11-K 1 tm2518166d1_11k.htm FORM 11-K

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

 

 

 

FORM 11-K

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

(Mark One)

 

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

 

For the fiscal year ended December 31, 2024

 

OR

 

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

 

For the transition period from ____________________ to _____________________

 

Commission File Number 1-2189

 

A.Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

ABBOTT LABORATORIES STOCK RETIREMENT PROGRAM

 

B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

ABBOTT LABORATORIES 

100 Abbott Park Road 

Abbott Park, Illinois 60064-6049

  

 

 

 

 

FINANCIAL STATEMENTS AND 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

ABBOTT LABORATORIES STOCK RETIREMENT PLAN 

DECEMBER 31, 2024 AND 2023

  

 

 

C O N T E N T S

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

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Plan Administrator and Plan Participants 

Abbott Laboratories Stock Retirement Plan

 

Opinion on the financial statements

 

We have audited the accompanying statements of net assets available for benefits of Abbott Laboratories Stock Retirement Plan (the “Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

 

Basis for opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

3

 

 

Supplemental information

 

The schedule of assets (held at end of year) as of December 31, 2024 (“supplemental information”) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ GRANT THORNTON LLP

 

We have served as the Plan’s auditor since 2002. 

 

Chicago, Illinois 

June 20, 2025

 

4

 

 

Abbott Laboratories Stock Retirement Plan        
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS    
December 31, 2024 and 2023        
(Dollars in thousands)        
         
         
   2024   2023 
Assets          
Cash  $1,011   $81 
Investments, at fair value   15,576,603    14,271,803 
Employer contributions receivable   43,461    5,524 
Notes receivable from participants   100,167    94,074 
Accrued interest and dividend income   4,000    2,994 
Due from brokers   30,426    121,715 
           
Total assets   15,755,668    14,496,191 
           
Liabilities          
Investments sold short, at fair value   19,750    116,452 
Accrued investment expenses   208    301 
Due to brokers   10,441    159 
           
Total liabilities   30,399    116,912 
           
NET ASSETS AVAILABLE FOR BENEFITS  $15,725,269   $14,379,279 

 

The accompanying notes are an integral part of these statements.

 

5

 

 

Abbott Laboratories Stock Retirement Plan    
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2024    

(Dollars in thousands)

 

    

 

Additions     
Contributions     
Employer  $244,939 
Participant   412,674 
Rollovers   41,699 
      
Total contributions   699,312 
      
Investment income     
Net appreciation in fair value of investments   1,800,685 
Interest and dividends   138,037 
      
Net investment income   1,938,722 
      
Interest income on notes receivable from participants   6,018 
      
Total additions   2,644,052 
      
Deductions     
Benefits paid to participants   1,297,841 
Other expenses   221 
      
Total deductions   1,298,062 
      
NET INCREASE   1,345,990 
      
Net assets available for benefits     
Beginning of year   14,379,279 
      
End of year  $15,725,269 

 

The accompanying notes are an integral part of this statement.

 

6

 

 

Abbott Laboratories Stock Retirement Plan 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

 

 

 

NOTE A - DESCRIPTION OF THE PLAN

 

The following description of the Abbott Laboratories Stock Retirement Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

 

General

 

The Plan is intended to constitute a profit-sharing plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “IRC”), with a cash or deferred arrangement under IRC Section 401(k), and a portion of the Plan is intended to constitute an employee stock ownership plan that meets the applicable requirements of IRC Sections 409 and 4975(e)(7). The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

In general, United States employees of Abbott Laboratories (“Abbott”) and selected participating subsidiaries and affiliates may, after meeting certain employment requirements, voluntarily participate in the Plan. Beginning March 2017, newly hired employees in certain specified Abbott divisions and business units became eligible to participate in the Plan under a different structure (“Abbott Green” employees).

 

Alight Solutions serves as the recordkeeper of the Plan. The Northern Trust Company (“Custodian” or “Trustee”) serves as the Plan’s custodian and trustee.

 

Contributions and Vesting

 

Contributions to the Plan are paid to the Abbott Laboratories Stock Retirement Trust (“Trust”). The Trust is administered by the Trustee and an investment committee (the “Committee”).

 

Employees are eligible to commence participation in the Plan on any entry date following their date of hire. Eligible employees electing to participate contribute from 2% and effective January 1, 2024 up to 50% (previously capped at 25%) of their eligible earnings, subject to certain limitations. Participants may choose to make their contributions from pretax earnings, after-tax earnings, or both. The Plan also permits Roth 401(k) contributions and has a Roth 401(k) conversion feature. Participants who have attained age 50 before the end of the Plan year and who are making the maximum pretax contributions are eligible to make catch-up contributions. Participants may elect to invest their contributions in any or all of the investment options available under the Plan, except for investment options closed to new contributions.

 

Employer matching contributions to the Plan are made each payroll period based on the participating employee’s eligible earnings, unless the employee has elected to participate as a Freedom 2 Save Participant as described below. The employer matching contribution for the year ended December 31, 2024 was 5% of the participant’s eligible earnings if the participant elected to contribute at least 2% of eligible earnings to the Plan.

 

7

 

 

Abbott Laboratories Stock Retirement Plan 

NOTES TO FINANCIAL STATEMENTS - CONTINUED 

December 31, 2024 and 2023

 

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Contributions and Vesting - Continued

 

Participants may enroll in the Freedom 2 Save program in the Plan. A Freedom 2 Save participant who makes qualified student loan repayments of at least 2% of eligible earnings may receive a Freedom 2 Save employer contribution of 5% of eligible earnings shortly after the end of the year. An enrolled Freedom 2 Save participant who makes elective deferrals to the Plan will not receive employer matching contributions each payroll period but instead may receive a true-up employer matching contribution shortly after the end of the year for any payroll period for which the participant makes elective deferrals and does not receive a Freedom 2 Save employer contribution. Freedom 2 Save employer contributions and true-up employer matching contributions are only made on behalf of Freedom 2 Save participants who meet program guidelines, and who either are employed or on a qualifying leave of absence at the end of the applicable Plan year or terminate employment due to death or qualifying disability during such Plan year.

 

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

 

Employer contributions are invested according to the participant’s investment elections.

 

Cash dividends on Abbott common shares are (1) paid in cash to the participants or beneficiaries, (2) paid to the Plan and distributed in cash to participants or beneficiaries no later than 90 days after the close of the Plan year for which paid, or (3) paid to the Plan and credited to the accounts in which shares are held, as elected by each participant or beneficiary in accordance with rules established by the administrator.

 

On January 1, 2013, Abbott separated into two publicly traded companies – Abbott and AbbVie Inc. ("AbbVie"). The separation of Abbott and AbbVie was a tax-free distribution where Abbott shareholders received one share of AbbVie stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Participants who received AbbVie stock through this distribution may continue to hold the stock in their Plan accounts but may not make new contributions or transfer existing contributions or earnings to purchase AbbVie stock in the Plan; however, participants may elect to reinvest their AbbVie dividends in AbbVie stock. If no election is made, AbbVie dividends are invested in the Plan’s default investment option.

 

8

 

 

Abbott Laboratories Stock Retirement Plan 

NOTES TO FINANCIAL STATEMENTS - CONTINUED 

December 31, 2024 and 2023

 

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Contributions and Vesting – Continued

 

Participants may direct the Trustee to sell all or a portion of the Abbott and AbbVie common shares held in their accounts and reinvest the proceeds in any of the other available investment options.

 

Participants are at all times fully vested in their own contributions and earnings thereon. Vesting in employer contributions and earnings thereon is based on the following vesting schedule:

 

   Vesting 
Service  percentage 
Less than two years      0%
Two years or more  100%

 

A participant becomes 100% vested in his or her employer contributions if, while employed by the Company, he or she dies or attains age 65. Abbott Green participants who first became participants prior to January 1, 2018 are also fully vested in employer contributions upon qualifying disability.

 

Non-vested portions of employer contributions and earnings thereon are forfeited as of an employee’s termination date. Forfeitures are used to (1) restore any forfeitures of participants who returned to service with Abbott within a given period of time, (2) pay Plan expenses as deemed appropriate by the administrator, and (3) reduce future employer contributions if terminated participants do not return to service within the given period of time. In 2024, forfeitures reduced Abbott’s employer contributions by approximately $5.1 million. Approximately $1.0 million and $1.0 million in forfeitures were available at the end of 2024 and 2023, respectively.

 

Distributions and In-Service Withdrawals

 

Following retirement, termination or death (or for some participants from merged-in plans, upon disability), participants or their beneficiaries may elect to receive a distribution in installments, in a single lump sum or in a partial lump sum. Participants may elect a direct rollover of their accounts. Also, upon termination, participants may elect to defer distribution to a future date but, after termination of employment, distribution must be made by the 1st of April following the year the participant reaches age 73 or, if earlier, the 31st of December following the year in which the participant dies. Interest, dividends and other earnings will continue to accrue on such deferred amounts.

 

9

 

 

Abbott Laboratories Stock Retirement Plan 

NOTES TO FINANCIAL STATEMENTS - CONTINUED 

December 31, 2024 and 2023

 

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Distributions and In-Service Withdrawals - Continued

 

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

 

Notes Receivable from Participants

 

Participants may convert their vested account balances into one or two loans to themselves. The borrowing may not exceed the lesser of the current market value of the assets allocated to their vested accounts or 50% of all of their Plan accounts up to $50,000, subject to IRC limitations and restrictions. Participants pay interest on such borrowings at the prime rate in effect at the time the participant loan is made. Loans must be repaid within five years (or by the employee’s anticipated retirement date, if sooner) unless the loan is used for the purchase of the primary residence of the employee, in which case the repayment period can be extended to a period of fifteen years (or until the employee’s anticipated retirement date, if sooner). Repayment is made through periodic payroll deductions or by sending in payments, but a loan may be repaid in a lump sum at any time. Post-termination loan repayments are permitted. For employees whose account is distributed during the repayment period, the balance of the outstanding loan is netted from their Plan distribution.

 

10

 

 

Abbott Laboratories Stock Retirement Plan 

NOTES TO FINANCIAL STATEMENTS - CONTINUED 

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Accounting

 

The financial statements have been prepared using the accrual basis of accounting.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.

 

11

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation

 

The Plan offers a variety of investment options to participants. Certain investment options are structured as separately managed accounts; therefore, the Plan owns the individual investment holdings within the separately managed accounts and reflects them within the investments of the Plan.

 

The Plan uses the following methods and significant assumptions to estimate the fair value of investments:

 

Common stock, mutual funds, real estate investment trusts (“REITs”) and futures contracts - Valued at the published market price per share or unit multiplied by the number of respective shares or units held.

