Abbott Laboratories (ABT) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2022shares
Document and Entity Information
Document Type	10-Q
Document Transition Report	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Entity File Number	1-2189
Entity Registrant Name	ABBOTT LABORATORIES
Entity Tax Identification Number	36-0698440
Entity Incorporation, State or Country Code	IL
Entity Address, State or Province	IL
Entity Address, Address Line One	100 Abbott Park Road
Entity Address, City or Town	Abbott Park
Entity Address, Postal Zip Code	60064-6400
City Area Code	224
Local Phone Number	667-6100
Title of 12(b) Security	Common Shares, Without Par Value
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	1,750,942,289
Entity Central Index Key	0000001800
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
New York Stock Exchange
Document and Entity Information
Security Exchange Name	NYSE
Trading Symbol	ABT
Chicago Stock Exchange
Document and Entity Information
Security Exchange Name	CHX

Condensed Consolidated Statemen

Condensed Consolidated Statement of Earnings - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statement of Earnings
Net Sales	$ 11,895	$ 10,456
Cost of products sold, excluding amortization of intangible assets	4,987	4,401
Amortization of intangible assets	512	509
Research and development	697	654
Selling, general and administrative	2,787	2,783
Total operating cost and expenses	8,983	8,347
Operating earnings	2,912	2,109
Interest expense	131	135
Interest (income)	(14)	(11)
Net foreign exchange (gain) loss	(3)	3
Other (income) expense, net	(78)	(61)
Earnings before taxes	2,876	2,043
Taxes on earnings	429	250
Net Earnings	$ 2,447	$ 1,793
Basic Earnings Per Common Share (in dollars per share)	$ 1.38	$ 1
Diluted Earnings Per Common Share (in dollars per share)	$ 1.37	$ 1
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share	1,761,911	1,776,842
Dilutive Common Stock Options	12,631	14,661
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options	1,774,542	1,791,503
Outstanding Common Stock Options Having No Dilutive Effect	2,655	2,694

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Condensed Consolidated Statement of Comprehensive Income
Net Earnings	$ 2,447	$ 1,793
Foreign currency translation gain (loss) adjustments	(106)	(536)
Net actuarial gains (losses) and amortization of net actuarial (losses) and prior service (costs) and credits, net of taxes of $13 in 2022 and $18 in 2021	62	85
Net gains (losses) for derivative instruments designated as cash flow hedges, net of taxes of $(15) in 2022 and $46 in 2021	(56)	112
Other comprehensive income (loss)	(100)	(339)
Comprehensive Income (Loss)	2,347	$ 1,454
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments	(5,945)		$ (5,839)
Net actuarial (losses) and prior service (costs) and credits	(2,608)		(2,670)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges	79		135
Accumulated Other Comprehensive Income (Loss)	$ (8,474)		$ (8,374)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statement of Comprehensive Income
Net actuarial gains (losses) and amortization of net actuarial (losses) and prior service (costs) and credits, taxes	$ 13	$ 18
Net gains (losses) for derivative instruments designated as cash flow hedges, taxes	$ (15)	$ 46

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 7,675	$ 9,799
Short-term investments	483	450
Trade receivables, less allowances of $640 in 2022 and $519 in 2021	7,179	6,487
Inventories:
Finished products	3,470	3,081
Work in process	695	694
Materials	1,526	1,382
Total inventories	5,691	5,157
Prepaid expenses and other receivables	2,401	2,346
Total Current Assets	23,429	24,239
Investments	763	816
Property and equipment, at cost	19,521	19,364
Less: accumulated depreciation and amortization	10,613	10,405
Net property and equipment	8,908	8,959
Intangible assets, net of amortization	12,225	12,739
Goodwill	23,179	23,231
Deferred income taxes and other assets	5,503	5,212
Total Assets	74,007	75,196
Current liabilities:
Trade accounts payable	4,757	4,408
Salaries, wages and commissions	1,147	1,625
Other accrued liabilities	5,577	5,181
Dividends payable	824	831
Income taxes payable	338	306
Current portion of long-term debt	4	754
Total current liabilities	12,647	13,105
Long-term debt	17,086	17,296
Post-employment obligations, deferred income taxes and other long-term liabilities	8,645	8,771
Commitments and contingencies
Shareholders' investment:
Preferred shares, one dollar par value Authorized - 1,000,000 shares, none issued
Common shares, without par value Authorized - 2,400,000,000 shares Issued at stated capital amount - Shares: 2022: 1,985,525,053; 2021: 1,985,273,421	24,304	24,470
Common shares held in treasury, at cost - Shares: 2022: 234,582,764; 2021: 221,191,228	(13,726)	(11,822)
Earnings employed in the business	33,295	31,528
Accumulated other comprehensive income (loss)	(8,474)	(8,374)
Total Abbott Shareholders' Investment	35,399	35,802
Noncontrolling interests in subsidiaries	230	222
Total Shareholders' Investment	35,629	36,024
Total Liabilities and Shareholders' Investment	$ 74,007	$ 75,196

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheet
Trade receivables, allowances (in dollars)	$ 640	$ 519
Preferred shares, par value (in dollars per share)	$ 1	$ 1
Preferred shares, authorized shares	1,000,000	1,000,000
Preferred shares, issued shares	0	0
Common shares, authorized shares	2,400,000,000	2,400,000,000
Common shares, issued shares	1,985,525,053	1,985,273,421
Common shares held in treasury, shares	234,582,764	221,191,228

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders Investment - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Shareholders' Investment
Beginning of Period	$ 36,024
Net Earnings	2,447	$ 1,793
Other comprehensive income (loss)	(100)	(339)
End of Period	35,629
Common Shares:
Increase (Decrease) in Shareholders' Investment
Beginning of Period	24,470	24,145
Issued under incentive stock programs	14	47
Share-based compensation	324	304
Issuance of restricted stock awards	(504)	(473)
End of Period	24,304	24,023
Common Shares Held in Treasury:
Increase (Decrease) in Shareholders' Investment
Beginning of Period	(11,822)	(10,042)
Issued under incentive stock programs	223	231
Purchased	(2,127)	(34)
End of Period	(13,726)	(9,845)
Earnings Employed in the Business:
Increase (Decrease) in Shareholders' Investment
Beginning of Period	31,528	27,627
Net Earnings	2,447	1,793
Cash dividends declared on common shares	(826)	(803)
Effect of common and treasury share transactions	146	52
End of Period	33,295	28,669
Accumulated Other Comprehensive Income (Loss):
Increase (Decrease) in Shareholders' Investment
Beginning of Period	(8,374)	(8,946)
Other comprehensive income (loss)	(100)	(339)
End of Period	(8,474)	(9,285)
Noncontrolling Interests in Subsidiaries:
Increase (Decrease) in Shareholders' Investment
Beginning of Period	222	219
Noncontrolling Interests' share of income, business combinations, net of distributions and share repurchases	8	7
End of Period	$ 230	$ 226

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Shareholders Investment (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Shareholders' Investment
Balance at beginning of period (in shares)	221,191,228
Balance at end of period (in shares)	234,582,764
Common Shares:
Increase (Decrease) in Shareholders' Investment
Balance at beginning of period (in shares)	1,985,273,421	1,981,156,896
Issued under incentive stock programs (in shares)	251,632	1,048,595
Balance at end of period (in shares)	1,985,525,053	1,982,205,491
Common Shares Held in Treasury:
Increase (Decrease) in Shareholders' Investment
Balance at beginning of period (in shares)	221,191,228	209,926,622
Issued under incentive stock programs (in shares)	4,144,476	4,818,787
Purchased (in shares)	17,536,012	277,508
Balance at end of period (in shares)	234,582,764	205,385,343
Earnings Employed in the Business:
Increase (Decrease) in Shareholders' Investment
Cash dividends declared per common share	$ 0.47	$ 0.45

Condensed Consolidated Statem_6

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flow From (Used in) Operating Activities:
Net earnings	$ 2,447	$ 1,793
Adjustments to reconcile net earnings to net cash from operating activities -
Depreciation	311	425
Amortization of intangible assets	512	509
Share-based compensation	305	288
Trade receivables	(751)	165
Inventories	(554)	(537)
Other, net	(205)	(6)
Net Cash From Operating Activities	2,065	2,637
Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment	(321)	(397)
Acquisitions of businesses and technologies, net of cash acquired		(15)
Sales (purchases) of other investment securities, net	(41)	(14)
Other	2	4
Net Cash (Used in) Investing Activities	(360)	(422)
Cash Flow From (Used in) Financing Activities:
Net borrowings (repayments) of short-term debt and other	8	24
Repayments of long-term debt	(751)	(2)
Purchases of common shares	(2,307)	(275)
Proceeds from stock options exercised	59	86
Dividends paid	(832)	(800)
Net Cash (Used in) Financing Activities	(3,823)	(967)
Effect of exchange rate changes on cash and cash equivalents	(6)	(32)
Net Increase (Decrease) in Cash and Cash Equivalents	(2,124)	1,216
Cash and Cash Equivalents, Beginning of Year	9,799	6,838
Cash and Cash Equivalents, End of Period	$ 7,675	$ 8,054

