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)

 

xANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2023

 

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, 2023 AND 2022

 

  

 

 

C O N T E N T S

 

Page

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 3
   
FINANCIAL STATEMENTS  
   
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS 5
   
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS 6
   
NOTES TO FINANCIAL STATEMENTS 7
   
SUPPLEMENTAL SCHEDULE  
   
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 19

 

  

 

 

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, 2023 and 2022, the related statement of changes in net assets available for benefits for the year ended December 31, 2023, 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, 2023 and 2022, and the changes in net assets available for benefits for the year ended December 31, 2023 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, 2023 (“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 25, 2024

 

4

 

 

Abbott Laboratories Stock Retirement Plan      
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS    
December 31, 2023 and 2022      
(Dollars in thousands)      

 

 

   2023   2022 
Assets          
Cash  $81   $- 
Investments, at fair value   14,271,803    13,132,520 
Employer contributions receivable   5,524    - 
Notes receivable from participants   94,074    89,059 
Accrued interest and dividend income   2,994    2,784 
Due from brokers   121,715    108,923 
           
Total assets   14,496,191    13,333,286 
           
Liabilities          
Cash overdraft   -    304 
Investments sold short, at fair value   116,452    105,823 
Accrued investment expenses   301    200 
Due to brokers   159    189,038 
           
Total liabilities   116,912    295,365 
           
NET ASSETS AVAILABLE FOR BENEFITS  $14,379,279   $13,037,921 

 

The accompanying notes are an integral part of these statements.

 

5

 

 

Abbott Laboratories Stock Retirement Plan  
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2023  
(Dollars in thousands)  

 

 

Additions    
Contributions     
Employer  $205,995 
Participant   390,099 
Rollovers   57,773 
      
Total contributions   653,867 
      
Investment income     
Net appreciation in fair value of investments   1,422,204 
Interest and dividends   135,815 
      
Net investment income   1,558,019 
      
Interest income on notes receivable from participants   4,375 
      
Total additions   2,216,261 
      
Deductions     
Benefits paid to participants   874,701 
Other expenses   202 
      
Total deductions   874,903 
      
NET INCREASE   1,341,358 
      
Net assets available for benefits     
Beginning of year   13,037,921 
      
End of year  $14,379,279 

 

The accompanying notes are an integral part of these statements.
 

6

 

 

Abbott Laboratories Stock Retirement Plan  
NOTES TO FINANCIAL STATEMENTS
December 31, 2023 and 2022  

 

 

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, 2023 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, 2023 and 2022  

 

 

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.

 

8

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

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 as deemed appropriate by the Administrator, and (3) reduce future employer contributions if terminated participants do not return to service within the given period of time. In 2023, forfeitures reduced Abbott’s employer contributions by approximately $4.0 million. Approximately $1.0 million and $938,000 in forfeitures were available at the end of 2023 and 2022, 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 73 or, if earlier, the 31st of December following the year in which the participant dies. Interest, dividends and other earnings will continue to accrue on such deferred amounts.

 

Prior to termination, participants are permitted to withdraw their after-tax contributions (after-tax contributions made on or after January 8, 2016 may be withdrawn from the Plan only after being held for two or more years) and rollover contributions (including Roth rollover accounts and merged-in plan rollover accounts) and, after age 59 ½, may also withdraw pretax contributions. Distributions are made in cash or, to the extent contained in the participant’s account, a participant may elect distribution of Abbott and AbbVie common shares, and in each case, subject to certain limitations.

 

9

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

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 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.

 

10

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

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.

 

Collective trust funds and Private 40-Act mutual funds - Valued at the net asset value (“NAV”) provided by the administrator of the fund. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.

 

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, 2023 and 2022, the Plan held futures contracts with a notional amount of approximately $803,000 and $1.6 million, respectively. Notional amounts do not quantify risk or represent assets or liabilities of the Plan, but are used in the calculation of the cash settlements under the contracts. The fair value of these derivative contracts was not material at December 31, 2023 and 2022. Changes in fair value are accounted for as investment income (loss) within net appreciation in fair value of investments and totaled approximately $(125,000) for the year ended December 31, 2023.

 

11

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

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, 2023 and 2022 (dollars in thousands):

 

   Basis of Fair Value Measurement     
2023  Quoted
Prices in
Active
Markets
   Significant
Other
Observable
Inputs
   Significant
Unobservable
Inputs
   Measured at
NAV
   Total 
Assets - Investments:                         
Common stock  $5,071,247   $-   $           -   $-   $5,071,247 
Mutual funds   112,479    -    -    -    112,479 
REITs   25,697    -    -    -    25,697 
Collective trust funds   -    -    -    8,074,869    8,074,869 
Corporate debt   -    269,066    -    -    269,066 
Government debt   -    32,173    -    -    32,173 
Private 40-Act mutual funds   -    -    -    676,472    676,472 
Other   -    9,800    -    -    9,800 
Total investments at fair value  $5,209,423   $311,039   $-   $8,751,341   $14,271,803 

 

   Basis of Fair Value Measurement     
2023  Quoted
Prices in
Active
Markets
   Significant
Other
Observable
Inputs
   Significant
Unobservable
Inputs
   Measured
at NAV
   Total 
Liabilities - Investments sold short:                         
Government debt  $          -   $116,452   $          -   $          -   $116,452 
Total investments sold short at fair value  $-   $116,452   $-   $-   $116,452 

 

12

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

   Basis of Fair Value Measurement     
   Quoted   Significant             
   Prices in   Other   Significant         
   Active   Observable   Unobservable   Measured at     
2022  Markets   Inputs   Inputs   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      
   Quoted   Significant              
   Prices in   Other   Significant          
   Active   Observable   Unobservable   Measured at      
2022  Markets   Inputs   Inputs   NAV   Total  
Liabilities - Investments sold short:                          
Government debt  $          -   $  105,823   $                  -   $                -   $105,823  
Total investments sold short at fair value  $-   $105,823   $-   $-   $105,823  

 

Participants are permitted to make redemptions from the Plan’s investment options on a daily basis, however, certain investments valued at NAV as a practical expedient have redemption requirements and in some cases restrictions for a Plan level redemption. The following tables provide the redemption requirements and restrictions, if any, for those investments as of December 31, 2023 and 2022. In addition, the tables provide the investment strategies for certain investments measured at NAV as a practical expedient, if that investment is a fund that does not file an annual report on Form 5500 as a direct-filing entity.

 

13

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

   2023
   Fair value
(NAV)
   Redemption
frequency
  Redemption
notice period
  Restrictions
Funds filing as direct filing entity:              
Collective trusts  $8,074,869   Daily  0 - 5 days  --
Funds not filing as direct filing entity:              
Private 40-Act mutual funds              
Asset-backed securities   29,900   Daily  --  Yes (a)
Corporate fixed income   55,771   Daily  --  Yes (a)
Inflation-indexed bonds   8,031   Daily  --  Yes (a)
International fixed income   22,751   Daily  --  Yes (a)
Mortgage-related securities   30,103   Daily  --  Yes (a)
Municipal fixed income   2,573   Daily  --  Yes (a)
Short-term fixed income   486,796   Daily  --  Yes (a)
U.S. Government securities   40,547   Daily  --  Yes (a)
               
    676,472          
   $8,751,341          

 

   2022
   Fair value
(NAV)
   Redemption
frequency
  Redemption
notice period
  Restrictions
Funds filing as direct filing entity:             
Collective trusts  $6,706,991   Daily  0 - 5 days  --
Funds not filing as direct filing entity:              
Private 40-Act mutual funds              
Short-term fixed income   477,645    Daily  --   Yes (a)
   $7,184,636          

 

(a)The Private 40-Act mutual funds agree to redeem shares solely in cash up to the lesser of $250,000 or 1% of the respective fund’s net assets during any 90-day period for any one shareholder. In consideration of the best interests of the remaining shareholders, the Private 40-Act mutual funds reserve the right to pay any redemption proceeds exceeding this amount in whole or in part by a distribution in kind of securities held by the respective fund in lieu of cash. It is highly unlikely that shares would ever be redeemed in kind. Redemption proceeds are ordinarily wired within three business after receipt of the redemption request, but may take up to seven days.

 

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.

 

14

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Income Recognition

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net realized and unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as net appreciation in fair value of investments.

 

Administrative Expenses

 

Participants are charged transaction fees for loan processing and commissions on purchases and sales of Abbott shares and sales of AbbVie stock. Investment fees for mutual funds, REITs, collective trusts, and managed accounts are charged against the net assets of the respective fund. Abbott pays other 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, 2023 and 2022 is presented below:

 

   2023   2022 
Abbott common shares, 26,051,349 and 26,635,240 shares, respectively (dollars in thousands)  $2,867,472   $2,924,283 
Market value per share  $110.07   $109.79 

 

15

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

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 2023, the Plan received $54 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, 2023 and 2022, 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.

