Cover
Cover | 6 Months Ended |
Jun. 30, 2022 shares | |
Document and Entity Information | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2022 |
Document Transition Report | false |
Entity File Number | 1-2189 |
Entity Registrant Name | ABBOTT LABORATORIES |
Entity Incorporation, State or Country Code | IL |
Entity Tax Identification Number | 36-0698440 |
Entity Address, Address Line One | 100 Abbott Park Road |
Entity Address, City or Town | Abbott Park |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60064-6400 |
City Area Code | 224 |
Local Phone Number | 667-6100 |
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 | 1,751,219,743 |
Entity Central Index Key | 0000001800 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
NEW YORK STOCK EXCHANGE, INC. | |
Document and Entity Information | |
Title of 12(b) Security | Common Shares, Without Par Value |
Trading Symbol | ABT |
Security Exchange Name | NYSE |
CHICAGO STOCK EXCHANGE, INC | |
Document and Entity Information | |
Title of 12(b) Security | Common Shares, Without Par Value |
Trading Symbol | ABT |
Security Exchange Name | CHX |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 11,257 | $ 10,223 | $ 23,152 | $ 20,679 |
Cost of products sold, excluding amortization of intangible assets | 4,933 | 4,947 | 9,920 | 9,348 |
Amortization of intangible assets | 507 | 504 | 1,019 | 1,013 |
Research and development | 684 | 654 | 1,381 | 1,308 |
Selling, general and administrative | 2,757 | 2,726 | 5,544 | 5,509 |
Total operating cost and expenses | 8,881 | 8,831 | 17,864 | 17,178 |
Operating earnings | 2,376 | 1,392 | 5,288 | 3,501 |
Interest expense | 132 | 134 | 263 | 269 |
Interest (income) | (26) | (11) | (40) | (22) |
Net foreign exchange (gain) loss | 0 | 0 | (3) | 3 |
Other (income) expense, net | (82) | (79) | (160) | (140) |
Earnings before taxes | 2,352 | 1,348 | 5,228 | 3,391 |
Taxes on earnings | 334 | 159 | 763 | 409 |
Net Earnings | $ 2,018 | $ 1,189 | $ 4,465 | $ 2,982 |
Basic Earnings Per Common Share (in dollars per share) | $ 1.15 | $ 0.67 | $ 2.53 | $ 1.67 |
Diluted Earnings Per Common Share (in dollars per share) | $ 1.14 | $ 0.66 | $ 2.51 | $ 1.66 |
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share (in shares) | 1,753,865 | 1,779,203 | 1,757,858 | 1,778,049 |
Dilutive Common Stock Options (in shares) | 11,598 | 14,076 | 12,115 | 14,369 |
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options (in shares) | 1,765,463 | 1,793,279 | 1,769,973 | 1,792,418 |
Outstanding Common Stock Options Having No Dilutive Effect (in shares) | 5,419 | 2,720 | 2,655 | 2,694 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||||
Net earnings | $ 2,018 | $ 1,189 | $ 4,465 | $ 2,982 | |
Foreign currency translation gain (loss) adjustments | (315) | 165 | (421) | (371) | |
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $12 and $25 in 2022 and $18 and $36 in 2021 | 54 | 48 | 116 | 133 | |
Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $61 and $46 in 2022 and $2 and $48 in 2021 | 29 | 6 | (27) | 118 | |
Other comprehensive income (loss) | (232) | 219 | (332) | (120) | |
Comprehensive Income | 1,786 | $ 1,408 | 4,133 | $ 2,862 | |
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax: | |||||
Cumulative foreign currency translation (loss) adjustments | (6,260) | (6,260) | $ (5,839) | ||
Net actuarial (losses) and prior service (costs) and credits | (2,554) | (2,554) | (2,670) | ||
Cumulative gains (losses) on derivative instruments designated as cash flow hedges and other | 108 | 108 | 135 | ||
Accumulated other comprehensive income (loss) | $ (8,706) | $ (8,706) | $ (8,374) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax | $ 12 | $ 18 | $ 25 | $ 36 |
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification, tax | $ 61 | $ 2 | $ 46 | $ 48 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 8,937 | $ 9,799 |
Short-term investments | 353 | 450 |
Trade receivables, less allowances of $572 in 2022 and $519 in 2021 | 7,199 | 6,487 |
Inventories: | ||
Finished products | 3,570 | 3,081 |
Work in process | 710 | 694 |
Materials | 1,619 | 1,382 |
Total inventories | 5,899 | 5,157 |
Prepaid expenses and other receivables | 2,568 | 2,346 |
Total Current Assets | 24,956 | 24,239 |
Investments | 734 | 816 |
Property and equipment, at cost | 19,458 | 19,364 |
Less: accumulated depreciation and amortization | 10,640 | 10,405 |
Net property and equipment | 8,818 | 8,959 |
Intangible assets, net of amortization | 11,592 | 12,739 |
Goodwill | 22,744 | 23,231 |
Deferred income taxes and other assets | 5,358 | 5,212 |
Total Assets | 74,202 | 75,196 |
Current Liabilities: | ||
Trade accounts payable | 4,493 | 4,408 |
Salaries, wages and commissions | 1,315 | 1,625 |
Other accrued liabilities | 5,400 | 5,181 |
Dividends payable | 824 | 831 |
Income taxes payable | 355 | 306 |
Current portion of long-term debt | 5 | 754 |
Total Current Liabilities | 12,392 | 13,105 |
Long-term debt | 16,755 | 17,296 |
Post-employment obligations, deferred income taxes and other long-term liabilities | 8,339 | 8,771 |
Commitments and Contingencies | ||
Shareholders’ Investment: | ||
Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued | 0 | 0 |
Common shares, without par value Authorized — 2,400,000,000 shares Issued at stated capital amount — Shares: 2022: 1,985,676,735; 2021: 1,985,273,421 | 24,429 | 24,470 |
Common shares held in treasury, at cost — Shares: 2022: 234,456,992; 2021: 221,191,228 | (13,720) | (11,822) |
Earnings employed in the business | 34,487 | 31,528 |
Accumulated other comprehensive income (loss) | (8,706) | (8,374) |
Total Abbott Shareholders’ Investment | 36,490 | 35,802 |
Noncontrolling Interests in Subsidiaries | 226 | 222 |
Total Shareholders’ Investment | 36,716 | 36,024 |
Total Liabilities and Shareholders' Investment | $ 74,202 | $ 75,196 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowances | $ 572 | $ 519 |
Preferred shares, par value (in dollars per share) | $ 1 | $ 1 |
Preferred shares, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Common shares, authorized (in shares) | 2,400,000,000 | 2,400,000,000 |
Common shares, issued (in shares) | 1,985,676,735 | 1,985,273,421 |
Common shares held in treasury (in shares) | 234,456,992 | 221,191,228 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Shareholders' Investment (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Increase (Decrease) in Shareholders' Investment | ||||
Beginning balance | $ 36,024 | |||
Net earnings | $ 2,018 | $ 1,189 | 4,465 | $ 2,982 |
Other comprehensive income (loss) | (232) | 219 | (332) | (120) |
Ending balance | 36,716 | 36,716 | ||
Common Stock | ||||
Increase (Decrease) in Shareholders' Investment | ||||
Beginning balance | 24,304 | 24,023 | 24,470 | 24,145 |
Issued under incentive stock programs | 10 | 18 | 24 | 65 |
Share-based compensation | 125 | 119 | 449 | 423 |
Issuance of restricted stock awards | (10) | (7) | (514) | (480) |
Ending balance | 24,429 | 24,153 | 24,429 | 24,153 |
Treasury Stock, Common | ||||
Increase (Decrease) in Shareholders' Investment | ||||
Beginning balance | (13,726) | (9,845) | (11,822) | (10,042) |
Issued under incentive stock programs | 7 | 8 | 230 | 239 |
Purchased | (1) | (503) | (2,128) | (537) |
Ending balance | (13,720) | (10,340) | (13,720) | (10,340) |
Retained Earnings | ||||
Increase (Decrease) in Shareholders' Investment | ||||
Beginning balance | 33,295 | 28,669 | 31,528 | 27,627 |
Net earnings | 2,018 | 1,189 | 4,465 | 2,982 |
Cash dividends declared on common shares | (827) | (801) | (1,653) | (1,604) |
Effect of common and treasury share transactions | 1 | (4) | 147 | 48 |
Ending balance | 34,487 | 29,053 | 34,487 | 29,053 |
AOCI Attributable to Parent | ||||
Increase (Decrease) in Shareholders' Investment | ||||
Beginning balance | (8,474) | (9,285) | (8,374) | (8,946) |
Other comprehensive income (loss) | (232) | 219 | (332) | (120) |
Ending balance | (8,706) | (9,066) | (8,706) | (9,066) |
Noncontrolling Interest | ||||
Increase (Decrease) in Shareholders' Investment | ||||
Beginning balance | 230 | 226 | 222 | 219 |
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases | (4) | 3 | 4 | 10 |
Ending balance | $ 226 | $ 229 | $ 226 | $ 229 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Shareholders' Investment (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Increase (Decrease) in Shareholders' Investment | ||||
Beginning balance, treasury stock, common (in shares) | 221,191,228 | |||
Ending balance, treasury stock, common (in shares) | 234,456,992 | 234,456,992 | ||
Common Stock | ||||
Increase (Decrease) in Shareholders' Investment | ||||