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Basis of Presentation
Basis of Presentation	Note 1 — Basis of Presentation ​ The accompanying unaudited, condensed consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission and, therefore, do not include all information and footnote disclosures normally included in audited financial statements. However, in the opinion of management, all adjustments (which include only normal adjustments) necessary to present fairly the results of operations, financial position and cash flows have been made. It is suggested that these statements be read in conjunction with the financial statements included in Abbott’s Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated financial statements include the accounts of the parent company and subsidiaries, after elimination of intercompany transactions.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue
Revenue	Note 2 — Revenue ​ Abbott’s revenues are derived primarily from the sale of a broad line of health care products under short-term receivable arrangements. Abbott has four reportable segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. ​ The following table provides detail by sales category: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Three Months Ended March 31, 2021 (in millions) U.S. Int’l Total U.S. Int’l Total Established Pharmaceutical Products — ​ ​ ​ ​ ​ ​ ​ Key Emerging Markets ​ $ — ​ $ 902 ​ $ 902 ​ $ — ​ $ 821 ​ $ 821 Other ​ — ​ 245 ​ 245 ​ — ​ 249 ​ ​ 249 Total ​ — ​ 1,147 ​ 1,147 ​ — ​ 1,070 ​ ​ 1,070 Nutritionals — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pediatric Nutritionals ​ 338 ​ 509 ​ 847 ​ 508 ​ 558 ​ 1,066 Adult Nutritionals ​ 339 ​ 708 ​ 1,047 ​ 328 ​ 642 ​ 970 Total ​ 677 ​ 1,217 ​ 1,894 ​ 836 ​ 1,200 ​ 2,036 Diagnostics — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Core Laboratory ​ 268 ​ 916 ​ 1,184 ​ 271 ​ 911 ​ 1,182 Molecular ​ 172 ​ 248 ​ 420 ​ 175 ​ 272 ​ 447 Point of Care ​ 91 ​ 37 ​ 128 ​ 92 ​ 37 ​ 129 Rapid Diagnostics ​ 2,210 ​ 1,344 ​ 3,554 ​ 1,103 ​ 1,153 ​ 2,256 Total ​ 2,741 ​ 2,545 ​ 5,286 ​ 1,641 ​ 2,373 ​ 4,014 Medical Devices — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rhythm Management ​ 248 ​ 276 ​ 524 ​ 241 ​ 278 ​ 519 Electrophysiology ​ 216 ​ 269 ​ 485 ​ 179 ​ 252 ​ 431 Heart Failure ​ 167 ​ 54 ​ 221 ​ 145 ​ 49 ​ 194 Vascular ​ 209 ​ 410 ​ 619 ​ 219 ​ 416 ​ 635 Structural Heart ​ 190 ​ 221 ​ 411 ​ 169 ​ 208 ​ 377 Neuromodulation ​ 143 ​ 36 ​ 179 ​ 145 ​ 39 ​ 184 Diabetes Care ​ ​ 343 ​ ​ 783 ​ ​ 1,126 ​ ​ 253 ​ ​ 727 ​ ​ 980 Total ​ 1,516 ​ 2,049 ​ 3,565 ​ 1,351 ​ 1,969 ​ 3,320 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ 3 ​ — ​ 3 ​ 10 ​ 6 ​ 16 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 4,937 ​ $ 6,958 ​ $ 11,895 ​ $ 3,838 ​ $ 6,618 ​ $ 10,456 ​ Note 2 — Revenue (Continued) ​ Remaining Performance Obligations ​ As of March 31, 2022, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $3.8 billion in the Diagnostics segment and approximately $428 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 60 percent of these remaining performance obligations over the next 24 months , approximately 16 percent over the subsequent 12 months and the remainder thereafter. ​ These performance obligations primarily reflect the future sale of reagents/consumables in contracts with minimum purchase obligations, extended warranty or service obligations related to previously sold equipment, and remote monitoring services related to previously implanted devices. Abbott has applied the practical expedient described in Accounting Standards Codification (ASC) 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amounts above. ​ Other Contract Assets and Liabilities ​ Abbott discloses Trade receivables separately in the Condensed Consolidated Balance Sheet at the net amount expected to be collected. Contract assets primarily relate to Abbott’s conditional right to consideration for work completed but not billed at the reporting date. Contract assets at the beginning and end of the period, as well as the changes in the balance, were not significant. ​ Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Abbott’s contract liabilities arise primarily in the Medical Devices reportable segment when payment is received upfront for various multi-period extended service arrangements. ​ Changes in the contract liabilities during the period are as follows: ​ ​ ​ ​ ​ (in millions) ​ ​ Contract Liabilities: ​ ​ ​ Balance at December 31, 2021 ​ $ 520 Unearned revenue from cash received during the period ​ ​ 171 Revenue recognized related to contract liability balance ​ ​ (178) Balance at March 31, 2022 ​ $ 513 ​

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Mar. 31, 2022
Supplemental Financial Information
Supplemental Financial Information	Note 3 — Supplemental Financial Information ​ Shares of unvested restricted stock that contain non-forfeitable rights to dividends are treated as participating securities and are included in the computation of earnings per share under the two-class method. Under the two-class method, net earnings are allocated between common shares and participating securities. Net earnings allocated to common shares for the three months ended March 31, 2022 and 2021 were $2.438 billion and $1.785 billion, respectively. ​ Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first three months of 2022 includes $334 million of pension contributions and the payment of cash taxes of approximately $195 million. The first three months of 2021 includes $16 million of pension contributions and the payment of cash taxes of approximately $270 million. ​ Note 3 — Supplemental Financial Information (Continued) ​ The following summarizes the activity for the first three months of 2022 related to the allowance for doubtful accounts as of March 31, 2022: ​ ​ ​ ​ ​ (in millions) ​ ​ Allowance for Doubtful Accounts: ​ ​ ​ Balance at December 31, 2021 ​ $ 313 Provisions/charges to income ​ ​ 3 Amounts charged off and other deductions ​ (15) Balance at March 31, 2022 ​ $ 301 ​ The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. Abbott considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends, the historical level of charge-offs, and specific exposures related to particular customers. Abbott also monitors other risk factors and forward-looking information, such as country risk, when determining credit limits for customers and establishing adequate allowances. ​ The components of long-term investments as of March 31, 2022 and December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (in millions) 2022 2021 Long-term Investments: ​ ​ ​ ​ ​ ​ Equity securities ​ $ 703 ​ $ 748 Other ​ 60 ​ 68 Total ​ $ 763 ​ $ 816 ​ The decrease in Abbott’s long-term investments as of March 31, 2022 versus the balance as of December 31, 2021 primarily relates to a decrease in the value of investments held in a rabbi trust. ​ Abbott’s equity securities as of March 31, 2022, include $357 million of investments in mutual funds that are held in a rabbi trust and were acquired as part of the St. Jude Medical, Inc. (St. Jude Medical) business acquisition. These investments, which are specifically designated as available for the purpose of paying benefits under a deferred compensation plan, are not available for general corporate purposes and are subject to creditor claims in the event of insolvency. ​ Abbott also holds certain investments as of March 31, 2022 with a carrying value of $244 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of $92 million that do not have a readily determinable fair value.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2022
Changes in Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated Other Comprehensive Income (Loss)	Note 4 — Changes in Accumulated Other Comprehensive Income (Loss) ​ The changes in accumulated other comprehensive income (loss), net of income taxes, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Gains (Losses) ​ ​ Cumulative Foreign ​ Net Actuarial (Losses) and ​ on Derivative Instruments ​ ​ Currency Translation ​ Prior Service (Costs) and ​ Designated as Cash Flow ​ ​ Adjustments ​ Credits ​ Hedges (in millions) 2022 2021 2022 2021 2022 2021 Balance at January 1 ​ $ (5,839) ​ $ (4,859) ​ $ (2,670) ​ $ (3,871) ​ $ 135 ​ $ (216) Other comprehensive income (loss) before reclassifications ​ (106) ​ (536) ​ ​ 17 ​ 22 ​ (34) ​ 96 Amounts reclassified from accumulated other comprehensive income ​ — ​ — ​ 45 ​ 63 ​ (22) ​ 16 Net current period comprehensive income (loss) ​ (106) ​ (536) ​ 62 ​ 85 ​ (56) ​ 112 Balance at March 31 ​ $ (5,945) ​ $ (5,395) ​ $ (2,608) ​ $ (3,786) ​ $ 79 ​ $ (104) ​ (Income) loss amounts reclassified from accumulated other comprehensive income related to cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior service cost are included as a component of net periodic benefit costs; see Note 11 for additional details.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 5 — Goodwill and Intangible Assets ​ The total amount of goodwill reported was $23.2 billion at March 31, 2022 and December 31, 2021. Foreign currency translation adjustments decreased goodwill by approximately $50 million in the first three months of 2022. The amount of goodwill related to reportable segments at March 31, 2022 was $2.8 billion for the Established Pharmaceutical Products segment, $286 million for the Nutritional Products segment, $3.7 billion for the Diagnostic Products segment, and $16.4 billion for the Medical Devices segment. There was no reduction of goodwill relating to impairments in the first three months of 2022. ​ The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.7 billion as of March 31, 2022 and December 31, 2021 and accumulated amortization was $16.4 billion as of March 31, 2022 and $15.9 billion as of December 31, 2021. Foreign currency translation adjustments increased intangible assets by $3 million in the first three months of 2022. Abbott’s estimated annual amortization expense for intangible assets is approximately $2.1 billion in 2022, $2.0 billion in 2023, $1.9 billion in 2024, $1.7 billion in 2025 and $1.6 billion in 2026. ​ Indefinite-lived intangible assets, which relate to in-process R&D (IPR&D) acquired in a business combination, were approximately $919 million as of March 31, 2022 and December 31, 2021.

