Financial Instruments, Derivatives and Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Amounts and Location of Derivative Financial Instruments

The following table summarizes the amounts and location of certain derivative financial instruments as of December 31:

	Fair Value — Assets					Fair Value — Liabilities
(in millions)	2023		2022		Balance Sheet Caption	2023		2022		Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current	$	—	$	—	Deferred income taxes and other assets	$	95	$	136	Post-employment obligations and other long-term liabilities
Current	—		—		Other prepaid expenses and receivables	—		20		Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments	88		304		Other prepaid expenses and receivables	134		96		Other accrued liabilities
Others not designated as hedges	81		108		Other prepaid expenses and receivables	97		130		Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary	—		—		n/a	419		446		Current portion of long-term debt (Long-term debt in 2022)
	$	169	$	412		$	745	$	828

Schedule of Derivatives Gain (Loss) in OCI and Income (Expense)

The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges, debt designated as a hedge of net investment in a foreign subsidiary and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income.

	Gain (loss) Recognized in Other Comprehensive Income (loss)						Income (expense) and Gain (loss) Reclassified into Income
(in millions)	2023		2022		2021		2023		2022		2021		Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges	$	(22)	$	281	$	164	$	187	$	234	$	(252)	Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary	27		75		56		n/a		n/a		n/a		n/a
Interest rate swaps designated as fair value hedges	n/a		n/a		n/a		61		(243)		(123)		Interest expense

Schedule of Carrying Values and Fair Values of Financial Instruments

The carrying values and fair values of certain financial instruments as of December 31 are shown in the table below. The carrying values of all other financial instruments approximate their estimated fair values. The counterparties to

financial instruments consist of select major international financial institutions. Abbott does not expect any losses from nonperformance by these counterparties.

	2023				2022
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term Investment Securities:
Equity securities	$	555	$	555	$	558	$	558
Other	244		244		208		208
Total long-term debt	(14,679)		(14,769)		(16,773)		(16,313)
Foreign Currency Forward Exchange Contracts:
Receivable position	169		169		412		412
(Payable) position	(231)		(231)		(226)		(226)
Interest Rate Hedge Contracts:
(Payable) position	(95)		(95)		(156)		(156)

Summary of Bases Used to Measure Assets and Liabilities at Fair Value on a Recurring Basis

The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:

			Basis of Fair Value Measurement
(in millions)	Outstanding Balances		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2023:
Equity securities	$	326	$	326	$	—	$	—
Foreign currency forward exchange contracts	169		—		169		—
Total Assets	$	495	$	326	$	169	$	—
Fair value of hedged long-term debt	$	2,052	$	—	$	2,052	$	—
Interest rate swap derivative financial instruments	95		—		95		—
Foreign currency forward exchange contracts	231		—		231		—
Contingent consideration related to business combinations	112		—		—		112
Total Liabilities	$	2,490	$	—	$	2,378	$	112
December 31, 2022:
Equity securities	$	307	$	307	$	—	$	—
Foreign currency forward exchange contracts	412		—		412		—
Total Assets	$	719	$	307	$	412	$	—
Fair value of hedged long-term debt	$	2,691	$	—	$	2,691	$	—
Interest rate swap derivative financial instruments	156		—		156		—
Foreign currency forward exchange contracts	226		—		226		—
Contingent consideration related to business combinations	130		—		—		130
Total Liabilities	$	3,203	$	—	$	3,073	$	130