Beginning balance (in shares) | 1,985,525,053 | 1,982,205,491 | 1,985,273,421 | 1,981,156,896 |
Issued under incentive stock programs (in shares) | 151,682 | 347,997 | 403,314 | 1,396,592 |
Ending balance (in shares) | 1,985,676,735 | 1,982,553,488 | 1,985,676,735 | 1,982,553,488 |
Treasury Stock, Common | ||||
Increase (Decrease) in Shareholders' Investment | ||||
Beginning balance, treasury stock, common (in shares) | 234,582,764 | 205,385,343 | 221,191,228 | 209,926,622 |
Issued under incentive stock programs (in shares) | 135,663 | 159,644 | 4,280,139 | 4,978,431 |
Purchased (in shares) | 9,891 | 4,510,440 | 17,545,903 | 4,787,948 |
Ending balance, treasury stock, common (in shares) | 234,456,992 | 209,736,139 | 234,456,992 | 209,736,139 |
Retained Earnings | ||||
Increase (Decrease) in Shareholders' Investment | ||||
Cash dividends declared on common shares (in dollars per share) | $ 0.47 | $ 0.45 | $ 0.94 | $ 0.90 |
Condensed Consolidated Statem_6
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flow From (Used in) Operating Activities: | ||
Net earnings | $ 4,465 | $ 2,982 |
Adjustments to reconcile net earnings to net cash from operating activities — | ||
Depreciation | 626 | 795 |
Amortization of intangible assets | 1,019 | 1,013 |
Share-based compensation | 447 | 420 |
Trade receivables | (939) | 200 |
Inventories | (1,030) | (542) |
Other, net | (113) | (103) |
Net Cash From Operating Activities | 4,475 | 4,765 |
Cash Flow From (Used in) Investing Activities: | ||
Acquisitions of property and equipment | (700) | (810) |
Acquisitions of businesses and technologies, net of cash acquired | 0 | (15) |
Proceeds from business dispositions | 48 | 48 |
Sales (purchases) of other investment securities, net | 18 | 81 |
Other | 10 | 10 |
Net Cash From (Used in) Investing Activities | (624) | (686) |
Cash Flow From (Used in) Financing Activities: | ||
Net borrowings (repayments) of short-term debt and other | 13 | 20 |
Proceeds from issuance of long-term debt | 6 | 0 |
Repayments of long-term debt | (752) | (5) |
Purchases of common shares | (2,312) | (746) |
Proceeds from stock options exercised | 69 | 103 |
Dividends paid | (1,660) | (1,603) |
Net Cash From (Used in) Financing Activities | (4,636) | (2,231) |
Effect of exchange rate changes on cash and cash equivalents | (77) | (28) |
Net Increase (Decrease) in Cash and Cash Equivalents | (862) | 1,820 |
Cash and Cash Equivalents, Beginning of Year | 9,799 | 6,838 |
Cash and Cash Equivalents, End of Period | $ 8,937 | $ 8,658 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
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 tables provide detail by sales category: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (in millions) U.S. Int’l Total U.S. Int’l Total Established Pharmaceutical Products — Key Emerging Markets $ — $ 931 $ 931 $ — $ 915 $ 915 Other — 292 292 — 265 265 Total — 1,223 1,223 — 1,180 1,180 Nutritionals — Pediatric Nutritionals 413 512 925 528 565 1,093 Adult Nutritionals 348 680 1,028 345 670 1,015 Total 761 1,192 1,953 873 1,235 2,108 Diagnostics — Core Laboratory 287 934 1,221 283 1,023 1,306 Molecular 71 141 212 94 196 290 Point of Care 101 38 139 97 40 137 Rapid Diagnostics 2,010 740 2,750 681 833 1,514 Total 2,469 1,853 4,322 1,155 2,092 3,247 Medical Devices — Rhythm Management 264 284 548 269 298 567 Electrophysiology 226 260 486 209 278 487 Heart Failure 179 62 241 168 59 227 Vascular 228 425 653 246 451 697 Structural Heart 207 233 440 191 231 422 Neuromodulation 157 40 197 166 44 210 Diabetes Care 399 793 1,192 289 767 1,056 Total 1,660 2,097 3,757 1,538 2,128 3,666 Other 2 — 2 15 7 22 Total $ 4,892 $ 6,365 $ 11,257 $ 3,581 $ 6,642 $ 10,223 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in millions) U.S. Int’l Total U.S. Int’l Total Established Pharmaceutical Products — Key Emerging Markets $ — $ 1,833 $ 1,833 $ — $ 1,736 $ 1,736 Other — 537 537 — 514 514 Total — 2,370 2,370 — 2,250 2,250 Nutritionals — Pediatric Nutritionals 751 1,021 1,772 1,036 1,123 2,159 Adult Nutritionals 687 1,388 2,075 673 1,312 1,985 Total 1,438 2,409 3,847 1,709 2,435 4,144 Diagnostics — Core Laboratory 555 1,850 2,405 554 1,934 2,488 Molecular 243 389 632 269 468 737 Point of Care 192 75 267 189 77 266 Rapid Diagnostics 4,220 2,084 6,304 1,784 1,986 3,770 Total 5,210 4,398 9,608 2,796 4,465 7,261 Medical Devices — Rhythm Management 512 560 1,072 510 576 1,086 Electrophysiology 442 529 971 388 530 918 Heart Failure 346 116 462 313 108 421 Vascular 437 835 1,272 465 867 1,332 Structural Heart 397 454 851 360 439 799 Neuromodulation 300 76 376 311 83 394 Diabetes Care 742 1,576 2,318 542 1,494 2,036 Total 3,176 4,146 7,322 2,889 4,097 6,986 Other 5 — 5 25 13 38 Total $ 9,829 $ 13,323 $ 23,152 $ 7,419 $ 13,260 $ 20,679 Remaining Performance Obligations As of June 30, 2022, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $3.9 billion in the Diagnostics segment and approximately $436 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 Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amounts above. Other Contract Assets and Liabilities Abbott discloses Trade receivables separately in the Condensed Consolidated Balance Sheet at the net amount expected to be collected. Contract assets primarily relate to Abbott’s conditional right to consideration for work completed but not billed at the reporting date. Contract assets at the beginning and end of the period, as well as the changes in the balance, were not significant. Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Abbott’s contract liabilities arise primarily in the Medical Devices reportable segment when payment is received upfront for various multi-period extended service arrangements. Changes in the contract liabilities during the period are as follows: (in millions) Contract Liabilities: Balance at December 31, 2021 $ 520 Unearned revenue from cash received during the period 294 Revenue recognized related to contract liability balance (324) Balance at June 30, 2022 $ 490 |
Supplemental Financial Informat
Supplemental Financial Information | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
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 June 30, 2022 and 2021 were $2.009 billion and $1.184 billion, respectively, and for the six months ended June 30, 2022 and 2021 were $4.447 billion and $2.969 billion, respectively. Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first six months of 2022 includes $348 million of pension contributions and the payment of cash taxes of approximately $657 million. The first six months of 2021 includes $80 million of pension contributions and the payment of cash taxes of approximately $715 million. The following summarizes the activity for the first six months of 2022 related to the allowance for doubtful accounts as of June 30, 2022: (in millions) Allowance for Doubtful Accounts: Balance at December 31, 2021 $ 313 Provisions/charges to income 9 Amounts charged off and other deductions (34) Balance at June 30, 2022 $ 288 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 June 30, 2022 and December 31, 2021 are as follows: (in millions) June 30, December 31, Long-term Investments: Equity securities $ 620 $ 748 Other 114 68 Total $ 734 $ 816 The decrease in Abbott’s long-term investments as of June 30, 2022 versus the balance as of December 31, 2021 primarily relates to a decrease in the value of investments held in a rabbi trust and the impact of equity method investment losses partially offset by an investment in long-term time deposits. Abbott’s equity securities as of June 30, 2022, include $303 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 June 30, 2022 with a carrying value of $227 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of approximately $82 million that do not have a readily determinable fair value. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
