Post-Employment Benefits

9 Months Ended

Sep. 30, 2022

Postemployment Benefits [Abstract]

Post-Employment Benefits

Note 11 — Post-Employment Benefits

Retirement plans consist of defined benefit, defined contribution, and medical and dental plans. Net periodic benefit costs, other than service costs, are recognized in the Other (income) expense, net line of the Condensed Consolidated Statement of Earnings. Net cost recognized for the three and nine months ended September 30 for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans is as follows:

	Defined Benefit Plans								Medical and Dental Plans
	Three Months Ended Sept. 30				Nine Months Ended Sept. 30				Three Months Ended Sept. 30				Nine Months Ended Sept. 30
(in millions)	2022		2021		2022		2021		2022		2021		2022		2021
Service cost - benefits earned during the period	$	92	$	98	$	282	$	294	$	13	$	14	$	38	$	42
Interest cost on projected benefit obligations	74		62		225		186		9		8		27		25
Expected return on plan assets	(231)		(211)		(701)		(633)		(8)		(6)		(23)		(20)
Net amortization of:
Actuarial loss, net	58		79		174		238		2		7		8		21
Prior service cost (credit)	—		—		1		1		(6)		(7)		(18)		(21)
Net cost (credit)	$	(7)	$	28	$	(19)	$	86	$	10	$	16	$	32	$	47

Abbott funds its domestic defined benefit plans according to Internal Revenue Service funding limitations. International pension plans are funded according to similar regulations. In the first nine months of 2022 and 2021, $362 million and $366 million, respectively, were contributed to defined benefit plans. In the first nine months of 2022 and 2021, $28 million and $26 million, respectively, were contributed to the post-employment medical and dental plans.