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Table of Contents

F1

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 June 30, 2021

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 June 30, 2021, Abbott Laboratories had 1,772,817,349 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

22

Item 4. Controls and Procedures

28

Part II - Other Information

Item 1. Legal Proceedings

28

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

28

Item 6. Exhibits

29

Signature

30

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 June 30

Six Months Ended June 30

    

2021

    

2020

    

2021

    

2020

Net sales

$

10,223

$

7,328

$

20,679

$

15,054

Cost of products sold, excluding amortization of intangible assets

 

4,947

 

3,263

 

9,348

 

6,544

Amortization of intangible assets

 

504

 

553

 

1,013

 

1,114

Research and development

 

654

 

564

 

1,308

 

1,142

Selling, general and administrative

 

2,726

 

2,276

 

5,509

 

4,824

Total operating cost and expenses

 

8,831

 

6,656

 

17,178

 

13,624

Operating earnings

 

1,392

 

672

 

3,501

 

1,430

Interest expense

 

134

 

134

 

269

 

273

Interest (income)

 

(11)

 

(9)

 

(22)

 

(27)

Net foreign exchange (gain) loss

 

 

(1)

 

3

 

4

Other (income) expense, net

 

(79)

 

22

 

(140)

 

21

Earnings from continuing operations before taxes

 

1,348

 

526

 

3,391

 

1,159

Tax expense (benefit) on earnings from continuing operations

 

159

 

(11)

 

409

 

78

Earnings from continuing operations

 

1,189

 

537

 

2,982

 

1,081

Earnings from discontinued operations, net of tax

20

Net Earnings

$

1,189

$

537

$

2,982

$

1,101

Basic Earnings Per Common Share —

Continuing operations

$

0.67

$

0.30

$

1.67

$

0.61

Discontinued operations

 

 

 

 

0.01

Net earnings

$

0.67

$

0.30

$

1.67

$

0.62

Diluted Earnings Per Common Share —

Continuing operations

$

0.66

$

0.30

$

1.66

$

0.60

Discontinued operations

 

 

 

 

0.01

Net earnings

$

0.66

$

0.30

$

1.66

$

0.61

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

 

1,779,203

 

1,772,953

 

1,778,049

 

1,770,970

Dilutive Common Stock Options

 

14,076

 

12,087

 

14,369

 

11,882

Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options

 

1,793,279

 

1,785,040

 

1,792,418

 

1,782,852

Outstanding Common Stock Options Having No Dilutive Effect

2,720

 

50

2,694

 

50

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 June 30

Six Months Ended June 30

   

2021

   

2020

    

2021

    

2020

Net Earnings

$

1,189

$

537

$

2,982

$

1,101

Foreign currency translation gain (loss) adjustments

 

165

 

355

 

(371)

 

(789)

Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $18 and $36 in 2021 and $13 and $28 in 2020

 

48

 

37

 

133

 

94

Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $2 and $48 in 2021 and $(29) and $19 in 2020

 

6

 

(86)

 

118

 

80

Other comprehensive income (loss)

219

306

(120)

(615)

Comprehensive Income

$

1,408

$

843

$

2,862

$

486

June 30, 

December 31, 

    

2021

    

2020

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

Cumulative foreign currency translation (loss) adjustments

$

(5,230)

$

(4,859)

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

 

(3,738)

 

(3,871)

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

 

(98)

 

(216)

Accumulated other comprehensive income (loss)

$

(9,066)

$

(8,946)

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)

June 30, 

December 31, 

    

2021

    

2020

Assets

Current Assets:

Cash and cash equivalents

$

8,658

$

6,838

Short-term investments

 

286

 

310

Trade receivables, less allowances of $498 in 2021 and $460 in 2020

 

6,113

 

6,414

Inventories:

Finished products

 

3,118

 

3,030

Work in process

 

796

 

712

Materials

 

1,525

 

1,270

Total inventories

 

5,439

 

5,012

Prepaid expenses and other receivables

 

2,131

 