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 June 30 Cumulative Foreign Net Actuarial (Losses) and Cumulative Gains (Losses) (in millions) 2022 2021 2022 2021 2022 2021 Balance at March 31 $ (5,945) $ (5,395) $ (2,608) $ (3,786) $ 79 $ (104) Other comprehensive income (loss) before reclassifications (315) 165 13 (12) 45 (28) Amounts reclassified from accumulated other comprehensive income — — 41 60 (16) 34 Net current period comprehensive income (loss) (315) 165 54 48 29 6 Balance at June 30 $ (6,260) $ (5,230) $ (2,554) $ (3,738) $ 108 $ (98) Six Months Ended June 30 Cumulative Foreign Net Actuarial (Losses) and Cumulative Gains (Losses) (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 (421) (371) 30 10 11 68 Amounts reclassified from accumulated other comprehensive income — — 86 123 (38) 50 Net current period comprehensive income (loss) (421) (371) 116 133 (27) 118 Balance at June 30 $ (6,260) $ (5,230) $ (2,554) $ (3,738) $ 108 $ (98) Reclassified amounts for cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior service cost are included as a component of net periodic benefit costs; see Note 11 for additional details. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5 — Goodwill and Intangible Assets The total amount of goodwill reported was $22.7 billion at June 30, 2022 and $23.2 billion at December 31, 2021. Foreign currency translation adjustments decreased goodwill by approximately $486 million in the first six months of 2022. The amount of goodwill related to reportable segments at June 30, 2022 was $2.7 billion for the Established Pharmaceutical Products segment, $286 million for the Nutritional Products segment, $3.6 billion for the Diagnostic Products segment, and $16.1 billion for the Medical Devices segment. There was no reduction of goodwill relating to impairments in the first six months of 2022. The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.3 billion and $27.7 billion as of June 30, 2022 and December 31, 2021, respectively. Accumulated amortization was $16.6 billion and $15.9 billion as of June 30, 2022 and December 31, 2021, respectively. Foreign currency translation adjustments decreased intangible assets by $122 million in the first six 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 June 30, 2022 and December 31, 2021. |
Restructuring Plans
Restructuring Plans | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
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 second half of 2021, Abbott sold approximately $181 million of inventory that was previously estimated to have no net realizable value under the second quarter of 2021 restructuring action. In addition, the estimate of other exit costs was reduced by a net $58 million as Abbott fulfilled its purchase obligations under certain contracts for which a liability was recorded in the second quarter of 2021 or Abbott settled with the counterparty in the second half of 2021. The following summarizes the activity related to this restructuring action and the status of the related accruals as of June 30, 2022: (in millions) Inventory- Fixed Asset Other Exit 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 — — (10) (10) Accrued balance at June 30, 2022 $ — $ — $ 13 $ 13 In 2021, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in Abbott’s diagnostic, established pharmaceutical, nutritional, and medical device businesses. Abbott recorded employee-related severance and other charges of approximately $68 million in 2021 of which approximately $16 million was recorded in Cost of products sold, approximately $4 million was recorded in Research and development, and approximately $48 million was recorded in Selling, general and administrative expense. The following summarizes the activity for these restructurings: (in millions) Restructuring charges recorded in 2021 $ 68 Payments and other adjustments (7) Accrued balance at December 31, 2021 61 Payments and other adjustments (30) Accrued balance at June 30, 2022 $ 31 |
Incentive Stock Programs
Incentive Stock Programs | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Incentive Stock Programs | Note 7 — Incentive Stock Programs In the first six months of 2022, Abbott granted 2,627,843 stock options, 514,205 restricted stock awards and 5,390,484 restricted stock units under its incentive stock program. At June 30, 2022, approximately 87 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at June 30, 2022 is as follows: Outstanding Exercisable Number of shares 29,318,781 23,516,664 Weighted average remaining life (years) 5.6 4.8 Weighted average exercise price $ 69.99 $ 59.40 Aggregate intrinsic value (in millions) $ 1,199 $ 1,172 |
Debt and Lines of Credit
Debt and Lines of Credit | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
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 upon maturity. |
Financial Instruments, Derivati
Financial Instruments, Derivatives and Fair Value Measures | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 $8.4 billion at June 30, 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 June 30, 2022 will be included in Cost of products sold at the time the products are sold, generally through the next twelve 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 June 30, 2022 and December 31, 2021, Abbott held the gross notional amounts of $11.3 billion and $12.2 billion, respectively, of such foreign currency forward exchange contracts. Abbott has designated a yen-denominated, 5-year term loan of approximately $437 million and $521 million as of June 30, 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 June 30, 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. The following table summarizes the amounts and location of certain derivative financial instruments as of June 30, 2022 and December 31, 2021: Fair Value - Assets Fair Value - Liabilities (in millions) June 30, Dec. 31, Balance Sheet Caption June 30, Dec. 31, Balance Sheet Caption Interest rate swaps designated as fair value hedges $ — $ 87 Deferred income taxes and other assets $ 81 $ — Post-employment obligations, deferred income taxes and other long-term liabilities Foreign currency forward exchange contracts: Hedging instruments 462 222 Prepaid expenses and other receivables 83 65 Other accrued liabilities Others not designated as hedges 101 70 Prepaid expenses and other receivables 89 32 Other accrued liabilities Debt designated as a hedge of net investment in a foreign subsidiary — — n/a 437 521 Long-term debt $ 563 $ 379 $ 690 $ 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 and six months ended June 30, 2022 and 2021. Gain (loss) Recognized in Other Income (expense) and Gain (loss) Three Months Six Months Three Months Six Months (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Income Statement Caption Foreign currency forward exchange contracts designated as cash flow hedges $ 141 $ (88) $ 92 $ 46 $ 43 $ (92) $ 70 $ (115) Cost of products sold Debt designated as a hedge of net investment in a foreign subsidiary 54 2 84 37 — — — — n/a Interest rate swaps designated as fair value hedges n/a n/a n/a n/a (47) 2 (168) (67) Interest expense Gains of $303 million and losses of $16 million were recognized in the three months ended June 30, 2022 and 2021, respectively, related to foreign currency forward exchange contracts not designated as a hedge. Gains of $252 million and $33 million were recognized in the six months ended June 30, 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. The carrying values and fair values of certain financial instruments as of June 30, 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. June 30, 2022 December 31, 2021 (in millions) Carrying Fair Carrying Fair Long-term Investment Securities: Equity securities $ 620 $ 620 $ 748 $ 748 Other 114 114 68 68 Total Long-term Debt (16,760) (17,033) (18,050) (21,152) Foreign Currency Forward Exchange Contracts: Receivable position 563 563 292 292 (Payable) position (172) (172) (97) (97) Interest Rate Hedge Contracts: Receivable position — — 87 87 (Payable) position (81) (81) — — 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 (in millions) Outstanding Quoted Significant Significant June 30, 2022: Equity securities $ 311 $ 311 $ — $ — Foreign currency forward exchange contracts 563 — 563 — Total Assets $ 874 $ 311 $ 563 $ — Fair value of hedged long-term debt $ 2,759 $ — $ 2,759 $ — Interest rate swap derivative financial instruments 81 — 81 — Foreign currency forward exchange contracts 172 — 172 — Contingent consideration related to business combinations 136 — — 136 Total Liabilities $ 3,148 $ — $ 3,012 $ 136 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 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 | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
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. |
Post-Employment Benefits
Post-Employment Benefits | 6 Months Ended |
Jun. 30, 2022 | |
Postemployment Benefits [Abstract] | |