 

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

 

Corporate debt, government debt and other - Valued at the published market price or prices obtained from independent financial services industry-recognized vendors multiplied by the number of respective units held. Prices obtained from vendors are on the basis of bid or mid evaluations in accordance to a region’s market convention, using factors which include but are not limited to market quotations, yields, maturities, and the bond’s terms and conditions. Proprietary methods are used to arrive at the evaluated price, which represent the price a dealer would pay for a security.

 

Futures contracts

 

One of the investment options structured as a separately managed account uses futures contracts as part of its investment strategy. A futures contract represents a commitment for the future purchase or sale of an asset or index at a specified price on a specified date. Futures contracts are exchange-traded and settle daily. Upon entering into the contracts, the investment manager of the separately managed account is required to deposit, either in cash or securities, an amount equal to a certain percentage of the notional value of the contract. Subsequent payments are then made or received by the Plan, depending on the daily fluctuation in the value of the underlying contracts.

 

As of December 31, 2024 and 2023, the Plan held futures contracts with a notional amount of approximately $629,000 and $803,000, respectively. Notional amounts do not quantify risk or represent assets or liabilities of the Plan, but are used in the calculation of the cash settlements under the contracts. The fair value of these derivative contracts was not material at December 31, 2024 and 2023. Changes in fair value are accounted for as investment income (loss) within net appreciation in fair value of investments and totaled approximately $43,000 for the year ended December 31, 2024.

 

12

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

Short sales

One of the investment options structured as a separately managed account utilizes short sales as part of its investment strategy. Short sales are transactions in which the separately managed account sells an investment it does not own in anticipation of a decline in value of that investment. To complete the transaction, the separately managed account must borrow the investment to make delivery to the buyer. The separately managed account is obligated to replace the investment borrowed by purchasing the investment at market price at the time of replacement. The price at such time may be more or less than the price at which the investment was sold by the separately managed account. When an investment is sold short, a decrease in the value of the investment will be recognized as a gain and an increase in the value of the investment will be recognized as a loss.

 

The following tables summarize the basis used to measure investment assets and liabilities at fair value at December 31, 2024 and 2023 (dollars in thousands):

 

   Basis of Fair Value Measurement     
2024  Quoted
Prices in
Active
Markets
   Significant
Other
Observable
Inputs
   Significant
Unobservable
Inputs
   Measured at
NAV
   Total 
Assets - Investments:                         
Common stock  $5,066,260   $-   $                 -   $-   $5,066,260 
Mutual funds   108,326    -    -    -    108,326 
REITs   25,888    -    -    -    25,888 
Collective trust funds   -    -    -    9,592,890    9,592,890 
Corporate debt   -    235,392    -    -    235,392 
Government debt   -    154,812    -    -    154,812 
Private 40-Act mutual funds   -    -    -    393,035    393,035 
Total investments, at fair value  $5,200,474   $390,204   $-   $9,985,925   $15,576,603 

 

   Basis of Fair Value Measurement     
2024  Quoted
Prices in
Active
Markets
   Significant
Other
Observable
Inputs
   Significant
Unobservable
Inputs
   Measured at
NAV
   Total 
Liabilities - Investments sold short:                         
Government debt  $-   $19,750   $                 -   $                 -   $19,750 
Total investments sold short, at fair value  $-   $19,750   $-   $-   $19,750 

 

13

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

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

 

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

 

Participants are permitted to make redemptions from the Plan’s investment options on a daily basis, however, certain investments valued at NAV as a practical expedient have redemption requirements and in some cases restrictions for a Plan level redemption. The following tables provide the redemption requirements and restrictions, if any, for those investments as of December 31, 2024 and 2023. In addition, the tables provide the investment strategies for certain investments measured at NAV as a practical expedient, if that investment is a fund that does not file an annual report on Form 5500 as a direct-filing entity.

 

14

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

   2024
   Fair value
(NAV)
   Redemption
frequency
  Redemption
notice period
  Restrictions
Funds filing as direct filing entity:              
Collective trusts  $9,592,890   Daily  0 - 5 days  --
               
Funds not filing as direct filing entity:              
Private 40-Act mutual funds              
Short-term fixed income   393,035   Daily  --  Yes (a)
   $9,985,925          

 

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

 

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

 

15

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Notes Receivable from Participants

 

Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the terms of the Plan.

 

Income Recognition

 

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

 

Contributions

 

Contributions from Plan participants and the matching contributions from the employer are recorded in the year in which the employee contributions are withheld from compensation.  Freedom 2 Save employer contributions, true-up employer matching contributions, and the 3% annual employer contribution are accrued in the year in which they are earned.

 

Administrative Expenses

 

Participants are charged transaction fees for loan processing, which are included in other expenses and commissions on purchases and sales of Abbott shares and sales of AbbVie stock, which are included in net appreciation in fair value of investments. Investment fees for mutual funds, REITs, collective trusts, and managed accounts are charged against the net assets of the respective fund and are also included in net appreciation in fair value of investments. Abbott pays other recordkeeping and administration fees, where applicable. Expenses that are paid by Abbott are excluded from these financial statements.

 

Payment of Benefits

 

Benefits are recorded when paid.

 

16

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE C - INVESTMENTS

 

Distributions of Abbott common shares and conversions of participants’ common share account balances to participant loans or other investment options are recorded at fair market value.

 

A summary of Abbott common share data as of December 31, 2024 and 2023 is presented below:

 

   2024   2023 
Abbott common shares, 24,199,951 and 26,051,349 shares, respectively (dollars in thousands)  $2,737,256   $2,867,472 
Market value per share  $113.11   $110.07 

 

NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS

 

The Plan holds units of collective trust funds managed by the Trustee and shares of the Trustee’s common stock. A significant portion of the Plan’s assets is invested in Abbott common shares. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA. During 2024, the Plan received $55.8 million in common stock dividends from Abbott.

 

Participants pay fees to the recordkeeper for loan transaction processing and for commissions on purchases and sales of Abbott shares and sales of AbbVie stock. These transactions qualify as permitted party-in-interest transactions.

 

NOTE E - PLAN TERMINATION

 

The Plan may be terminated at any time by Abbott upon written notice to the Trustee and Committee. All participants’ account balances would become fully vested upon Plan termination. Upon termination of the Plan, distributions of each participant’s share in the Trust, as determined by the terms of the Plan, would be made to each participant. At the present time, Abbott has no intention of terminating the Plan.

 

17

 

 

Abbott Laboratories Stock Retirement Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE F - TAX STATUS

 

The Internal Revenue Service (“IRS”) has determined and informed Abbott by a letter dated April 13, 2022, that the Plan and related Trust are designed in accordance with applicable sections of the IRC. The Plan has been amended since the applicable date of the determination letter. However, the Plan administrator believes that the Plan is designed and is currently being operated, in all material respects, in accordance with the applicable requirements of the IRC.

 

Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS or other applicable taxing authorities. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. There are currently no audits in progress.

 

NOTE G - RISKS AND UNCERTAINTIES

 

In general, the investments provided by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant accounts and the amounts reported in the statements of net assets available for benefits.

 

NOTE H - SUBSEQUENT EVENTS

 

Management of the Plan has evaluated subsequent events from December 31, 2024 through the date these financial statements were issued. Other than described below, management of the Plan is not aware of any subsequent events that require recognition or additional disclosure in these financial statements.

 

Effective January 1, 2025, forfeitures will be used to (1) restore any forfeitures of participants who returned to service with the Company within a given period of time, and (2) reduce future employer contributions if terminated participants do not return to service within the given period of time.

 

18

 

 

SUPPLEMENTAL SCHEDULE

 

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
  Common stock - employer securities        
*  ABBOTT LABORATORIES, common shares        $2,737,256 
               
   Common stock           
   10X GENOMICS INC CL A         16 
   5TH 3RD BANCORP COM         940 
   ABBVIE INC.         2,068,558 
   ACADIA HEALTHCARE CO INC COM         119 
   ACUITY BRANDS INC COM         296 
   ADT INC DEL COM         75 
   ADVANCE AUTO PTS INC COM         92 
   ADVANCED DRAIN SYS INC DEL COM         166 
   AECOM         470 
   AES CORP COM         300 
   AFFILIATED MANAGERS GROUP INC COM STK         178 
   AFFIRM HLDGS INC CL A         519 
   AFLAC INC COM         1,899 
   AGCO CORP COM         191 
   AGILENT TECHNOLOGIES INC COM         1,269 
   AIR LEASE CORP CL A         165 
   AKAMAI TECHNOLOGIES INC COM STK         468 
   ALASKA AIR GROUP INC COM         267 
   ALBEMARLE CORP COM         332 
   ALBERTSONS COS INC CL A         270 
   ALIGN TECHNOLOGY INC COM         213 
   ALLEGION PLC COMMON STOCK         376 
   ALLEGRO MICROSYSTEMS INC DEL COM         88 
   ALLIANT ENERGY CORP COM         498 
   ALLISON TRANSMISSION HOLDING         307 
   ALLSTATE CORP COM         1,406 
   ALLY FINL INC COM         281 
   ALNYLAM PHARMACEUTICALS INC COM         112 
   AMCOR PLC         445 
   AMDOCS         313 
   AMEDISYS INC COM         95 
   AMENTUM HLDGS INC COM         90 
   AMER FINL GROUP INC OH COM STK         323 
   AMER SPORTS INC COM         53 
   AMEREN CORP COM         781 
   AMERICAN AIRLINES INC COM         348 
   AMERICAN WTR WKS CO INC NEW COM         799 
   AMERIPRISE FINL INC COM         150 
   AMETEK INC NEW COM         1,369 
   AMKOR TECHNOLOGY INC COM         95 
   ANSYS INC COM         968 
   ANTERO MIDSTREAM CORPORATION         103 
   ANTERO RES CORP COM         334 
   APA CORP COM         275 
   API GROUP CORPORATION COM         269 
   APTARGROUP INC COM         340 
   APTIV PLC NEW ORD         467 
   ARAMARK COM         321 
   ARCH CAPITAL GROUP COM STK         1,096 
   ARCHER-DANIELS-MIDLAND CO COM         793 
   ARMSTRONG WORLD INDS INC NEW COM STK         134 
   ARROW ELECTR INC COM         195 
   ASHLAND INC COM         114 

 