Restructuring Plans

Restructuring Plans	3 Months Ended
	Mar. 31, 2022
Restructuring Plans
Restructuring Plans	Note 6 — Restructuring Plans ​ On May 27, 2021, Abbott management approved a restructuring plan related to its Diagnostic Products segment to align its manufacturing network for COVID-19 diagnostic tests with changes in the second quarter in projected testing demand driven by several factors, including significant reductions in cases in the U.S. and other major developed countries, the accelerated rollout of COVID-19 vaccines globally and the U.S. health authority’s updated guidance on testing for fully vaccinated individuals. In the second quarter of 2021, Abbott recorded charges of $499 million under this plan in Cost of products sold. The charge recognized in the second quarter included fixed asset write-downs of $80 million, inventory-related charges of $248 million, and other exit costs, which included contract cancellations and employee-related costs of $171 million. ​ In the second half of 2021, as the Delta and Omicron variants of COVID-19 spread and the number of new COVID-19 cases increased significantly, particularly in the U.S., demand for rapid COVID-19 tests increased significantly. As a result, in the The following summarizes the activity related to this restructuring action and the status of the related accruals as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related ​ Fixed Asset ​ Other Exit ​ ​ ​ (in millions) Charges Write-Downs Costs Total Restructuring charges recorded in 2021 ​ $ 248 ​ $ 80 ​ $ 113 ​ $ 441 Payments ​ — ​ — ​ (90) ​ (90) Other non-cash ​ (248) ​ (80) ​ — ​ (328) Accrued balance at December 31, 2021 ​ ​ — ​ ​ — ​ ​ 23 ​ ​ 23 Payments and other adjustments ​ ​ — ​ ​ — ​ ​ (3) ​ ​ (3) Accrued balance at March 31, 2022 ​ $ — ​ $ — ​ $ 20 ​ $ 20 ​ In 2021, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in ​ The following summarizes the activity for these restructurings: ​ ​ ​ ​ ​ (in millions) ​ ​ Restructuring charges ​ $ 68 Payments and other adjustments ​ ​ (7) Accrued balance at December 31, 2021 ​ ​ 61 Payments and other adjustments ​ ​ (16) Accrued balance at March 31, 2022 ​ $ 45 ​

Incentive Stock Programs

Incentive Stock Programs	3 Months Ended
	Mar. 31, 2022
Incentive Stock Programs
Incentive Stock Programs	Note 7 — Incentive Stock Programs ​ In the first three months of 2022, Abbott granted 2,594,059 stock options, 514,148 restricted stock awards and 5,303,072 restricted stock units under its incentive stock program. At March 31, 2022, approximately 86 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at March 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Exercisable Number of shares 29,479,237 ​ 23,547,781 Weighted average remaining life ( years 5.9 ​ 5.1 Weighted average exercise price $ 69.87 ​ $ 59.23 Aggregate intrinsic value ( in millions $ 1,445 ​ $ 1,397 ​ The total unrecognized share-based compensation cost at March 31, 2022 amounted to approximately $825 million which is expected to be recognized over the next three years .

Debt and Lines of Credit

Debt and Lines of Credit	3 Months Ended
	Mar. 31, 2022
Debt and Lines of Credit
Debt and Lines of Credit	Note 8 — Debt and Lines of Credit ​ On March 15, 2022, Abbott repaid the $750 million outstanding principal amount of its 2.55% Notes due 2022 upon maturity.

Financial Instruments, Derivati

Financial Instruments, Derivatives and Fair Value Measures	3 Months Ended
	Mar. 31, 2022
Financial Instruments, Derivatives and Fair Value Measures
Financial Instruments, Derivatives and Fair Value Measures	Note 9 — Financial Instruments, Derivatives and Fair Value Measures ​ Certain Abbott foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates primarily for anticipated intercompany purchases by those subsidiaries whose functional currencies are not the U.S. dollar. These contracts, with gross notional amounts totaling $8.5 billion at March 31, 2022 and $8.6 billion at December 31, 2021 are designated as cash flow hedges of the variability of the cash flows due to changes in foreign exchange rates and are recorded at fair value. Accumulated gains and losses as of March 31, 2022 will be included in Cost of products sold at the time the products are sold, generally through the next twelve to eighteen months . ​ Abbott enters into foreign currency forward exchange contracts to manage currency exposures for foreign currency denominated third-party trade payables and receivables, and for intercompany loans and trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity. For intercompany loans, the contracts require Abbott to sell or buy foreign currencies, primarily European currencies, in exchange for primarily U.S. dollars and other European currencies. For intercompany and trade payables and receivables, the currency exposures are primarily the U.S. dollar and European currencies. At March 31, 2022 and December 31, 2021, Abbott held the gross notional amount of $12.2 billion of such foreign currency forward exchange contracts. ​ Abbott has designated a yen-denominated, 5-year term loan of approximately $491 million and $521 million as of March 31, 2022 and December 31, 2021, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt, which is due to changes in foreign exchange rates, is recorded in Accumulated other comprehensive income (loss), net of tax. ​ Abbott is a party to interest rate hedge contracts totaling approximately $2.9 billion at March 31, 2022 and December 31, 2021 to manage its exposure to changes in the fair value of fixed-rate debt. These contracts are designated as fair value hedges of the variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates. The effect of the hedge is to change a fixed-rate interest obligation to a variable rate for that portion of the debt. Abbott records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount. ​ Note 9 — Financial Instruments, Derivatives and Fair Value Measures (Continued) ​ The following table summarizes the amounts and location of certain derivative financial instruments as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value - Assets ​ Fair Value - Liabilities ​ ​ March 31, ​ Dec. 31, ​ ​ ​ March 31, ​ Dec. 31, ​ (in millions) 2022 2021 Balance Sheet Caption 2022 2021 Balance Sheet Caption Interest rate swaps designated as fair value hedges ​ $ — $ 87 Deferred income taxes and other assets $ 34 $ — Post-employment obligations, deferred income taxes and other long-term liabilities Foreign currency forward exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging instruments ​ 204 ​ 222 Prepaid expenses and other receivables ​ 183 ​ 65 Other accrued liabilities Others not designated as hedges ​ 149 ​ 70 Prepaid expenses and other receivables ​ 93 ​ 32 Other accrued liabilities Debt designated as a hedge of net investment in a foreign subsidiary ​ ​ — ​ ​ — ​ n/a ​ ​ 491 ​ ​ 521 ​ Long-term debt ​ ​ $ 353 $ 379 ​ ​ $ 801 $ 618 ​ ​ ​ The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three months ended March 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) Recognized in ​ Income (expense) and ​ ​ ​ ​ Other Comprehensive ​ Gain (loss) Reclassified ​ ​ ​ ​ Income (loss) ​ into Income ​ ​ (in millions) 2022 2021 2022 2021 Income Statement Caption Foreign currency forward exchange contracts designated as cash flow hedges ​ $ (49) ​ $ 134 ​ $ 27 ​ $ (23) ​ Cost of products sold Debt designated as a hedge of net investment in a foreign subsidiary ​ 30 ​ 35 ​ — ​ — n/a Interest rate swaps designated as fair value hedges ​ n/a ​ n/a ​ (121) ​ (69) Interest expense ​ Losses of $51 million and gains of $49 million were recognized in the three months ended March 31, 2022 and 2021, respectively, related to foreign currency forward exchange contracts not designated as a hedge. These amounts are reported in the Condensed Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line. ​ Note 9 — Financial Instruments, Derivatives and Fair Value Measures (Continued) ​ The carrying values and fair values of certain financial instruments as of March 31, 2022 and December 31, 2021 are shown in the following table. The carrying values of all other financial instruments approximate their estimated fair values. The counterparties to financial instruments consist of select major international financial institutions. Abbott does not expect any losses from non-performance by these counterparties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Carrying Fair Carrying Fair (in millions) ​ Value ​ Value ​ Value ​ Value Long-term Investment Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 703 ​ $ 703 ​ $ 748 ​ $ 748 Other ​ 60 ​ 60 ​ 68 ​ 68 Total long-term debt ​ ​ (17,090) ​ ​ (18,704) ​ ​ (18,050) ​ ​ (21,152) Foreign Currency Forward Exchange Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivable position ​ 353 ​ 353 ​ 292 ​ 292 (Payable) position ​ ​ (276) ​ ​ (276) ​ ​ (97) ​ ​ (97) Interest Rate Hedge Contracts: ​ ​ ​ ​ ​ ​ ​ ​ Receivable position ​ ​ — ​ ​ — ​ ​ 87 ​ ​ 87 (Payable) position ​ ​ (34) ​ ​ (34) ​ ​ — ​ ​ — ​ The fair value of the debt was determined based on significant other observable inputs, including current interest rates. ​ The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basis of Fair Value Measurement ​ ​ ​ ​ ​ Quoted ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Other ​ Significant ​ ​ Outstanding ​ Active ​ Observable ​ Unobservable (in millions) Balances Markets Inputs Inputs March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 367 ​ $ 367 $ — $ — Foreign currency forward exchange contracts ​ 353 ​ — ​ 353 ​ — Total Assets ​ $ 720 $ 367 $ 353 $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of hedged long-term debt ​ $ 2,805 ​ $ — $ 2,805 $ — Interest rate swap derivative financial instruments ​ ​ 34 ​ ​ — ​ ​ 34 ​ ​ — Foreign currency forward exchange contracts ​ ​ 276 ​ ​ — ​ ​ 276 ​ ​ — Contingent consideration related to business combinations ​ 134 ​ — ​ — ​ 134 Total Liabilities ​ $ 3,249 $ — $ 3,115 ​ $ 134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 402 $ 402 $ — $ — Interest rate swap derivative financial instruments ​ 87 ​ — ​ 87 ​ — Foreign currency forward exchange contracts ​ 292 ​ — ​ 292 ​ — Total Assets ​ $ 781 $ 402 $ 379 $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of hedged long-term debt ​ $ 2,926 $ — $ 2,926 $ — Foreign currency forward exchange contracts ​ 97 ​ — ​ 97 ​ — Contingent consideration related to business combinations ​ 130 ​ — ​ — ​ 130 Total Liabilities ​ $ 3,153 $ — $ 3,023 $ 130 ​ ​ Note 9 — Financial Instruments, Derivatives and Fair Value Measures (Continued) ​ The fair value of foreign currency forward exchange contracts is determined using a market approach, which utilizes values for comparable derivative instruments. The fair value of debt was determined based on the face value of the debt adjusted for the fair value of the interest rate swaps, which is based on a discounted cash flow analysis using significant other observable inputs. The fair value of the contingent consideration was determined based on independent appraisals at the time of acquisition, adjusted for the time value of money and other changes in fair value.