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 and six months ended June 30 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 Three Months Six Months Three Months Six Months (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost - benefits earned during the period $ 94 $ 96 $ 190 $ 196 $ 12 $ 14 $ 25 $ 28 Interest cost on projected benefit obligations 75 62 151 124 8 9 18 17 Expected return on plan assets (234) (211) (470) (422) (8) (7) (15) (14) Net amortization of: Actuarial loss, net 57 78 116 159 1 7 6 14 Prior service cost (credit) 1 1 1 1 (6) (7) (12) (14) Net cost (credit) $ (7) $ 26 $ (12) $ 58 $ 7 $ 16 $ 22 $ 31 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 six months of 2022 and 2021, $348 million and $80 million, respectively, were contributed to defined benefit plans. In the first six months of 2022, $28 million was contributed to the post-employment medical and dental plans. No contributions were made to the post-employment medical and dental plans in the first six months of 2021. |
Taxes on Earnings
Taxes on Earnings | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings | Note 12 — Taxes on Earnings Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first six months of 2022 and 2021, taxes on earnings include approximately $32 million and $90 million, respectively, in excess tax benefits associated with share-based compensation. In the first six months of 2022, taxes on earnings also include approximately $27 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 $90 million to $115 million, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment 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 — International sales of a broad line of branded generic pharmaceutical products. Nutritional Products — Worldwide sales of a broad line of adult and pediatric nutritional products. Diagnostic Products — Worldwide sales of diagnostic systems and tests for blood banks, hospitals, commercial laboratories, physician offices and alternate-care testing sites. For segment reporting purposes, the Core Laboratory Diagnostics, Rapid Diagnostics, Molecular Diagnostics and Point of Care Diagnostics divisions are aggregated and reported as the Diagnostic Products segment. Medical Devices — Worldwide sales of rhythm management, electrophysiology, heart failure, vascular, structural heart, neuromodulation and diabetes care products. For segment reporting purposes, the Cardiac Rhythm Management, Electrophysiology, Heart Failure, Vascular, Structural Heart, Neuromodulation and Diabetes Care divisions are aggregated and reported as the Medical Devices segment. 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. Intersegment transfers of inventory are recorded at standard cost and are not a measure of segment operating earnings. 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. 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 consolidated financial statements. Net Sales to External Customers Operating Earnings Three Months Six Months Three Months Six Months (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Established Pharmaceutical Products $ 1,223 $ 1,180 $ 2,370 $ 2,250 $ 258 $ 220 $ 500 $ 389 Nutritional Products 1,953 2,108 3,847 4,144 230 490 481 957 Diagnostic Products 4,322 3,247 9,608 7,261 1,710 1,076 4,279 2,777 Medical Devices 3,757 3,666 7,322 6,986 1,155 1,208 2,233 2,215 Total Reportable Segments 11,255 10,201 23,147 20,641 3,353 2,994 7,493 6,338 Other 2 22 5 38 Net sales $ 11,257 $ 10,223 $ 23,152 $ 20,679 Corporate functions and benefit plan costs (123) (132) (237) (246) Net interest expense (106) (123) (223) (247) Share-based compensation (a) (142) (132) (447) (420) Amortization of intangible assets (507) (504) (1,019) (1,013) Other, net (b) (123) (755) (339) (1,021) Earnings before taxes $ 2,352 $ 1,348 $ 5,228 $ 3,391 ______________________________________ (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 and six months ended June 30, 2022 includes $42 million and $162 million, respectively, of charges related to a voluntary recall within the Nutritional Products segment. Other, net for the three and six months ended June 30, 2022 and 2021 also includes integration costs associated with the acquisition of Alere and restructuring charges. Restructuring charges in 2021 include Abbott’s restructuring plan for its COVID-19 test manufacturing network. Other, net for the three and six months ended June 30, 2021 also includes costs related to certain litigation. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of reportable segment included under sales category | The following tables provide detail by sales category: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (in millions) U.S. Int’l Total U.S. Int’l Total Established Pharmaceutical Products — Key Emerging Markets $ — $ 931 $ 931 $ — $ 915 $ 915 Other — 292 292 — 265 265 Total — 1,223 1,223 — 1,180 1,180 Nutritionals — Pediatric Nutritionals 413 512 925 528 565 1,093 Adult Nutritionals 348 680 1,028 345 670 1,015 Total 761 1,192 1,953 873 1,235 2,108 Diagnostics — Core Laboratory 287 934 1,221 283 1,023 1,306 Molecular 71 141 212 94 196 290 Point of Care 101 38 139 97 40 137 Rapid Diagnostics 2,010 740 2,750 681 833 1,514 Total 2,469 1,853 4,322 1,155 2,092 3,247 Medical Devices — Rhythm Management 264 284 548 269 298 567 Electrophysiology 226 260 486 209 278 487 Heart Failure 179 62 241 168 59 227 Vascular 228 425 653 246 451 697 Structural Heart 207 233 440 191 231 422 Neuromodulation 157 40 197 166 44 210 Diabetes Care 399 793 1,192 289 767 1,056 Total 1,660 2,097 3,757 1,538 2,128 3,666 Other 2 — 2 15 7 22 Total $ 4,892 $ 6,365 $ 11,257 $ 3,581 $ 6,642 $ 10,223 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in millions) U.S. Int’l Total U.S. Int’l Total Established Pharmaceutical Products — Key Emerging Markets $ — $ 1,833 $ 1,833 $ — $ 1,736 $ 1,736 Other — 537 537 — 514 514 Total — 2,370 2,370 — 2,250 2,250 Nutritionals — Pediatric Nutritionals 751 1,021 1,772 1,036 1,123 2,159 Adult Nutritionals 687 1,388 2,075 673 1,312 1,985 Total 1,438 2,409 3,847 1,709 2,435 4,144 Diagnostics — Core Laboratory 555 1,850 2,405 554 1,934 2,488 Molecular 243 389 632 269 468 737 Point of Care 192 75 267 189 77 266 Rapid Diagnostics 4,220 2,084 6,304 1,784 1,986 3,770 Total 5,210 4,398 9,608 2,796 4,465 7,261 Medical Devices — Rhythm Management 512 560 1,072 510 576 1,086 Electrophysiology 442 529 971 388 530 918 Heart Failure 346 116 462 313 108 421 Vascular 437 835 1,272 465 867 1,332 Structural Heart 397 454 851 360 439 799 Neuromodulation 300 76 376 311 83 394 Diabetes Care 742 1,576 2,318 542 1,494 2,036 Total 3,176 4,146 7,322 2,889 4,097 6,986 Other 5 — 5 25 13 38 Total $ 9,829 $ 13,323 $ 23,152 $ 7,419 $ 13,260 $ 20,679 |
Schedule of changes in contract liabilities | 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 294 Revenue recognized related to contract liability balance (324) Balance at June 30, 2022 $ 490 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Summary of activity of allowance for doubtful accounts | The following summarizes the activity for the first six months of 2022 related to the allowance for doubtful accounts as of June 30, 2022: (in millions) Allowance for Doubtful Accounts: Balance at December 31, 2021 $ 313 Provisions/charges to income 9 Amounts charged off and other deductions (34) Balance at June 30, 2022 $ 288 |
Schedule of long-term investments | The components of long-term investments as of June 30, 2022 and December 31, 2021 are as follows: (in millions) June 30, December 31, Long-term Investments: Equity securities $ 620 $ 748 Other 114 68 Total $ 734 $ 816 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of accumulated other comprehensive income (loss), net of taxes | The changes in accumulated other comprehensive income (loss), net of income taxes, are as follows: Three Months Ended June 30 Cumulative Foreign Net Actuarial (Losses) and Cumulative Gains (Losses) (in millions) 2022 2021 2022 2021 2022 2021 Balance at March 31 $ (5,945) $ (5,395) $ (2,608) $ (3,786) $ 79 $ (104) Other comprehensive income (loss) before reclassifications (315) 165 13 (12) 45 (28) Amounts reclassified from accumulated other comprehensive income — — 41 60 (16) 34 Net current period comprehensive income (loss) (315) 165 54 48 29 6 Balance at June 30 $ (6,260) $ (5,230) $ (2,554) $ (3,738) $ 108 $ (98) Six Months Ended June 30 Cumulative Foreign Net Actuarial (Losses) and Cumulative Gains (Losses) (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 (421) (371) 30 10 11 68 Amounts reclassified from accumulated other comprehensive income — — 86 123 (38) 50 Net current period comprehensive income (loss) (421) (371) 116 133 (27) 118 Balance at June 30 $ (6,260) $ (5,230) $ (2,554) $ (3,738) $ 108 $ (98) |
Restructuring Plans (Tables)
Restructuring Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring reserve and related cost | The following summarizes the activity related to this restructuring action and the status of the related accruals as of June 30, 2022: (in millions) Inventory- Fixed Asset Other Exit 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 — — (10) (10) Accrued balance at June 30, 2022 $ — $ — $ 13 $ 13 |
