Debt and Lines of Credit

12 Months Ended

Dec. 31, 2024

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)	2024		2023
0.10% Notes, due 2024	—		655
2.95% Notes, due 2025	1,000		1,000
3.875% Notes, due 2025	500		500
1.50% Notes, due 2026	1,188		1,266
3.75% Notes, due 2026	1,700		1,700
0.375% Notes, due 2027	615		655
1.15% Notes, due 2028	650		650
5-year term loan due 2029	583		419
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	(53)		(56)
Other, including fair value adjustments relating to interest rate hedge contracts designated as fair value hedges	(64)		(116)
Total carrying amount of long-term debt	14,125		14,679
Less: Current portion	1,500		1,080
Total long-term portion	$	12,625	$	13,599

On November 19, 2024, Abbott repaid the €590 million outstanding principal amount of its 0.10% Notes upon maturity. The repayment equated to approximately $640 million. 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 June 26, 2024, Abbott modified its existing, yen-denominated 5-year term loan scheduled to mature in November 2024. The amended terms include a net increase in principal debt from ¥59.8 billion to ¥92.0 billion, with a new maturity date in June 2029. The modified, 5-year term loan bears interest at the Tokyo Interbank Offered Rate (TIBOR) plus a fixed spread, and the interest rate is reset quarterly. The net proceeds equated to approximately $201 million.

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. On January 29, 2024, Abbott terminated its 2020 Five Year Credit Agreement (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), plus an applicable margin based on Abbott’s credit ratings.

Principal payments required on long-term debt outstanding at December 31, 2024 are $1.5 billion in 2025, $2.9 billion in 2026, $617 million in 2027, $650 million in 2028, $583 million in 2029 and $8.0 billion in 2030 and thereafter.

At December 31, 2024, 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.