 

16

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

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, 2023 through the date these financial statements were issued. Other than described below, management of the Plan is not aware of any subsequent events that require recognition or additional disclosure in these financial statements.

 

As of January 1, 2024, all eligible participants may contribute pre-tax, Roth and after tax contributions up to a total of 50% of eligible earnings (previously capped at 25%), subject to certain limitations.

 

Effective June 1, 2024, Plan participants who are not actively participating in the Abbott Laboratories Annuity Retirement Plan may receive an annual employer contribution equal to 3% of the participant’s eligible earnings, regardless of whether the participant contributes to the Plan. The 3% annual employer contribution will be made shortly after the end of the Plan year only to the eligible participants who either are employed or on a qualifying leave of absence at the end of the applicable Plan year or who have terminated from employment during that Plan year due to death or qualifying retirement or disability during such Plan year. The annual 3% employer contributions will follow the same vesting schedule as the employer matching contributions, becoming fully vested after two years of credited service under the Plan.

 

17

 

 

SUPPLEMENTAL SCHEDULE

 

 

 

 

Abbott Laboratories Stock Retirement Plan            
EIN: 36-0698440, Plan Number: 334            
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)            
December 31, 2023            
(Dollars in thousands)            
                 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - employer securities           
*  ABBOTT LABORATORIES, common shares        $2,867,472 
               
   Common stock           
   5TH 3RD BANCORP COM         811 
   ABBVIE INC.         1,969,750 
   ACADIA HEALTHCARE CO INC COM         241 
   ACUITY BRANDS INC COM         221 
   ADT INC DEL COM         50 
   ADVANCE AUTO PTS INC COM         125 
   AECOM         420 
   AES CORP COM         174 
   AFFILIATED MANAGERS GROUP INC COM STK         182 
   AFFIRM HLDGS INC CL A CL A         382 
   AFLAC INC COM         1,684 
   AGCO CORP COM         261 
   AGILENT TECHNOLOGIES INC COM         263 
   AGILON HEALTH INC COM         13 
   AIR LEASE CORP CL A CL A         151 
   AKAMAI TECHNOLOGIES INC COM STK         610 
   ALASKA AIR GROUP INC COM         169 
   ALBEMARLE CORP COM         584 
   ALBERTSONS COS INC CL A CL A         304 
   ALLEGION PLC COMMON STOCK         30 
   ALLIANT ENERGY CORP COM         447 
   ALLISON TRANSMISSION HOLDING         163 
   ALLSTATE CORP COM         1,271 
   ALLY FINL INC COM         328 
   ALNYLAM PHARMACEUTICALS INC COM         161 
   AMC ENTMT HLDGS INC CL A NEW         42 
   AMCOR PLC ORD USD0.01         482 
   AMDOCS ORD GBP0.01         356 
   AMEDISYS INC COM         105 
   AMER FINL GROUP INC OH COM STK         300 
   AMEREN CORP COM         654 
   AMERICAN AIRLINES INC COM USD1         195 
   AMERICAN WTR WKS CO INC NEW COM         889 
   AMETEK INC NEW COM         1,310 
   AMPHENOL CORP NEW CL A         993 
   ANSYS INC COM         190 
   ANTERO MIDSTREAM CORPORATION         99 
   ANTERO RES CORP COM         221 
   APA CORP COM         44 
   APARTMENT INCOME REIT CORP COM         180 
   APPLOVIN CORP COM CL A COM CL A         215 
   APTARGROUP INC COM         278 
   APTIV PLC COM USD         839 
   ARAMARK COM         227 
   ARCH CAPITAL GROUP COM STK         787 
   ARDAGH METAL PACKAGING SA         2 
   ARMSTRONG WORLD INDS INC NEW COM STK         106 
   ARROW ELECTR INC COM         233 
   ASHLAND INC COM USD0.01         139 
   ASPEN TECHNOLOGY INC COM USD0.10         209 
   ASSURANT INC COM         308 

 

19 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   ASSURED GUARANTY LTD COMMON STK         147 
   ATMOS ENERGY CORP COM         592 
   AUTONATION INC COM         147 
   AVANGRID INC COM         80 
   AVANTOR INC COM         533 
   AVERY DENNISON CORP COM         378 
   AVIS BUDGET GROUP INC COM STK         80 
   AVNET INC COM         157 
   AXALTA COATING SYSTEMS LTD COM USD1.00         232 
   AXIS CAPITAL HOLDINGS LTD COM         149 
   AZEK CO INC CL A CL A         175 
   AZENTA INC COM USD0.01         133 
   BAKER HUGHES CO         1,198 
   BALL CORP COM         613 
   BANK NEW YORK MELLON CORP COM STK         1,388 
   BANK OZK COM         184 
   BATH & BODY WORKS INC COM USD0.5 WI         343 
   BAXTER INTL INC COM         677 
   BENTLEY SYS INC CL B CL B         26 
   BERKLEY W R CORP COM         488 
   BERRY GLOBAL GROUP INC         278 
   BEST BUY INC COM STK         456 
   BILL HOLDINGS INC COM USD0.00001         289 
   BIO RAD LABORATORIES INC CL A CL A         230 
   BIOGEN INC COMMON STOCK         1,289 
   BIOMARIN PHARMACEUTICAL INC COM         550 
   BIO-TECHNE CORP COM         24 
   BIRKENSTOCK HOLDING PLC COM NPV         36 
   BJS WHSL CLUB HLDGS INC COM         200 
   BLOCK H & R INC COM         87 
   BLOCK INC         911 
   BLUE OWL CAP INC COM CL A         201 
   BOK FINL CORP COM NEW         85 
   BORG WARNER INC COM         289 
   BOSTON BEER INC CL A CL A         8 
   BOYD GAMING CORP COM         157 
   BRIGHT HORIZONS FA COM USD0.001         164 
   BRIGHTHOUSE FINL INC COM         108 
   BROADRIDGE FINL SOLUTIONS INC COM STK         138 
   BROOKFIELD RENEWABLE CORP  CLASS A SUBORDINATE VOTING SHARES WI         133 
   BROWN & BROWN INC COM         355 
   BROWN FORMAN CORP CL A CL A         19 
   BROWN-FORMAN INC CL B NON-VTG COM         75 
   BRUNSWICK CORP COM         214 
   BUILDERS FIRSTSOURCE INC COM STK         709 
   BUNGE GLOBAL SA F COMMON STOCK         504 
   BWX TECHNOLOGIES INC COM         201 
   C H ROBINSON WORLDWIDE INC COM NEW COM  NEW         77 
   CABLE ONE INC COM         100 
   CACI INTL INC CL A CL A         246 
   CAESARS ENTMT INC NEW COM         198 
   CAMPBELL SOUP CO COM         287 
   CAPRI HOLDINGS LTD COM NPV         196 
   CARDINAL HLTH INC         419 

 

20 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   CARLISLE COMPANIES INC COM         523 
   CARLYLE GROUP INC COM         298 
   CARMAX INC COM         396 
   CARNIVAL CORP COM PAIRED         637 
   CARRIER GLOBAL CORPORATION COM USD0.01  WI         1,655 
   CARTER INC FORMERLY CARTER HLDGS INC TO 09/13/2003 COM         94 
   CASEYS GEN STORES INC COM         302 
   CATALENT INC COM         279 
   CAVA GROUP INC COM         5 
   CBOE GLOBAL MARKETS INC         651 
   CBRE GROUP INC CL A CL A         976 
   CCC INTELLIGENT SOLUTIONS HLDGS INC COM         79 
   CDW CORP COM         62 
   CELANESE CORP DEL COM STK         531 
   CENTERPOINT ENERGY INC COM         624 
   CERTARA INC COM         47 
   CF INDS HLDGS INC COM         528 
   CHARLES RIV LABORATORIES INTL INC COM         415 
   CHEMED CORP NEW COM         84 
   CHEMOURS CO COM         163 
   CHESAPEAKE ENERGY CORP COM NEW 01/2021         335 
   CHURCH & DWIGHT INC COM         83 
   CIENA CORP COM NEW         230 
   CIN FNCL CORP COM         549 
   CINTAS CORP COM         198 
   CIRRUS LOGIC INC COM         159 
   CITIZENS FINL GROUP INC COM         534 
   CLARIVATE PLC         151 
   CLEAN HBRS INC COM         305 
   CLEARWAY ENERGY INC CL A CL A         28 
   CLEARWAY ENERGY INC CL C CL C         79 
   CLEVELAND CLIFFS  USD0.125         351 
   CMS ENERGY CORP COM         584 
   CNA FNCL CORP COM         39 
   CNH INDUSTRIAL NV         412 
   COGNEX CORP COM         249 
   COGNIZANT TECH SOLUTIONS CORP CL A         1,327 
   COHERENT CORP COM         195 
   COINBASE GLOBAL INC COM CL A         1,019 
   COLUMBIA BKG SYS INC COM         192 
   COLUMBIA SPORTSWEAR CO COM         96 
   COM ALCOA CORPORATION COM USD0.01         210 
   COMERICA INC COM         255 
   COMM BANCSHARES INC COM         223 
   CONAGRA BRANDS INC COM USD5         473 
   CONCENTRIX CORP         149 
   CONS EDISON INC COM         1,090 
   CONSTELLATION ENERGY CORPORATION COM NPV WI         1,299 
   COOPER         635 
   CORE & MAIN INC COM CL A COM CL A         187 
   COREBRIDGE FINL INC COM         171 
   CORNING INC COM         802 
   CORTEVA INC COM USD0.01 WI         1,181 
   COSTAR GROUP INC COM         695 