Litigation and Environmental Ma

Litigation and Environmental Matters	3 Months Ended
	Mar. 31, 2022
Litigation and Environmental Matters
Litigation and Environmental Matters	Note 10 — Litigation and Environmental Matters ​ Abbott has been identified as a potentially responsible party for investigation and cleanup costs at a number of locations in the United States and Puerto Rico under federal and state remediation laws and is investigating potential contamination at a number of company-owned locations. Abbott has recorded an estimated cleanup cost for each site for which management believes Abbott has a probable loss exposure. No individual site cleanup exposure is expected to exceed $4 million, and the aggregate cleanup exposure is not expected to exceed $10 million. ​ Abbott is involved in various claims and legal proceedings, and Abbott estimates the range of possible loss for its legal proceedings and environmental exposures to be from approximately $30 million to $45 million. The recorded accrual balance at March 31, 2022 for these proceedings and exposures was approximately $40 million. This accrual represents management’s best estimate of probable loss, as defined by FASB ASC No. 450, “Contingencies.” Within the next year, legal proceedings may occur that may result in a change in the estimated loss accrued by Abbott. While it is not feasible to predict the outcome of all such proceedings and exposures with certainty, management believes that their ultimate disposition should not have a material adverse effect on Abbott’s financial position, cash flows, or results of operations.

Post-Employment Benefits

Post-Employment Benefits	3 Months Ended
	Mar. 31, 2022
Post-Employment Benefits
Post-Employment Benefits	Note 11 — Post-Employment Benefits ​ Retirement plans consist of defined benefit, defined contribution, and medical and dental plans. Net periodic benefit costs, other than service costs, are recognized in the Other (income) expense, net line of the Condensed Consolidated Statement of Earnings. Net cost recognized for the three months ended March 31 for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit Plans ​ Medical and Dental Plans ​ ​ March 31, ​ March 31, ​ March 31, ​ March 31, (in millions) 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost — benefits earned during the period ​ $ 96 ​ $ 100 ​ $ 13 ​ $ 14 Interest cost on projected benefit obligations ​ 76 ​ 62 ​ 10 ​ 8 Expected return on plan assets ​ (236) ​ (211) ​ (7) ​ (7) Net amortization of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial loss, net ​ 59 ​ 81 ​ 5 ​ 7 Prior service cost (credit) ​ — ​ — ​ (6) ​ (7) Net cost (credit) ​ $ (5) ​ $ 32 ​ $ 15 ​ $ 15 ​ Abbott funds its domestic defined benefit plans according to Internal Revenue Service funding limitations. International pension plans are funded according to similar regulations. In the first three months of 2022 and 2021, $334 million and $16 million, respectively, were contributed to defined benefit plans. Contributions made to post-employment medical and dental plans in the first three months of 2022 were $28 million. No contributions were made to the post-employment medical and dental plans in the first three months of 2021.

Taxes on Earnings from Continui

Taxes on Earnings from Continuing Operations	3 Months Ended
	Mar. 31, 2022
Taxes on Earnings from Continuing Operations
Taxes on Earnings from Continuing Operations	Note 12 — Taxes on Earnings ​ Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first three months of 2022 and 2021, taxes on earnings include approximately $30 million and $80 million, respectively, in excess tax benefits associated with share-based compensation. In the first three months of 2022, taxes on earnings also include approximately $30 million of tax expense as the result of the resolution of various tax positions related to prior years. ​ Tax authorities in various jurisdictions regularly review Abbott’s income tax filings. Abbott believes that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease approximately $70 million to $80 million, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters.

