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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                   to                  

Commission File No. 1-2189

ABBOTT LABORATORIES

An Illinois Corporation

    

I.R.S. Employer Identification No.

36-0698440

100 Abbott Park Road

Abbott ParkIllinois 60064-6400

Telephone:  (224) 667-6100

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

    

Trading Symbol(s)

    

Name of Each Exchange on Which Registered

Common Shares, Without Par Value

ABT

New York Stock Exchange
Chicago Stock Exchange, Inc.

Indicate by check mark whether the registrant: (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of l934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of September 30, 2020, Abbott Laboratories had 1,772,361,581 common shares without par value outstanding.

Table of Contents

Abbott Laboratories

Table of Contents

Part I - Financial Information

Page

Item 1. Financial Statements and Supplementary Data

Condensed Consolidated Statement of Earnings

3

Condensed Consolidated Statement of Comprehensive Income

4

Condensed Consolidated Balance Sheet

5

Condensed Consolidated Statement of Shareholders’ Investment

6

Condensed Consolidated Statement of Cash Flows

8

Notes to the Condensed Consolidated Financial Statements

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 4. Controls and Procedures

23

Part II - Other Information

Item 1. Legal Proceedings

23

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

23

Item 6. Exhibits

24

Signature

25

2

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited)

(dollars in millions except per share data; shares in thousands)

Three Months Ended September 30

Nine Months Ended September 30

    

2020

    

2019

    

2020

    

2019

Net sales

$

8,853

$

8,076

$

23,907

$

23,590

Cost of products sold, excluding amortization of intangible assets

 

3,966

 

3,358

 

10,510

 

9,797

Amortization of intangible assets

 

510

 

484

 

1,624

 

1,453

Research and development

 

580

 

596

 

1,722

 

1,845

Selling, general and administrative

 

2,302

 

2,440

 

7,126

 

7,352

Total operating cost and expenses

 

7,358

 

6,878

 

20,982

 

20,447

Operating earnings

 

1,495

 

1,198

 

2,925

 

3,143

Interest expense

 

137

 

167

 

410

 

506

Interest (income)

 

(10)

 

(24)

 

(37)

 

(69)

Net foreign exchange (gain) loss

 

(7)

 

7

 

(3)

 

9

Other (income) expense, net

 

(46)

 

(55)

 

(25)

 

(140)

Earnings from continuing operations before taxes

 

1,421

 

1,103

 

2,580

 

2,837

Tax expense on earnings from continuing operations

 

189

 

143

 

267

 

199

Earnings from continuing operations

 

1,232

 

960

 

2,313

 

2,638

Earnings from discontinued operations, net of tax

20

Net Earnings

$

1,232

$

960

$

2,333

$

2,638

Basic Earnings Per Common Share —

Continuing operations

$

0.69

$

0.54

$

1.30

$

1.48

Discontinued operations

 

 

 

0.01

 

Net earnings

$

0.69

$

0.54

$

1.31

$

1.48

Diluted Earnings Per Common Share —

Continuing operations

$

0.69

$

0.53

$

1.29

$

1.47

Discontinued operations

 

 

 

0.01

 

Net earnings

$

0.69

$

0.53

$

1.30

$

1.47

Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share

 

1,774,475

 

1,771,521

 

1,772,166

 

1,767,985

Dilutive Common Stock Options

 

13,378

 

12,646

 

12,381

 

12,818

Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options

 

1,787,853

 

1,784,167

 

1,784,547

 

1,780,803

Outstanding Common Stock Options Having No Dilutive Effect

 

61

 

61

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

3

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

(dollars in millions)

Three Months Ended September 30

Nine Months Ended September 30

   

2020

   

2019

   

2020

   

2019

 

Net Earnings

$

1,232

$

960

$

2,333

$

2,638

Foreign currency translation gain (loss) adjustments

 

112

 

(478)

 

(677)

 

(265)

Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $14 and $42 in 2020 and $7 and $21 in 2019

 

28

 

31

 

122

 

80

Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $(43) and $(24) in 2020 and $23 and $8 in 2019

 

(104)

 

49

 

(24)

 

8

Other comprehensive income (loss)

 

36

 

(398)

 

(579)

 

(177)

Comprehensive Income

$

1,268

$

562

$

1,754

$

2,461

September 30, 

December 31, 

    

2020

    

2019

Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:

Cumulative foreign currency translation (loss) adjustments

$

(5,601)

$

(4,924)

Net actuarial (losses) and prior service (costs) and credits

 

(3,418)

 

(3,540)

Cumulative gains (losses) on derivative instruments designated as cash flow hedges and other

 

(25)

 

(1)

Accumulated other comprehensive income (loss)

$

(9,044)

$

(8,465)

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

4

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Balance Sheet

(Unaudited)

(dollars in millions)

September 30, 

December 31, 

    

2020

    

2019

Assets

Current Assets:

Cash and cash equivalents

$

4,480

$

3,860

Short-term investments

251

280

Trade receivables, less allowances of $446 in 2020 and $384 in 2019

 

5,649

 

5,425

Inventories:

Finished products

 

3,173

 

2,784

Work in process

 

721

 

560

Materials

 

1,258

 

972

Total inventories

 

5,152

 

4,316

Prepaid expenses and other receivables

 

1,858

 

1,786

Total Current Assets

 

17,390

 

15,667

Investments

 

803

 

883

Property and equipment, at cost

17,972

16,799

Less: accumulated depreciation and amortization

 

9,352

 

8,761

Net property and equipment

 

8,620

 

8,038

Intangible assets, net of amortization

 

15,208

 

17,025

Goodwill

 

23,338

 

23,195

Deferred income taxes and other assets

 

3,684

 

3,079

$

69,043

$

67,887

Liabilities and Shareholders’ Investment

Current Liabilities:

Short-term borrowings

$

208

$

201

Trade accounts payable

 

3,189

 

3,252

Salaries, wages and commissions

 

1,439

 

1,237

Other accrued liabilities

 

4,659

 

4,035

Dividends payable

 

639

 

635

Income taxes payable

 

117

 

226

Current portion of long-term debt

 

6

 

1,277

Total Current Liabilities

 

10,257

 

10,863

Long-term debt

 

18,349

 

16,661

Post-employment obligations, deferred income taxes and other long-term liabilities

 

8,842

 

9,062

Commitments and Contingencies

Shareholders’ Investment:

Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued

 

 

Common shares, without par value Authorized — 2,400,000,000 shares
Issued at stated capital amount — Shares: 2020: 1,980,767,223; 2019: 1,976,855,085

 

24,037

 

23,853

Common shares held in treasury, at cost — Shares: 2020: 208,405,642; 2019: 214,351,838

 

(9,873)

 

(10,147)

Earnings employed in the business

 

26,266

 

25,847

Accumulated other comprehensive income (loss)

 

(9,044)

 

(8,465)

Total Abbott Shareholders’ Investment

 

31,386

 

31,088

Noncontrolling Interests in Subsidiaries

 

209

 

213

Total Shareholders’ Investment

 

31,595

 

31,301

$

69,043

$

67,887

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

5

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Shareholders’ Investment

(Unaudited)

(in millions except shares and per share data)

Three Months Ended September 30

    

2020

    

2019

  

Common Shares:

Balance at June 30

Shares: 2020: 1,979,594,379; 2019: 1,976,248,129

$

23,893

$

23,665

Issued under incentive stock programs

Shares: 2020: 1,172,844; 2019: 457,156

 

48

 

18

Share-based compensation

101

93

Issuance of restricted stock awards

(5)

(5)

Balance at September 30

 

 

Shares: 2020: 1,980,767,223; 2019: 1,976,705,285

$

24,037

$

23,771

Common Shares Held in Treasury:

Balance at June 30

Shares: 2020: 209,064,380; 2019: 208,850,514

$

(9,904)

$

(9,659)

Issued under incentive stock programs

Shares: 2020: 664,727; 2019: 605,458

 

32

 

28

Purchased

Shares: 2020: 5,989; 2019: 4,524

(1)

Balance at September 30

Shares: 2020: 208,405,642; 2019: 208,249,580

$

(9,873)

$

(9,631)

Earnings Employed in the Business:

Balance at June 30

$

25,669

$

25,045

Net earnings

1,232

960

Cash dividends declared on common shares (per share — 2020: $0.36; 2019: $0.32)

 

(641)

 

(570)

Effect of common and treasury share transactions

6

5

Balance at September 30

$

26,266

$

25,440

Accumulated Other Comprehensive Income (Loss):

Balance at June 30

$

(9,080)

$

(7,365)

Other comprehensive income (loss)

36

(398)

Balance at September 30

$

(9,044)

$

(7,763)

Noncontrolling Interests in Subsidiaries:

Balance at June 30

$

220

$

208

Noncontrolling Interests’ share of income, business combinations, net of distributions
and share repurchases

(11)

(6)

Balance at September 30

$

209

$

202

The accompanying notes to condensed consolidated financial statements are an integral part of this statement.

6

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Shareholders’ Investment

(Unaudited)

(in millions except shares and per share data)

Nine Months Ended September 30

    

2020

    

2019

Common Shares:

Balance at January 1

Shares: 2020: 1,976,855,085; 2019: 1,971,189,465

$

23,853

$

23,512

Issued under incentive stock programs

Shares: 2020: 3,912,138; 2019: 5,515,820

 

167

 

205

Share-based compensation

 

451

 

436

Issuance of restricted stock awards

 

(434)

 

(382)

Balance at September 30

Shares: 2020: 1,980,767,223; 2019: 1,976,705,285

$

24,037

$

23,771

Common Shares Held in Treasury:

Balance at January 1

Shares: 2020: 214,351,838; 2019: 215,570,043

$

(10,147)