 

21 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   COTERRA ENERGY INC COM         658 
   COTY INC COM CL A COM CL A         162 
   CRANE CO NEW COM         196 
   CRANE NXT CO COM USD1.00         95 
   CREDIT ACCEP CORP MICH COM         117 
   CROWN HLDGS INC COM         338 
   CULLEN / FROST BANKERS INC COM         223 
   CUMMINS INC         1,175 
   CURTISS WRIGHT CORP COM         292 
   D R HORTON INC COM         1,634 
   DARDEN RESTAURANTS INC COM         365 
   DARLING INGREDIENTS INC COMSTK         273 
   DAYFORCE INC         313 
   DELTA AIR LINES INC DEL COM NEW COM NEW         849 
   DENTSPLY SIRONA INC COM         261 
   DEVON ENERGY CORP NEW COM         1,005 
   DIAMONDBACK ENERGY INC COM         956 
   DICKS SPORTING GOODS INC OC-COM OC-COM         283 
   DISCOVER FINL SVCS COM STK         970 
   DOLBY LABORATORIES INC CL A COM STK         177 
   DOLLAR TREE INC COM STK         1,024 
   DONALDSON INC COM         160 
   DOORDASH INC CL A COM USD0.00001 CLASS A         226 
   DOVER CORP COM USD1.00         743 
   DOXIMITY INC COM USD0.001 CL A         65 
   DRIVEN BRANDS HLDGS INC COM         31 
   DROPBOX INC CL A CL A         30 
   DT MIDSTREAM INC COM USD0.01 WI         184 
   DTE ENERGY CO COM         787 
   DUN & BRADSTREET HLDGS INC COM         112 
   DUPONT DE NEMOURS INC COMMON STOCK         1,222 
   DXC TECHNOLOGY CO COM         162 
   EAGLE MATLS INC COM         82 
   EAST WEST BANCORP INC COM         349 
   EASTMAN CHEM CO COM         370 
   EBAY INC COM USD0.001         756 
   ECHOSTAR         49 
   EDISON INTL COM         935 
   ELANCO ANIMAL HEALTH INC COM         252 
   ELECTR ARTS COM         1,281 
   ELEMENT SOLUTION INC COM         179 
   EMCOR GROUP INC COM         225 
   ENCOMPASS HEALTH CORP COM USD0.01         213 
   ENOVIS CORPORATION  COM USD0.001         102 
   ENTEGRIS INC COM         587 
   ENTERGY CORP NEW COM         742 
   ENVISTA HLDGS CORP COM         136 
   EQT CORP COM         481 
   EQUIFAX INC COM         322 
   ESAB CORPORATION COM USD0.001 WI         168 
   ESSENTIAL UTILS INC COM         312 
   ETSY INC COM         151 
   EURONET WORLDWIDE INC COM         83 
   EVERCORE INC         210 

 

22 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   EVEREST GROUP LTD         452 
   EVERGY INC COM NPV         403 
   EVERSOURCE ENERGY COM         745 
   EXACT SCIENCES CORP COM         298 
   EXELIXIS INC COM STK         68 
   EXPEDIA GROUP INC COM USD0.001         193 
   EXPEDITORS INTL WASH INC COM         561 
   F N B CORP PA COM         172 
   F5 INC COM STK NPV         365 
   FASTENAL CO COM         321 
   FERGUSON PLC ORD GBP0.10         1,290 
   FIDELITY NATL FINL INC         459 
   FIDELITY NATL INFORMATION SVCS INC COM  STK         1,231 
   FIRST AMERN FINL CORP COM STK         225 
   FIRST CTZNS BANCSHARES INC N C CL A CL A         474 
   FIRST HAWAIIAN INC COM         102 
   FIRST HORIZON CORPORATION COM         272 
   FIRST SOLAR INC COM         634 
   FIRSTENERGY CORP COM         692 
   FLEETCOR TECHNOLOGIES INC COM         49 
   FLOWERS FOODS INC COM         148 
   FLOWSERVE CORP COM         187 
   FMC CORP COM (NEW)         232 
   FORTIVE CORP COM MON STOCK         901 
   FORTREA HLDGS INC COM         107 
   FORTUNE BRANDS INNOVATIONS INC USD0.01         334 
   FOX CORP CL A CL A         254 
   FOX CORP CL B CL B         124 
   FRESHPET INC COM         94 
   FRKLN RES INC COM         295 
   FRONTIER COMMUNICATIONS PARENT INC COM NPV         215 
   FTI CONSULTING INC COM         186 
   GALLAGHER ARTHUR J & CO COM         1,553 
   GAMESTOP CORP NEW CL A         162 
   GAP INC COM         141 
   GARMIN LTD COMMON STOCK         682 
   GATES INDL CORP PL COM USD0.01         52 
   GEN DIGITAL INC COM USD0.01         370 
   GENERAC HLDGS INC COM STK         272 
   GENPACT LIMITED         160 
   GENTEX CORP COM         264 
   GENUINE PARTS CO COM         672 
   GINKGO BIOWORKS HOLDINGS INC COM         82 
   GLOBAL PMTS INC COM         1,133 
   GLOBALFOUNDRIES INC         164 
   GLOBE LIFE INC COM         370 
   GLOBUS MED INC CL A NEW COM STK         155 
   GODADDY INC CL A CL A         213 
   GRACO INC COM         296 
   GRAND CANYON ED INC COM STK         98 
   GRAPHIC PACKAGING HLDG CO COM STK         120 
   GROCERY OUTLET HLDG CORP COM         88 
   GUIDEWIRE SOFTWARE INC COM USD0.0001         308 
   GXO LOGISTICS INC COM         247 

 

23 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   HALLIBURTON CO COM         897 
   HANOVER INS GROUP INC COM         150 
   HARLEY DAVIDSON COM USD0.01         164 
   HARTFORD FINL SVCS GROUP INC COM         821 
   HASBRO INC COM         231 
   HASHICORP INC COM USD0.000015 CL A         25 
   HAWAIIAN ELEC INDS INC COM         54 
   HAYWARD HLDGS INC COM         62 
   HEICO CORP NEW CL A CL A         38 
   HEICO CORP NEW COM         27 
   HENRY SCHEIN INC COMMON STOCK         340 
   HERTZ GLOBAL HLDGS INC NEW COM NEW         47 
   HESS CORP COM STK         613 
   HEWLETT PACKARD ENTERPRISE CO COM         751 
   HEXCEL CORP NEW COM         215 
   HF SINCLAIR CORPORATION COM USD0.01         277 
   HILTON WORLDWIDE HLDGS INC COM NEW         849 
   HOLOGIC INC COM         599 
   HORMEL FOODS CORP COM         321 
   HOULIHAN LOKEY INC CL A CL A         196 
   HOWARD HUGHES HLDGS INC COM         99 
   HOWMET AEROSPACE INC COM USD1.00 WI         710 
   HP INC COM         716 
   HUBBELL INC COM         332 
   HUNT J B TRANS SVCS INC COM         456 
   HUNTINGTON BANCSHARES INC COM         634 
   HUNTINGTON INGALLS INDS INC COM         352 
   HUNTSMAN CORP COM STK         147 
   HYATT HOTELS CORP COM CL A COM CL A         197 
   IAC INC COM NEW         134 
   ICON PLC COM         678 
   ICU MED INC COM         70 
   IDACORP INC COM         170 
   IDEX CORP COM         522 
   ILLUMINA INC COM         535 
   INCYTE CORP COM         104 
   INFORMATICA INC CL A CL A         39 
   INGERSOLL RAND INC COM         1,081 
   INGREDION INC COM         248 
   INTEGRA LIFESCIENCES HLDG CORP COM DESP         103 
   INTERACTIVE BROKERS GROUP INC CL COM         299 
   INTERPUBLIC GROUP COMPANIES INC COM         436 
   INTL FLAVORS & FRAGRANCES INC COM         715 
   INTL PAPER CO COM         434 
   INVESCO LTD COM STK USD0.20         225 
   IONIS PHARMACEUTICALS INC COM         35 
   IPG PHOTONICS CORP COM         112 
   IQVIA HLDGS INC COM USD0.01         107 
   IRIDIUM COMMUNICATIONS INC COM STK         12 
   ITT INC COM         341 
   JABIL INC COM USD0.001         204 
   JACK HENRY & ASSOC INC COM         281 
   JACOBS SOLUTIONS INC COM         564 
   JANUS HENDERSON GROUP PLC         141 