19

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
  Common stock - continued         
   ASPEN         220 
   ASSURANT INC COM         365 
   ASSURED GUARANTY LTD COMMON STK         149 
   ASTERA LABS INC COM         447 
   ATI INC COM         223 
   ATMOS ENERGY CORP COM         709 
   AUTONATION INC COM         142 
   AVANGRID         - 
   AVANTOR INC COM         470 
   AVERY DENNISON CORP COM         307 
   AVIS BUDGET GROUP INC COM STK         27 
   AVNET INC COM         149 
   AXALTA COATING SYSTEMS LTD COM         245 
   AXIS CAPITAL HOLDINGS LTD COM         224 
   AZEK CO INC CL A         67 
   AZENTA INC COM         79 
   BAKER HUGHES CO         1,347 
   BALL CORP COM         536 
   BANK NEW YORK MELLON CORP COM STK         1,868 
   BANK OZK COM         156 
   BATH & BODY WORKS INC COM         280 
   BAXTER INTL INC COM         489 
   BELLRING BRANDS INC COM         319 
   BERKLEY W R CORP COM         566 
   BERRY GLOBAL GROUP INC         244 
   BEST BUY INC COM STK         608 
   BILL HOLDINGS INC COM         211 
   BIO RAD LABORATORIES INC CL A         204 
   BIOGEN INC COMMON STOCK         733 
   BIOMARIN PHARMACEUTICAL INC COM         408 
   BIO-TECHNE CORP COM         368 
   BIRKENSTOCK HOLDING PLC COM NPV         73 
   BJS WHSL CLUB HLDGS INC COM         388 
   BLOCK H & R INC COM         195 
   BLOCK INC         898 
   BOK FINL CORP COM NEW         79 
   BORG WARNER INC COM         227 
   BOSTON BEER INC CL A         68 
   BOYD GAMING CORP COM         151 
   BRIGHT HORIZONS FA COM         179 
   BRIGHTHOUSE FINL INC COM         95 
   BROADRIDGE FINL SOLUTIONS INC COM STK         76 
   BROOKFIELD RENEWABLE CORP NEW CL A         123 
   BROWN & BROWN INC COM         449 
   BROWN FORMAN CORP CL A         59 
   BROWN-FORMAN INC CL B NON-VTG COM         217 
   BRUKER CORP         77 
   BRUNSWICK CORP COM         139 
   BUILDERS FIRSTSOURCE INC COM STK         490 
   BUNGE GLOBAL SA F COMMON STOCK         355 
   BWX TECHNOLOGIES INC COM         266 
   C H ROBINSON WORLDWIDE INC COM NEW         395 
   CACI INTL INC CL A         293 
   CAESARS ENTMT INC NEW COM         232 
   CAPRI HOLDINGS LTD COM NPV         79 
   CARDINAL HLTH INC         384 

 

20

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   CARLISLE COMPANIES INC COM         474 
   CARLYLE GROUP INC COM         364 
   CARMAX INC COM         387 
   CARNIVAL CORP COM PAIRED         841 
   CARTER INC F         63 
   CARVANA CO CL A         471 
   CASEYS GEN STORES INC COM         399 
   CBOE GLOBAL MARKETS INC         678 
   CBRE GROUP INC CL A CL A         1,321 
   CCC INTELLIGENT SOLUTIONS HLDGS INC COM         174 
   CDW CORP COM         382 
   CELANESE CORP DEL COM STK         185 
   CENTENE CORP DEL COM         1,006 
   CENTERPOINT ENERGY INC COM         674 
   CERTARA INC COM         42 
   CF INDS HLDGS INC COM         487 
   CHARLES RIV LABORATORIES INTL INC COM         310 
   CHARTER COMMUNICATIONS INC NEW CL A CL A         1,058 
   CHEMED CORP NEW COM         233 
   CHEMOURS CO COM         77 
   CHENIERE ENERGY INC COM NEW         772 
   CHOICE HOTELS INTL INC COM         20 
   CHORD ENERGY CORPORATION COM         237 
   CHURCH & DWIGHT INC COM         840 
   CIENA CORP COM NEW         401 
   CIN FNCL CORP COM         724 
   CIRRUS LOGIC INC COM         176 
   CITIZENS FINL GROUP INC COM         643 
   CIVITAS RES INC COM         107 
   CLARIVATE PLC         68 
   CLEAN HBRS INC COM         385 
   CLEARWAY ENERGY INC CL A CL A         28 
   CLEARWAY ENERGY INC CL C CL C         70 
   CLEVELAND CLIFFS         100 
   CMS ENERGY CORP COM         654 
   CNA FNCL CORP COM         34 
   CNH INDUSTRIAL NV COM STK         325 
   COCA-COLA CONSOLIDATED INC COM         251 
   COGNEX CORP COM         192 
   COGNIZANT TECH SOLUTIONS CORP CL A         1,259 
   COHERENT CORP COM         389 
   COINBASE GLOBAL INC COM CL A         265 
   COLUMBIA BKG SYS INC COM         185 
   COLUMBIA SPORTSWEAR CO COM         90 
   COM ALCOA CORPORATION COM         307 
   COMERICA INC COM         270 
   COMM BANCSHARES INC COM         252 
   CONAGRA BRANDS INC COM USD5         435 
   CONCENTRIX CORP         67 
   CONS EDISON INC COM         1,017 
   CORE & MAIN INC COM CL A COM CL A         110 
   COREBRIDGE FINL INC COM         291 
   CORNING INC COM         1,198 
   CORTEVA INC COM         1,311 
   COSTAR GROUP INC COM         956 
   COTERRA ENERGY INC COM         612 

 

21

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   COTY INC COM CL A COM CL A         87 
   CRANE CO NEW COM         244 
   CRANE NXT CO COM         94 
   CREDIT ACCEP CORP MICH COM         21 
   CROCS INC COM         169 
   CROWN HLDGS INC COM         318 
   CULLEN / FROST BANKERS INC COM         260 
   CUMMINS INC         1,567 
   CURTISS WRIGHT CORP COM         445 
   D R HORTON INC COM         1,342 
   DARDEN RESTAURANTS INC COM         338 
   DARLING INGREDIENTS INC COMSTK         176 
   DAYFORCE INC         322 
   DELTA AIR LINES INC DEL COM NEW COM NEW         1,282 
   DENTSPLY SIRONA INC COM         126 
   DEVON ENERGY CORP NEW COM         671 
   DIAMONDBACK ENERGY INC COM         1,017 
   DICKS SPORTING GOODS INC OC-COM OC-COM         383 
   DILLARDS INC CL A COM         44 
   DISCOVER FINL SVCS COM STK         1,425 
   DOLBY LABORATORIES INC CL A COM STK         150 
   DOLLAR GEN CORP NEW COM         548 
   DOLLAR TREE INC COM STK         499 
   DOMINOS PIZZA INC COM         313 
   DONALDSON INC COM         266 
   DOUBLEVERIFY HLDGS INC COM         40 
   DOVER CORP COM         846 
   DOW INC         929 
   DOXIMITY INC COM         199 
   DROPBOX INC CL A CL A         163 
   DT MIDSTREAM INC COM         317 
   DTE ENERGY CO COM         821 
   DUN & BRADSTREET HLDGS INC COM         124 
   DUPONT DE NEMOURS INC COMMON STOCK         1,049 
   DUTCH BROS INC CL A CL A         114 
   DXC TECHNOLOGY CO COM         118 
   EAGLE MATLS INC COM         66 
   EAST WEST BANCORP INC COM         434 
   EASTMAN CHEM CO COM         351 
   EBAY INC COM         975 
   EDISON INTL COM         1,000 
   ELANCO ANIMAL HEALTH INC COM         196 
   ELECTR ARTS COM         1,272 
   ELEMENT SOLUTION INC COM         187 
   EMCOR GROUP INC COM         411 
   ENCOMPASS HEALTH CORP COM         301 
   ENOVIS CORPORATION  COM         80 
   ENTERGY CORP NEW COM         1,063 
   ENVISTA HLDGS CORP COM         109 
   EPAM SYS INC COM STK         394 
   EQT CORP COM         838 
   EQUIFAX INC COM         823 
   ESAB CORPORATION COM         223 
   ESSENTIAL UTILS INC COM         301 
   ETSY INC COM         68 
   EURONET WORLDWIDE INC COM         143 

 

22

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   EVERCORE INC         327 
   EVEREST GROUP LTD         430 
   EVERGY INC COM NPV         452 
   EVERSOURCE ENERGY COM         676 
   EVERUS CONSTR GROUP INC COM         110 
   EXACT SCIENCES CORP COM         204 
   EXELIXIS INC COM STK         51 
   EXELON CORP COM         1,239 
   EXPAND ENERGY CORP         755 
   EXPEDITORS INTL WASH INC COM         431 
   F N B CORP PA COM         172 
   F5 INC COM STK NPV         483 
   FACTSET RESH SYS INC COM STK         389 
   FAIR ISAAC CORPORATION COM         239 
   FASTENAL CO COM         213 
   FERGUSON ENTERPRISES INC         1,078 
   FIDELITY NATL FINL INC         479 
   FIDELITY NATL INFORMATION SVCS INC COM  STK         1,451 
   FIRST AMERN FINL CORP COM STK         205 
   FIRST CTZNS BANCSHARES INC CL A CL A         833 
   FIRST HAWAIIAN INC COM         108 
   FIRST HORIZON  CORPORATION COM         353 
   FIRST SOLAR INC COM         618 
   FIRSTENERGY CORP COM         754 
   FIVE BELOW INC COM         38 
   FLOOR & DECOR HLDGS INC CL A         219 
   FLOWERS FOODS INC COM         126 
   FLOWSERVE CORP COM         248 
   FMC CORP COM (NEW)         199 
   FORTIVE CORP COM MON STOCK         855 
   FORTREA HLDGS INC COM         49 
   FORTUNE BRANDS INNOVATIONS INC         277 
   FOX CORP CL A CL A         352 
   FOX CORP CL B CL B         201 
   FRESHPET INC COM         154 
   FRKLN RES INC COM         191 
   FRONTIER COMMUNICATIONS PARENT INC  COM NPV         280 
   FTI CONSULTING INC COM         221 
   GALLAGHER ARTHUR J & CO COM         2,137 
   GAMESTOP CORP NEW CL A         405 
   GAP INC COM         158 
   GARMIN LTD COMMON STOCK         1,051 
   GATES INDL CORP PL COM         160 
   GE HEALTHCARE TECHNOLOGIES INC COM         1,060 
   GEN DIGITAL INC COM         490 
   GENERAC HLDGS INC COM STK         153 
   GENERAL MILLS INC COM         1,172 
   GENPACT LIMITED COM STK         245 
   GENTEX CORP COM         218 
   GENUINE PARTS CO COM         534 
   GLOBAL PMTS INC COM         938 
   GLOBALFOUNDRIES INC         139 
   GLOBANT SA USD1.20         73 
   GLOBE LIFE INC COM         326 
   GLOBUS MED INC CL A NEW COM STK         304 
   GRACO INC COM         464 

 