Summary of restructuring activity | The following summarizes the activity for these restructurings: (in millions) Restructuring charges recorded in 2021 $ 68 Payments and other adjustments (7) Accrued balance at December 31, 2021 61 Payments and other adjustments (30) Accrued balance at June 30, 2022 $ 31 |
Incentive Stock Programs (Table
Incentive Stock Programs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock options outstanding and exercisable | Information regarding the number of options outstanding and exercisable at June 30, 2022 is as follows: Outstanding Exercisable Number of shares 29,318,781 23,516,664 Weighted average remaining life (years) 5.6 4.8 Weighted average exercise price $ 69.99 $ 59.40 Aggregate intrinsic value (in millions) $ 1,199 $ 1,172 |
Financial Instruments, Deriva_2
Financial Instruments, Derivatives and Fair Value Measures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the amounts and location of certain derivative financial instruments | The following table summarizes the amounts and location of certain derivative financial instruments as of June 30, 2022 and December 31, 2021: Fair Value - Assets Fair Value - Liabilities (in millions) June 30, Dec. 31, Balance Sheet Caption June 30, Dec. 31, Balance Sheet Caption Interest rate swaps designated as fair value hedges $ — $ 87 Deferred income taxes and other assets $ 81 $ — Post-employment obligations, deferred income taxes and other long-term liabilities Foreign currency forward exchange contracts: Hedging instruments 462 222 Prepaid expenses and other receivables 83 65 Other accrued liabilities Others not designated as hedges 101 70 Prepaid expenses and other receivables 89 32 Other accrued liabilities Debt designated as a hedge of net investment in a foreign subsidiary — — n/a 437 521 Long-term debt $ 563 $ 379 $ 690 $ 618 |
Schedule of derivatives gain (loss) in OCI and earnings | The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three and six months ended June 30, 2022 and 2021. Gain (loss) Recognized in Other Income (expense) and Gain (loss) Three Months Six Months Three Months Six Months (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Income Statement Caption Foreign currency forward exchange contracts designated as cash flow hedges $ 141 $ (88) $ 92 $ 46 $ 43 $ (92) $ 70 $ (115) Cost of products sold Debt designated as a hedge of net investment in a foreign subsidiary 54 2 84 37 — — — — n/a Interest rate swaps designated as fair value hedges n/a n/a n/a n/a (47) 2 (168) (67) Interest expense |
Schedule of carrying values and fair values of certain financial instruments | The carrying values and fair values of certain financial instruments as of June 30, 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. June 30, 2022 December 31, 2021 (in millions) Carrying Fair Carrying Fair Long-term Investment Securities: Equity securities $ 620 $ 620 $ 748 $ 748 Other 114 114 68 68 Total Long-term Debt (16,760) (17,033) (18,050) (21,152) Foreign Currency Forward Exchange Contracts: Receivable position 563 563 292 292 (Payable) position (172) (172) (97) (97) Interest Rate Hedge Contracts: Receivable position — — 87 87 (Payable) position (81) (81) — — |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet: Basis of Fair Value Measurement (in millions) Outstanding Quoted Significant Significant June 30, 2022: Equity securities $ 311 $ 311 $ — $ — Foreign currency forward exchange contracts 563 — 563 — Total Assets $ 874 $ 311 $ 563 $ — Fair value of hedged long-term debt $ 2,759 $ — $ 2,759 $ — Interest rate swap derivative financial instruments 81 — 81 — Foreign currency forward exchange contracts 172 — 172 — Contingent consideration related to business combinations 136 — — 136 Total Liabilities $ 3,148 $ — $ 3,012 $ 136 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) | 6 Months Ended |
Jun. 30, 2022 | |
Postemployment Benefits [Abstract] | |
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 | Net cost recognized for the three and six months ended June 30 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 Three Months Six Months Three Months Six Months (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost - benefits earned during the period $ 94 $ 96 $ 190 $ 196 $ 12 $ 14 $ 25 $ 28 Interest cost on projected benefit obligations 75 62 151 124 8 9 18 17 Expected return on plan assets (234) (211) (470) (422) (8) (7) (15) (14) Net amortization of: Actuarial loss, net 57 78 116 159 1 7 6 14 Prior service cost (credit) 1 1 1 1 (6) (7) (12) (14) Net cost (credit) $ (7) $ 26 $ (12) $ 58 $ 7 $ 16 $ 22 $ 31 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of segment information - net sales and operating earnings | 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 consolidated financial statements. Net Sales to External Customers Operating Earnings Three Months Six Months Three Months Six Months (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Established Pharmaceutical Products $ 1,223 $ 1,180 $ 2,370 $ 2,250 $ 258 $ 220 $ 500 $ 389 Nutritional Products 1,953 2,108 3,847 4,144 230 490 481 957 Diagnostic Products 4,322 3,247 9,608 7,261 1,710 1,076 4,279 2,777 Medical Devices 3,757 3,666 7,322 6,986 1,155 1,208 2,233 2,215 Total Reportable Segments 11,255 10,201 23,147 20,641 3,353 2,994 7,493 6,338 Other 2 22 5 38 Net sales $ 11,257 $ 10,223 $ 23,152 $ 20,679 Corporate functions and benefit plan costs (123) (132) (237) (246) Net interest expense (106) (123) (223) (247) Share-based compensation (a) (142) (132) (447) (420) Amortization of intangible assets (507) (504) (1,019) (1,013) Other, net (b) (123) (755) (339) (1,021) Earnings before taxes $ 2,352 $ 1,348 $ 5,228 $ 3,391 ______________________________________ (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 and six months ended June 30, 2022 includes $42 million and $162 million, respectively, of charges related to a voluntary recall within the Nutritional Products segment. Other, net for the three and six months ended June 30, 2022 and 2021 also includes integration costs associated with the acquisition of Alere and restructuring charges. Restructuring charges in 2021 include Abbott’s restructuring plan for its COVID-19 test manufacturing network. Other, net for the three and six months ended June 30, 2021 also includes costs related to certain litigation. |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 segment | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 segment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Number of reportable segments | segment | 4 | 4 | 4 | 4 |
Diagnostics | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations | $ 3,900 | $ 3,900 | ||
Medical Devices | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations | $ 436 | $ 436 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Percentage of remaining performance obligation expected to be recognized in period | 60% | |||
Expected timing of satisfaction period (in months) | 24 months | 24 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Percentage of remaining performance obligation expected to be recognized in period | 16% | |||
Expected timing of satisfaction period (in months) | 12 months | 12 months |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 11,257 | $ 10,223 | $ 23,152 | $ 20,679 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 11,255 | 10,201 | 23,147 | 20,641 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2 | 22 | 5 | 38 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,892 | 3,581 | 9,829 | 7,419 |
United States | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2 | 15 | 5 | 25 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 6,365 | 6,642 | 13,323 | 13,260 |
International | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 7 | 0 | 13 |
Established Pharmaceutical Products | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,223 | 1,180 | 2,370 | 2,250 |
Established Pharmaceutical Products | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Established Pharmaceutical Products | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,223 | 1,180 | 2,370 | 2,250 |
Nutritionals | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,953 | 2,108 | 3,847 | 4,144 |
Nutritionals | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 761 | 873 | 1,438 | 1,709 |
Nutritionals | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,192 | 1,235 | 2,409 | 2,435 |
