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Post-Employment Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Postemployment Benefits [Abstract]  
Summary of Benefit Plans Information for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans is as follows:
Defined Benefit PlansMedical and Dental
Plans
(in millions)2023202220232022
Projected benefit obligations, January 1$9,167 $12,773 $1,126 $1,566 
Service cost — benefits earned during the year230 374 38 50 
Interest cost on projected benefit obligations455 300 59 36 
(Gains) losses, primarily changes in discount rates, plan design changes, law changes and differences between actual and estimated health care costs458 (3,645)35 (437)
Benefits paid(377)(368)(77)(70)
Other, including foreign currency translation97 (267)— (19)
Projected benefit obligations, December 31$10,030 $9,167 $1,181 $1,126 
Plan assets at fair value, January 1$11,373 $13,468 $302 $370 
Actual return (loss) on plan assets1,611 (1,856)26 (33)
Company contributions349 413 37 35 
Benefits paid(377)(368)(77)(70)
Other, including foreign currency translation129 (284)— — 
Plan assets at fair value, December 31$13,085 $11,373 $288 $302 
Projected benefit obligations less (greater) than plan assets, December 31$3,055 $2,206 $(893)$(824)
Long-term assets$4,164 $3,200 $— $— 
Short-term liabilities(36)(32)(2)(2)
Long-term liabilities(1,073)(962)(891)(822)
Net asset (liability)$3,055 $2,206 $(893)$(824)
Amounts Recognized in Accumulated Other Comprehensive Income (loss):
Actuarial losses, net$1,751 $1,960 $62 $27 
Prior service costs (credits)6 (6)(22)(33)
Total$1,757 $1,954 $40 $(6)
Summary of Projected Benefit Obligations and Aggregate Plan Assets for Plans Where Projected Benefit Obligations Exceed Plans Assets
For plans where the projected benefit obligations exceeded plan assets at December 31, 2023 and 2022, the projected benefit obligations and the aggregate plan assets were as follows:
(in millions) 20232022
Projected benefit obligation$1,314 $1,270 
Fair value of plan assets205 276 
Summary of Accumulated Benefit Obligations, Projected Benefit Obligations, and Plan Assets Where Accumulated Benefit Obligations Exceed Plan Assets
For plans where the accumulated benefit obligations exceeded plan assets at December 31, 2023 and 2022, the aggregate accumulated benefit obligations, the projected benefit obligations and the aggregate plan assets were as follows:
(in millions)20232022
Accumulated benefit obligation$1,175 $1,044 
Projected benefit obligation1,248 1,134 
Fair value of plan assets144 141 
Schedule of Net Periodic Benefit Costs
The components of the net periodic benefit cost were as follows:
Defined Benefit PlansMedical and
Dental Plans
(in millions)202320222021202320222021
Service cost — benefits earned during the year$230 $374 $391 $38 $50 $56 
Interest cost on projected benefit obligations455 300 248 59 36 33 
Expected return on plans’ assets(971)(931)(843)(23)(30)(27)
Amortization of actuarial losses (gains)11 231 317 (2)11 29 
Amortization of prior service costs (credits) 1 1 1 (13)(24)(28)
Total net cost (income)$(274)$(25)$114 $59 $43 $63 
Weighted Average Assumptions Used to Calculate Benefit Obligations
The weighted average assumptions used to determine benefit obligations for defined benefit plans and medical and dental plans are as follows:
202320222021
Discount rate4.8 %5.0 %2.7 %
Expected aggregate average long-term change in compensation4.6 %4.5 %4.3 %
The weighted average assumptions used to determine the net cost for defined benefit plans and medical and dental plans are as follows:
202320222021
Discount rate5.0 %2.7 %2.3 %
Expected return on plan assets7.6 %7.5 %7.5 %
Expected aggregate average long-term change in compensation4.5 %4.4 %4.3 %
Schedule of Assumed Health Care Cost Trend Rates
The assumed health care cost trend rates for medical and dental plans at December 31 were as follows:
202320222021
Health care cost trend rate assumed for the next year8 %7 %7 %
Rate that the cost trend rate gradually declines to5 %5 %5 %
Year that rate reaches the assumed ultimate rate202920272026
Summary of Measurement Bases
The following table summarizes the bases used to measure the defined benefit and medical and dental plan assets at fair value:
Basis of Fair Value Measurement
(in millions)
Outstanding
Balances
Quoted
Prices in
Active
Markets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Measured at
NAV (j)
December 31, 2023
Equities:
U.S. large cap (a)$3,425 $2,305 $— $— $1,120 
U.S. mid and small cap (b)814 807 — 1 6 
International (c)2,725 493 — — 2,232 
Fixed income securities:
U.S. government securities (d)391 5 371 — 15 
Corporate debt instruments (e)1,519 125 1,055 — 339 
Non-U.S. government securities (f)586 36 3 — 547 
Other (g)863 322 106 — 435 
Absolute return funds (h)1,669 270 — — 1,399 
Cash and Cash Equivalents276 16 — — 260 
Other (i)1,105 5 — — 1,100 
$13,373 $4,384 $1,535 $1 $7,453 
December 31, 2022
Equities:
U.S. large cap (a)$2,866 $1,840 $— $— $1,026 
U.S. mid and small cap (b)693 684 — 1 8 
International (c)2,401 454 — — 1,947 
Fixed income securities:
U.S. government securities (d)362 5 341 — 16 
Corporate debt instruments (e)1,318 123 890 — 305 
Non-U.S. government securities (f)419 16 — — 403 
Other (g)775 297 75 — 403 
Absolute return funds (h)1,678 304 — — 1,374 
Cash and Cash Equivalents154 20 — — 134 
Other (i)1,009 7 — — 1,002 
$11,675 $3,750 $1,306 $1 $6,618 
________________________________________________________
(a)A mix of index funds and actively managed equity accounts that are benchmarked to various large cap indices.
(b)A mix of index funds and actively managed equity accounts that are benchmarked to various mid and small cap indices.
(c)A mix of index funds and actively managed pooled investment funds that are benchmarked to various non-U.S. equity indices in both developed and emerging markets.
(d)A mix of index funds and actively managed accounts that are benchmarked to various U.S. government bond indices.
(e)A mix of index funds and actively managed accounts that are benchmarked to various corporate bond indices.
(f)Primarily United Kingdom, Canada, Japan and Eurozone government bonds.
(g)Primarily asset backed securities, bank loans, interest rate swap positions and diversified fixed income vehicles benchmarked to SOFR, Sterling Overnight Interbank Average (SONIA) or EURIBOR.
(h)Primarily hedge funds and funds invested by managers that have a global mandate with the flexibility to allocate capital broadly across a wide range of asset classes and strategies including, but not limited to equities, fixed income, commodities, interest rate futures, currencies and other securities to outperform an agreed upon benchmark with specific return and volatility targets.
(i)Primarily investments in private funds, such as private equity, private credit, private real estate and private energy funds.
(j)Investments measured at fair value using the net asset value (NAV) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
Schedule of Total Expected Benefit Payments
Total benefit payments expected to be paid to participants, which includes payments funded from company assets, as well as paid from the plans, are as follows:
(in millions)Defined
Benefit Plans		Medical and
Dental Plans
2024$395 $65 
2025414 67 
2026434 70 
2027457 73 
2028479 77 
2029 to 20332,757 425