprehensive income 17  (7)127 (157)(103)
Net current period comprehensive income (loss)(393)(1,429)(13)172 (23)186 
Balance at September 30$(7,126)$(7,268)$(1,506)$(2,498)$152 $321 

Reclassified amounts for cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior service cost are included as a component of net periodic benefit costs; see Note 13 for additional details.

Note 6 — Business Acquisitions

On September 22, 2023, Abbott completed the acquisition of Bigfoot Biomedical, Inc. (Bigfoot), which will further Abbott's efforts to develop connected solutions for making diabetes management even more personal and precise. The purchase price, the allocation of acquired assets and liabilities, and the revenue and net income contributed by Bigfoot since the date of acquisition are not material to Abbott's condensed consolidated financial statements.

On April 27, 2023, Abbott completed the acquisition of Cardiovascular Systems, Inc. (CSI) for $20 per common share, which equated to a purchase price of $851 million. The transaction was funded with cash on hand and accounted for as a business combination. CSI's atherectomy system, which is used in treating peripheral and coronary artery disease, adds complementary technologies to Abbott's portfolio of vascular device offerings.

The preliminary allocation of the purchase price of the CSI acquisition resulted in the recording of two non-deductible developed technology intangible assets of $305 million; non-deductible in-process research and development of $15 million, which will be accounted for as an indefinite-lived intangible asset until regulatory approval or discontinuation; non-deductible goodwill of approximately $384 million; net deferred tax assets of approximately $31 million and other net assets of approximately $116 million. The goodwill is identifiable to the Medical Devices reportable segment and is attributable to expected synergies from combining operations, as well as intangible assets that do not qualify for separate recognition. Allocation of the purchase price of the acquisition will be finalized when the valuation of assets and liabilities is completed. Revenues and earnings of CSI included in Abbott's consolidated financial statements since the acquisition date are not material to Abbott's consolidated revenue and earnings. If the acquisition of CSI had taken place as of the beginning of 2022, consolidated net sales and earnings would not have been significantly different from reported amounts.

Note 7 — Goodwill and Intangible Assets

The total amount of goodwill reported was $23.3 billion at September 30, 2023 and $22.8 billion at December 31, 2022. Recent business acquisitions increased goodwill by approximately $590 million and foreign currency translation adjustments decreased goodwill by approximately $112 million in the first nine months of 2023. The amount of goodwill related to reportable segments at September 30, 2023 was $2.6 billion for the Established Pharmaceutical Products segment, $285 million for the Nutritional Products segment, $3.5 billion for the Diagnostic Products segment, and $16.8 billion for the Medical Devices segment. There were no reductions of goodwill relating to impairments in the first nine months of 2023.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 7 — Goodwill and Intangible Assets (continued)
The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.5 billion and $27.2 billion as of September 30, 2023 and December 31, 2022, respectively. The gross amount of amortizable intangible assets increased by $305 million due to a recent business acquisition. Accumulated amortization was $19.0 billion and $17.6 billion as of September 30, 2023 and December 31, 2022, respectively. Foreign currency translation adjustments decreased intangible assets by $14 million in the first nine months of 2023. Abbott’s estimated annual amortization expense for intangible assets is approximately $2.0 billion in 2023, $1.9 billion in 2024, $1.7 billion in 2025, $1.6 billion in 2026 and $1.3 billion in 2027.

Indefinite-lived intangible assets, which relate to in-process research and development (IPR&D) acquired in a business combination, were approximately $832 million as of September 30, 2023 and $807 million as of December 31, 2022. Recent business acquisitions increased IPR&D by $80 million. This increase was partially offset by $55 million of charges recorded on the Research and development line of the Condensed Consolidated Statement of Earnings for the impairment of certain indefinite-lived intangible assets related to the Medical Devices reportable segment.

Note 8 — Restructuring Plans

In 2022 and 2023, Abbott management approved various plans to streamline operations in order to reduce costs and improve efficiencies in its medical devices, nutritional, diagnostic, and established pharmaceutical businesses. In the nine months ended September 30, 2023, Abbott recorded employee related severance and other charges of approximately $102 million, of which approximately $31 million was recorded in Cost of products sold, approximately $16 million was recorded in Research and development, and approximately $55 million was recorded in Selling, general and administrative expenses. In addition, Abbott recognized fixed asset impairment charges of approximately $29 million related to these restructuring plans.