Diagnostics | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,322 | 3,247 | 9,608 | 7,261 |
Diagnostics | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,469 | 1,155 | 5,210 | 2,796 |
Diagnostics | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,853 | 2,092 | 4,398 | 4,465 |
Medical Devices | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,757 | 3,666 | 7,322 | 6,986 |
Medical Devices | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,660 | 1,538 | 3,176 | 2,889 |
Medical Devices | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,097 | 2,128 | 4,146 | 4,097 |
Key Emerging Markets | Established Pharmaceutical Products | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 931 | 915 | 1,833 | 1,736 |
Key Emerging Markets | Established Pharmaceutical Products | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Key Emerging Markets | Established Pharmaceutical Products | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 931 | 915 | 1,833 | 1,736 |
Other Emerging Markets | Established Pharmaceutical Products | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 292 | 265 | 537 | 514 |
Other Emerging Markets | Established Pharmaceutical Products | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other Emerging Markets | Established Pharmaceutical Products | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 292 | 265 | 537 | 514 |
Pediatric Nutritionals | Nutritionals | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 925 | 1,093 | 1,772 | 2,159 |
Pediatric Nutritionals | Nutritionals | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 413 | 528 | 751 | 1,036 |
Pediatric Nutritionals | Nutritionals | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 512 | 565 | 1,021 | 1,123 |
Adult Nutritionals | Nutritionals | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,028 | 1,015 | 2,075 | 1,985 |
Adult Nutritionals | Nutritionals | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 348 | 345 | 687 | 673 |
Adult Nutritionals | Nutritionals | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 680 | 670 | 1,388 | 1,312 |
Core Laboratory | Diagnostics | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,221 | 1,306 | 2,405 | 2,488 |
Core Laboratory | Diagnostics | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 287 | 283 | 555 | 554 |
Core Laboratory | Diagnostics | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 934 | 1,023 | 1,850 | 1,934 |
Molecular | Diagnostics | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 212 | 290 | 632 | 737 |
Molecular | Diagnostics | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 71 | 94 | 243 | 269 |
Molecular | Diagnostics | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 141 | 196 | 389 | 468 |
Point of Care | Diagnostics | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 139 | 137 | 267 | 266 |
Point of Care | Diagnostics | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 101 | 97 | 192 | 189 |
Point of Care | Diagnostics | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 38 | 40 | 75 | 77 |
Rapid Diagnostics | Diagnostics | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,750 | 1,514 | 6,304 | 3,770 |
Rapid Diagnostics | Diagnostics | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,010 | 681 | 4,220 | 1,784 |
Rapid Diagnostics | Diagnostics | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 740 | 833 | 2,084 | 1,986 |
Rhythm Management | Medical Devices | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 548 | 567 | 1,072 | 1,086 |
Rhythm Management | Medical Devices | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 264 | 269 | 512 | 510 |
Rhythm Management | Medical Devices | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 284 | 298 | 560 | 576 |
Electrophysiology | Medical Devices | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 486 | 487 | 971 | 918 |
Electrophysiology | Medical Devices | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 226 | 209 | 442 | 388 |
Electrophysiology | Medical Devices | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 260 | 278 | 529 | 530 |
Heart Failure | Medical Devices | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 241 | 227 | 462 | 421 |
Heart Failure | Medical Devices | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 179 | 168 | 346 | 313 |
Heart Failure | Medical Devices | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 62 | 59 | 116 | 108 |
Vascular | Medical Devices | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 653 | 697 | 1,272 | 1,332 |
Vascular | Medical Devices | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 228 | 246 | 437 | 465 |
Vascular | Medical Devices | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 425 | 451 | 835 | 867 |
Structural Heart | Medical Devices | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 440 | 422 | 851 | 799 |
Structural Heart | Medical Devices | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 207 | 191 | 397 | 360 |
Structural Heart | Medical Devices | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 233 | 231 | 454 | 439 |
Neuromodulation | Medical Devices | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 197 | 210 | 376 | 394 |
Neuromodulation | Medical Devices | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 157 | 166 | 300 | 311 |
Neuromodulation | Medical Devices | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 40 | 44 | 76 | 83 |
Diabetes Care | Medical Devices | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,192 | 1,056 | 2,318 | 2,036 |
Diabetes Care | Medical Devices | United States | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 399 | 289 | 742 | 542 |
Diabetes Care | Medical Devices | International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 793 | $ 767 | $ 1,576 | $ 1,494 |
Revenue - Other Contract Assets
Revenue - Other Contract Assets and Liabilities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Contract Liabilities: | |
Beginning balance | $ 520 |
Unearned revenue from cash received during the period | 294 |
Revenue recognized related to contract liability balance | (324) |
Ending balance | $ 490 |
Supplemental Financial Inform_3
Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net earnings allocated to common shares | $ 2,009 | $ 1,184 | $ 4,447 | $ 2,969 |
Payment of cash taxes | 657 | 715 | ||
Equity method investments carrying value | 227 | 227 | ||
Equity investment without readily determinable fair value | 82 | 82 | ||
St Jude Medical | Equity securities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Securities in mutual funds held in a rabbi trust | $ 303 | 303 | ||
Defined Benefit Plans | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Pension contributions | $ 348 | $ 80 |
Supplemental Financial Inform_4
Supplemental Financial Information - Allowance for Doubtful Accounts (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Allowance for Doubtful Accounts: | |
Beginning balance | $ 313 |
Provisions/charges to income | 9 |
Amounts charged off and other deductions | (34) |
Ending balance | $ 288 |
Supplemental Financial Inform_5
Supplemental Financial Information - Investments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Summary of Investment Holdings [Line Items] | ||
Investments | $ 734 | $ 816 |
Equity securities | ||
Summary of Investment Holdings [Line Items] | ||
Investments | 620 | 748 |
Other | ||
Summary of Investment Holdings [Line Items] | ||
Investments | $ 114 | $ 68 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Changes in accumulated other comprehensive income (loss), net of income taxes | ||||
Beginning of the period | $ 35,802 | |||
Other comprehensive income (loss) | $ (232) | $ 219 | (332) | $ (120) |
End of the period | 36,490 | 36,490 | ||
Cumulative Foreign Currency Translation (Loss) Adjustments | ||||
Changes in accumulated other comprehensive income (loss), net of income taxes | ||||
Beginning of the period | (5,945) | (5,395) | (5,839) | (4,859) |
Other comprehensive income (loss) before reclassifications | (315) | 165 | (421) | (371) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (315) | 165 | (421) | (371) |
End of the period | (6,260) | (5,230) | (6,260) | (5,230) |
Net Actuarial (Losses) and Prior Service (Costs) and Credits | ||||
Changes in accumulated other comprehensive income (loss), net of income taxes | ||||
Beginning of the period | (2,608) | (3,786) | (2,670) | (3,871) |
Other comprehensive income (loss) before reclassifications | 13 | (12) | 30 | 10 |
Amounts reclassified from accumulated other comprehensive income | 41 | 60 | 86 | 123 |
Other comprehensive income (loss) | 54 | 48 | 116 | 133 |