Segment and Geographic Area Inf

Segment and Geographic Area Information	3 Months Ended
	Mar. 31, 2022
Segment Information
Segment and Geographic Area Information	Note 13 — Segment Information ​ Abbott’s principal business is the discovery, development, manufacture and sale of a broad line of health care products. Abbott’s products are generally sold directly to retailers, wholesalers, hospitals, health care facilities, laboratories, physicians’ offices and government agencies throughout the world. ​ Abbott’s reportable segments are as follows: ​ Established Pharmaceutical Products ​ Nutritional Products ​ Diagnostic Products ​ Medical Devices ​ Abbott’s underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting. The cost of some corporate functions and the cost of certain employee benefits are charged to segments at predetermined rates that approximate cost. Remaining costs, if any, are not allocated to segments. In addition, intangible asset amortization is not allocated to operating segments, and intangible assets and goodwill are not included in the measure of each segment’s assets. ​ Note 13 — Segment Information (Continued) ​ The following segment information has been prepared in accordance with the internal accounting policies of Abbott, as described above, and is not presented in accordance with generally accepted accounting principles applied to the condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ Net Sales to ​ Operating ​ ​ External Customers ​ Earnings (in millions) 2022 2021 2022 2021 Established Pharmaceutical Products ​ $ 1,147 ​ $ 1,070 ​ $ 242 ​ $ 169 Nutritional Products ​ 1,894 ​ 2,036 ​ 251 ​ 467 Diagnostic Products ​ 5,286 ​ 4,014 ​ 2,569 ​ 1,701 Medical Devices ​ 3,565 ​ 3,320 ​ 1,078 ​ 1,007 Total Reportable Segments ​ 11,892 ​ 10,440 ​ 4,140 ​ 3,344 Other ​ 3 ​ 16 ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,895 ​ $ 10,456 ​ ​ ​ ​ ​ ​ Corporate functions and benefit plans costs ​ ​ ​ ​ ​ ​ ​ ​ (114) ​ ​ (114) Net interest expense ​ ​ ​ ​ ​ ​ ​ ​ (117) ​ ​ (124) Share-based compensation (a) ​ ​ ​ ​ ​ ​ ​ ​ (305) ​ ​ (288) Amortization of intangible assets ​ ​ ​ ​ ​ ​ ​ ​ (512) ​ ​ (509) Other, net (b) ​ ​ ​ ​ ​ ​ ​ ​ (216) ​ ​ (266) Earnings before taxes ​ ​ ​ ​ ​ ​ ​ $ 2,876 ​ $ 2,043 (a) Approximately 45 percent of the annual net cost of share-based awards will typically be recognized in the first quarter due to the timing of the granting of share-based awards. (b) Other, net for the three months ended March 31, 2022 includes $120 million of charges related to a voluntary recall within the Nutritional Products segment. Other, net for the three months ended March 31, 2021 includes net costs related to certain litigation. Other, net for the three months ended March 31, 2022 and 2021 also includes integration costs associated with the acquisitions of St. Jude Medical and Alere Inc., and restructuring charges.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue
Schedule of reportable segment included under sales category	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Three Months Ended March 31, 2021 (in millions) U.S. Int’l Total U.S. Int’l Total Established Pharmaceutical Products — ​ ​ ​ ​ ​ ​ ​ Key Emerging Markets ​ $ — ​ $ 902 ​ $ 902 ​ $ — ​ $ 821 ​ $ 821 Other ​ — ​ 245 ​ 245 ​ — ​ 249 ​ ​ 249 Total ​ — ​ 1,147 ​ 1,147 ​ — ​ 1,070 ​ ​ 1,070 Nutritionals — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pediatric Nutritionals ​ 338 ​ 509 ​ 847 ​ 508 ​ 558 ​ 1,066 Adult Nutritionals ​ 339 ​ 708 ​ 1,047 ​ 328 ​ 642 ​ 970 Total ​ 677 ​ 1,217 ​ 1,894 ​ 836 ​ 1,200 ​ 2,036 Diagnostics — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Core Laboratory ​ 268 ​ 916 ​ 1,184 ​ 271 ​ 911 ​ 1,182 Molecular ​ 172 ​ 248 ​ 420 ​ 175 ​ 272 ​ 447 Point of Care ​ 91 ​ 37 ​ 128 ​ 92 ​ 37 ​ 129 Rapid Diagnostics ​ 2,210 ​ 1,344 ​ 3,554 ​ 1,103 ​ 1,153 ​ 2,256 Total ​ 2,741 ​ 2,545 ​ 5,286 ​ 1,641 ​ 2,373 ​ 4,014 Medical Devices — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rhythm Management ​ 248 ​ 276 ​ 524 ​ 241 ​ 278 ​ 519 Electrophysiology ​ 216 ​ 269 ​ 485 ​ 179 ​ 252 ​ 431 Heart Failure ​ 167 ​ 54 ​ 221 ​ 145 ​ 49 ​ 194 Vascular ​ 209 ​ 410 ​ 619 ​ 219 ​ 416 ​ 635 Structural Heart ​ 190 ​ 221 ​ 411 ​ 169 ​ 208 ​ 377 Neuromodulation ​ 143 ​ 36 ​ 179 ​ 145 ​ 39 ​ 184 Diabetes Care ​ ​ 343 ​ ​ 783 ​ ​ 1,126 ​ ​ 253 ​ ​ 727 ​ ​ 980 Total ​ 1,516 ​ 2,049 ​ 3,565 ​ 1,351 ​ 1,969 ​ 3,320 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ 3 ​ — ​ 3 ​ 10 ​ 6 ​ 16 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 4,937 ​ $ 6,958 ​ $ 11,895 ​ $ 3,838 ​ $ 6,618 ​ $ 10,456
Schedule of changes in contract liabilities	​ ​ ​ ​ ​ (in millions) ​ ​ Contract Liabilities: ​ ​ ​ Balance at December 31, 2021 ​ $ 520 Unearned revenue from cash received during the period ​ ​ 171 Revenue recognized related to contract liability balance ​ ​ (178) Balance at March 31, 2022 ​ $ 513

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Financial Information
Summary of activity of allowance for doubtful accounts	​ ​ ​ ​ ​ (in millions) ​ ​ Allowance for Doubtful Accounts: ​ ​ ​ Balance at December 31, 2021 ​ $ 313 Provisions/charges to income ​ ​ 3 Amounts charged off and other deductions ​ (15) Balance at March 31, 2022 ​ $ 301
Schedule of long-term investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (in millions) 2022 2021 Long-term Investments: ​ ​ ​ ​ ​ ​ Equity securities ​ $ 703 ​ $ 748 Other ​ 60 ​ 68 Total ​ $ 763 ​ $ 816

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2022
Changes in Accumulated Other Comprehensive Income (Loss)
Schedule of changes in accumulated other comprehensive income (loss), net of income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Gains (Losses) ​ ​ Cumulative Foreign ​ Net Actuarial (Losses) and ​ on Derivative Instruments ​ ​ Currency Translation ​ Prior Service (Costs) and ​ Designated as Cash Flow ​ ​ Adjustments ​ Credits ​ Hedges (in millions) 2022 2021 2022 2021 2022 2021 Balance at January 1 ​ $ (5,839) ​ $ (4,859) ​ $ (2,670) ​ $ (3,871) ​ $ 135 ​ $ (216) Other comprehensive income (loss) before reclassifications ​ (106) ​ (536) ​ ​ 17 ​ 22 ​ (34) ​ 96 Amounts reclassified from accumulated other comprehensive income ​ — ​ — ​ 45 ​ 63 ​ (22) ​ 16 Net current period comprehensive income (loss) ​ (106) ​ (536) ​ 62 ​ 85 ​ (56) ​ 112 Balance at March 31 ​ $ (5,945) ​ $ (5,395) ​ $ (2,608) ​ $ (3,786) ​ $ 79 ​ $ (104)

Restructuring Plans (Tables)

Restructuring Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring Plans
Schedule of restructuring reserve and related cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related ​ Fixed Asset ​ Other Exit ​ ​ ​ (in millions) Charges Write-Downs Costs Total Restructuring charges recorded in 2021 ​ $ 248 ​ $ 80 ​ $ 113 ​ $ 441 Payments ​ — ​ — ​ (90) ​ (90) Other non-cash ​ (248) ​ (80) ​ — ​ (328) Accrued balance at December 31, 2021 ​ ​ — ​ ​ — ​ ​ 23 ​ ​ 23 Payments and other adjustments ​ ​ — ​ ​ — ​ ​ (3) ​ ​ (3) Accrued balance at March 31, 2022 ​ $ — ​ $ — ​ $ 20 ​ $ 20
Summary of restructuring activity	​ ​ ​ ​ ​ (in millions) ​ ​ Restructuring charges ​ $ 68 Payments and other adjustments ​ ​ (7) Accrued balance at December 31, 2021 ​ ​ 61 Payments and other adjustments ​ ​ (16) Accrued balance at March 31, 2022 ​ $ 45

Incentive Stock Programs (Table

Incentive Stock Programs (Tables)	3 Months Ended
	Mar. 31, 2022
Incentive Stock Programs
Schedule of stock options outstanding and exercisable	​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Exercisable Number of shares 29,479,237 ​ 23,547,781 Weighted average remaining life ( years 5.9 ​ 5.1 Weighted average exercise price $ 69.87 ​ $ 59.23 Aggregate intrinsic value ( in millions $ 1,445 ​ $ 1,397

