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Financial Instruments, Derivatives and Fair Value Measures (Tables)
 12 Months Ended
Dec. 31, 2024
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 — AssetsFair Value — Liabilities
(in millions)20242023Balance Sheet Caption20242023Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current$— $— Deferred income taxes and other assets$51 $95 Post-employment obligations and other long-term liabilities
Current1 — Prepaid expenses and other receivables— — Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments243 88 Prepaid expenses and other receivables19 134 Other accrued liabilities
Others not designated as hedges147 81 Prepaid expenses and other receivables112 97 Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary— — n/a583 419 Long-term debt (Current portion of long-term debt in 2023)
$391 $169 $765 $745 
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)202420232022202420232022Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges$347 $(22)$281 $103 $187 $234 Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary37 27 75  n/an/an/an/a
Interest rate swaps designated as fair value hedges n/an/an/a44 61 (243)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.
20242023
(in millions)Carrying Value Fair Value Carrying Value Fair Value
Long-term Investment Securities:
Equity securities$553 $553 $555 $555 
Other333 333 244 244 
Total long-term debt(14,125)(13,710)(14,679)(14,769)
Foreign Currency Forward Exchange Contracts:
Receivable position390 390 169 169 
(Payable) position(131)(131)(231)(231)
Interest Rate Hedge Contracts:
Receivable position1 1 — — 
(Payable) position(51)(51)(95)(95)
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 BalancesQuoted Prices in Active MarketsSignificant Other Observable InputsSignificant Unobservable Inputs
December 31, 2024:
Equity securities$323 $323 $— $— 
Interest rate swap derivative financial instruments1 — 1 — 
Foreign currency forward exchange contracts390 — 390 — 
Total Assets$714 $323 $391 $— 
Fair value of hedged long-term debt$2,096 $— $2,096 $— 
Interest rate swap derivative financial instruments51 — 51 — 
Foreign currency forward exchange contracts131 — 131 — 
Contingent consideration related to business combinations38 — — 38 
Total Liabilities$2,316 $— $2,278 $38 
December 31, 2023:
Equity securities$326 $326 $— $— 
Foreign currency forward exchange contracts169 — 169 — 
Total Assets$495 $326 $169 $— 
Fair value of hedged long-term debt$2,052 $— $2,052 $— 
Interest rate swap derivative financial instruments95 — 95 — 
Foreign currency forward exchange contracts231 — 231 — 
Contingent consideration related to business combinations112 — — 112 
Total Liabilities$2,490 $— $2,378 $112