End of the period | (2,554) | (3,738) | (2,554) | (3,738) |
Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges and Other | ||||
Changes in accumulated other comprehensive income (loss), net of income taxes | ||||
Beginning of the period | 79 | (104) | 135 | (216) |
Other comprehensive income (loss) before reclassifications | 45 | (28) | 11 | 68 |
Amounts reclassified from accumulated other comprehensive income | (16) | 34 | (38) | 50 |
Other comprehensive income (loss) | 29 | 6 | (27) | 118 |
End of the period | $ 108 | $ (98) | $ 108 | $ (98) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | $ 22,744 | $ 23,231 |
Goodwill, foreign currency translation gain (loss) | (486) | |
Amount of reductions of goodwill relating to impairments | 0 | |
Gross amount of amortizable intangible assets | 27,300 | 27,700 |
Accumulated amortization of intangible assets | 16,600 | 15,900 |
Increase (decrease) in intangible assets due to foreign currency translation adjustments | (122) | |
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 |
Established Pharmaceutical Products | ||
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | 2,700 | |
Nutritionals | ||
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | 286 | |
Diagnostics | ||
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | 3,600 | |
Medical Devices | ||
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | $ 16,100 |
Restructuring Plans - Narrative
Restructuring Plans - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | |
COVID-19 Test Manufacturing Network Restructuring Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 499 | $ 441 | |
Inventory sold that was previously estimated to have no net realizable value | $ 181 | ||
COVID-19 Test Manufacturing Network Restructuring Plan | Fixed Asset Write-Downs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 80 | 80 | |
COVID-19 Test Manufacturing Network Restructuring Plan | Inventory- Related Charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 248 | 248 | |
COVID-19 Test Manufacturing Network Restructuring Plan | Other Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 171 | 113 | |
Reduction of restructuring estimate | $ 58 | ||
Restructuring Plan 2021, Streamline of Operations and Improve Efficiencies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 68 | ||
Restructuring Plan 2021, Streamline of Operations and Improve Efficiencies | Cost of Sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 16 | ||
Restructuring Plan 2021, Streamline of Operations and Improve Efficiencies | Research and Development Expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4 | ||
Restructuring Plan 2021, Streamline of Operations and Improve Efficiencies | Selling, General and Administrative Expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 48 |
Restructuring Plans - Streamlin
Restructuring Plans - Streamline of Operations and Improve Efficiencies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
COVID-19 Test Manufacturing Network Restructuring Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges recorded in 2021 | $ 499 | $ 441 | |
Payments | (90) | ||
Other non-cash | (328) | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of the period | $ 23 | ||
Payments and other adjustments | (10) | ||
Accrued balance at end of the period | 13 | 23 | |
COVID-19 Test Manufacturing Network Restructuring Plan | Inventory- Related Charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges recorded in 2021 | 248 | 248 | |
Payments | 0 | ||
Other non-cash | (248) | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of the period | 0 | ||
Payments and other adjustments | 0 | ||
Accrued balance at end of the period | 0 | 0 | |
COVID-19 Test Manufacturing Network Restructuring Plan | Fixed Asset Write-Downs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges recorded in 2021 | 80 | 80 | |
Payments | 0 | ||
Other non-cash | (80) | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of the period | 0 | ||
Payments and other adjustments | 0 | ||
Accrued balance at end of the period | 0 | 0 | |
COVID-19 Test Manufacturing Network Restructuring Plan | Other Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges recorded in 2021 | $ 171 | 113 | |
Payments | (90) | ||
Other non-cash | 0 | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of the period | 23 | ||
Payments and other adjustments | (10) | ||
Accrued balance at end of the period | 13 | 23 | |
Restructuring Plan 2021, Streamline of Operations and Improve Efficiencies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges recorded in 2021 | 68 | ||
Restructuring Reserve [Roll Forward] | |||
Accrued balance at beginning of the period | 61 | ||
Payments and other adjustments | (30) | (7) | |
Accrued balance at end of the period | $ 31 | $ 61 |
Incentive Stock Programs - Narr
Incentive Stock Programs - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Incentive stock program, shares reserved for future grants | 87,000,000 |
Total unrecognized compensation cost | $ | $ 713 |
Total unrecognized compensation cost, recognition period | 3 years |
Share-based Payment Arrangement, Option | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock options granted during the period (in shares) | 2,627,843 |
Restricted Stock Awards | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock awards granted during the period (in shares) | 514,205 |
Restricted Stock Units (RSUs) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock units granted during period (in shares) | 5,390,484 |
Incentive Stock Programs - Opti
Incentive Stock Programs - Options (Details) - Share-based Payment Arrangement, Option $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock options outstanding, number of shares | shares | 29,318,781 |
Exercisable options, number of shares | shares | 23,516,664 |
Stock options outstanding, weighted-average remaining life | 5 years 7 months 6 days |
Exercisable options, weighted-average remaining life | 4 years 9 months 18 days |
Stock options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 69.99 |
Exercisable options, weighted-average exercise price (in dollars per share) | $ / shares | $ 59.40 |
Aggregate intrinsic value of options outstanding | $ | $ 1,199 |
Aggregate intrinsic value of options exercisable | $ | $ 1,172 |
Debt and Lines of Credit (Detai
Debt and Lines of Credit (Details) - 2.55% Long-term Notes Due 2022 $ in Millions | Mar. 15, 2022 USD ($) |
Debt Instrument [Line Items] | |
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Net Investment Hedging | Designated as Hedging Instrument | Yen-denominated long-term debt | |||||
Derivatives, Fair Value [Line Items] | |||||
Debt instrument, term | 5 years | 5 years | |||
Long-term debt | $ 437 | $ 437 | $ 521 | ||
Foreign Exchange Forward | |||||
Derivatives, Fair Value [Line Items] | |||||
Gain (loss) recognized related to derivatives not designated as hedge | 303 | $ (16) | 252 | $ 33 | |
Foreign Exchange Forward | Not Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, notional amount | 11,300 | 11,300 | 12,200 | ||
Foreign Exchange Forward | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, notional amount | 8,400 | $ 8,400 | 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 | ||||
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, notional amount | $ 2,900 | $ 2,900 | $ 2,900 |
Financial Instruments, Deriva_4
Financial Instruments, Derivatives and Fair Value Measures - Location of Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | $ 563 | $ 379 |
Fair Value - Liabilities | 690 | 618 |
Designated as Hedging Instrument | Interest Rate Swap | Deferred income taxes and other assets | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 0 | 87 |
Designated as Hedging Instrument | Interest Rate Swap | Post-employment obligations, deferred income taxes and other long-term liabilities | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | 81 | 0 |
Designated as Hedging Instrument | Foreign Exchange Forward | Prepaid expenses and other receivables | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 462 | 222 |
Designated as Hedging Instrument | Foreign Exchange Forward | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | 83 | 65 |
Designated as Hedging Instrument | Debt | Long-term debt | Net Investment Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | 437 | 521 |
Not Designated as Hedging Instrument | Foreign Exchange Forward | Prepaid expenses and other receivables | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 101 | 70 |
Not Designated as Hedging Instrument | Foreign Exchange Forward | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | $ 89 | $ 32 |
