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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, 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 September 30, 2021, Abbott Laboratories had 1,768,286,969 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

24

Item 4. Controls and Procedures

30

Part II - Other Information

Item 1. Legal Proceedings

30

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

30

Item 6. Exhibits

31

Signature

32

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

Nine Months Ended

September 30

September 30

    

2021

    

2020

    

2021

    

2020

Net sales

$

10,928

$

8,853

$

31,607

$

23,907

Cost of products sold, excluding amortization of intangible assets

 

4,423

 

3,966

 

13,771

 

10,510

Amortization of intangible assets

 

520

 

510

 

1,533

 

1,624

Research and development

 

672

 

580

 

1,980

 

1,722

Selling, general and administrative

 

2,767

 

2,302

 

8,276

 

7,126

Total operating cost and expenses

 

8,382

 

7,358

 

25,560

 

20,982

Operating earnings

 

2,546

 

1,495

 

6,047

 

2,925

Interest expense

 

133

 

137

 

402

 

410

Interest (income)

 

(10)

 

(10)

 

(32)

 

(37)

Net foreign exchange (gain) loss

 

4

 

(7)

 

7

 

(3)

Other (income) expense, net

 

(74)

 

(46)

 

(214)

 

(25)

Earnings from continuing operations before taxes

 

2,493

 

1,421

 

5,884

 

2,580

Tax expense (benefit) on earnings from continuing operations

 

393

 

189

 

802

 

267

Earnings from continuing operations

 

2,100

 

1,232

 

5,082

 

2,313

Earnings from discontinued operations, net of tax

20

Net Earnings

$

2,100

$

1,232

$

5,082

$

2,333

Basic Earnings Per Common Share —

Continuing operations

$

1.18

$

0.69

$

2.85

$

1.30

Discontinued operations

 

 

 

 

0.01

Net earnings

$

1.18

$

0.69

$

2.85

$

1.31

Diluted Earnings Per Common Share —

Continuing operations

$

1.17

$

0.69

$

2.83

$

1.29

Discontinued operations

 

 

 

 

0.01

Net earnings

$

1.17

$

0.69

$

2.83

$

1.30

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

 

1,774,516

 

1,774,475

 

1,776,870

 

1,772,166

Dilutive Common Stock Options

 

14,483

 

13,378

 

14,407

 

12,381

Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options

 

1,788,999

 

1,787,853

 

1,791,277

 

1,784,547

Outstanding Common Stock Options Having No Dilutive Effect

2,740

 

2,694

 

The accompanying notes to the 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 Comprehensive Income

(Unaudited)

(dollars in millions)

Three Months Ended

Nine Months Ended

September 30

September 30

   

2021

   

2020

    

2021

    

2020

Net Earnings

$

2,100

$

1,232

$

5,082

$

2,333

Foreign currency translation gain (loss) adjustments

 

(391)

 

112

 

(762)

 

(677)

Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $18 and $54 in 2021 and $14 and $42 in 2020

 

78

 

28

 

211

 

122

Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $50 and $98 in 2021 and $(43) and $(24) in 2020

 

139

 

(104)

 

257

 

(24)

Other comprehensive income (loss)

(174)

36

(294)

(579)

Comprehensive Income

$

1,926

$

1,268

$

4,788

$

1,754

September 30,

December 31,

2021

2020

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

Cumulative foreign currency translation (loss) adjustments

$

(5,621)

$

(4,859)

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

 

 

(3,660)

 

(3,871)

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

 

 

41

 

(216)

Accumulated other comprehensive income (loss)

$

(9,240)

$

(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)

September 30, 

December 31, 

    

2021

    

2020

Assets

Current Assets:

Cash and cash equivalents

$

9,302

$

6,838

Short-term investments

 

390

 

310

Trade receivables, less allowances of $507 in 2021 and $460 in 2020

 

6,405

 

6,414

Inventories:

Finished products

 

3,048

 

3,030

Work in process

 

710

 

712

Materials

 

1,503

 

1,270

Total inventories

 

5,261

 

5,012

Prepaid expenses and other receivables

 

2,134

 

1,867

Total Current Assets

 

23,492

 

20,441

Investments

 

812

 

821

Property and equipment, at cost

19,182

18,793

Less: accumulated depreciation and amortization

 

10,351

 

9,764

Net property and equipment

 

8,831

 

9,029

Intangible assets, net of amortization

 

13,312

 

14,784

Goodwill

 

23,299

 

23,744

Deferred income taxes and other assets

 

4,049

 

3,729

$

73,795

$

72,548

Liabilities and Shareholders’ Investment

Current Liabilities:

    

    

Short-term borrowings

$

197

$

213

Trade accounts payable

 

4,017

 

3,946

Salaries, wages and commissions

 

1,470

 

1,416

Other accrued liabilities

 

5,264

 

5,165

Dividends payable

 

797

 

798

Income taxes payable

 

368

 

362

Current portion of long-term debt

 

754

 

7

Total Current Liabilities

 

12,867

 

11,907

Long-term debt

 

17,446

 

18,527

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

 

8,844

 

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: 1,983,103,854; 2020: 1,981,156,896

 

24,285

 

24,145

Common shares held in treasury, at cost — Shares: 2021: 214,816,885; 2020: 209,926,622

 

(10,999)

 

(10,042)

Earnings employed in the business

 

30,376

 

27,627

Accumulated other comprehensive income (loss)

 

(9,240)

 

(8,946)

