Post-Employment Benefits

9 Months Ended

Sep. 30, 2021

Post-Employment Benefits

Post-Employment Benefits

Note 12 — Post-Employment Benefits

Retirement plans consist of defined benefit, defined contribution, and medical and dental plans. Net periodic benefit costs, other than service costs, are recognized in the Other (income) expense, net line of the Condensed Consolidated Statement of Earnings. Net cost recognized in continuing operations for the three and nine months ended September 30 for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans is as follows:

	Defined Benefit Plans								Medical and Dental Plans
	Three Months				Nine Months				Three Months				Nine Months
	Ended Sept. 30				Ended Sept. 30				Ended Sept. 30				Ended Sept. 30
(in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Service cost - benefits earned during the period	$	98	$	85	$	294	$	251	$	14	$	12	$	42	$	35
Interest cost on projected benefit obligations		62		75		186		224		8		11		25		32
Expected return on plan assets		(211)		(193)		(633)		(576)		(6)		(7)		(20)		(21)
Net amortization of:
Actuarial loss, net		79		64		238		191		7		5		21		15
Prior service cost (credit)		—		—		1		1		(7)		(7)		(21)		(21)
Net cost - continuing operations	$	28	$	31	$	86	$	91	$	16	$	14	$	47	$	40

Abbott funds its domestic defined benefit plans according to Internal Revenue Service funding limitations. International pension plans are funded according to similar regulations. In the first nine months of 2021 and 2020, $366 million and $350 million, respectively, were contributed to defined benefit plans and $26 million and $11 million, respectively, were contributed to the post-employment medical and dental plans.