Debt and Lines of Credit

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt and Lines of Credit

Debt and Lines of Credit

The following is a summary of long-term debt at December 31:

(in millions)	2023		2022
0.875% Notes, due 2023	$	—	$	1,215
3.40% Notes, due 2023	—		1,050
5-year term loan due 2024	419		446
0.10% Notes, due 2024	655		629
2.95% Notes, due 2025	1,000		1,000
3.875% Notes, due 2025	500		500
1.50% Notes, due 2026	1,266		1,215
3.75% Notes, due 2026	1,700		1,700
0.375% Notes, due 2027	655		629
1.15% Notes, due 2028	650		650
1.40% Notes, due 2030	650		650
4.75% Notes, due 2036	1,650		1,650
6.15% Notes, due 2037	547		547
6.00% Notes, due 2039	515		515
5.30% Notes, due 2040	694		694
4.75% Notes, due 2043	700		700
4.90% Notes, due 2046	3,250		3,250
Unamortized debt issuance costs	(56)		(71)
Other, including fair value adjustments relating to interest rate hedge contracts designated as fair value hedges	(116)		(196)
Total carrying amount of long-term debt	14,679		16,773
Less: Current portion	1,080		2,251
Total long-term portion	$	13,599	$	14,522

On November 30, 2023, Abbott repaid the $1.05 billion outstanding principal amount of its 3.40% Notes upon maturity. On September 27, 2023, Abbott repaid the €1.14 billion outstanding principal amount of its 0.875% Notes upon maturity. The repayment equated to approximately $1.2 billion. In September 2023, Abbott repaid approximately $197 million of debt assumed as part of a recent business acquisition. On March 15, 2022, Abbott repaid the $750 million outstanding principal amount of its 2.55% Notes upon maturity.

In December 2021, Abbott repaid a short-term facility for approximately $195 million. After the repayment, Abbott has no short-term borrowings.

Abbott has readily available financial resources, including unused lines of credit that support commercial paper borrowing arrangements and provide Abbott with the ability to borrow up to $5 billion on an unsecured basis. The lines of credit as of December 31, 2023 were a part of a Five Year Credit Agreement that Abbott entered into on November 12, 2020. On January 29, 2024, Abbott terminated the 2020 Agreement and entered into a new Five Year Credit Agreement (Revolving Credit Agreement). There were no outstanding borrowings under the 2020 Agreement at the time of its termination. Any borrowings under the Revolving Credit Agreement will mature and be payable on January 29, 2029 and will bear interest, at Abbott’s option, based on either a base rate or Secured Overnight Financing Rate (SOFR) rate, plus an applicable margin based on Abbott’s credit ratings.

Principal payments required on long-term debt outstanding at December 31, 2023 are $1.1 billion in 2024, $1.5 billion in 2025, $3.0 billion in 2026, $656 million in 2027, $651 million in 2028 and $8.0 billion in 2029 and thereafter.

At December 31, 2023, Abbott’s long-term debt rating was AA- by S&P Global Ratings and Aa3 by Moody’s Investors Service. Abbott expects to maintain an investment grade rating.