1,867

Total Current Assets

 

22,627

 

20,441

Investments

 

805

 

821

Property and equipment, at cost

19,074

18,793

Less: accumulated depreciation and amortization

 

10,258

 

9,764

Net property and equipment

 

8,816

 

9,029

Intangible assets, net of amortization

 

13,681

 

14,784

Goodwill

 

23,485

 

23,744

Deferred income taxes and other assets

 

3,855

 

3,729

$

73,269

$

72,548

Liabilities and Shareholders’ Investment

Current Liabilities:

    

    

Short-term borrowings

$

199

$

213

Trade accounts payable

 

4,017

 

3,946

Salaries, wages and commissions

 

1,248

 

1,416

Other accrued liabilities

 

5,354

 

5,165

Dividends payable

 

799

 

798

Income taxes payable

 

242

 

362

Current portion of long-term debt

 

755

 

7

Total Current Liabilities

 

12,614

 

11,907

Long-term debt

 

17,547

 

18,527

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

 

9,079

 

9,111

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: 2021: 1,982,553,488; 2020: 1,981,156,896

 

24,153

 

24,145

Common shares held in treasury, at cost — Shares: 2021: 209,736,139; 2020: 209,926,622

 

(10,340)

 

(10,042)

Earnings employed in the business

 

29,053

 

27,627

Accumulated other comprehensive income (loss)

 

(9,066)

 

(8,946)

Total Abbott Shareholders’ Investment

 

33,800

 

32,784

Noncontrolling Interests in Subsidiaries

 

229

 

219

Total Shareholders’ Investment

 

34,029

 

33,003

$

73,269

$

72,548

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 June 30

    

2021

    

2020

Common Shares:

Balance at March 31

Shares: 2021: 1,982,205,491; 2020: 1,978,112,501

$

24,023

$

23,731

Issued under incentive stock programs

  

  

Shares: 2021: 347,997; 2020: 1,481,878

 

18

 

66

Share-based compensation

 

119

 

105

Issuance of restricted stock awards

 

(7)

 

(9)

Balance at June 30

  

  

Shares: 2021: 1,982,553,488; 2020: 1,979,594,379

$

24,153

$

23,893

Common Shares Held in Treasury:

Balance at March 31

Shares: 2021: 205,385,343; 2020: 209,267,175

$

(9,845)

$

(9,913)

Issued under incentive stock programs

  

  

Shares: 2021: 159,644; 2020: 212,973

8

 

10

Purchased

 

  

Shares: 2021: 4,510,440; 2020: 10,178

 

(503)

 

(1)

Balance at June 30

  

  

Shares: 2021: 209,736,139; 2020: 209,064,380

$

(10,340)

$

(9,904)

Earnings Employed in the Business:

Balance at March 31

$

28,669

$

25,786

Net earnings

 

1,189

 

537

Cash dividends declared on common shares (per share — 2021: $0.45; 2020: $0.36)

 

(801)

 

(640)

Effect of common and treasury share transactions

 

(4)

 

(14)

Balance at June 30

$

29,053

$

25,669

Accumulated Other Comprehensive Income (Loss):

Balance at March 31

$

(9,285)

$

(9,386)

Other comprehensive income (loss)

 

219

 

306

Balance at June 30

$

(9,066)

$

(9,080)

Noncontrolling Interests in Subsidiaries:

Balance at March 31

$

226

$

209

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

 

3

 

11

Balance at June 30

$

229

$

220

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)

Six Months Ended June 30

    

2021

    

2020

Common Shares:

Balance at January 1

Shares: 2021: 1,981,156,896; 2020: 1,976,855,085

$

24,145

$

23,853

Issued under incentive stock programs

Shares: 2021: 1,396,592; 2020: 2,739,294

 

65

 

119

Share-based compensation

423

350

Issuance of restricted stock awards

(480)

(429)

Balance at June 30

Shares: 2021: 1,982,553,488; 2020: 1,979,594,379

$

24,153

$

23,893

Common Shares Held in Treasury:

Balance at January 1

Shares: 2021: 209,926,622; 2020: 214,351,838

$

(10,042)

$

(10,147)

Issued under incentive stock programs

Shares: 2021: 4,978,431; 2020: 5,546,599

 

239

 

263

Purchased

Shares: 2021: 4,787,948; 2020: 259,141

(537)

(20)

Balance at June 30

Shares: 2021: 209,736,139; 2020: 209,064,380

$

(10,340)

$

(9,904)

Earnings Employed in the Business:

Balance at January 1

$

27,627

$

25,847

Impact of adoption of new accounting standard

— 

(5)

Net earnings

2,982

1,101

Cash dividends declared on common shares (per share — 2021: $0.90; 2020: $0.72)

 

(1,604)

 

(1,281)

Effect of common and treasury share transactions

 

48

 

7

Balance at June 30

$

29,053

$

25,669

Accumulated Other Comprehensive Income (Loss):

Balance at January 1

$

(8,946)

$

(8,465)

Other comprehensive income (loss)

 

(120)

 

(615)

Balance at June 30

$

(9,066)

$

(9,080)

Noncontrolling Interests in Subsidiaries:

Balance at January 1

$

219

$

213

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

 

10

 

7

Balance at June 30

$

229

$

220

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

7

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(dollars in millions)

Six Months Ended June 30

    

2021

    

2020

Cash Flow From (Used in) Operating Activities:

Net earnings

$

2,982

$

1,101

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

Depreciation

 

795

 

539

Amortization of intangible assets

 

1,013

 

1,114

Share-based compensation

 

420

 

348

Trade receivables

 

200

 

127

Inventories

 

(542)

 

(987)

Other, net

(103)

(205)

Net Cash From Operating Activities

4,765

2,037

Cash Flow From (Used in) Investing Activities:

Acquisitions of property and equipment

 

(810)

 

(1,002)

Acquisitions of businesses and technologies, net of cash acquired

 

(15)

 

(32)

Proceeds from business dispositions

48

48

Sales (purchases) of other investment securities, net

81

(32)

Other

 

10

 

6

Net Cash (Used in) Investing Activities

 

(686)

 

(1,012)

Cash Flow From (Used in) Financing Activities:

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

20

31

Proceeds from issuance of long-term debt

1,279

Repayments of long-term debt

 

(5)

 

(2)

Purchases of common shares

 

(746)

 

(240)

Proceeds from stock options exercised

 

103

 

146

Dividends paid

 

(1,603)

 

(1,280)

Other

(11)

Net Cash (Used in) Financing Activities

 

(2,231)

 

(77)

Effect of exchange rate changes on cash and cash equivalents

 

(28)

 

(45)

Net Increase in Cash and Cash Equivalents

 

1,820

 

903

Cash and Cash Equivalents, Beginning of Year

 

6,838

 

3,860

Cash and Cash Equivalents, End of Period

$

8,658

$

4,763

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

June 30, 2021

(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, 2020.  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 December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 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.  Abbott adopted the standard on January 1, 2021.  The new standard did not have an 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.

9

Table of Contents

Abbott Laboratories and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

June 30, 2021

(Unaudited)

Note 3 — Revenue (Continued)

The following tables provide detail by sales category:

Three Months Ended June 30, 2021

Three Months Ended June 30, 2020

(in millions)

    

U.S.

    

Int’l

    

Total

    

U.S.

    

Int’l

    

Total

Established Pharmaceutical Products —

  

 

  

 

  

 

  

 

  

 

  

Key Emerging Markets

$

$

915

$

915

$

$

764

$

764

Other

 

 

265

 

265

 

 

249

249

Total

 

 

1,180

 

1,180

 

 

1,013

 

1,013

Nutritionals —

 

 

 

 

 

 

Pediatric Nutritionals

 

528

 

565

 

1,093

 

484

 

540

 

1,024

Adult Nutritionals

 

345

 

670

 

1,015

 

324

 

535

 

859

Total