23

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   GRAIL INC COM         15 
   GRAINGER W W INC COM         198 
   GRAND CANYON ED INC COM STK         106 
   GRAPHIC PACKAGING HLDG CO COM STK         265 
   GROCERY OUTLET HLDG CORP COM         49 
   GUIDEWIRE SOFTWARE INC COM         247 
   GXO LOGISTICS INC COM         168 
   HALLIBURTON CO COM         789 
   HANOVER INS GROUP INC COM         181 
   HARLEY DAVIDSON COM         117 
   HASBRO INC COM         32 
   HASHICORP INC         35 
   HAYWARD HLDGS INC COM         71 
   HENRY SCHEIN INC COMMON STOCK         287 
   HERSHEY COMPANY COM STK         699 
   HESS CORP COM STK         432 
   HEWLETT PACKARD ENTERPRISE CO COM         911 
   HEXCEL CORP NEW COM         168 
   HF SINCLAIR CORPORATION COM         178 
   HILTON WORLDWIDE HLDGS INC COM NEW         950 
   HOLOGIC INC COM         542 
   HORMEL FOODS CORP COM         299 
   HOULIHAN LOKEY INC CL A CL A         273 
   HOWARD HUGHES HLDGS INC COM         78 
   HOWMET AEROSPACE INC COM         1,369 
   HP INC COM         784 
   HUBBELL INC COM         738 
   HUMANA INC COM         1,007 
   HUNT J B TRANS SVCS INC COM         455 
   HUNTINGTON BANCSHARES INC COM         772 
   HUNTINGTON INGALLS INDS INC COM         242 
   HUNTSMAN CORP COM STK         96 
   HYATT HOTELS CORP COM CL A COM CL A         181 
   IAC INC COM NEW         105 
   IDACORP INC COM         191 
   IDEX CORP COM         521 
   ILLUMINA INC COM         700 
   INCYTE CORP COM         340 
   INFORMATICA INC CL A CL A         69 
   INGERSOLL RAND INC COM         1,201 
   INGRAM MICRO HLDG CORP COM         8 
   INGREDION INC COM         297 
   INTERACTIVE BROKERS GROUP INC CL COM         614 
   INTERPUBLIC GROUP COMPANIES INC COM         343 
   INTL FLAVORS & FRAGRANCES INC COM         711 
   INTL PAPER CO COM         613 
   INVESCO LTD COM STK USD0.20         210 
   IONIS PHARMACEUTICALS INC COM         12 
   IPG PHOTONICS CORP COM         65 
   IQVIA HLDGS INC COM         1,033 
   IRIDIUM COMMUNICATIONS INC COM STK         97 
   ITT INC COM         387 
   JABIL INC COM USD0.001         480 
   JACK HENRY & ASSOC INC COM         418 
   JACOBS SOLUTIONS INC COM         542 
   JANUS HENDERSON GROUP PLC         179 

 

24

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   JAZZ PHARMACEUTICALS PLC COM         244 
   JEFFERIES FINL GROUP INC COM         323 
   JONES LANG LASALLE INC COM STK         272 
   JUNIPER NETWORKS INC COM         401 
   KBR INC COM         232 
   KELLANOVA COM         698 
   KEMPER CORP DEL COM         132 
   KENVUE INC COM         1,345 
   KEYCORP NEW COM         522 
   KEYSIGHT TECHNOLOGIES INC COM         921 
   KINDER MORGAN INC DEL COM         1,747 
   KIRBY CORP COM         202 
   KNIGHT-SWIFT TRANSN HLDGS INC CL A         272 
   KOHLS CORP COM         51 
   KROGER CO COM         1,335 
   KYNDRYL HLDGS INC COM         259 
   L3HARRIS TECHNOLOGIES INC COM         1,310 
   LABCORP HLDGS INC COM         634 
   LAMB WESTON HLDGS INC COM USD5         212 
   LANDSTAR SYS INC COM         199 
   LATTICE SEMICONDUCTOR CORP COM         34 
   LEAR CORP COM NEW COM NEW         168 
   LEGGETT & PLATT INC COM         42 
   LEIDOS HLDGS INC COM         630 
   LENNAR CORP CL A CL A         1,056 
   LENNAR CORP CL B CL B         47 
   LIBERTY BROADBAND CORP COM SER A COM SERA         29 
   LIBERTY BROADBAND CORP COM SER C COM SERC         206 
   LIBERTY GLOBAL LTD. COM CLASS C         65 
   LIBERTY GLOBAL LTD. COMMON STOCK         70 
   LIBERTY MEDIA CORP DEL COM LIBERTY   FORMULA ONE SER A         40 
   LIBERTY MEDIA CORP DEL COM LIBERTY   FORMULA ONE SER C         413 
   LIBERTY MEDIA CORP DEL COM LIBERTY LIVE SER A         43 
   LIBERTY MEDIA CORP DEL COM LIBERTY LIVE SER C         104 
   LINCOLN ELEC HLDGS INC COM         245 
   LINCOLN NATL CORP COM         177 
   LITHIA MTRS INC COM CL A         308 
   LITTELFUSE INC COM         189 
   LKQ CORP COM LKQ CORP         313 
   LOAR HOLDINGS INC COM         7 
   LOEWS CORP COM         498 
   LOUISIANA-PACIFIC CORP COM         64 
   LUCID GROUP INC COM         98 
   LUMENTUM HLDGS INC COM         188 
   LYFT INC CL A CL A         48 
   LYONDELLBASELL IND N V COM         636 
   M & T BK CORP COM         1,028 
   MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC COM STK         238 
   MACYS INC COM STK         152 
   MADISON SQUARE GARDEN SPORTS CORP         127 
   MANPOWERGROUP INC         89 
   MAPLEBEAR INC COM         227 
   MARKEL GROUP INC         549 
   MARKETAXESS HLDGS INC COM STK         275 
   MARRIOTT VACATIONS WORLDWIDE CORP COM         103 
   MARTIN MARIETTA MATLS INC COM         983 

 

25

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   MASCO CORP COM         515 
   MASIMO CORP COM STK         113 
   MASTEC INC COM         281 
   MATADOR RES CO COM         201 
   MATCH GROUP INC NEW COM         277 
   MATTEL INC COM STOCK         197 
   MC CORMICK & CO INC COM NON-VTG         632 
   MDU RES GROUP INC COM         120 
   METTLER-TOLEDO INTL INC COM         849 
   MGIC INVT CORP WIS COM         201 
   MGM RESORTS INTERNATIONAL COM         261 
   MICROCHIP TECHNOLOGY INC COM         1,000 
   MICROSTRATEGY INC CL A NEW CL A NEW         1,470 
   MIDDLEBY CORP COM         237 
   MKS INSTRS INC COM         216 
   MLP VIPER ENERGY INC         117 
   MOHAWK INDS INC COM         205 
   MOLINA HEALTHCARE INC COM         201 
   MOLSON COORS BEVERAGE COMPANY COM  CLASS B         322 
   MOSAIC CO/THE         259 
   MP MATERIALS CORP COM         67 
   MSA SAFETY INC COM         202 
   MSC INDL DIRECT INC CL A COM         112 
   MSCI INC COM         632 
   NASDAQ INC         1,048 
   NATL FUEL GAS CO COM         182 
   NCINO INC NEW COM         35 
   NETAPP INC COM STK         434 
   NEW FORTRESS INC CL A         19 
   NEW YORK TIMES CO CL A         275 
   NEWELL BRANDS INC COM         136 
   NEWMARKET CORP COM         117 
   NEWS CORP COM CL A         345 
   NEWS CORP COM CL B         113 
   NEXSTAR MEDIA GROUP INC COMMON STOCK         97 
   NISOURCE INC COM         563 
   NORDSON CORP COM         390 
   NORDSTROM INC COM         79 
*  NORTHERN TR CORP COM         661 
   NOV INC COM         186 
   NRG ENERGY INC COM NEW         361 
   NUCOR CORP COM         910 
   NUTANIX INC CL A CL A         361 
   NVENT ELECTRIC PLC COM         370 
   NVR INC COM STK         777 
   OGE ENERGY CORP COM         270 
   OKTA INC CL A CL A         232 
   OLD REPUBLIC INTERNATIONAL CORP COM STK         280 
   OLIN CORP COM         130 
   OLLIES BARGAIN OUTLET HLDGS INC COM         220 
   OMNICOM GROUP INC COM         548 
   ON SEMICONDUCTOR CORP COM         881 
   ONEMAIN HLDGS INC COM         194 
   ONEOK INC COM STK         1,927 
   ONTO INNOVATION INC         200 
   ORGANON & CO COM         126 

 

26

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   OSHKOSH CORPORATION         204 
   OTIS WORLDWIDE CORP COM         1,217 
   OVINTIV INC COM         351 
   OWENS CORNING NEW COM STK         483 
   PACKAGING CORP AMER COM         656 
   PARAMOUNT GLOBAL COM CL A         7 
   PARAMOUNT GLOBAL COM CL B         204 
   PARSONS CORP DEL COM         139 
   PAYCHEX INC COM         951 
   PAYCOM SOFTWARE INC COM         127 
   PAYCOR HCM INC COM         45 
   PENN ENTERTAINMENT INC         98 
   PENSKE AUTOMOTIVE GROUP INC COM STK         92 
   PENTAIR PLC COM         546 
   PERFORMANCE FOOD GROUP CO COM         364 
   PERMIAN RES CORP CL A         243 
   PERRIGO COMPANY LIMITED COM         114 
   PG& E CORP COM         1,419 
   PILGRIMS PRIDE CORP         56 
   PINNACLE FINL PARTNERS INC COM         285 
   PINNACLE W. CAP CORP COM         317 
   PLANET FITNESS INC CL A CL A         126 
   PLAYTIKA HLDG CORP COM         16 
   POLARIS INC         97 
   POPULAR INC COM NEW         198 
   POST HLDGS INC COM STK         179 
   PPG IND INC COM         909 
   PPL CORP COM         788 
   PREMIER INC CL A CL A         67 
   PRIMERICA INC COM         301 
   PRINCIPAL FINL GROUP INC COM STK         578 
   PROSPERITY BANCSHARES INC COM         222 
   PRUDENTIAL FINL INC COM         1,402 
   PTC INC COM         281 
   PUB SERVICE ENTERPRISE GROUP INC COM         1,386 
   PULTE GROUP INC         731 
   PURE STORAGE INC CL A CL A         79 
   PVH CORP COM         193 
   QIAGEN NV ORD         327 
   QORVO INC COM         218 
   QUANTA SVCS INC COM         1,048 
   QUANTUMSCAPE CORP  COM CL A         61 
   QUEST DIAGNOSTICS INC COM         551 
   QUIDELORTHO CORPORATION         91 
   RALPH LAUREN CORP CL A CL A         300 
   RANGE RES CORP COM         281 
   RAYMOND JAMES FNCL INC COM STK         940 
   RB GLOBAL INC COM NPV         543 
   RBC BEARINGS INC COM         279 
   REGAL REXNORD CORPORATION COM STK         338 
   REGIONS FINL CORP NEW COM         710 
   REINSURANCE GROUP AMER INC COM NEW STK         461 
   RELIANCE INC COM NPV         476 
   RENAISSANCE RE HLDGS LTD COM         420 
   REPLIGEN CORP COM STK         226 
   RESMED INC COM         795 