Financial Instruments, Deriva_2

Financial Instruments, Derivatives and Fair Value Measures (Tables)	3 Months Ended
	Mar. 31, 2022
Financial Instruments, Derivatives and Fair Value Measures
Summary of the amounts and location of certain derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value - Assets ​ Fair Value - Liabilities ​ ​ March 31, ​ Dec. 31, ​ ​ ​ March 31, ​ Dec. 31, ​ (in millions) 2022 2021 Balance Sheet Caption 2022 2021 Balance Sheet Caption Interest rate swaps designated as fair value hedges ​ $ — $ 87 Deferred income taxes and other assets $ 34 $ — Post-employment obligations, deferred income taxes and other long-term liabilities Foreign currency forward exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging instruments ​ 204 ​ 222 Prepaid expenses and other receivables ​ 183 ​ 65 Other accrued liabilities Others not designated as hedges ​ 149 ​ 70 Prepaid expenses and other receivables ​ 93 ​ 32 Other accrued liabilities Debt designated as a hedge of net investment in a foreign subsidiary ​ ​ — ​ ​ — ​ n/a ​ ​ 491 ​ ​ 521 ​ Long-term debt ​ ​ $ 353 $ 379 ​ ​ $ 801 $ 618 ​ ​
Schedule of derivatives gain (loss) in OCI and earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) Recognized in ​ Income (expense) and ​ ​ ​ ​ Other Comprehensive ​ Gain (loss) Reclassified ​ ​ ​ ​ Income (loss) ​ into Income ​ ​ (in millions) 2022 2021 2022 2021 Income Statement Caption Foreign currency forward exchange contracts designated as cash flow hedges ​ $ (49) ​ $ 134 ​ $ 27 ​ $ (23) ​ Cost of products sold Debt designated as a hedge of net investment in a foreign subsidiary ​ 30 ​ 35 ​ — ​ — n/a Interest rate swaps designated as fair value hedges ​ n/a ​ n/a ​ (121) ​ (69) Interest expense
Schedule of carrying values and fair values of certain financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Carrying Fair Carrying Fair (in millions) ​ Value ​ Value ​ Value ​ Value Long-term Investment Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 703 ​ $ 703 ​ $ 748 ​ $ 748 Other ​ 60 ​ 60 ​ 68 ​ 68 Total long-term debt ​ ​ (17,090) ​ ​ (18,704) ​ ​ (18,050) ​ ​ (21,152) Foreign Currency Forward Exchange Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivable position ​ 353 ​ 353 ​ 292 ​ 292 (Payable) position ​ ​ (276) ​ ​ (276) ​ ​ (97) ​ ​ (97) Interest Rate Hedge Contracts: ​ ​ ​ ​ ​ ​ ​ ​ Receivable position ​ ​ — ​ ​ — ​ ​ 87 ​ ​ 87 (Payable) position ​ ​ (34) ​ ​ (34) ​ ​ — ​ ​ —
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basis of Fair Value Measurement ​ ​ ​ ​ ​ Quoted ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ Other ​ Significant ​ ​ Outstanding ​ Active ​ Observable ​ Unobservable (in millions) Balances Markets Inputs Inputs March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 367 ​ $ 367 $ — $ — Foreign currency forward exchange contracts ​ 353 ​ — ​ 353 ​ — Total Assets ​ $ 720 $ 367 $ 353 $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of hedged long-term debt ​ $ 2,805 ​ $ — $ 2,805 $ — Interest rate swap derivative financial instruments ​ ​ 34 ​ ​ — ​ ​ 34 ​ ​ — Foreign currency forward exchange contracts ​ ​ 276 ​ ​ — ​ ​ 276 ​ ​ — Contingent consideration related to business combinations ​ 134 ​ — ​ — ​ 134 Total Liabilities ​ $ 3,249 $ — $ 3,115 ​ $ 134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 402 $ 402 $ — $ — Interest rate swap derivative financial instruments ​ 87 ​ — ​ 87 ​ — Foreign currency forward exchange contracts ​ 292 ​ — ​ 292 ​ — Total Assets ​ $ 781 $ 402 $ 379 $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of hedged long-term debt ​ $ 2,926 $ — $ 2,926 $ — Foreign currency forward exchange contracts ​ 97 ​ — ​ 97 ​ — Contingent consideration related to business combinations ​ 130 ​ — ​ — ​ 130 Total Liabilities ​ $ 3,153 $ — $ 3,023 $ 130 ​

Post-Employment Benefits (Table

Post-Employment Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
Post-Employment Benefits
Schedule of components of the net periodic benefit cost for the entity's major defined benefit plans and post-employment medical and dental benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit Plans ​ Medical and Dental Plans ​ ​ March 31, ​ March 31, ​ March 31, ​ March 31, (in millions) 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost — benefits earned during the period ​ $ 96 ​ $ 100 ​ $ 13 ​ $ 14 Interest cost on projected benefit obligations ​ 76 ​ 62 ​ 10 ​ 8 Expected return on plan assets ​ (236) ​ (211) ​ (7) ​ (7) Net amortization of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial loss, net ​ 59 ​ 81 ​ 5 ​ 7 Prior service cost (credit) ​ — ​ — ​ (6) ​ (7) Net cost (credit) ​ $ (5) ​ $ 32 ​ $ 15 ​ $ 15 ​

Segment and Geographic Area I_2

Segment and Geographic Area Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Information
Schedule of segment information - net sales and operating earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31 ​ ​ Net Sales to ​ Operating ​ ​ External Customers ​ Earnings (in millions) 2022 2021 2022 2021 Established Pharmaceutical Products ​ $ 1,147 ​ $ 1,070 ​ $ 242 ​ $ 169 Nutritional Products ​ 1,894 ​ 2,036 ​ 251 ​ 467 Diagnostic Products ​ 5,286 ​ 4,014 ​ 2,569 ​ 1,701 Medical Devices ​ 3,565 ​ 3,320 ​ 1,078 ​ 1,007 Total Reportable Segments ​ 11,892 ​ 10,440 ​ 4,140 ​ 3,344 Other ​ 3 ​ 16 ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,895 ​ $ 10,456 ​ ​ ​ ​ ​ ​ Corporate functions and benefit plans costs ​ ​ ​ ​ ​ ​ ​ ​ (114) ​ ​ (114) Net interest expense ​ ​ ​ ​ ​ ​ ​ ​ (117) ​ ​ (124) Share-based compensation (a) ​ ​ ​ ​ ​ ​ ​ ​ (305) ​ ​ (288) Amortization of intangible assets ​ ​ ​ ​ ​ ​ ​ ​ (512) ​ ​ (509) Other, net (b) ​ ​ ​ ​ ​ ​ ​ ​ (216) ​ ​ (266) Earnings before taxes ​ ​ ​ ​ ​ ​ ​ $ 2,876 ​ $ 2,043 (a) Approximately 45 percent of the annual net cost of share-based awards will typically be recognized in the first quarter due to the timing of the granting of share-based awards. (b) Other, net for the three months ended March 31, 2022 includes $120 million of charges related to a voluntary recall within the Nutritional Products segment. Other, net for the three months ended March 31, 2021 includes net costs related to certain litigation. Other, net for the three months ended March 31, 2022 and 2021 also includes integration costs associated with the acquisitions of St. Jude Medical and Alere Inc., and restructuring charges.

Revenue (Details)

Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)segment
Revenue
Number of reportable segments | segment	4	4
Net Sales	$ 11,895	$ 10,456
United States
Revenue
Net Sales	4,937	3,838
Int'l
Revenue
Net Sales	6,958	6,618
Established Pharmaceutical Products
Revenue
Net Sales	1,147	1,070
Established Pharmaceutical Products | Int'l
Revenue
Net Sales	1,147	1,070
Nutritional Products
Revenue
Net Sales	1,894	2,036
Nutritional Products | United States
Revenue
Net Sales	677	836
Nutritional Products | Int'l
Revenue
Net Sales	1,217	1,200
Diagnostic Products
Revenue
Net Sales	5,286	4,014
Diagnostic Products | United States
Revenue
Net Sales	2,741	1,641
Diagnostic Products | Int'l
Revenue
Net Sales	2,545	2,373
Medical Devices
Revenue
Net Sales	3,565	3,320
Medical Devices | United States
Revenue
Net Sales	1,516	1,351
Medical Devices | Int'l
Revenue
Net Sales	2,049	1,969
Other
Revenue
Net Sales	3	16
Other | United States
Revenue
Net Sales	3	10
Other | Int'l
Revenue
Net Sales		6
Key Emerging Markets | Established Pharmaceutical Products
Revenue
Net Sales	902	821
Key Emerging Markets | Established Pharmaceutical Products | Int'l
Revenue
Net Sales	902	821
Other | Established Pharmaceutical Products
Revenue
Net Sales	245	249
Other | Established Pharmaceutical Products | Int'l
Revenue
Net Sales	245	249
Pediatric Nutritionals | Nutritional Products
Revenue
Net Sales	847	1,066
Pediatric Nutritionals | Nutritional Products | United States
Revenue
Net Sales	338	508
Pediatric Nutritionals | Nutritional Products | Int'l
Revenue
Net Sales	509	558
Adult Nutritionals | Nutritional Products
Revenue
Net Sales	1,047	970
Adult Nutritionals | Nutritional Products | United States
Revenue
Net Sales	339	328
Adult Nutritionals | Nutritional Products | Int'l
Revenue
Net Sales	708	642
Core Laboratory | Diagnostic Products
Revenue
Net Sales	1,184	1,182
Core Laboratory | Diagnostic Products | United States
Revenue
Net Sales	268	271
Core Laboratory | Diagnostic Products | Int'l
Revenue
Net Sales	916	911
Molecular | Diagnostic Products
Revenue
Net Sales	420	447
Molecular | Diagnostic Products | United States
Revenue
Net Sales	172	175
Molecular | Diagnostic Products | Int'l
Revenue
Net Sales	248	272
Point of Care | Diagnostic Products
Revenue
Net Sales	128	129
Point of Care | Diagnostic Products | United States
Revenue
Net Sales	91	92
Point of Care | Diagnostic Products | Int'l
Revenue
Net Sales	37	37
Rapid Diagnostics | Diagnostic Products
Revenue
Net Sales	3,554	2,256
Rapid Diagnostics | Diagnostic Products | United States
Revenue
Net Sales	2,210	1,103
Rapid Diagnostics | Diagnostic Products | Int'l
Revenue
Net Sales	1,344	1,153
Rhythm Management | Medical Devices
Revenue
Net Sales	524	519
Rhythm Management | Medical Devices | United States
Revenue
Net Sales	248	241
Rhythm Management | Medical Devices | Int'l
Revenue
Net Sales	276	278
Electrophysiology | Medical Devices
Revenue
Net Sales	485	431
Electrophysiology | Medical Devices | United States
Revenue
Net Sales	216	179
Electrophysiology | Medical Devices | Int'l
Revenue
Net Sales	269	252
Heart Failure | Medical Devices
Revenue
Net Sales	221	194
Heart Failure | Medical Devices | United States
Revenue
Net Sales	167	145
Heart Failure | Medical Devices | Int'l
Revenue
Net Sales	54	49
Vascular | Medical Devices
Revenue
Net Sales	619	635
Vascular | Medical Devices | United States
Revenue
Net Sales	209	219
Vascular | Medical Devices | Int'l
Revenue
Net Sales	410	416
Structural Heart | Medical Devices
Revenue
Net Sales	411	377
Structural Heart | Medical Devices | United States
Revenue
Net Sales	190	169
Structural Heart | Medical Devices | Int'l
Revenue
Net Sales	221	208
Neuromodulation | Medical Devices
Revenue
Net Sales	179	184
Neuromodulation | Medical Devices | United States
Revenue
Net Sales	143	145
Neuromodulation | Medical Devices | Int'l
Revenue
Net Sales	36	39
Diabetes Care | Medical Devices
Revenue
Net Sales	1,126	980
Diabetes Care | Medical Devices | United States
Revenue
Net Sales	343	253
Diabetes Care | Medical Devices | Int'l
Revenue
Net Sales	$ 783	$ 727