 

24 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   JAZZ PHARMACEUTICALS PLC COM         124 
   JEFFERIES FINL GROUP INC COM         255 
   JONES LANG LASALLE INC COM STK         308 
   JUNIPER NETWORKS INC COM         325 
   KARUNA THERAPEUTICS INC COM         41 
   KBR INC COM         163 
   KELLANOVA COM USD0.25         504 
   KEMPER CORP DEL COM         102 
   KEYCORP NEW COM         465 
   KEYSIGHT TECHNOLOGIES INC COM         726 
   KIRBY CORP COM         160 
   KKR & CO INC CL A CL A         1,434 
   KNIGHT-SWIFT TRANSN HLDGS INC CL A         311 
   KOHLS CORP COM         110 
   KROGER CO COM         1,032 
   KYNDRYL HLDGS INC COM         163 
   LAB CORP AMER HLDGS COM NEW         668 
   LAMAR ADVERTISING CO NEW CL A CL A         74 
   LAMB WESTON HLDGS INC COM USD5         30 
   LANDSTAR SYS INC COM         48 
   LEAR CORP COM NEW COM NEW         282 
   LEGGETT & PLATT INC COM         121 
   LEIDOS HLDGS INC COM         511 
   LENNAR CORP CL A CL A         1,265 
   LENNAR CORP CL B CL B         60 
   LENNOX INTL INC COM         495 
   LIBERTY BROADBAND CORP COM SER A COM SERA         35 
   LIBERTY BROADBAND CORP COM SER C COM SERC         258 
   LIBERTY MEDIA CORP DEL COM LIBERTY FORMULA ONE SER A         48 
   LIBERTY MEDIA CORP DEL COM LIBERTY FORMULA ONE SER C         423 
   LIBERTY MEDIA CORP DEL COM LIBERTY SIRIUSXM SER A         74 
   LIBERTY MEDIA CORP DEL COM LIBERTY SIRIUSXM SER C         153 
   LIBERTY MEDIA CORP DEL COM LIBERTY LIVE SER A         25 
   LIBERTY MEDIA CORP DEL COM LIBERTY LIVE SER C         60 
   LINCOLN ELEC HLDGS INC COM         27 
   LINCOLN NATL CORP COM         144 
   LITHIA MTRS INC COM CL A         307 
   LITTELFUSE INC COM         223 
   LIVE NATION ENTERTAINMENT INC         391 
   LKQ CORP COM LKQ CORP         440 
   LOEWS CORP COM         441 
   LOUISIANA-PACIFIC CORP COM         157 
   LUCID GROUP INC COM         108 
   LUMENTUM HLDGS INC COM         121 
   LYONDELLBASELL IND N V COM         851 
   M & T BK CORP COM         785 
   MACYS INC COM STK         188 
   MADISON SQUARE GARDEN SPORTS         117 
   MANPOWERGROUP INC         136 
   MAPLEBEAR INC COM         5 
   MARATHON OIL CORP COM         504 
   MARAVAI LIFESCIENCES HLDGS INC CL A         10 
   MARKEL GROUP INC         645 
   MARRIOTT VACATIONS WORLDWIDE CORP COM         105 

 

25 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   MARTIN MARIETTA MATLS INC COM         1,063 
   MARVELL TECHNOLOGY INC COM         1,782 
   MASCO CORP COM         522 
   MASTEC INC COM         163 
   MATCH GROUP INC NEW COM         35 
   MATTEL INC COM STOCK         229 
   MC CORMICK & CO INC COM NON-VTG         595 
   MDU RES GROUP INC COM         139 
   MERCURY SYSTEMS INC         68 
   MGIC INVT CORP WIS COM         184 
   MGM RESORTS INTERNATIONAL COM         436 
   MICROCHIP TECHNOLOGY INC COM         483 
   MIDDLEBY CORP COM         271 
   MIRATI         111 
   MISTER CAR WASH INC COM         23 
   MKS INSTRS INC COM         237 
   MOHAWK INDS INC COM         189 
   MOLINA HEALTHCARE INC COM         327 
   MOLSON COORS BEVERAGE COMPANY COM USD0.01 CLASS B         370 
   MOSAIC CO/THE         408 
   MP MATERIALS CORP COM USD0.0001 CL A         71 
   MSA SAFETY INC COM         179 
   MSC INDL DIRECT INC CL A COM         165 
   MSCI INC COM USD0.01         753 
   MURPHY USA INC COM         12 
   NASDAQ INC         688 
   NATL FUEL GAS CO COM         153 
   NCINO INC NEW COM         74 
   NCR ATLEOS CORPORATION COM USD0.01 WI         54 
   NCR VOYIX CORP COM STK USD0.01         75 
   NETAPP INC COM STK         388 
   NEW YORK CMNTY BANCORP INC COM         252 
   NEW YORK TIMES CO CL A         273 
   NEWELL BRANDS INC COM         115 
   NEWMARKET CORP COM         118 
   NEWS CORP COM CL A         325 
   NEWS CORP COM CL B         101 
   NEXSTAR MEDIA GROUP INC COMMON STOCK         119 
   NISOURCE INC COM         380 
   NORDSON CORP COM         522 
   NORDSTROM INC COM         73 
*  NORTHERN TR CORP COM         599 
   NORWEGIAN CRUISE LINE HLDGS LTD COM         222 
   NOV INC COM         276 
   NRG ENERGY INC COM NEW         406 
   NU HOLDINGS LTD         212 
   NUCOR CORP COM         1,496 
   NUTANIX INC CL A CL A         304 
   NVENT ELECTRIC PLC COM USD0.01 WI         336 
   NVR INC COM STK USD0.01         651 
   OGE ENERGY CORP COM         242 
   OKTA INC CL A CL A         448 
   OLAPLEX HLDGS INC COM         11 
   OLD DOMINION FREIGHT LINE INC COM         94 

 

26 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   OLD REPUBLIC INTERNATIONAL CORP COM STK USD1         267 
   OLIN CORP COM         228 
   OLLIES BARGAIN OUTLET HLDGS INC COM         109 
   OMNICOM GROUP INC COM         591 
   ON SEMICONDUCTOR CORP COM         1,245 
   ONEMAIN HLDGS INC COM         192 
   ONEOK INC COM STK         1,334 
   ORGANON & CO COM         128 
   OSHKOSH CORPORATION         244 
   OTIS WORLDWIDE CORP COM USD0.01 WI         1,205 
   OVINTIV INC COM USD0.01         216 
   OWENS CORNING NEW COM STK         454 
   PACCAR INC COM         1,732 
   PACKAGING CORP AMER COM         498 
   PARAMOUNT GLOBAL COM USD0.001 CL A         6 
   PARAMOUNT GLOBAL OM USD0.001 CL B         295 
   PARKER-HANNIFIN CORP COM         2,036 
   PAYCOR HCM INC COM         26 
   PENN ENTERTAINMENT INC         135 
   PENSKE AUTOMOTIVE GROUP INC COM STK         108 
   PENTAIR PLC COM USD0.01         413 
   PERFORMANCE FOOD GROUP CO COM         193 
   PERRIGO COMPANY LIMITED COM EUR0.001         150 
   PETCO HEALTH & WELLNESS CO INC CL A COM         9 
   PG& E CORP COM         1,269 
   PHILLIPS 66 COM         2,049 
   PHINIA INC COM USD0.01 WI         49 
   PILGRIMS PRIDE CORP         39 
   PINNACLE FINL PARTNERS INC COM         227 
   PINNACLE W. CAP CORP COM         282 
   PLANET FITNESS INC CL A CL A         112 
   PLAYTIKA HLDG CORP COM         1 
   PLUG PWR INC COM NEW         82 
   POLARIS INC         161 
   POPULAR INC COM NEW COM USD6 (POST REV  SPLIT)         200 
   POST HLDGS INC COM STK         156 
   PPG IND INC COM         910 
   PPL CORP COM ISIN US69351T1060         692 
   PREMIER INC CL A CL A         92 
   PRIMERICA INC COM         89 
   PRINCIPAL FINL GROUP INC COM STK         659 
   PROSPERITY BANCSHARES INC COM         205 
   PRUDENTIAL FINL INC COM         1,304 
   PTC INC COM         330 
   PUB SERVICE ENTERPRISE GROUP INC COM         1,052 
   PULTE GROUP INC         763 
   PURE STORAGE INC CL A CL A         76 
   PVH CORP COM USD1         254 
   QIAGEN         347 
   QORVO INC COM         382 
   QUANTA SVCS INC COM         790 
   QUANTUMSCAPE CORP  COM USD0.0001 CL A         81 
   QUEST DIAGNOSTICS INC COM         535 
   QUIDELORTHO CORPORATION         135 