 

27

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   REVVITY INC         451 
   REYNOLDS CONSUMER PRODS INC COM         48 
   RH COM         155 
   RIVIAN AUTOMOTIVE INC         365 
   RLI CORP COM         211 
   ROBERT HALF INC COM         234 
   ROBINHOOD MKTS INC COM CL A         824 
   ROCKET COS INC CL A CL A         51 
   ROCKWELL AUTOMATION         978 
   ROIVANT SCIENCES LTD COM         165 
   ROKU INC COM CL A COM CL A         263 
   ROSS STORES INC COM         1,246 
   ROYAL CARIBBEAN GROUP COM STK         1,175 
   ROYAL GOLD INC COM STK         285 
   ROYALTY PHARMA PLC COM CLASS A         327 
   RPM INTL INC         398 
   RYDER SYS INC COM         214 
   S.W. AIRL CO COM         661 
   SAIA INC COM STK         165 
   SCHNEIDER NATL INC WIS CL B CL B         44 
   SCIENCE APPLICATIONS INTL CORP NEW COM         181 
   SCOTTS MIRACLE-GRO CLASS'A'COM NPV         93 
   SEABOARD CORP DEL COM         19 
   SEALED AIR CORP NEW COM STK         153 
   SEAPORT ENTMT GROUP INC COM         7 
   SEI INVTS CO COM         272 
   SENSATA TECHNOLOGIES B V HOLDING         135 
   SENTINELONE INC CL A COM CL A COM         171 
   SERVICE CORP INTL COM         369 
   SHARKNINJA COM         170 
   SILGAN HLDGS INC COM         142 
   SIMPSON MFG INC COM         210 
   SIRIUS XM HLDGS INC NEW COM         161 
   SITEONE LANDSCAPE SUPPLY INC COM         122 
   SKECHERS U S A INC CL A         266 
   SKYWORKS SOLUTIONS INC COM         468 
   SLM CORP COM         191 
   SMITH A O CORP COM         266 
   SMUCKER J M CO COM NEW         373 
   SMURFIT WESTROCK LTD         916 
   SNAP-ON INC COM         578 
   SOFI TECHNOLOGIES INC COM         451 
   SOLVENTUM CORP COM COM         301 
   SONOCO PROD CO COM         157 
   SOTERA HEALTH CO COM         68 
   SPECTRUM BRANDS HLDGS INC COM         75 
   SPIRIT AEROSYSTEMS HLDGS INC CL A         114 
   SS&C TECHNOLOGIES HLDGS INC COM         535 
   STANDARDAERO INC. COM         38 
   STANLEY BLACK & DECKER INC COM         406 
   STATE STR CORP COM         946 
   STEEL DYNAMICS INC COM         545 
   STERIS PLC ORD         666 
   STIFEL FINL CORP COM         347 
   SYNCHRONY FINL COM         832 
   SYNOVUS FINL CORP COM NEW COM NEW         242 

 

28

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   SYSCO CORP COM         469 
   T ROWE PRICE GROUP INC         816 
   TAKE-TWO INTERACTIVE SOFTWARE INC         1,044 
   TAPESTRY INC COM         499 
   TD SYNNEX CORPORATION COM         291 
   TECHNIPFMC PLC COM         403 
   TELEDYNE TECHNOLOGIES INC COM         706 
   TELEFLEX INC COM         272 
   TENET HEALTHCARE CORP COM NEW .         395 
   TERADYNE INC COM         58 
   TETRA TECH INC NEW COM         274 
   TEXTRON INC COM         470 
   TFS FINL CORP COM STK         20 
   THE CAMPBELLS COMPANY         264 
   THE COOPER COMPANIES, INC.         590 
   THE HARTFORD INSURANCE GROUP INC COM         1,042 
   THOR INDS INC COM STK         160 
   TIMKEN CO COM         152 
   TKO GROUP HLDGS INC COM         318 
   TOLL BROS INC COM         417 
   TOPBUILD CORP COM         284 
   TORO CO COM         270 
   TPG PARTNERS LLC CL A COM         131 
   TRADEWEB MKTS INC CL A CL A         303 
   TRANSUNION COM         558 
   TRAVEL + LEISURE CO COM         109 
   TRIMBLE INC COM TRIMBLE INC         566 
   TRIPADVISOR INC COM         50 
   TRUMP MEDIA & TECHNOLOGY GROUP CORP         31 
   TWILIO INC CL A CL A         436 
   TYLER TECHNOLOGIES INC COM STK         121 
   TYSON FOODS INC CL A COM (DELAWARE)         531 
   UBIQUITI INC COM         25 
   UGI CORP NEW COM         200 
   U-HAUL HOLDING  COMPANY         119 
   U-HAUL HOLDING  COMPANY         10 
   UIPATH INC CL A CL A         25 
   ULTA BEAUTY INC         91 
   UNDER ARMOR INC CL A         53 
   UNDER ARMOUR INC CL C COM         45 
   UNITED AIRLINES HOLDINGS INC COM         1,046 
   UNITED RENTALS INC COM         1,150 
   UNITED STS STL CORP NEW COM         249 
   UNITED THERAPEUTICS CORP DEL COM STK         507 
   UNITY SOFTWARE INC COM         124 
   UNIVERSAL DISPLAY CORP COM         111 
   UNUM GROUP         436 
   UNVL HEALTH SERVICES INC CL B COM         338 
   US FOODS HLDG CORP COM         509 
   UWM HLDGS CORP COM CL A         6 
   V F CORP COM         247 
   VAIL RESORTS INC COM         37 
   VALMONT INDS INC COM         201 
   VERALTO CORP COM         455 
   VERISIGN INC COM         531 
   VESTIS CORP COM         66 

 

29

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Common stock - continued           
   VIATRIS INC         486 
   VIRTU FINL INC CL A CL A         94 
   VONTIER CORP COM         180 
   VOYA FINL INC COM         223 
   VULCAN MATERIALS CO COM         831 
   WABTEC CORP COM         1,063 
   WALGREENS BOOTS ALLIANCE INC COM         220 
   WARNER BROS DISCOVERY INC         844 
   WATERS CORP COM         281 
   WATSCO INC COM         539 
   WAYFAIR INC CL A CL A         139 
   WEBSTER FNCL CORP WATERBURY CONN COM         310 
   WEC ENERGY GROUP INC COM         979 
   WENDYS CO COM         46 
   WESCO INTL INC COM         250 
   WEST PHARMACEUTICAL SVCS INC COM         308 
   WESTERN ALLIANCE BANCORPORATION COM         295 
   WESTERN UNION CO         97 
   WESTLAKE CORPORATION COM         126 
   WESTN DIGITAL CORP COM         678 
   WEX INC COM         207 
   WHIRLPOOL CORP COM         199 
   WHITE MOUNTAINS INSURANCE GROUP COM STOCK         160 
   WILLIAMS CO INC COM         2,167 
   WILLIAMS SONOMA INC COM         311 
   WILLIS TOWERS WATSON PLC COM         1,038 
   WILLSCOT HOLDINGS CORPORATION COM         139 
   WINTRUST FINL CORP COM         267 
   WOLFSPEED INC COM         27 
   WOODWARD INC COM         322 
   WYNDHAM HOTELS & RESORTS INC COM         229 
   WYNN RESORTS LTD COM         268 
   XCEL ENERGY INC COM         1,277 
   XP INC COM  CLASS A         143 
   XYLEM INC COM         922 
   YETI HLDGS INC COM         76 
   YUM BRANDS INC COM         766 
   ZEBRA TECHNOLOGIES CORP CL A         511 
   ZILLOW GROUP INC COM         106 
   ZILLOW GROUP INC COM CLASS C         380 
   ZIMMER BIOMET HLDGS INC COM         688 
   ZIONS BANCORPORATION N A         259 
   ZOOM COMMUNICATIONS INC         708 
   ZOOMINFO TECHNOLOGIES INC COM         104 
   Total Common stock         5,066,260 
               
   Mutual fund           
   PIMCO ALL ASSET FUND         108,326 
               
   REITs           
   1ST INDL RLTY TR INC COM         218 
   AGNC INVT CORP COM         246 
   AGREE RLTY CORP COM         248 
   ALEXANDRIA REAL ESTATE EQUITIES INC COM         556 
   AMERICAN HOMES 4 RENT COMMON STOCK         415 
   AMERICOLD RLTY TR INC COM         200 

 

30

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   REITs - continued           
   ANNALY CAPITAL MANAGEMENT INC         336 
   AVALONBAY CMNTYS REIT         1,027 
   BRIXMOR PPTY GROUP INC COM         274 
   BXP INC         384 
   CAMDEN PPTY TR SH BEN INT         395 
   COUSINS PPTYS INC         162 
   CROWN CASTLE INC COM         1,299 
   CUBESMART         315 
   DIGITAL RLTY TR INC COM         1,933 
   EASTGROUP PPTYS INC REIT         259 
   EPR PPTYS COM SH BEN INT COM SH BEN INT         109 
   EQTY LIFESTYLE PPTYS INC REIT         414 
   EQTY RESDNTL         892 
   ESSEX PPTY TR REIT         600 
   EXTRA SPACE STORAGE INC COM         1,029 
   FEDERAL RLTY INVT TR  COM         311 
   GAMING & LEISURE PPTYS INC COM         412 
   HEALTHCARE REALTY TRUST INC COM         196 
   HEALTHPEAK OP LLC         466 
   HIGHWOODS PPTYS INC COM         105 
   HOST HOTELS & RESORTS INC REIT         402 
   INVITATION HOMES INC COM         643 
   IRON MTN INC NEW COM         432 
   KILROY RLTY CORP COM         156 
   KIMCO REALTY CORPORATION         507 
   LAMAR ADVERTISING CO NEW CL A CL A         261 
   LINEAGE INC COM         119 
   MEDICAL PPTYS TR INC COM REIT         77 
   MID-AMER APT CMNTYS INC COM         591 
   NATIONAL STORAGE AFFILIATES TR COM SHS         87 
   NNN REIT INC         251 
   OMEGA HEALTHCARE INVS INC REIT         336 
   PARK HOTELS & RESORTS INC COM         94 
   RAYONIER INC REIT         132 
   REALTY INCOME CORP COM         1,531 
   REGENCY CTRS CORP COM         439 
   REXFORD INDL RLTY INC COM         280 
   RITHM CAPITAL CORP         184 
   SBA COMMUNICATIONS CORP         720 
   SIMON PROPERTY GROUP INC COM         1,364 
   STAG INDL INC COM         201 
   STARWOOD PROPERTY TRUST INC COM REIT         195 
   SUN COMMUNITIES INC COM         499 
   UDR INC COM STK         469 
   VENTAS INC REIT         811 
   VICI PPTYS INC COM         1,000 
   VORNADO RLTY TR COM         242 
   W P CAREY INC COM         389 
   WEYERHAEUSER CO COM         675 
   Total REITs         25,888 
               