Revenue - Remaining Performance

Revenue - Remaining Performance Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Diagnostic Products
Remaining Performance Obligations
Remaining performance obligations	$ 3,800
Medical Devices
Remaining Performance Obligations
Remaining performance obligations	$ 428
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Remaining Performance Obligations
Expected timing of satisfaction period (in months)	24 months
Percentage of remaining performance obligation expected to be recognized in period	60.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Remaining Performance Obligations
Expected timing of satisfaction period (in months)	12 months
Percentage of remaining performance obligation expected to be recognized in period	16.00%

Revenue - Practical Expedient (

Revenue - Practical Expedient (Details)	3 Months Ended
	Mar. 31, 2022
Revenue
Practical expedient in remaining performance obligations related to contracts	true

Revenue - Other Contract Assets

Revenue - Other Contract Assets and Liabilities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Contract Liabilities
Balance at beginning of period	$ 520
Unearned revenue from cash received during the period	171
Revenue recognized related to contract liability balance	(178)
Balance at end of period	$ 513

Supplemental Financial Inform_3

Supplemental Financial Information - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Financial Information
Net earnings allocated to common shares	$ 2,438	$ 1,785

Supplemental Financial Inform_4

Supplemental Financial Information - Other, net in Net cash from operating activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow disclosures
Payment of cash taxes	$ 195	$ 270
Defined Benefit Plans
Cash flow disclosures
Pension contributions	$ 334	$ 16

Supplemental Financial Inform_5

Supplemental Financial Information - Allowance for Doubtful Accounts (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Allowances for Doubtful Accounts and Product Returns
Balance at Beginning	$ 313
Provisions/charges to income	3
Amounts charged off and other deductions	(15)
Balance at End	$ 301

Supplemental Financial Inform_6

Supplemental Financial Information - Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments
Long-term Investments	$ 763	$ 816
Equity method investments carrying value	244
Equity investment without readily determinable fair value	92
Equity securities
Investments
Long-term Investments	703	748
Other
Investments
Long-term Investments	60	$ 68
St Jude Medical | Equity securities
Investments
Securities in mutual funds held in a rabbi trust	$ 357

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in accumulated other comprehensive income (loss), net of income taxes
Beginning of the period	$ 35,802
Net current period comprehensive income (loss)	(100)	$ (339)
End of the period	35,399
Cumulative Foreign Currency Translation Adjustments
Changes in accumulated other comprehensive income (loss), net of income taxes
Beginning of the period	(5,839)	(4,859)
Other comprehensive income (loss) before reclassifications	(106)	(536)
Net current period comprehensive income (loss)	(106)	(536)
End of the period	(5,945)	(5,395)
Net Actuarial (Losses) and Prior Service (Costs) and Credits
Changes in accumulated other comprehensive income (loss), net of income taxes
Beginning of the period	(2,670)	(3,871)
Other comprehensive income (loss) before reclassifications	17	22
(Income) loss amounts reclassified from accumulated other comprehensive income	45	63
Net current period comprehensive income (loss)	62	85
End of the period	(2,608)	(3,786)
Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges
Changes in accumulated other comprehensive income (loss), net of income taxes
Beginning of the period	135	(216)
Other comprehensive income (loss) before reclassifications	(34)	96
(Income) loss amounts reclassified from accumulated other comprehensive income	(22)	16
Net current period comprehensive income (loss)	(56)	112
End of the period	$ 79	$ (104)

Goodwill and Intangible Assets

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets
Goodwill	$ 23,179	$ 23,231
Decrease in goodwill from foreign currency translation adjustments	50
Amount of reductions of goodwill relating to impairments	0
Established Pharmaceutical Products
Goodwill and Intangible Assets
Goodwill	2,800
Nutritional Products
Goodwill and Intangible Assets
Goodwill	286
Diagnostic Products
Goodwill and Intangible Assets
Goodwill	3,700
Medical Devices
Goodwill and Intangible Assets
Goodwill	$ 16,400

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets
Gross amount of amortizable intangible assets	$ 27,700	$ 27,700
Accumulated amortization of intangible assets	16,400	15,900
Increase (Decrease) in intangible assets due to foreign currency translation adjustments	3
Estimated annual amortization expense, intangible assets, 2022	2,100
Estimated annual amortization expense, intangible assets, 2023	2,000
Estimated annual amortization expense, intangible assets, 2024	1,900
Estimated annual amortization expense, intangible assets, 2025	1,700
Estimated annual amortization expense, intangible assets, 2026	1,600
Indefinite-lived intangible assets related to in-process R&D acquired in a business combination	$ 919	$ 919

Restructuring Plans - Diagnosti

Restructuring Plans - Diagnostic Products segment (Details) - COVID-19 Test Manufacturing Network Restructuring Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2021
Restructuring Plans
Restructuring charges		$ 499		$ 441
Payments				(90)
Other non-cash				(328)
Payments and other adjustments	$ (3)
Accrued balance	20		$ 23	23
Inventory sold that was previously estimated to have no net realizable value			181
Inventory-related charges
Restructuring Plans
Restructuring charges		248		248
Other non-cash				(248)
Fixed asset write-downs
Restructuring Plans
Restructuring charges		80		80
Other non-cash				(80)
Other exit costs
Restructuring Plans
Restructuring charges		$ 171		113
Payments				(90)
Payments and other adjustments	(3)
Accrued balance	$ 20		23	$ 23
Reduction of restructuring estimate			$ 58

Restructuring Plans - 2021 Rest

Restructuring Plans - 2021 Restructuring Plan (Details) - 2021 Restructuring Plan - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Restructuring Plans
Employee related severance and other charges		$ 68
Restructuring Charges		68
Payments and other adjustments	$ (16)	(7)
Accrued balance	$ 45	61
Cost of products sold
Restructuring Plans
Employee related severance and other charges		16
Research and development
Restructuring Plans
Employee related severance and other charges		4
Selling, general and administrative expense
Restructuring Plans
Employee related severance and other charges		$ 48

Incentive Stock Programs - Gene

Incentive Stock Programs - General (Details)	3 Months Ended
	Mar. 31, 2022shares
Incentive Stock Program
Incentive stock program, shares reserved for future grants	86,000,000
Stock options
Incentive Stock Program
Stock options granted during the period (in shares)	2,594,059
Restricted stock awards
Incentive Stock Program
Grants in period, restricted stock (in shares)	514,148
Restricted stock units
Incentive Stock Program
Awards and units granted during period (in shares)	5,303,072

Incentive Stock Programs - Opti

Incentive Stock Programs - Options (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Incentive Stock Program
Total unrecognized compensation cost	$ 825
Total unrecognized compensation cost, recognition period	3 years
Stock options
Incentive Stock Program
Stock options outstanding, number of shares | shares	29,479,237
Exercisable options, number of shares | shares	23,547,781
Stock options outstanding, weighted-average remaining life	5 years 10 months 24 days
Exercisable options, weighted-average remaining life	5 years 1 month 6 days
Stock options outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 69.87
Exercisable options, weighted-average exercise price (in dollars per share) | $ / shares	$ 59.23
Aggregate intrinsic value of options outstanding	$ 1,445
Aggregate intrinsic value of options exercisable	$ 1,397

Debt and Lines of Credit (Detai

Debt and Lines of Credit (Details) - 2.55% Notes, due 2022 $ in Millions	Mar. 15, 2022USD ($)
Debt and Lines of Credit
Repayments of debt	$ 750
Interest rate percentage	2.55%