 

27 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   R1 RCM INC NEW         56 
   RALPH LAUREN CORP CL A CL A         200 
   RANGE RES CORP COM         246 
   RAYMOND JAMES FNCL INC COM STK         731 
   RB GLOBAL INC         98 
   RBC BEARINGS INC COM         278 
   REGAL REXNORD CORPORATION COM STK         338 
   REGIONS FINL CORP NEW COM         628 
   REINSURANCE GROUP AMER INC COM NEW STK         371 
   RELIANCE INC COM NPV         559 
   RENAISSANCE RE HLDGS LTD COM         250 
   REPLIGEN CORP COM STK USD0.01         193 
   REPUBLIC SVCS INC COM         1,178 
   REVVITY INC         469 
   REYNOLDS CONSUMER PRODS INC COM         51 
   RH COM         131 
   RIVIAN AUTOMOTIVE INC         538 
   RLI CORP COM         144 
   ROBERT HALF INC COM USD0.001         314 
   ROBINHOOD MKTS INC COM CL A COM CL A         296 
   ROCKET COS INC CL A CL A         39 
   ROIVANT SCIENCES LTD COM         8 
   ROKU INC COM CL A COM CL A         342 
   ROSS STORES INC COM         107 
   ROYAL CARIBBEAN GROUP COM STK         732 
   ROYAL GOLD INC COM STK USD0.01         276 
   ROYALTY PHARMA PLC COM CLASS A         362 
   RPM INTL INC         397 
   RYDER SYS INC COM         174 
   S.W. AIRL CO COM         594 
   SAIA INC COM STK         357 
   SCHNEIDER NATL INC WIS CL B CL B         47 
   SCIENCE APPLICATIONS INTL CORP NEW COM         227 
   SEABOARD CORP DEL COM         25 
   SEALED AIR CORP NEW COM STK         81 
   SEI INVTS CO COM         222 
   SENSATA TECHNOLOGIES B V HOLDING         196 
   SENTINELONE INC CL A COM CL A COM         192 
   SERVICE CORP INTL COM         222 
   SILGAN HLDGS INC COM         130 
   SIRIUS XM HLDGS INC COM         122 
   SITEONE LANDSCAPE SUPPLY INC COM         169 
   SKECHERS U S A INC CL A CL A ISIN         266 
   SKYWORKS SOLUTIONS INC COM         619 
   SLM CORP COM         92 
   SMITH A O CORP COM         308 
   SMUCKER J M CO COM NEW         450 
   SNAP-ON INC COM         520 
   SOFI TECHNOLOGIES INC COM         321 
   SONOCO PROD CO COM         189 
   SOTERA HEALTH CO COM         17 
   SOUTHWESTERN ENERGY CO COM         247 
   SPECTRUM BRANDS HLDGS INC COM USD0.01         96 
   SPIRIT AEROSYSTEMS HLDGS INC CL A         103 

 

28 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   SS&C TECHNOLOGIES HLDGS INC COM         461 
   SSR MNG INC         75 
   STANLEY BLACK & DECKER INC COM         520 
   STATE STR CORP COM         827 
   STEEL DYNAMICS INC COM         637 
   STERICYCLE INC COM         158 
   STERIS PLC ORD USD0.001         754 
   STIFEL FINL CORP COM         239 
   SUNRUN INC COM         143 
   SYNCHRONY FINL COM         545 
   SYNOVUS FINL CORP COM NEW COM NEW         190 
   T ROWE PRICE GROUP INC         823 
   TAKE-TWO INTERACTIVE SOFTWARE INC  COM STK USD0.01         918 
   TANDEM DIABETES CARE INC COM NEW COM    USD0.001(POST REV SPLT)         57 
   TAPESTRY INC COM USD0.01         273 
   TD SYNNEX CORPORATION COM USD0.001         195 
   TECHNIPFMC PLC COM USD1         301 
   TELADOC HEALTH INC         123 
   TELEDYNE TECHNOLOGIES INC COM         718 
   TELEFLEX INC COM         405 
   TEMPUR SEALY INTL INC         235 
   TENET HEALTHCARE CORP COM NEW .         264 
   TERADYNE INC COM         97 
   TETRA TECH INC NEW COM         250 
   TEXTRON INC COM         543 
   TFS FINL CORP COM STK         27 
   THOR INDS INC COM STK         209 
   TIMKEN CO COM         169 
   TOLL BROS INC COM         381 
   TOPBUILD CORP COM         383 
   TPG PARTNERS LLC CL A COM         70 
   TRADEWEB MKTS INC CL A CL A         237 
   TRANE TECHNOLOGIES PLC COM USD1         1,354 
   TRANSDIGM GROUP INC COM         1,540 
   TRANSUNION COM         459 
   TRAVEL + LEISURE CO COM USD0.01         53 
   TRIMBLE INC COM TRIMBLE INC         453 
   TRIPADVISOR INC COM USD0.001         79 
   TWILIO INC CL A CL A         371 
   TYLER TECHNOLOGIES INC COM STK         146 
   TYSON FOODS INC CL A COM (DELAWARE)         517 
   UBIQUITI INC COM         3 
   UGI CORP NEW COM         179 
   U-HAUL HOLDING COMPANY         150 
   U-HAUL HOLDING COMPANY         12 
   UIPATH INC CL A CL A         76 
   UNDER ARMOR INC CL A         58 
   UNDER ARMOUR INC CL C COM         57 
   UNITED AIRLINES HOLDINGS INC COM USD0.01         466 
   UNITED RENTALS INC COM         1,067 
   UNITED STS STL CORP NEW COM         372 
   UNITED THERAPEUTICS CORP DEL COM STK         343 
   UNITY SOFTWARE INC COM         250 
   UNIVERSAL DISPLAY CORP COM         169 

 

29 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   UNUM GROUP         307 
   UNVL HEALTH SERVICES INC CL B COM         316 
   US FOODS HLDG CORP COM         356 
   UWM HLDGS CORP COM USD0.0001 CL A         16 
   V F CORP COM         228 
   VAIL RESORTS INC COM         251 
   VALMONT INDS INC COM         157 
   VALVOLINE INC COM         134 
   VERISIGN INC COM         600 
   VERTIV HOLDINGS LLC  COM USD0.0001         528 
   VESTIS CORP COM         86 
   VIASAT INC COM         113 
   VIATRIS INC         448 
   VICTORIAS SECRET & CO COM         39 
   VIRTU FINL INC CL A CL A         63 
   VISTRA CORP COM USD0.01         343 
   VONTIER CORP COM USD0.0001 WI         123 
   VOYA FINL INC COM         249 
   VULCAN MATERIALS CO COM         810 
   WABTEC CORP COM         782 
   WALGREENS BOOTS ALLIANCE INC COM         648 
   WARNER BROS DISCOVERY INC         867 
   WATSCO INC COM         369 
   WAYFAIR INC CL A CL A         114 
   WEBSTER FNCL CORP WATERBURY CONN COM         301 
   WEC ENERGY GROUP INC COM         919 
   WESCO INTL INC COM         266 
   WESTERN ALLIANCE BANCORPORATION COM         246 
   WESTERN UNION CO         129 
   WESTLAKE CORPORATION COM USD0.01         155 
   WESTN DIGITAL CORP COM         587 
   WESTROCK CO COM         365 
   WEX INC COM         155 
   WHIRLPOOL CORP COM         226 
   WHITE MOUNTAINS INSURANCE GROUP         128 
   WILLIAMS CO INC COM         1,468 
   WILLIAMS SONOMA INC COM         387 
   WILLIS TOWERS WATSON PLC COM         756 
   WILLSCOT MOBILE MINI HLDGS CORP COM         221 
   WINTRUST FINL CORP COM         196 
   WK KELLOGG CO COM         30 
   WOLFSPEED INC COM         187 
   WOODWARD INC COM         281 
   WYNDHAM HOTELS & RESORTS INC COM         209 
   WYNN RESORTS LTD COM         308 
   XCEL ENERGY INC COM         1,179 
   XP INC COM         268 
   XPO INC COM         345 
   XYLEM INC COM         826 
   YUM BRANDS INC COM         156 
   ZEBRA TECHNOLOGIES CORP CL A         397 
   ZILLOW GROUP INC COM         106 
   ZILLOW GROUP INC COM CLASS C         311 
   ZIMMER BIOMET HLDGS INC COM         885 