The following summarizes the activity related to these restructuring actions and the status of the related accruals as of September 30, 2023:

(in millions)Total
Accrued balance at December 31, 2022$228 
Restructuring charges in 2023102 
Payments and other adjustments(181)
Accrued balance at September 30, 2023$149 

Note 9 — Incentive Stock Programs

In the first nine months of 2023, Abbott granted 1,986,671 stock options, 463,856 restricted stock awards and 4,927,476 restricted stock units under its incentive stock program. At September 30, 2023, approximately 74 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at September 30, 2023 is as follows:

OutstandingExercisable
Number of shares 29,342,041 24,718,236 
Weighted average remaining life (years)
5.04.3
Weighted average exercise price $73.77 $66.27 
Aggregate intrinsic value (in millions)
$825 $825 

The total unrecognized share-based compensation cost at September 30, 2023 amounted to approximately $560 million which is expected to be recognized over the next three years.

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Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 10 — Debt and Lines of Credit

On September 27, 2023, Abbott repaid the €1.14 billion outstanding principal amount of its 0.875% Notes upon maturity. The repayment equated to approximately $1.2 billion. In September 2023, Abbott repaid approximately $197 million of debt assumed as part of a recent business acquisition. On March 15, 2022, Abbott repaid the $750 million outstanding principal amount of its 2.55% Notes upon maturity.

Note 11 — Financial Instruments, Derivatives and Fair Value Measures

Certain Abbott foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates, primarily for anticipated intercompany purchases by those subsidiaries whose functional currencies are not the U.S. dollar. These contracts, with gross notional amounts totaling $7.3 billion at September 30, 2023 and $7.7 billion at December 31, 2022, are designated as cash flow hedges of the variability of the cash flows due to changes in foreign exchange rates and are recorded at fair value. Accumulated gains and losses as of September 30, 2023 will be included in Cost of products sold at the time the products are sold, generally through the next twelve to eighteen months.

Abbott enters into foreign currency forward exchange contracts to manage currency exposures for foreign currency denominated third-party trade payables and receivables, and for intercompany loans and trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity. For intercompany loans, the contracts require Abbott to sell or buy foreign currencies, primarily European currencies, in exchange for primarily U.S. dollars and other European currencies. For intercompany and trade payables and receivables, the currency exposures are primarily the U.S. dollar and European currencies. At September 30, 2023 and December 31, 2022, Abbott held the gross notional amounts of $14.2 billion and $12.0 billion, respectively, of such foreign currency forward exchange contracts.

Abbott has designated a yen-denominated, 5-year term loan of approximately $401 million and $446 million as of September 30, 2023 and December 31, 2022, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt, which is due to changes in foreign exchange rates, is recorded in Accumulated other comprehensive income (loss), net of tax.

Abbott is a party to interest rate hedge contracts with a notional amount totaling approximately $2.9 billion at September 30, 2023 and December 31, 2022 to manage its exposure to changes in the fair value of fixed-rate debt. These contracts are designated as fair value hedges of the variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates. The effect of the hedge is to change a fixed-rate interest obligation to a variable rate for that portion of the debt. Abbott records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the amounts and location of certain derivative and non-derivative financial instruments as of September 30, 2023 and December 31, 2022:

Fair Value - AssetsFair Value - Liabilities
(in millions)September 30,
2023
December 31, 2022Balance Sheet CaptionSeptember 30,
2023
December 31, 2022Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current$ $ Deferred income taxes and other assets$158 $136 Post-employment obligations, deferred income taxes and other long-term liabilities
Current  Prepaid expenses and other receivables13 20 Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments254 304 Prepaid expenses and other receivables63 96 Other accrued liabilities
Others not designated as hedges113 108 Prepaid expenses and other receivables115 130 Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary— — n/a401 446 Long-term debt
$367 $412 $750 $828 

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2023
(Unaudited)
Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three and nine months ended September 30, 2023 and 2022.

Gain (loss) Recognized in Other
Comprehensive Income (loss)
Income (expense) and Gain (loss)
Reclassified into Income
Three Months
Ended September 30
Nine Months
Ended September 30
Three Months
Ended September 30
Nine Months
Ended September 30
(in millions)20232022202320222023202220232022Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges$125 $350 $152 $442 $22 $79 $211 $149 Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary12 24 45 108 n/an/an/an/an/a
Interest rate swaps designated as fair value hedgesn/an/an/an/a(18)(85)(15)(253)Interest expense

A gain of $60 million and a loss of $27 million were recognized in the three months ended September 30, 2023 and 2022, respectively, related to foreign currency forward exchange contracts not designated as a hedge. A loss of $4 million and a gain of $225 million were recognized in the first nine months ended September 30, 2023 and 2022, respectively, related to foreign currency forward exchange contracts not designated as a hedge. These amounts are reported in the Condensed Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line.

The carrying values and fair values of certain financial instruments as of September 30, 2023 and December 31, 2022 are shown in the following table. The carrying values of all other financial instruments approximate their estimated fair values. The counterparties to financial instruments consist of select major international financial institutions. Abbott does not expect any losses from non-performance by these counterparties.

September 30, 2023December 31, 2022
(in millions)Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Long-term Investment Securities:
Equity securities$