$

(9,962)

Issued under incentive stock programs

Shares: 2020: 6,211,326; 2019: 7,591,844

295

 

352

Purchased

 

Shares: 2020: 265,130; 2019: 271,381

 

(21)

 

(21)

Balance at September 30

Shares: 2020: 208,405,642; 2019: 208,249,580

$

(9,873)

$

(9,631)

Earnings Employed in the Business:

Balance at January 1

$

25,847

$

24,560

Impact of adoption of new accounting standard

 

(5)

 

Net earnings

 

2,333

 

2,638

Cash dividends declared on common shares (per share — 2020: $1.08; 2019: $0.96)

 

(1,922)

 

(1,706)

Effect of common and treasury share transactions

 

13

 

(52)

Balance at September 30

$

26,266

$

25,440

Accumulated Other Comprehensive Income (Loss):

Balance at January 1

$

(8,465)

$

(7,586)

Other comprehensive income (loss)

 

(579)

 

(177)

Balance at September 30

$

(9,044)

$

(7,763)

Noncontrolling Interests in Subsidiaries:

Balance at January 1

$

213

$

198

Noncontrolling Interests’ share of income, business combinations, net of distributions
and share repurchases

 

(4)

 

4

Balance at September 30

$

209

$

202

The accompanying notes to condensed consolidated financial statements are an integral part of this statement.

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Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(dollars in millions)

Nine Months Ended September 30

    

2020

    

2019

  

Cash Flow From (Used in) Operating Activities:

Net earnings

$

2,333

$

2,638

Adjustments to reconcile net earnings to net cash from operating activities -

Depreciation

 

837

 

805

Amortization of intangible assets

 

1,624

 

1,453

Share-based compensation

 

448

 

434

Trade receivables

 

(343)

 

(357)

Inventories

 

(838)

 

(730)

Other, net

42

(523)

Net Cash From Operating Activities

4,103

3,720

Cash Flow From (Used in) Investing Activities:

Acquisitions of property and equipment

 

(1,498)

 

(1,204)

Acquisitions of businesses and technologies, net of cash acquired

 

(32)

 

(171)

Proceeds from business dispositions

48

48

Sales (purchases) of other investment securities, net

(15)

(22)

Other

 

13

 

23

Net Cash (Used in) Investing Activities

 

(1,484)

 

(1,326)

Cash Flow From (Used in) Financing Activities:

Net borrowings (repayments) of short-term debt and other

3

52

Proceeds from issuance of long-term debt

 

1,280

 

Repayments of long-term debt

 

(1,332)

 

(523)

Purchases of common shares

 

(242)

 

(222)

Proceeds from stock options exercised

 

229

 

291

Dividends paid

 

(1,919)

 

(1,702)

Other

(11)

Net Cash (Used in) Financing Activities

 

(1,992)

 

(2,104)

Effect of exchange rate changes on cash and cash equivalents

 

(7)

 

(43)

Net Increase in Cash and Cash Equivalents

 

620

 

247

Cash and Cash Equivalents, Beginning of Year

 

3,860

 

3,844

Cash and Cash Equivalents, End of Period

$

4,480

$

4,091

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

8

Table of Contents

Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

September 30, 2020

(Unaudited)

Note 1 — Basis of Presentation

The accompanying unaudited, condensed consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission and, therefore, do not include all information and footnote disclosures normally included in audited financial statements. However, in the opinion of management, all adjustments (which include only normal adjustments) necessary to present fairly the results of operations, financial position and cash flows have been made.  It is suggested that these statements be read in conjunction with the financial statements included in Abbott’s Annual Report on Form 10-K for the year ended December 31, 2019.  The condensed consolidated financial statements include the accounts of the parent company and subsidiaries, after elimination of intercompany transactions.

Note 2 — New Accounting Standards

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses, which changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables.  The new methodology requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset.  Abbott adopted the standard on January 1, 2020 and recorded a cumulative adjustment that was not significant to Earnings employed in the business in the Condensed Consolidated Balance Sheet.

Recent Accounting Standards Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which among other things, eliminates certain exceptions in the current rules regarding the approach for intraperiod tax allocations and the methodology for calculating income taxes in an interim period, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.  The standard becomes effective for Abbott  in the first quarter of 2021 and early adoption is permitted.  Abbott does not expect adoption of this new standard to have a material impact on its condensed consolidated financial statements.

Note 3 — Revenue

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

The following tables provide detail by sales category:

Three Months Ended September 30, 2020

Three Months Ended September 30, 2019

(in millions)

    

U.S.

    

Int’l

    

Total

    

U.S.

    

Int’l

    

Total

  

Established Pharmaceutical Products —

  

 

  

 

  

 

  

 

  

 

  

Key Emerging Markets

$

$

799

$

799

$

$

891

$

891

Other

 

 

300

 

300

 

 

321

321

Total

 

 

1,099

 

1,099

 

 

1,212