 

30 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   ZIONS BANCORPORATION N A         221 
   ZOOM VIDEO COMMUNICATIONS INC CL A CL A         632 
   ZOOMINFO TECHNOLOGIES INC COM         93 
   Total Common stock         5,071,247 
               
   Mutual fund           
   PIMCO ALL ASSET FUND         112,479 
               
   REITs           
   1ST INDL RLTY TR INC COM         240 
   AGNC INVT CORP COM         221 
   AGREE RLTY CORP COM         214 
   ALEXANDRIA REAL ESTATE EQUITIES INC COM         752 
   AMERICAN HOMES 4 RENT COMMON STOCK         412 
   AMERICOLD RLTY TR INC COM         283 
   ANNALY CAPITAL MANAGEMENT INC COM NEW   COM USD0.01(POST REV SPLT)         332 
   AVALONBAY CMNTYS REIT         917 
   BRIXMOR PPTY GROUP INC COM         242 
   BSTN PPTYS INC         382 
   CAMDEN PPTY TR SH BEN INT         356 
   COUSINS PPTYS INC         129 
   CUBESMART         359 
   DIGITAL RLTY TR INC COM         1,405 
   EASTGROUP PPTYS INC REIT         289 
   EPR PPTYS COM SH BEN INT COM SH BEN INT         125 
   EQTY LIFESTYLE PPTYS INC REIT         292 
   EQTY RESDNTL EFF 5/15/02         789 
   ESSEX PPTY TR REIT         548 
   EXTRA SPACE STORAGE INC COM         1,159 
   FEDERAL RLTY INVT TR  COM USD0.01         289 
   GAMING & LEISURE PPTYS INC COM         437 
   HEALTHCARE REALTY TRUST INC COM USD0.01 CL A         227 
   HEALTHPEAK OP LLC         376 
   HIGHWOODS PPTYS INC COM         84 
   HOST HOTELS & RESORTS INC REIT         475 
   INVITATION HOMES INC COM         720 
   IRON MTN INC NEW COM         355 
   KILROY RLTY CORP COM         161 
   KIMCO REALTY CORPORATION         447 
   MEDICAL PPTYS TR INC COM REIT         101 
   MID-AMER APT CMNTYS INC COM         540 
   NATIONAL STORAGE AFFILIATES TR COM SHS  BEN INT COM SHS BEN INT         116 
   NET LEASE OFFICE PPTYS COM         9 
   NNN REIT INC         271 
   OMEGA HEALTHCARE INVS INC REIT         260 
   PARK HOTELS & RESORTS INC COM         113 
   RAYONIER INC REIT         170 
   REALTY INCOME         213 
   REALTY INCOME CORP COM         1,437 
   REGENCY CTRS CORP COM         418 
   REXFORD INDL RLTY INC COM         407 
   RITHM CAPITAL CORP         179 
   SBA COMMUNICATIONS CORP         847 
   SIMON PROPERTY GROUP INC COM         1,253 
   STAG INDL INC COM         247 

 

31 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   REITs - continued           
   STARWOOD PROPERTY TRUST INC COM REIT         216 
   SUN COMMUNITIES INC COM         443 
   UDR INC COM STK         411 
   VENTAS INC REIT         689 
   VICI PPTYS INC COM         1,138 
   VORNADO RLTY TR COM         174 
   W P CAREY INC COM         476 
   WELLTOWER INC COM REIT         1,673 
   WEYERHAEUSER CO COM         879 
   Total REITs         25,697 
               
   Collective trust funds           
   BLACKROCK INTERNATIONAL MULTI CAP EQUITY FUND         114,279 
   CAPITAL GROUP EUROPACIFIC GROWTH TRUST         355,375 
   CAPITAL GROUP GROWTH FUND OF AMERICA TRUST         1,091,473 
   CAPITAL GROUP WASHINGTON MUTUAL INVESTORS TRUST         343,658 
   GW&K SMALL-MID CAP CORE EQUITY FUND         163,769 
*  NORTHERN TRUST COLLECTIVE ACWI ex-U.S. INDEX FUND         147,105 
*  NORTHERN TRUST COLLECTIVE SHORT TERM INVESTMENT FUND         9,767 
   SSGA RUSSELL SMALL/MID CAP INDEX FUND CLASS K         791,167 
   SSGA S&P 500 INDEX FUND CLASS K         1,828,282 
   SSGA U.S. BOND INDEX FUND CLASS K         143,794 
   SSGA TARGET RETIREMENT 2020         208,428 
   SSGA TARGET RETIREMENT 2025         406,148 
   SSGA TARGET RETIREMENT 2030         511,724 
   SSGA TARGET RETIREMENT 2035         489,296 
   SSGA TARGET RETIREMENT 2040         407,718 
   SSGA TARGET RETIREMENT 2045         354,113 
   SSGA TARGET RETIREMENT 2050         284,105 
   SSGA TARGET RETIREMENT 2055         179,847 
   SSGA TARGET RETIREMENT 2060         94,271 
   SSGA TARGET RETIREMENT 2065         26,612 
   SSGA TARGET RETIREMENT INCOME         123,938 
   Total Collective trust funds         8,074,869 
               
   Futures contracts           
   EQUITY FUTURES OFFSET - LONG         (803)
   FUT MAR 24 EMINI S&P 500         241 
   FUT MAR 24 IMMEMINI MDCP         562 
   Total Futures contracts         - 
               
   Corporate debt           
   AERCAP IRELAND CAP 2.875% DUE 08-14-2024         1,864 
   AERCAP IRELAND CAP/GLOBA 1.65% DUE 10-29-2024 BEO         3,088 
   AMERN HONDA FIN FLTG RT 1.706417% 06-07-2024         6,604 
   APIDOS CLO XXVII / APIDOS CLO XXVII SR  SECD NT CL A-1R 144A 6.50814% 07-17-2030         3,245 
   BANCO SANTANDER S 2.706% DUE 06-27-2024         2,960 
   BANK AMER CORP BANK FLTG RT 02-04-2025         1,099 
   BANK OF AMERICA CORPORATION 1.843% 02-04-2025         2,988 
   BANK OF NOVIA SCOTIA 2YR FRN NEW ISSUE FLTG RT  03-11-2024         3,002 
   BARCLAYS PLC 3.65% DUE 03-16-2025         2,444 
   BAXTER INTL INC FLT RT DUE 11-29-2024/06-14-2022 BEO         998 
   BOEING CO 1.433% 02-04-2024         2,390 
   CAPITAL ONE FINL CORP 05-09-2025         1,999 
   CARLYLE GLOBAL MARKET STRATEGI 14/08/2030 0% 08-14-2030         2,510 

 

