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Debt and Lines of Credit
 12 Months Ended
Dec. 31, 2022
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)20222021
2.55% Notes, due 2022
$— $750 
0.875% Notes, due 2023
1,215 1,294 
3.40% Notes, due 2023
1,050 1,050 
5-year term loan due 2024
446 521 
0.10% Notes, due 2024
629 670 
3.875% Notes, due 2025
500 500 
2.95% Notes, due 2025
1,000 1,000 
1.50% Notes, due 2026
1,215 1,294 
3.75% Notes, due 2026
1,700 1,700 
0.375% Notes, due 2027
629 670 
1.15% Notes, due 2028
650 650 
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(71)(78)
Other, including fair value adjustments relating to interest rate hedge contracts designated as fair value hedges(196)23 
Total carrying amount of long-term debt16,773 18,050 
Less: Current portion2,251 754 
Total long-term portion$14,522 $17,296 
On March 15, 2022, Abbott repaid the $750 million outstanding principal amount of its 2.55% Notes upon maturity.
On June 24, 2020, Abbott completed the issuance of $1.3 billion aggregate principal amount of senior notes, consisting of $650 million of its 1.15% Notes due 2028 and $650 million of its 1.40% Notes due 2030.
On September 28, 2020, Abbott repaid the €1.140 billion outstanding principal amount of its 0.00% Notes due 2021 upon maturity. The repayment equated to approximately $1.3 billion.
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. The lines of credit are part of a Five Year Credit Agreement (Revolving Credit Agreement) that Abbott entered into on November 12, 2020. Any borrowings under the Revolving Credit Agreement will mature and be payable on November 12, 2025, and will bear interest, at Abbott’s option, based on either a base rate or Eurodollar rate, plus an applicable margin based on Abbott’s credit ratings.
In September 2019, the board of directors approved a bond redemption authorization for the early redemption of up to $5 billion of outstanding long-term debt. Of the $5 billion authorization, $2.15 billion remains available as of December 31, 2022.
Principal payments required on long-term debt outstanding at December 31, 2022 are $2.3 billion in 2023, $1.1 billion in 2024, $1.5 billion in 2025, $2.9 billion in 2026, $0.6 billion in 2027 and $8.7 billion in 2028 and thereafter.
At December 31, 2022, Abbott’s long-term debt rating was AA- by Standard & Poor’s Corporation and A1 by Moody’s. In December 2021, Abbott repaid a short-term facility for approximately $195 million. After the repayment, Abbott has no short-term borrowings.