Financial Instruments, Deriva_5
Financial Instruments, Derivatives and Fair Value Measures - Gain or Loss (Details) - Designated as Hedging Instrument - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Foreign Exchange Forward | Cash Flow Hedging | Cost of products sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) Recognized in Other Comprehensive Income (loss) | $ 141 | $ (88) | $ 92 | $ 46 |
Income (expense) and Gain (loss) Reclassified into Income | 43 | (92) | 70 | (115) |
Debt | Net Investment Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) Recognized in Other Comprehensive Income (loss) | 54 | 2 | 84 | 37 |
Interest Rate Swap | Fair Value Hedging | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Income (expense) and Gain (loss) Reclassified into Income | $ (47) | $ 2 | $ (168) | $ (67) |
Financial Instruments, Deriva_6
Financial Instruments, Derivatives and Fair Value Measures - Carrying Value and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investment Securities: | $ 734 | $ 816 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investment Securities: | 620 | 748 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Long-term Debt | (16,760) | (18,050) |
Foreign currency forward exchange contracts, receivable position | 563 | 292 |
Foreign currency forward exchange contracts, (payable) position | (172) | (97) |
Interest rate hedge contracts, receivable position | 0 | 87 |
Interest rate hedge contracts, payable position | (81) | 0 |
Carrying Value | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investment Securities: | 620 | 748 |
Carrying Value | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investment Securities: | 114 | 68 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Long-term Debt | (17,033) | (21,152) |
Foreign currency forward exchange contracts, receivable position | 563 | 292 |
Foreign currency forward exchange contracts, (payable) position | (172) | (97) |
Interest rate hedge contracts, receivable position | 0 | 87 |
Interest rate hedge contracts, payable position | (81) | 0 |
Fair Value | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investment Securities: | 620 | 748 |
Fair Value | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Investment Securities: | $ 114 | $ 68 |
Financial Instruments, Deriva_7
Financial Instruments, Derivatives and Fair Value Measures - Bases of Measurement (Details) - Fair Value, Recurring - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 311 | $ 402 |
Interest rate swap derivative financial instruments | 87 | |
Foreign currency forward exchange contracts | 563 | 292 |
Total Assets | 874 | 781 |
Fair value of hedged long-term debt | 2,759 | 2,926 |
Interest rate swap derivative financial instruments | 81 | |
Foreign currency forward exchange contracts | 172 | 97 |
Contingent consideration related to business combinations | 136 | 130 |
Total Liabilities | 3,148 | 3,153 |
Quoted Prices in Active Markets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 311 | 402 |
Interest rate swap derivative financial instruments | 0 | |
Foreign currency forward exchange contracts | 0 | 0 |
Total Assets | 311 | 402 |
Fair value of hedged long-term debt | 0 | 0 |
Interest rate swap derivative financial instruments | 0 | |
Foreign currency forward exchange contracts | 0 | 0 |
Contingent consideration related to business combinations | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Other Observable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Interest rate swap derivative financial instruments | 87 | |
Foreign currency forward exchange contracts | 563 | 292 |
Total Assets | 563 | 379 |
Fair value of hedged long-term debt | 2,759 | 2,926 |
Interest rate swap derivative financial instruments | 81 | |
Foreign currency forward exchange contracts | 172 | 97 |
Contingent consideration related to business combinations | 0 | 0 |
Total Liabilities | 3,012 | 3,023 |
Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Interest rate swap derivative financial instruments | 0 | |
Foreign currency forward exchange contracts | 0 | 0 |
Total Assets | 0 | 0 |
Fair value of hedged long-term debt | 0 | 0 |
Interest rate swap derivative financial instruments | 0 | |
Foreign currency forward exchange contracts | 0 | 0 |
Contingent consideration related to business combinations | 136 | 130 |
Total Liabilities | $ 136 | $ 130 |
Litigation and Environmental _2
Litigation and Environmental Matters (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Loss Contingencies [Line Items] | |
Maximum expected cleanup exposure for individual site | $ 4 |
Maximum expected cleanup exposure in aggregate | 10 |
Legal proceedings and environmental exposures | |
Loss Contingencies [Line Items] | |
Recorded accrual balance for legal proceedings and exposures | 40 |
Legal proceedings and environmental exposures | Minimum | |
Loss Contingencies [Line Items] | |
Estimation of possible loss | 30 |
Legal proceedings and environmental exposures | Maximum | |
Loss Contingencies [Line Items] | |
Estimation of possible loss | $ 45 |
Post-Employment Benefits (Detai
Post-Employment Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | $ 94 | $ 96 | $ 190 | $ 196 |
Interest cost on projected benefit obligations | 75 | 62 | 151 | 124 |
Expected return on plan assets | (234) | (211) | (470) | (422) |
Net amortization of: | ||||
Actuarial loss, net | 57 | 78 | 116 | 159 |
Prior service cost (credit) | 1 | 1 | 1 | 1 |
Net cost (credit) | (7) | 26 | (12) | 58 |
Medical and Dental Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 12 | 14 | 25 | 28 |
Interest cost on projected benefit obligations | 8 | 9 | 18 | 17 |
Expected return on plan assets | (8) | (7) | (15) | (14) |
Net amortization of: | ||||
Actuarial loss, net | 1 | 7 | 6 | 14 |
Prior service cost (credit) | (6) | (7) | (12) | (14) |
Net cost (credit) | $ 7 | $ 16 | $ 22 | $ 31 |
Post-Employment Benefits - Narr
Post-Employment Benefits - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Company contributions | $ 348 | $ 80 |
Medical and Dental Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Company contributions | $ 28 | $ 0 |
Taxes on Earnings (Details)
Taxes on Earnings (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Excess tax benefits associated with share-based compensation | $ 32 | $ 90 |
Tax expense from prior year tax positions | 27 | |
Minimum | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Decrease reasonably possible in gross unrecognized tax benefits | 90 | |
Maximum | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Decrease reasonably possible in gross unrecognized tax benefits | $ 115 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net Sales to External Customers | $ 11,257 | $ 10,223 | $ 23,152 | $ 20,679 |
Operating Earnings | 2,376 | 1,392 | 5,288 | 3,501 |
Amortization of intangible assets | (507) | (504) | (1,019) | (1,013) |
Earnings before taxes | $ 2,352 | $ 1,348 | $ 5,228 | $ 3,391 |
Annual share-based awards recognized in first quarter (as a percent) | 45% | 45% | 45% | 45% |
Nutritionals | ||||
Segment Reporting Information [Line Items] | ||||
Inventory recall expense | $ 42 | $ 162 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales to External Customers | 11,255 | $ 10,201 | 23,147 | $ 20,641 |
Operating Earnings | 3,353 | 2,994 | 7,493 | 6,338 |
Operating Segments | Established Pharmaceutical Products | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales to External Customers | 1,223 | 1,180 | 2,370 | 2,250 |
Operating Earnings | 258 | 220 | 500 | 389 |
Operating Segments | Nutritionals | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales to External Customers | 1,953 | 2,108 | 3,847 | 4,144 |
Operating Earnings | 230 | 490 | 481 | 957 |
Operating Segments | Diagnostics | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales to External Customers | 4,322 | 3,247 | 9,608 | 7,261 |
Operating Earnings | 1,710 | 1,076 | 4,279 | 2,777 |
Operating Segments | Medical Devices | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales to External Customers | 3,757 | 3,666 | 7,322 | 6,986 |
Operating Earnings | 1,155 | 1,208 | 2,233 | 2,215 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales to External Customers | 2 | 22 | 5 | 38 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Corporate functions and benefit plan costs | (123) | (132) | (237) | (246) |
Net interest expense | (106) | (123) | (223) | (247) |
Share-based compensation | (142) | (132) | (447) | (420) |
Amortization of intangible assets | (507) | (504) | (1,019) | (1,013) |
Other, net | $ (123) | $ (755) | $ (339) | $ (1,021) |