32 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Corporate debt - continued           
   CHARTER COMMUNICATIONS OPER LLC FRNS 02-01-2024         1,000 
   CHASE AUTO OWNER TR 2023-A ASSET BACKED NT CL A-2 144A 5.9% 03-25-2027         3,015 
   CIGNA GRP NEW DISC COML PAPER 4/2 YRS   1&2 01-16-2024         7,778 
   CONSTELLATION BRANDS INC DISC COML PAPER4/A2 YRS 1&2 01-08-2024         7,688 
   CONSTELLATION ENERGY GENERATION LLC DISCCOML PAPER 4/2 YRS 1&2 01-09-2024         7,787 
   CREDIT SUISSE AG NEW YORK BRH MEDIUM TER4.75% DUE 08-09-2024 REG         4,969 
   DELL EQUIP FIN TR 2021-2 ASSET BACKED NTCL A-3 144A .53% 12-22-2026         413 
   DEUTSCHE BK AG N Y BRANCH 3.961% 11-26-2025         1,967 
   ELLINGTON FINL MTG TR 2022-1 MTG PASS   THRU CTF CL A-1 2.206% 01-25-2067         2,162 
   ENERGY TRANSFER L P DISC COML PAPER 4/2 YRS 1&2 01-04-2024         10,690 
   ERAC USA FINANCE LLC 01-08-2024         6,490 
   FIDELITY NATL INFORMATION SVCS INC DISC COML PAPER 4/2 YRS 1&2 01-05-2024         4,195 
   FIDELITY NATL INFORMATION SVCS INC DISC COML PAPER 4/2 YRS 1&2 01-16-2024         2,692 
   FORD CR AUTO LEASE TR 2023-B FLTG RT SR 23-B CL A2B 02-15-2026         4,500 
   FORD CR AUTO OWNER FLTG RT 6.07864% DUE 08-15-2025         1,236 
   GEORGIA PWR CO FLTG RT 05-08-2025         3,007 
   GLOBAL PMTS INC 1.5% 11-15-2024         3,857 
   GOLDMAN SACHS FLTG RT 6.102014% DUE 12-09-2026         3,365 
   GOLDMAN SACHS GROUP INC 5.7% DUE 11-01-2024 BEO         1,904 
   GS MTG BACKED SECS 5% DUE 01-25-2052         2,375 
   HALEON US CAPITAL LLC  3.024% 03-24-2024         994 
   HUMANA INC DISC COML PAPER 4/2 YRS 1&2  01-02-2024         5,798 
   HUMANA INC DISC COML PAPER 4/2 YRS 1&2  01-03-2024         1,999 
   HYUNDAI AUTO RECEIVABLES TR 2022-C NT CLA-2-B FLTG RATE 6.09864% 11-17-2025         2,062 
   INTERCONTINENTAL EXCHANGE INC 4/A2 DISC COML PAPER 01-03-2024         3,098 
   INTERCONTINENTAL EXCHANGE INC 4/A2 DISC COML PAPER YRS 1&2 01-05-2024         250 
   JPMORGAN CHASE & CO FLTG RT DUE  06-14-2025/06-14-2024 REG         2,003 
   KINDER MORGAN INC DISC COML PAPER 4/2   YRS 1&2 01-22-2024         7,372 
   L3HARRIS TECHNOLOGIES INC 0% CP  01-16-2023         7,779 
   LCM XIII LTD PARTNERSHIP / LCM XIII 0%  07-19-2027         139 
   MARATHON STATIC FLTG RT 7.06781% DUE 07-20-2030         2,396 
   MFA 2020-NQM2 TR 1.381% DUE 04-25-2065         430 
   MIZUHO FINL GROUP INC FLTG  05-22-2026         2,199 
   NAVIENT PRIVATE ED LN TR 2020-I 6.43981%04-15-2069         1,410 
   NEUBERGER BERMAN CLO LTD 20/04/2031 1.29400002956% 04-21-2031         3,899 
   NEXTERA ENERGY CAP HLDGS INC SR NT FLTG RATE 6.371814% 03-21-2024         300 
   NOMURA HLDGS INC 2.648%  01-16-2025         1,067 
   OBX 2022-NQM1 TR MTG BACKED NT CL A-1   144A 2.30500006676% 11-25-2061         1,999 
   OBX 2022-NQM2 TR VAR RT 2.783% DUE  01-25-2062         664 
   OSCAR US FDG XIV LLC NT CL A-2 144A 1.6%03-10-2025         26 
   PAC GAS & ELEC CO FIXED 3.75% DUE  02-15-2024         199 
   PACIFIC GAS & ELEC CO 3.4%  08-15-2024         295 
   PVTPL APIDOS CLO 17-26A A1AR FLTG 07-18-2029 USD         1,613 
   PVTPL BAMLL COML MTG SECS SR 2019-AHT CL A FLTG 03-15-2034         694 
   PVTPL BANK OF AMERICA AUTO TRUST SER 23-2A CL A2 5.85% 08-17-2026         5,029 
   PVTPL BAYER US FINANCE LLC BNDS 3.375% 10-08-2024 BEO         3,929 
   PVTPL CBAM 2018-8 LTD LLC NT CL A-1 FLTG 3C7 10-20-2029 BEO         2,162 
   PVTPL CMO AREIT 2021-CRE5 LTD/AREIT AREIT 2021-C SR NT CL A VAR RT 07-17-2026         1,956 
   PVTPL CMO COLT 2021-4 MTG LN TR MTG PASSTHRU CTF CL A-1 10-25-2066         1,847 
   PVTPL GOLDEN TREE LN OPPORTUNITIES IX  SER 14-9A CL AR2  FLTG 144A 10-29-2029         3,887 
   PVTPL GPMT 2021-FL3 LTD/GPMT 2021-FL3   LLC SR SECD NT CL A FLTG 07-16-2035         1,047 
   PVTPL HALSEYPOINT CLO II LTD SR 20-2A CL A1 FLTG 07-20-2031         3,389 
   PVTPL HYUNDAI AUTO LEASE SECURITIZATION TR 202 FLTG RT SR 23-C CL A2B 03-16-2026         2,401 
   PVTPL JACKSON NATIONAL LIFE GLBL FUNDING FLTG RT 06-28-2024         2,605 
   PVTPL KKR CLO 9 LTD / KKR CLO 9 LLC  15/07/2030 VAR RT DUE 07-15-2030 BEO         2,035 

 

33 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Corporate debt - continued           
   PVTPL M&T EQUIPTMENT 2023-LEAF1 LLC  5.742% 08-15-2024         1,467 
   PVTPL MAGNETITE XVIII LTD/MAGNETITE XVIII LL SR16-18A CL AR2 VAR RT 11-15-2028         163 
   PVTPL MF1 MULTIFAMILY HOUSING MORTGAGE  LO SR 20-FL4 CL A VAR RT DUE 11-15-2035         1,225 
   PVTPL MF1 MULTIFAMILY HOUSING MORTGAGE CO SER 21-FL7 CL A FLTG RT DUE 10-18-2036         3,948 
   PVTPL NAVIENT PRIVATE ED REFI LN TR  2021-G CL A 1.58% DUE 04-15-2070 BEO         1,474 
   PVTPL NAVIENT PRIVATE ED REFI LN TR SRS 20-HA  CL  A 1.31% DUE 01-15-2069         835 
   PVTPL NAVIENT STUDENT LN TR 2014-1 SR 22-A CL A 2.23% 07-15-2070         1,095 
   PVTPL NELNET STUDENT LN TR FLTG RT SER 19-2A CL A 06-27-2067 BEO         1,503 
   PVTPL OCTAGON INVT PARTNERS XXI LTD/OCTAGON SR SECD NT 02-14-2031         3,494 
   PVTPL PALMER SQUARE LN FDG 2021-3 LTD/SR SECD NT CL A-1 FLTG 5.04257% 07-20-2029         2,034 
   PVTPL PALMER SQUARE LOAN FUNDING LTD SER 21-4A CL A1 FLTG RT 10-15-2029 BEO         1,646 
   PVTPL SMBC AVIATION CAP FIN DAC 3.55%   DUE 04-15-2024         4,369 
   PVTPL SOFI CONSUMER LOAN PROGRAM SER    23-15 CL A 5.81%  05-15-2031         749 
   PVTPL SOUND PT CLO XVI LTD/SOUND PT CLO XVI VAR RT DUE 07-25-2030 BEO         1,146 
   PVTPL STANDARD CHARTERED PLC NT FLTG RATE 11-23-2025         4,576 
   PVTPL STRATUS CLO 2021-3 LTD/STRATUS CLO202 SR 21-3A CL A VAR RT DUE 12-29-2029         206 
   PVTPL TCW CLO SER 18-1A CL A1R FLTG 04-25-2031 BEO         256 
   PVTPL TRILLIUM CR CARD TR II SR 23-3A CLA VAR RT DUE 08-26-2028 BEO         3,211 
   PVTPL UBS AG LONDON BRH 09/02/2024 5.72123% DUE 02-09-2024 BEO         700 
   PVTPL VENTURE CLO LTD SR 17-28A CL A2R VAR RT 07-20-2030         3,315 
   PVTPL VIBRANT CLO VI LTD SER 17-6A CL AR FLTG 06-20-2029         520 
   PVTPL VMC FIN 2021-FL4 LLC SR SECD NT CLA 144A FLTG RATE VAR RT DUE 06-16-2036         910 
   READY CAP MTG FING FLTG RT 6.43541% DUE 04-25-2038         664 
   SARANAC CLO VI LTD / SARANAC CLO VI 6.71659% 08-13-2031         1,808 
   SOFI PROFESSIONAL LN PROGRAM 2020-C POSTGRADUATE LN AST BKD NT 1.95% 02-15-2046         989 
   SOUND PT CLO XV LTD / SOUND PT CLO SR   SECD NT CL A-RR 144A 6.47741% 01-23-2029         606 
   SOUTHERN CALIF EDISON CO 1ST & REF MTG  FLTG RT 04-01-2024         2,225 
   SOUTHERN CALIF EDISON CO DISC COML PAPER4/2 YRS 1&2 01-08-2024         3,494 
   SOUTHERN CALIF EDISON CO DISC COML PAPER4/2 YRS 1&2 01-17-2024         1,595 
   TOWD PT MTG TR 2021-1 NT CL A1 144A 2.25% 11-25-2061         1,787 
   TOYOTA AUTO RECEIVABLES OWNER TRUST SER 22-D CL A2B FLTG RT 01-15-2026         2,348 
   TOYOTA LEASE OWNER FLTG RT 5.87407% DUE 04-20-2026         3,400 
   V F CORP DISC COML PAPER 4/2 YRS 1&2    01-17-2024         4,486 
   VOLKSWAGEN AUTO FLTG RT 5.89407% DUE  01-20-2026         2,402 
   VW CR INC DISC COML PAPER 4/2 YRS 1&2   01-05-2024         4,995 
   WARNERMEDIA HLDGS INC SR NT NC1 3.788%  03-15-2025         882 
   WELLS FARGO & CO 2.406%  10-30-2025         973 
   WELLS FARGO & CO MEDIUM TERM SR NTS BOOKVAR RT DUE 04-25-2026/04-25-2025         2,317 
   Total Corporate debt         269,066 
               