   Collective trust funds           
   BLACKROCK INTERNATIONAL MULTI CAP EQUITY FUND         103,319 
   CAPITAL GROUP EUROPACIFIC GROWTH TRUST         349,968 
   CAPITAL GROUP GROWTH FUND OF AMERICA TRUST         1,349,967 
   CAPITAL GROUP WASHINGTON MUTUAL INVESTORS TRUST         396,199 

 

31

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Collective trust funds - continued           
   GW&K SMALL-MID CAP CORE EQUITY FUND         171,932 
*  NORTHERN TRUST COLLECTIVE ACWI ex-U.S. INDEX FUND         154,276 
*  NORTHERN TRUST COLLECTIVE SHORT TERM INVESTMENT FUND         12,293 
   PIMCO TOTAL RETURN FUND         212,742 
   SSGA RUSSELL SMALL/MID CAP INDEX FUND CLASS K         865,253 
   SSGA S&P 500 INDEX FUND CLASS K         2,317,737 
   SSGA U.S. BOND INDEX FUND CLASS K         156,209 
   SSGA TARGET RETIREMENT 2020         196,946 
   SSGA TARGET RETIREMENT 2025         405,218 
   SSGA TARGET RETIREMENT 2030         571,713 
   SSGA TARGET RETIREMENT 2035         563,164 
   SSGA TARGET RETIREMENT 2040         476,607 
   SSGA TARGET RETIREMENT 2045         422,489 
   SSGA TARGET RETIREMENT 2050         345,438 
   SSGA TARGET RETIREMENT 2055         228,773 
   SSGA TARGET RETIREMENT 2060         130,750 
   SSGA TARGET RETIREMENT 2065         41,540 
   SSGA TARGET RETIREMENT INCOME         120,357 
   Total Collective trust funds         9,592,890 
               
   Futures contracts           
   FUT MAR 25 IMMEMINI MDCP         (629)
   FUT MAR 25 IMMEMINI MDCP         629 
   Total Futures contracts         - 
               
   Corporate debt           
   AMERICAN HONDA FIN CORP FLTG  02-12-2025         6,602 
   AVOLON HLDGS FDG 2.875% DUE 02-15-2025         5,881 
   BANK OF AMERICA CORPORATION MTN 3.384% DUE  04-02-2026         1,893 
   BARCLAYS PLC 3.65% DUE 03-16-2025         2,493 
   BOEING CO 2.25% DUE 06-15-2026         384 
   BOEING CO FIXED 2.196% DUE 02-04-2026         970 
   CARLYLE GLOBAL MARKET STRATEGI  14/08/2030 0% 08-14-2030         349 
   CARMAX AUTO OWNER 3.49% DUE 02-16-2027         824 
   CARMAX AUTO OWNER TRUST SER 22-4 CL A3 5.34% DUE 08-16-2027 REG         2,292 
   CHASE AUTO OWNER TR 2023-A ASSET BACKED NT CL A-2 144A 5.9% 03-25-2027         1,055 
   CHASE AUTO OWNER TR 2024-5 NT CL A-2    144A 4.4% 11-26-2027         1,298 
   CITIGROUP INC 3.106% DUE 04-08-2026         9,653 
   COLUMBIA / HCA 7.69% DUE 06-15-2025         2,023 
   CVS CAREMARK CORP DISC COML PAPER 4/2   YRS 1&2 01-31-2025         4,081 
   DEUTSCHE BK AG N Y FLTG RT 2.129% DUE  11-24-2026         1,949 
   DLLAD 2024-1 LLC 5.5% DUE 08-20-2027         2,006 
   ELEVATION CLO FLTG RT 0% DUE 07-25-2034         1,500 
   ELLINGTON FINL MTG TR 2022-1 MTG PASS THRU CTF CL A-1 2.206% 01-25-2067         2,015 
   FORD CR AUTO LEASE TR 2023-B FLTG RT SR 23-B CL A2B 02-15-2026         463 
   FORD CR AUTO LEASE TR 2024-B SR 24-B CL A2B FLTG RT 02-15-2027         2,889 
   FORD CR AUTO OWNER 5.4% DUE 04-15-2027         7,033 
   FORD CREDIT AUTO LEASE TRUST SER 23-A CL A3 4.94% 03-15-2026         920 
   FORD MTR CR CO LLC  4.134% DUE 08-04-2025         3,593 
   FORD MTR CR CO LLC 4.687%  06-09-2025         3,292 
   FORD MTR CR CO LLC 5.125% DUE 06-16-2025         1,499 
   GENERAL MTRS FINL CO INC CORP 2.9%   02-26-2025         3,986 
   GEORGIA PWR CO FLTG RT 05-08-2025         3,006 
   GOLDMAN SACHS FLTG RT 5.11322% DUE  12-09-2026         3,407 
   GS MTG BACKED SECS 5% DUE 01-25-2052         2,272 
   HARLEY DAVIDSON 3.5% DUE 07-28-2025         1,698 

 

32

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Corporate debt - continued           
   HCA INC 5.25% DUE 04-15-2025         1,502 
   HCA INC 5.375% DUE 02-01-2025         1,670 
   HCA INC 5.875% DUE 02-15-2026         603 
   HSBC HLDGS PLC FLTG RT 2.999% DUE  03-10-2026         797 
   HSBC HLDGS PLC FLTG RT 4.292% DUE  09-12-2026         1,991 
   LLOYDS BANKING GROUP 3.511% DUE  03-18-2026/03-18-2025 BEO         299 
   MERCEDES-BENZ AUTO LEASE TRUST SR 24-B CL A2B FLTG RT 12-15-2026         4,001 
   MFA 2020-NQM2 TR 1.381% DUE 04-25-2065         292 
   MITSUBISHI UFJ FINL GROUP INC 3.837%  04-17-2026         4,041 
   MITSUBISHI UFJ FINL GROUP INC 5.541% DUE04-17-2026         801 
   MIZUHO FINL GROUP INC FLTG  05-22-2026         2,205 
   MORGAN STANLEY BANK FRN 10-15-2027         6,006 
   NAVIENT PRIVATE ED LN TR 2020-I 5.43366%04-15-2069         1,154 
   NEUBERGER BERMAN CLO LTD 20/04/2031 1.29400002956% 04-21-2031         3,829 
   NOMURA HLDGS INC 2.648%  01-16-2025         6,094 
   NXP B V / NXP FDG LLC / NXP USA INC SR  NT 2.7% 05-01-2025         298 
   OBX 2022-NQM1 TR MTG BACKED NT CL A-1   144A 2.30500006676% 11-25-2061         1,817 
   OBX 2022-NQM2 TR VAR RT 2.783% DUE      01-25-2062         606 
   ONEOK INC 4.25%  09-24-2027         1,183 
   PAC GAS & ELEC CO FIXED 3.45% DUE  07-01-2025         893 
   PAC GAS & ELEC CO FLTG RT 5.289197% DUE 09-04-2025         4,908 
   PNC BANK NA FLTG 01-15-2027         3,401 
   PVTPL ABN AMRO BANK NV 6.575%  10-13-2026         4,042 
   PVTPL ARES XXVII CLO LTD SR 13 2A CL A-R3 FLTG 10-28-2034         2,000 
   PVTPL ATLANTIC AVE 2024-3 LTD SR 24-3A CL A FLTG 01-20-2035         2,000 
   PVTPL BAIN CAPITAL CREDIT CLO LIMITED SR 20-2A CL ARR FLTG RT 07-19-2034         3,105 
   PVTPL BAIN CAPITAL CREDIT CLO LTD SR 21-3A AR FLTG RT 07-24-2034         250 
   PVTPL BANK OF AMERICA AUTO TRUST SER 23-2A CL A2 5.85% 08-17-2026         2,283 
   PVTPL BANQUE FED CRED MUTUEL FLTG RT 01-23-2027         1,411 
   PVTPL BAYER US FIN II LLC  4.25% 12-15-2025         4,966 
   PVTPL CITIZENS AUTO RECEIVABLES TRUST SER 24-2 CL A2B FLTG RT 11-16-2026         1,766 
   PVTPL CMO AREIT 2021-CRE5 LTD/AREIT AREIT 2021-C SR NT CL A VAR RT 07-17-2026         342 
   PVTPL CMO COLT 2021-4 MTG LN TR MTG PASSTHRU CTF CL A-1 10-25-2066         1,691 
   PVTPL CQS US CLO LTD SER 21-1A CL AR FLTG 01-20-2035         2,003 
   PVTPL DLLMT 2024-1 LLC NT CL A-1 144A   5.353% DUE 08-20-2025 BEO         899 
   PVTPL ELECTRICITE DE FRANCE SA 3.625% 10-13-2025         1,486 
   PVTPL ENTERPRISE FLEET FINANCING LLC SR 24-2 CL A1 5.613% 05-20-2025         661 
   PVTPL GOLUB CAP PARTNERS STATIC 2024-1  LTD/G SR 24-1A CL A-1 VAR RT 04-20-2033         2,417 
   PVTPL GPMT 2021-FL3 LTD/GPMT 2021-FL3   LLC SR SECD NT CL A FLTG 07-16-2035         750 
   PVTPL HYUNDAI AUTO LEASE SECURITIZATION TR 202 FLTG RT SR 23-C CL A2B 03-16-2026         2,024 
   PVTPL KKR CLO 9 LTD / KKR CLO 9 LLC  15/07/2030 VAR RT DUE 07-15-2030 BEO         886 
   PVTPL LCM 31 LTD SR SECD NT CL A-R FLTG 07-20-2034         1,103 
   PVTPL MF1 MULTIFAMILY HOUSING MORTGAGE  LO SR 20-FL4 CL A VAR RT DUE 11-15-2035         626 
   PVTPL MF1 MULTIFAMILY HOUSING MORTGAGE CO SER 21-FL7 CL A FLTG RT DUE 10-18-2036         2,929 
   PVTPL NAVIENT PRIVATE ED REFI LN TR     2021-G CL A 1.58% DUE 04-15-2070 BEO         1,275 
   PVTPL NAVIENT PRIVATE ED REFI LN TR SRS 20-HA  CL  A 1.31% DUE 01-15-2069         615 
   PVTPL NAVIENT STUDENT LN TR 2014-1 SR   22-A CL A 2.23% 07-15-2070         957 
   PVTPL NELNET STUDENT LN TR FLTG RT SER 19-2A CL A 06-27-2067 BEO         1,113 
   PVTPL NISSAN MTR ACCEP CO LLC NT  1.85%   09-16-2026         846 
   PVTPL OCTAGON INVT PARTNERS XXI  LTD/OCTAGON SR SECD NT 02-14-2031         2,283 
   PVTPL PALMER SQUARE LN FDG 2021-3 LTD/SR SECD NT CL A-1 FLTG 5.04257% 07-20-2029         407 
   PVTPL PALMER SQUARE LOAN FUNDING LTD SER 21-4A CL A1 FLTG RT 10-15-2029 BEO         561 
   PVTPL REGATTA XVI FUNDING LTD SR 19-2A CL A1R FLTG RT 01-15-2033         3,919 
   PVTPL SBA TOWER TR 4.831% 10-15-2029         1,350 
   PVTPL SOCIETE GENERALE FLTG   01-21-2026         3,001 
   PVTPL SOUND PT CLO XVI LTD/SOUND PT CLO XVI VAR RT DUE 07-25-2030 BEO         292 