Financial Instruments, Deriva_3

Financial Instruments, Derivatives and Fair Value Measures - Contracts (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Designated as hedging instrument | Yen-denominated long-term debt | Net investment hedges
Financial Instruments, Derivatives and Fair Value Measures
Term loan	$ 491	$ 521
Debt Instrument, Term	5 years	5 years
Designated as hedging instrument | Foreign currency forward exchange contracts | Cash flow hedges
Financial Instruments, Derivatives and Fair Value Measures
Gross notional amount	$ 8,500	$ 8,600
Minimum length of time over which accumulated gains and losses will be recognized in Cost of products sold	12 months
Maximum length of time over which accumulated gains and losses will be recognized in Cost of products sold	18 months
Designated as hedging instrument | Interest rate swaps | Fair value hedges
Financial Instruments, Derivatives and Fair Value Measures
Gross notional amount	$ 2,900	2,900
Not designated as hedging instrument | Foreign currency forward exchange contracts
Financial Instruments, Derivatives and Fair Value Measures
Gross notional amount	$ 12,200	$ 12,200

Financial Instruments, Deriva_4

Financial Instruments, Derivatives and Fair Value Measures - Location of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative instruments and fair value
Fair Value - Assets	$ 353	$ 379
Fair Value - Liabilities	801	618
Designated as hedging instrument | Interest rate swaps | Deferred income taxes and other assets | Fair value hedges
Derivative instruments and fair value
Fair Value - Assets		87
Designated as hedging instrument | Interest rate swaps | Post-employment obligations, deferred income taxes and other long-term liabilities | Fair value hedges
Derivative instruments and fair value
Fair Value - Liabilities	34
Designated as hedging instrument | Foreign currency forward exchange contracts | Prepaid expenses and other receivables
Derivative instruments and fair value
Fair Value - Assets	204	222
Designated as hedging instrument | Foreign currency forward exchange contracts | Other accrued liabilities
Derivative instruments and fair value
Fair Value - Liabilities	183	65
Designated as hedging instrument | Debt | Long-term Debt | Net investment hedges
Derivative instruments and fair value
Fair Value - Liabilities	491	521
Not designated as hedging instrument | Foreign currency forward exchange contracts | Prepaid expenses and other receivables
Derivative instruments and fair value
Fair Value - Assets	149	70
Not designated as hedging instrument | Foreign currency forward exchange contracts | Other accrued liabilities
Derivative instruments and fair value
Fair Value - Liabilities	$ 93	$ 32

Financial Instruments, Deriva_5

Financial Instruments, Derivatives and Fair Value Measures - Gain or Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign currency forward exchange contracts | Not designated as hedging instrument
Gain (loss) on derivatives
Income (expense) and Gains (loss) Reclassified into Income	$ (51)	$ 49
Foreign currency forward exchange contracts | Cash flow hedges | Designated as hedging instrument | Cost of products sold
Gain (loss) on derivatives
Gain (loss) Recognized in Other Comprehensive Income (loss)	(49)	134
Income (expense) and Gains (loss) Reclassified into Income	27	(23)
Debt | Net investment hedges | Designated as hedging instrument
Gain (loss) on derivatives
Gain (loss) Recognized in Other Comprehensive Income (loss)	30	35
Interest rate swaps | Fair value hedges | Designated as hedging instrument | Interest expense
Gain (loss) on derivatives
Income (expense) and Gains (loss) Reclassified into Income	$ (121)	$ (69)

Financial Instruments, Deriva_6

Financial Instruments, Derivatives and Fair Value Measures - Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair value, asset and liability measures
Long-term Investments	$ 763	$ 816
Equity securities
Fair value, asset and liability measures
Long-term Investments	703	748
Carrying value
Fair value, asset and liability measures
Total long-term debt	(17,090)	(18,050)
Foreign currency forward exchange contracts, receivable position	353	292
Foreign currency forward exchange contracts, (payable) position	(276)	(97)
Interest rate hedge contracts, receivable position		87
Interest rate hedge contract, (payable) position	(34)
Carrying value | Equity securities
Fair value, asset and liability measures
Long-term Investments	703	748
Carrying value | Other
Fair value, asset and liability measures
Long-term Investments	60	68
Fair value
Fair value, asset and liability measures
Total long-term debt	(18,704)	(21,152)
Foreign currency forward exchange contracts, receivable position	353	292
Foreign currency forward exchange contracts, (payable) position	(276)	(97)
Interest rate hedge contracts, receivable position		87
Interest rate hedge contract, (payable) position	(34)
Fair value | Equity securities
Fair value, asset and liability measures
Long-term Investments	703	748
Fair value | Other
Fair value, asset and liability measures
Long-term Investments	$ 60	$ 68

Financial Instruments, Deriva_7

Financial Instruments, Derivatives and Fair Value Measures - Bases of Measurement (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair value, asset and liability measures
Equity securities	$ 367	$ 402
Interest rate swap derivative financial instruments		87
Foreign currency forward exchange contracts	353	292
Total Assets	720	781
Fair value of hedged long-term debt	2,805	2,926
Interest rate swap derivative financial instruments	34
Foreign currency forward exchange contracts	276	97
Contingent consideration related to business combinations	134	130
Total Liabilities	3,249	3,153
Quoted Prices in Active Markets
Fair value, asset and liability measures
Equity securities	367	402
Total Assets	367	402
Significant Other Observable Inputs
Fair value, asset and liability measures
Interest rate swap derivative financial instruments		87
Foreign currency forward exchange contracts	353	292
Total Assets	353	379
Fair value of hedged long-term debt	2,805	2,926
Interest rate swap derivative financial instruments	34
Foreign currency forward exchange contracts	276	97
Total Liabilities	3,115	3,023
Significant Unobservable Inputs
Fair value, asset and liability measures
Contingent consideration related to business combinations	134	130
Total Liabilities	$ 134	$ 130

Litigation and Environmental _2

Litigation and Environmental Matters (Details) $ in Millions	Mar. 31, 2022USD ($)
Loss Contingencies
Maximum expected cleanup exposure for individual site	$ 4
Maximum expected cleanup exposure in aggregate	10
Legal proceedings and environmental exposures
Loss Contingencies
Recorded accrual balance for legal proceedings and exposures	40
Legal proceedings and environmental exposures | Minimum
Loss Contingencies
Estimation of possible loss	30
Legal proceedings and environmental exposures | Maximum
Loss Contingencies
Estimation of possible loss	$ 45

Post-Employment Benefits - (Det

Post-Employment Benefits - (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined benefit plan net periodic benefit cost
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Net amortization of:
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Defined Benefit Plans
Defined benefit plan net periodic benefit cost
Service cost - benefits earned during the period	$ 96	$ 100
Interest cost on projected benefit obligations	76	62
Expected return on plans' assets	(236)	(211)
Net amortization of:
Actuarial loss, net	59	81
Total net cost (credit)	(5)	32
Post-employment Obligations and Other Long-term Liabilities:
Company contributions	334	16
Medical and Dental Plans
Defined benefit plan net periodic benefit cost
Service cost - benefits earned during the period	13	14
Interest cost on projected benefit obligations	10	8
Expected return on plans' assets	(7)	(7)
Net amortization of:
Actuarial loss, net	5	7
Prior service cost (credit)	(6)	(7)
Total net cost (credit)	15	15
Post-employment Obligations and Other Long-term Liabilities:
Company contributions	$ 28	$ 0

Taxes on Earnings (Details)

Taxes on Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Taxes on Earnings
Excess tax benefits associated with share-based compensation	$ 30	$ 80
Tax expense as the result of the resolution of various tax positions related to prior years	30
Minimum
Taxes on Earnings
Decrease reasonably possible in gross unrecognized tax benefits	70
Maximum
Taxes on Earnings
Decrease reasonably possible in gross unrecognized tax benefits	$ 80

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Information
Net Sales	$ 11,895	$ 10,456
Operating Earnings	2,912	2,109
Amortization of intangible assets	(512)	(509)
Earnings before taxes	$ 2,876	$ 2,043
Annual share-based awards recognized in first quarter (as a percent)	45.00%	45.00%
Established Pharmaceutical Products
Segment Information
Net Sales	$ 1,147	$ 1,070
Nutritional Products
Segment Information
Net Sales	1,894	2,036
Voluntary recall	120
Diagnostic Products
Segment Information
Net Sales	5,286	4,014
Medical Devices
Segment Information
Net Sales	3,565	3,320
Other Segment
Segment Information
Net Sales	3	16
Total Reportable Segment Operating Earnings
Segment Information
Net Sales	11,892	10,440
Operating Earnings	4,140	3,344
Total Reportable Segment Operating Earnings | Established Pharmaceutical Products
Segment Information
Net Sales	1,147	1,070
Operating Earnings	242	169
Total Reportable Segment Operating Earnings | Nutritional Products
Segment Information
Net Sales	1,894	2,036
Operating Earnings	251	467
Total Reportable Segment Operating Earnings | Diagnostic Products
Segment Information
Net Sales	5,286	4,014
Operating Earnings	2,569	1,701
Total Reportable Segment Operating Earnings | Medical Devices
Segment Information
Net Sales	3,565	3,320
Operating Earnings	1,078	1,007
Reconciling items
Segment Information
Corporate functions and benefit plans costs	(114)	(114)
Net interest expense	(117)	(124)
Share-based compensation	(305)	(288)
Amortization of intangible assets	(512)	(509)
Other, net	$ (216)	$ (266)