Total Abbott Shareholders’ Investment

 

34,422

 

32,784

Noncontrolling Interests in Subsidiaries

 

216

 

219

Total Shareholders’ Investment

 

34,638

 

33,003

$

73,795

$

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 September 30

    

2021

    

2020

Common Shares:

Balance at June 30

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

$

24,153

$

23,893

Issued under incentive stock programs

  

  

Shares: 2021: 550,366; 2020: 1,172,844

 

26

 

48

Share-based compensation

 

113

 

101

Issuance of restricted stock awards

 

(7)

 

(5)

Balance at September 30

  

  

Shares: 2021: 1,983,103,854; 2020: 1,980,767,223

$

24,285

$

24,037

Common Shares Held in Treasury:

Balance at June 30

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

$

(10,340)

$

(9,904)

Issued under incentive stock programs

  

  

Shares: 2021: 545,860; 2020: 664,727

26

 

32

Purchased

 

  

Shares: 2021: 5,626,606; 2020: 5,989

 

(685)

 

(1)

Balance at September 30

  

  

Shares: 2021: 214,816,885; 2020: 208,405,642

$

(10,999)

$

(9,873)

Earnings Employed in the Business:

Balance at June 30

$

29,053

$

25,669

Net earnings

 

2,100

 

1,232

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

 

(799)

 

(641)

Effect of common and treasury share transactions

 

22

 

6

Balance at September 30

$

30,376

$

26,266

Accumulated Other Comprehensive Income (Loss):

Balance at June 30

$

(9,066)

$

(9,080)

Other comprehensive income (loss)

 

(174)

 

36

Balance at September 30

$

(9,240)

$

(9,044)

Noncontrolling Interests in Subsidiaries:

Balance at June 30

$

229

$

220

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

 

(13)

 

(11)

Balance at September 30

$

216

$

209

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

    

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: 1,946,958; 2020: 3,912,138

 

91

 

167

Share-based compensation

536

451

Issuance of restricted stock awards

(487)

(434)

Balance at September 30

Shares: 2021: 1,983,103,854; 2020: 1,980,767,223

$

24,285

$

24,037

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: 5,524,291; 2020: 6,211,326

 

265

 

295

Purchased

Shares: 2021: 10,414,554; 2020: 265,130

(1,222)

(21)

Balance at September 30

Shares: 2021: 214,816,885; 2020: 208,405,642

$

(10,999)

$

(9,873)

Earnings Employed in the Business:

Balance at January 1

$

27,627

$

25,847

Impact of adoption of new accounting standard

(5)

Net earnings

5,082

2,333

Cash dividends declared on common shares (per share — 2021: $1.35; 2020: $1.08)

 

(2,403)

 

(1,922)

Effect of common and treasury share transactions

 

70

 

13

Balance at September 30

$

30,376

$

26,266

Accumulated Other Comprehensive Income (Loss):

Balance at January 1

$

(8,946)

$

(8,465)

Other comprehensive income (loss)

 

(294)

 

(579)

Balance at September 30

$

(9,240)

$

(9,044)

Noncontrolling Interests in Subsidiaries:

Balance at January 1

$

219

$

213

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

 

(3)

 

(4)

Balance at September 30

$

216

$

209

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)

Nine Months Ended September 30

    

2021

    

2020

Cash Flow From (Used in) Operating Activities:

Net earnings

$

5,082

$

2,333

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

Depreciation

 

1,122

 

837

Amortization of intangible assets

 

1,533

 

1,624

Share-based compensation

 

534

 

448

Trade receivables

 

(194)

 

(343)

Inventories

 

(471)

 

(838)

Other, net

(140)

42

Net Cash From Operating Activities

7,466

4,103

Cash Flow From (Used in) Investing Activities:

Acquisitions of property and equipment

 

(1,271)

 

(1,498)

Acquisitions of businesses and technologies, net of cash acquired

 

(187)

 

(32)

Proceeds from business dispositions

134

48

Sales (purchases) of other investment securities, net

(27)

(15)

Other

 

14

 

13

Net Cash (Used in) Investing Activities

 

(1,337)

 

(1,484)

Cash Flow From (Used in) Financing Activities:

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

(7)

3

Proceeds from issuance of long-term debt

1,280

Repayments of long-term debt

 

(45)

 

(1,332)

Purchases of common shares

 

(1,325)

 

(242)

Proceeds from stock options exercised

 

173

 

229

Dividends paid

 

(2,404)

 

(1,919)

Other

(11)

Net Cash (Used in) Financing Activities

 

(3,608)

 

(1,992)

Effect of exchange rate changes on cash and cash equivalents

 

(57)

 

(7)

Net Increase in Cash and Cash Equivalents

 

2,464

 

620

Cash and Cash Equivalents, Beginning of Year

 

6,838

 

3,860

Cash and Cash Equivalents, End of Period

$

9,302

$

4,480

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, 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

September 30, 2021

(Unaudited)

Note 3 — Revenue (Continued)

The following tables provide detail by sales category:

Three Months Ended September 30, 2021

Three Months Ended September 30, 2020

(in millions)

    

U.S.

    

Int’l

    

Total

    

U.S.

    

Int’l

    

Total

Established Pharmaceutical Products —

  

 

  

 

  

 

  

 

  

 

  

Key Emerging Markets

$

$

936

$

936

$

$

799

$

799

Other

 

 

329

 

329

 

 

300

300

Total

 

 

1,265