 

33

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
   Corporate debt - continued           
   PVTPL SYMPHONY CLO LTD SR 20-22A CL A1ARFLTG RT 04-18-2033         1,000 
   PVTPL TOWD POINT MORTGAGE TRUST SER 21-1 CL A1 VAR 11-25-2061         1,503 
   PVTPL TOYOTA LEASE OWNER TRUST SR 24-B CL A2B FLTG RT 02-22-2027         1,701 
   PVTPL TRILLIUM CR CARD TR II SR 23-3A CLA VAR RT DUE 08-26-2028 BEO         3,210 
   PVTPL VENTURE CLO LTD SR 17-28A CL A2R VAR RT 07-20-2030         1,825 
   PVTPL VMC FIN 2021-FL4 LLC SR SECD NT CLA 144A FLTG RATE VAR RT DUE 06-16-2036         96 
   PVTPL VOYA CLO LTD SR 19-2A CL AR FLTG 07-20-2032         1,200 
   ROGERS COMMUNICATIONS INC SR NT 2.95%   03-15-2025         2,984 
   SABINE PASS 5.625% DUE 03-01-2025         552 
   SARANAC CLO VI LTD / SARANAC CLO VI     5.69859% 08-13-2031         878 
   SOCIETE GENERALE 2.625% DUE 01-22-2025         3,995 
   SOFI PROFESSIONAL LN PROGRAM 2020-C POSTGRADUATE LN AST BKD NT 1.95% 02-15-2046         776 
   SOUTHERN CALIF EDISON CO DISC COML PAPER4/2 YRS 1&2 01-06-2025         7,994 
   T-MOBILE USA INC 3.5% 04-15-2025         2,986 
   TOYOTA LEASE OWNER FLTG RT 4.89867% DUE 04-20-2026         1,198 
   VMWARE INC FIXED 4.5% DUE 05-15-2025         6,990 
   VOLKSWAGEN AUTO FLTG RT 4.91867% DUE    01-20-2026         736 
   VOLKSWAGEN GROUP AMER FIN LLC FLTG 03-20-2026         3,299 
   WELLS FARGO & CO MEDIUM TERM SR NTS BOOKVAR RT DUE 04-25-2026/04-25-2025         2,308 
   WELLS FARGO & COMPANY 3.908%  04-25-2026         2,492 
   WORLD OMNI FLTG RT 4.77867% DUE  02-16-2027         1,693 
   Total Corporate debt         235,392 
               
   Government debt           
   FANNIE MAE POOL #AM9004 2.8%  06-01-2025         1,741 
   FANNIE MAE SR 24-100 CL FA 5.73164%  06-25-2054         1,995 
   FANNIE MAE SR 24-103 CL FC FLTG RT 01-25-2055         997 
   FANNIE MAE SR 24-90 CL FB FLTG RT 11-25-2053         2,873 
   FANNIE MAE TR SR 24-95 CL KF FLTG  12-25-2054         1,468 
   FEDERAL HOME LN MTG CORP SER 5442 CL FB FLTG 08-25-2054         2,918 
   FHLMC SR 5480 CL FG FLTG RT 12-25-2054         981 
   FNMA FLTG RT 11-05-2027         6,001 
   FNMA REMIC TR 2024-101 CL-FB VAR  5.45201% 01-25-2055         1,993 
   FNMA REMIC TR 2024-104 CL-FA VAR 5.40201% 01-25-2055         994 
   FREDDIE MAC MULTICLASS SR 5410 CL FB    FLTG RT 05-25-2054         1,420 
   FREDDIE MAC SR 5484 CL FA FLTG RT 12-25-2054         2,049 
   GNMA 2016-H17 MTG PASS THRU CTF CL MX FC08-20-2066         325 
   GNMA 2016-H20 REMIC PASSTHRU CTF CL     MX-PT 09-20-2066         737 
   GNMA REMIC PASSTHRU SER 2016-H11 CLS F 05-20-2066         60 
   GNMA SR 23-H22 CL FB FLTG RT 09-20-2073         3,013 
   UNITED STATES TREAS NTS 4.25% 11-30-2026         102,272 
   US TREASURY N/B 3.625% 08-31-2029         14,038 
   US TREASURY N/B 4.125% 11-30-2029         8,897 
   UNITED STATES TREASURY BILLS 0% 03-27-2025         40 
   Total Government debt         154,812 
               
   Private 40-Act mutual funds           
   PIMCO SHORT-TERM FLOATING NAV PORTFOLIO II         393,035 
   Total Private 40-Act mutual funds           

 

34

 

 

Abbott Laboratories Stock Retirement Plan

EIN: 36-0698440, Plan Number: 334

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued

December 31, 2024

(Dollars in thousands)

 

 

      (c) Description       
      of investment       
      including       
      maturity date &     (e) Current 
(a)  (b) Identity of issue, borrower, lessor, or similar party  range of interest  (d) Cost **  value 
               
      Interest rates 3.25% to 9.75%     
*  Loans to participants  Maturing 2025 through 2047   100,167 
               
            $15,676,770 

 

*Represents a party-in-interest transaction.

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

 

35

 

 

FINANCIAL STATEMENTS AND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

ABBOTT LABORATORIES STOCK RETIREMENT PLAN (PUERTO RICO) 

DECEMBER 31, 2024 and 2023

 

 

 

 

C O N T E N T S

 

  Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 3
   
FINANCIAL STATEMENTS  
   
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS 5
   
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS 6
   
NOTES TO FINANCIAL STATEMENTS 7
   
SUPPLEMENTAL SCHEDULE  
   
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 17

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Plan Administrator and Plan Participants
Abbott Laboratories Stock Retirement Plan (Puerto Rico)

 

Opinion on the financial statements

 

We have audited the accompanying statements of net assets available for benefits of Abbott Laboratories Stock Retirement Plan (Puerto Rico) (the “Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

 

Basis for opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

3

 

 

Supplemental information

 

The schedule of assets (held at end of year) as of December 31, 2024 (“supplemental information”) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ GRANT THORNTON LLP

 

We have served as the Plan’s auditor since 2014.

 

Chicago, Illinois
June 20, 2025

 

4

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2024 and 2023

(Dollars in thousands)

 

 

   2024   2023 
Assets          
Cash  $27   $- 
Investments, at fair value   237,222    217,659 
Notes receivable from participants   5,803    5,172 
Due from brokers   22    16 
Accrued interest income   225    54 
           
Total assets   243,299    222,901 
           
Liabilities          
Cash overdraft   -    21 
Accrued expenses   -    1 
Due to brokers   -    3 
           
Total liabilities   -    25 
           
NET ASSETS AVAILABLE FOR BENEFITS  $243,299   $222,876 

 

The accompanying notes are an integral part of these statements.

 

5

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year ended December 31, 2024

(Dollars in thousands)

 

 

Additions    
Contributions    
Employer  $2,518 
Participant   5,173 
      
Total contributions   7,691 
      
Investment income     
Net appreciation in fair value of investments   20,681 
Interest and dividends   5,529 
      
Net investment income   26,210 
      
Interest income on notes receivable from participants   355 
      
Net additions   34,256 
      
Deductions     
Benefits paid to participants   13,810 
Other expenses   23 
      
Total deductions   13,833 
      
NET INCREASE   20,423 
      
Net assets available for benefits     
Beginning of year   222,876 
      
End of year  $243,299 

 

The accompanying notes are an integral part of this statement.

 

6

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

 

 

NOTE A - DESCRIPTION OF THE PLAN

 

The following description of the Abbott Laboratories Stock Retirement Plan (Puerto Rico) (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

 

General

 

The Plan was established January 1, 2013 in conjunction with Abbott Laboratories (“Abbott”) separating into two publicly traded companies – Abbott and AbbVie Inc. (“AbbVie”). The Plan covers employees of Abbott’s selected subsidiaries and affiliates in Puerto Rico (the “Company”).

 

The Plan is a profit-sharing plan containing a cash or deferred arrangement intended to qualify for favorable tax treatment under sections 1081.01 (a) and (d) of the Puerto Rico Internal Revenue Code of 2011, as amended. In addition, the Plan provides an arrangement by which employees may invest in Abbott shares. Employees of the Company may, after meeting certain employment requirements, voluntarily participate in the Plan. Beginning March 2017, newly hired employees in certain specified Abbott divisions and business units became eligible to participate in the Plan under a different structure (“Abbott Green” employees).

 

The Plan’s sponsor is Abbott Healthcare (Puerto Rico) Ltd. Alight Solutions serves as the record keeper of the Plan. The Northern Trust Company (“Custodian”) and Banco Popular de Puerto Rico (“Trustee”) serve as the Plan’s custodian and trustee, respectively. The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

Contributions and Vesting

 

Contributions to the Plan are paid to a trust administered by the Trustee. An investment committee (the “Committee”) may direct the Trustee to establish investment options of the Committee’s choosing.

 

Employees are eligible to commence participation in the Plan on any entry date following their date of hire. Eligible employees electing to participate may contribute from 2% (or 1%, for Abbott Green participants) to 25% of their eligible earnings, subject to certain limitations. Participants may choose to make their contributions from either pretax earnings or after-tax earnings, or both. Participants who have attained age 50 before the end of the Plan year and who are making the maximum pretax contribution are eligible to make catch-up contributions. Participants may elect to invest their contributions in any or all of the investment options, except for investment options closed to new contributions.

 

7

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Contributions and Vesting - Continued

 

Employer matching contributions to the Plan are made each payroll period based on the participating employees’ eligible earnings. Excluding the Abbott Green participants, the employer contribution for the year ended December 31, 2024 was 5% of the participant’s eligible earnings if the participant elected to contribute at least 2% of eligible earnings to the Plan. Effective with the first pay period ending after March 1, 2017, employer matching contributions for Abbott Green participants are made at the rate of 100% up to a 3% deferral of eligible earnings. Employer contributions are invested each pay period according to the participant’s investment elections.