   Government debt           
   GNMA 2016-H17 MTG PASS THRU CTF CL MX FC08-20-2066         457 
   GNMA 2016-H20 REMIC PASSTHRU CTF CL MX-PT 09-20-2066         961 
   GNMA REMIC PASSTHRU SER 2016-H11 CLS F 05-20-2066         84 
   GNMA SR 23-H22 CL FB FLTG RT 09-20-2073         3,021 
   UNITED STATES OF AMER TREAS NOTES 3.875%DUE 03-31-2025         7,336 
   UNITED STATES OF AMER TREAS NOTES 4.875%DUE 10-31-2028         20,270 
   UNITED STATES TREASURY BILLS 04-11-2024         44 
   Total Government debt         32,173 

 

34 

 

 

Abbott Laboratories Stock Retirement Plan        
EIN: 36-0698440, Plan Number: 334        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued        
December 31, 2023        
(Dollars in thousands)        
             

 

        (c) Description            
        of investment            
        including            
        maturity date &         (e) Current  
(a)   (b) Identity of issue, borrower, lessor, or similar party   range of interest   (d) Cost **     value  
    Private 40-Act mutual funds  abc          
    PIMCO INTERNATIONAL PORTFOLIO           13,466 
    PIMCO INVESTMENT GRADE CREDIT BOND PORTFOLIO           53,462 
    PIMCO MUNICIPAL SECTOR PORTFOLIO           2,573 
    PIMCO REAL RETURN PORTFOLIO           8,031 
    PIMCO U.S. GOVERNMENT SECTOR PORTFOLIO           40,547 
    PIMCO EMERGING MARKETS PORTFOLIO           9,285 
    PIMCO HIGH YIELD PORTFOLIO           2,309 
    PIMCO ASSET-BACKED SECURITIES PORTFOLIO           29,900 
    PIMCO MORTGAGE PORTFOLIO           30,103 
    PIMCO SHORT-TERM FLOATING NAV PORTFOLIO II           486,796 
    Total Private 40-Act mutual funds           676,472 
                  
    Other             
    BUY TO OPEN REPO W/CITIGROUP 5.39% FROM 12-29-2023 TO 01-02-2024           9,800 
                  
       Interest rates 3.00% to 9.75%      
    Loans to participants  Maturing 2024 through 2047    94,074 
                  
                14,365,877 

 

*Represents a party-in-interest transaction.

 

**Cost information omitted as all investments are fully participant directed.

 

35 

 

 

FINANCIAL STATEMENTS AND 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ABBOTT LABORATORIES STOCK RETIREMENT PLAN (PUERTO RICO)

DECEMBER 31, 2023 and 2022

 

  

 

 

C O N T E N T S

 

Page

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 3
   
FINANCIAL STATEMENTS  
   
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS 5
   
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS 6
   
NOTES TO FINANCIAL STATEMENTS 7
   
SUPPLEMENTAL SCHEDULE  
   
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 16

  

  

 

 

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, 2023 and 2022, the related statement of changes in net assets available for benefits for the year ended December 31, 2023, 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, 2023 and 2022, and the changes in net assets available for benefits for the year ended December 31, 2023 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, 2023 (“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 25, 2024

 

4

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)        
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS    
December 31, 2023 and 2022        
(Dollars in thousands)        
         
         
   2023   2022 
Assets          
Cash  $-   $5 
Investments, at fair value   217,659    204,193 
Notes receivable from participants   5,172    4,359 
Due from brokers   16    - 
Accrued interest income   54    33 
           
Total assets   222,901    208,590 
           
Liabilities          
Cash overdraft   21    - 
Accrued expenses   1    - 
Due to brokers   3    1 
           
Total liabilities   25    1 
           
NET ASSETS AVAILABLE FOR BENEFITS  $222,876   $208,589 

 

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, 2023    
(Dollars in thousands)    
     
Additions     
Contributions     
Employer  $2,430 
Participant   4,987 
      
Total contributions   7,417 
      
Investment income     
Net appreciation in fair value of investments   15,580 
Interest and dividends   4,274 
      
Net investment income   19,854 
      
Interest income on notes receivable from participants   233 
      
Net additions   27,504 
      
Deductions     
Benefits paid to participants   13,196 
Other expenses   21 
      
Total deductions   13,217 
      
NET INCREASE   14,287 
      
Net assets available for benefits     
Beginning of year   208,589 
      
End of year  $222,876 

 

The accompanying notes are an integral part of this statement.

 

6

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

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, 2023 and 2022

 

 

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, 2023 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 as deemed appropriate by the Administrator, and (3) reduce future employer contributions if terminated participants do not return to service within the given period of time. In 2023, approximately $106,400 of forfeitures were used to reduce employer contributions. Forfeitures totaling approximately $118,200 and $113,400 were available at the end of 2023 and 2022, respectively.

 

8

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

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, 2023 and 2022

 

 

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 and Private 40-Act mutual funds - Valued at the net asset value (“NAV”) provided by the administrator of the fund. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.

 

The following tables summarize the basis used to measure investments at fair value at December 31, 2023 and 2022 (dollars in thousands):

 

   Basis of Fair Value Measurement     
2023  Quoted Prices in Active Markets   Significant Other Observable Inputs   Significant Unobservable Inputs   Measured at NAV   Total 
Common stock  $95,946   $-   $-   $-   $95,946 
Mutual funds   42,917    -    -    -    42,917 
Collective trust funds   -    -    -    76,813    76,813 
Private 40-Act mutual funds   -    -    -    1,983    1,983 
Total investments at fair value  $138,863   $-   $-   $78,796   $217,659 

 

10

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

   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 

 

Participants are permitted to make redemptions from the Plan’s investment options on a daily basis, however, certain investments valued at NAV as a practical expedient have redemption requirements and in some cases restrictions for a Plan level redemption. The following tables provide the redemption requirements and restrictions, if any, for those investments as of December 31, 2023 and 2022. In addition, the tables provide the investment strategies for certain investments measured at NAV as a practical expedient, if that investment is a fund that does not file an annual report on Form 5500 as a direct-filing entity.

 

   2023 
   Fair value
(NAV)
   Redemption
frequency
  Redemption
notice period
  Restrictions
Funds filing as direct filing entity:              
Collective trusts  $76,813   Daily  0 - 5 days  --
Funds not filing as direct filing entity:              
Private 40-Act mutual funds              
Asset-backed securities   293   Daily  --  Yes (a)
Corporate fixed income   556   Daily  --  Yes (a)
Inflation-indexed bonds   80   Daily  --  Yes (a)
International fixed income   227   Daily  --  Yes (a)
Mortgage-related securities   301   Daily  --  Yes (a)
Municipal fixed income   25   Daily  --  Yes (a)
Short-term fixed income   96   Daily  --  Yes (a)
U.S. Government securities   405   Daily  --  Yes (a)
               
    1,983          
   $78,796          

 

11

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

   2022 
   Fair value
(NAV)
   Redemption
frequency
  Redemption
notice period
   Restrictions 
Funds filing as direct filing entity:                
Collective trusts  $68,355   Daily  0 - 5 days   -- 

 

(a)The Private 40-Act mutual funds agree to redeem shares solely in cash up to the lesser of $250,000 or 1% of the respective fund’s net assets during any 90-day period for any one shareholder. In consideration of the best interests of the remaining shareholders, the Private 40-Act mutual funds reserve the right to pay any redemption proceeds exceeding this amount in whole or in part by a distribution in kind of securities held by the respective fund in lieu of cash. It is highly unlikely that shares would ever be redeemed in kind. Redemption proceeds are ordinarily wired within three business after receipt of the redemption request, but may take up to seven days.

 

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.

 

Income Recognition

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net realized and unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as net appreciation in fair value of investments.

 

Administrative Expenses

 

Participants are charged transaction fees for loan processing and commissions on purchases and sales of Abbott shares and sales of AbbVie shares. Investment fees for mutual funds and collective trusts are charged against the net assets of the respective fund. The Company pays other record-keeping and administration fees, where applicable.

 

Payment of Benefits

 

Benefits are recorded when paid.

 

12

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2023 and 2022

 

 

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, 2023 and 2022 is presented below:

 

   2023   2022 
Abbott common shares, 581,107 and 587,473 shares, respectively (dollars in thousands)  $63,962   $64,499 
Market value per share  $110.07   $109.79 

 

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 2023, the Plan received $1,194,000 in common stock dividends from Abbott.

 

Participants pay fee