 

In connection with the January 1, 2013 separation of Abbott into two publicly traded companies, Abbott shareholders received as a tax-free distribution one share of AbbVie stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Plan participants may continue to hold the AbbVie stock they received from the distribution; however, they may not make new contributions or transfer existing contributions or earnings to purchase AbbVie stock in the Plan. AbbVie dividends are invested in the Plan’s default investment option.

 

Participants may direct the Trustee to sell all or a portion of the Abbott and AbbVie common shares held in their accounts and reinvest the proceeds in any of the other investment options available to the participants.

 

Participants are at all times fully vested in their own contributions and earnings thereon. Vesting in employer contributions and earnings thereon is based on the following vesting schedule:

 

Service  Vesting percentage 
Less than two years      0%
Two years or more  100%

 

A participant becomes 100% vested in his or her employer contributions if, while employed by the Company, he or she dies or attains age 65.

 

Abbott Green participants who first became participants prior to January 1, 2018 are also fully vested in matching contributions upon qualifying disability.

 

Non-vested portions of employer contributions and earnings thereon are forfeited as of an employee’s termination date. Forfeitures are used to (1) restore any forfeitures of participants who

 

8

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Contributions and Vesting - Continued

 

returned to service with the Company within a given period of time, (2) pay Plan expenses as deemed appropriate by the administrator, and (3) reduce future employer contributions if terminated participants do not return to service within the given period of time. In 2024, approximately $106,700 of forfeitures were used to reduce employer contributions. Forfeitures totaling approximately $109,300 and $118,200 were available at the end of 2024 and 2023, respectively.

 

Distributions and In-Service Withdrawals

 

Following retirement, termination or death, participants or their beneficiaries may elect to receive a distribution in installments, a single lump sum or a partial lump sum. Participants may elect a direct rollover of their accounts. Interest, dividends and other earnings will continue to accrue on any deferred amounts prior to distribution.

 

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

 

Notes Receivable from Participants

 

Participants may convert their vested account balances into one or two loans to themselves. The borrowing may not exceed the lesser of the current market value of the assets allocated to their vested accounts or 50% of all of their Plan accounts up to $50,000, subject to Puerto Rico Internal Revenue Code limitations and restrictions. Participants pay interest on such borrowings at the prime rate in effect at the time the participant loan is made. Loans must be repaid within five years (or by the employee’s anticipated retirement date, if sooner) unless the loan is used for the purchase of the primary residence of the employee, in which case the repayment period can be extended to a period of fifteen years (or until the employee’s anticipated retirement date, if sooner). Repayment is generally made through periodic payroll deductions or by sending in a payment, but a loan may be repaid in a lump sum at any time. Post-termination loan repayments are permitted. For employees whose account is distributed during the repayment period, the balance of the outstanding loan is netted from their Plan distribution.

 

9

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Accounting

 

The financial statements have been prepared using the accrual basis of accounting.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.

 

Investment Valuation

 

The Plan uses the following methods and significant assumptions to estimate the fair value of investments:

 

Common stock and mutual funds - Valued at the published market price per share or unit multiplied by the number of shares or units held.

 

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

 

The following tables summarize the basis used to measure investments at fair value at December 31, 2024 and 2023 (dollars in thousands):

 

   Basis of Fair Value Measurement     
2024  Quoted
Prices in
Active
Markets
   Significant
Other
Observable
Inputs
   Significant
Unobservable
Inputs
   Measured at
NAV
   Total 
Common stock  $96,512   $-   $-   $-   $96,512 
Mutual funds   48,681    -    -    -    48,681 
Collective trust funds   -    -    -    92,029    92,029 
Total investments, at fair value  $145,193   $-   $-   $92,029   $237,222 

 

10

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

 

   Basis of Fair Value Measurement     
2023  Quoted
Prices in
Active
Markets
   Significant
Other
Observable
Inputs
  

 Significant
Unobservable

Inputs

   Measured at
NAV
   Total 
Common stock  $95,946   $-   $-   $-   $95,946 
Mutual funds   44,900    -    -    -    44,900 
Collective trust funds   -    -    -    76,813    76,813 
Total investments, at fair value  $140,846   $-   $-   $76,813   $217,659 

  

Participants are permitted to make redemptions from the Plan’s investment options on a daily basis, however, certain investments valued at NAV as a practical expedient have redemption requirements and in some cases restrictions for a Plan level redemption. The following tables provide the redemption requirements and restrictions, if any, for those investments as of December 31, 2024 and 2023. In addition, the tables provide the investment strategies for certain investments measured at NAV as a practical expedient, if that investment is a fund that does not file an annual report on Form 5500 as a direct-filing entity.

 

   2024 
   Fair value   Redemption   Redemption     
   (NAV)   frequency   notice period   Restrictions 
Funds filing as direct filing entity:                
Collective trusts  $92,029    Daily    0 - 5 days    -- 

 

11

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Investment Valuation - Continued

 

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

 

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

 

Notes Receivable from Participants

 

Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the terms of the Plan.

 

Income Recognition

 

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

 

12

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Contributions

 

Contributions from Plan participants and the matching contributions from the employer are recorded in the year in which the employee contributions are withheld from compensation.

 

Administrative Expenses

 

Participants are charged transaction fees for loan processing, which are included in other expenses and commissions on purchases and sales of Abbott shares and sales of AbbVie shares, which are included in net appreciation in fair value of investments. Investment fees for mutual funds and collective trusts are charged against the net assets of the respective fund and are also included in net appreciation in fair value of investments. The Company pays other record-keeping and administration fees, where applicable. Expenses paid by the Company are excluded from these financial statements.

 

Payment of Benefits

 

Benefits are recorded when paid.

 

NOTE C - INVESTMENTS

 

Distributions of Abbott common shares and conversions of participants’ common share account balances to participant loans or other investment options are recorded at fair market value.

 

A summary of Abbott common share data as of December 31, 2024 and 2023 is presented below:

 

   2024   2023 
Abbott common shares, 553,452 and 581,107 shares, respectively (dollars in thousands)  $62,601   $63,962 
Market value per share  $113.11   $110.07 

 

NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS

 

The Plan holds units of collective trust funds managed by the Custodian. A significant portion of the Plan’s assets is invested in Abbott common shares. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA. During 2024, the Plan received $1,243,000 in common stock dividends from Abbott.

 

13

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS - Continued

 

Participants pay fees to the recordkeeper for loan transaction processing and for commissions on purchases and sales of Abbott shares and sales of AbbVie stock. These transactions qualify as permitted party-in-interest transactions.

 

NOTE E - PLAN TERMINATION

 

The Plan may be terminated at any time by Abbott upon written notice to the Trustee and Committee. All participants’ account balances would become fully vested upon Plan termination. Upon termination of the Plan, distributions of each participant’s share in the trust, as determined by the terms of the Plan, would be made to each participant. At the present time, Abbott has no intention of terminating the Plan.

 

NOTE F - TAX STATUS

 

The Plan received letters dated April 19, 2016 and December 2, 2019 from the Department of the Treasury of the Commonwealth of Puerto Rico that the Plan, as written, qualifies under Section 1081.01(a) of the Puerto Rico Internal Revenue Code of 2011, as amended and, consequently, its enabling trust is exempt from local income tax. The Plan has been amended since receiving the letters. The Plan administrator believes that the Plan is designed and is currently being operated, in all material respects, in accordance with the applicable Puerto Rico Internal Revenue Code.

 

Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the applicable taxing authorities. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress.

 

14

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

 

 

NOTE G - RISKS AND UNCERTAINTIES

 

In general, the investments provided by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant accounts and the amounts reported in the statements of net assets available for benefits.

 

NOTE H – SUBSEQUENT EVENTS

 

Management of the Plan has evaluated subsequent events from December 31, 2024 through the date these financial statements were issued. Other than described below, management of the Plan is not aware of any subsequent events that require recognition or additional disclosure in these financial statements.

 

Effective January 1, 2025, forfeitures will be used to (1) restore any forfeitures of participants who returned to service with the Company within a given period of time, and (2) reduce future employer contributions if terminated participants do not return to service within the given period of time.

 

15

 

 

SUPPLEMENTAL SCHEDULE

 

 

 

 

Abbott Laboratories Stock Retirement Plan (Puerto Rico)

EIN: 98-1051267, Plan Number: 002

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2024

(Dollars in thousands)

 

 

        (c) Description          
        of investment          
        including          
        maturity date &       (e) Current  
(a)   (b) Identity of issue, borrower, lessor, or similar party   range of interest   (d) Cost **   value  
    Common stock - employer securities                
*   Abbott Laboratories, common shares           $ 62,601  
                     
    Common stock                
    AbbVie Inc., common stock             33,911  
    Total Common stock             96,512  
                     
    Mutual funds                
    American Funds EuroPacific Growth Fund             5,702  
    American Funds The Growth Fund of America Fund             19,845  
    American Funds Washington Mutual Investors Fund             4,837  
    PIMCO All Asset Fund             2,582  
    PIMCO Short Asset Investment Fund             11,815  
    Vanguard Mid-Cap Value Index Fund Admiral             3,900  
    Total Mutual funds             48,681  
                     
    Collective trust funds                
    Blackrock International Opportunities Fund             1,982  
    GW&K Small-Mid Cap Core Equity Fund             3,206  
*   Northern Trust Collective ACWI ex-U.S. Index Fund             897  
*   Northern Trust Collective Short Term Investment Fund             178  
    PIMCO Total Return Fund             2,211  
    SSGA Russell Small/Mid Cap Index Fund             4,029  
    SSGA S&P 500 Index Fund             20,151  
    SSGA U.S. Bond Index Fund             1,661  
    SSGA Target Retirement 2020             3,902  
    SSGA Target Retirement 2025             9,974  
    SSGA Target Retirement 2030             11,602  
    SSGA Target Retirement 2035             7,492  
    SSGA Target Retirement 2040             7,205  
    SSGA Target Retirement 2045             5,740  
    SSGA Target Retirement 2050             3,456  
    SSGA Target Retirement 2055             2,097  
    SSGA Target Retirement 2060             780  
    SSGA Target Retirement 2065             474  
    SSGA Target Retirement Income             4,992  
    Total Collective trust funds             92,029  
                     
        Interest rates 3.25% to 8.50%        
*   Loans to participants   Maturing 2025 through 2038     5,803  
                $ 243,025  

 

*Represents a party-in-interest transaction. 

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

 

17

 

 

EXHIBIT INDEX

 

Exhibit No.  Exhibit
23.1  Consent of Independent Registered Public Accounting Firm – Abbott Laboratories Stock Retirement Plan.
    
23.2  Consent of Independent Registered Public Accounting Firm – Abbott Laboratories Stock Retirement Plan (Puerto Rico).

 

 

 

 

SIGNATURE

 

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

ABBOTT LABORATORIES STOCK RETIREMENT PROGRAM

 

Date: June 20, 2025 By: /s/ Sean J. Treacy
      Sean J. Treacy
      Plan Administrator