Financial Instruments, Derivatives and Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2022

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 — Assets					Fair Value — Liabilities
(in millions)	2022		2021		Balance Sheet Caption	2022		2021		Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current	$	—	$	87	Deferred income taxes and other assets	$	136	$	—	Post-employment obligations and other long-term liabilities
Current	—		—			20		—		Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments	304		222		Other prepaid expenses and receivables	96		65		Other accrued liabilities
Others not designated as hedges	108		70		Other prepaid expenses and receivables	130		32		Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary	—		—		n/a	446		521		Long-term debt
	$	412	$	379		$	828	$	618

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)	2022		2021		2020		2022		2021		2020		Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges	$	281	$	164	$	(207)	$	234	$	(252)	$	102	Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary	75		56		(31)		n/a		n/a		n/a		n/a
Interest rate swaps designated as fair value hedges	n/a		n/a		n/a		(243)		(123)		162		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.

	2022				2021
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term Investment Securities:
Equity securities	$	558	$	558	$	748	$	748
Other	208		208		68		68
Total long-term debt	(16,773)		(16,313)		(18,050)		(21,152)
Foreign Currency Forward Exchange Contracts:
Receivable position	412		412		292		292
(Payable) position	(226)		(226)		(97)		(97)
Interest Rate Hedge Contracts:
Receivable position	—		—		87		87
(Payable) position	(156)		(156)		—		—

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 Balances		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2022:
Equity securities	$	307	$	307	$	—	$	—
Foreign currency forward exchange contracts	412		—		412		—
Total Assets	$	719	$	307	$	412	$	—
Fair value of hedged long-term debt	$	2,691	$	—	$	2,691	$	—
Interest rate swap derivative financial instruments	156		—		156		—
Foreign currency forward exchange contracts	226		—		226		—
Contingent consideration related to business combinations	130		—		—		130
Total Liabilities	$	3,203	$	—	$	3,073	$	130
December 31, 2021:
Equity securities	$	402	$	402	$	—	$	—
Interest rate swap derivative financial instruments	87		—		87		—
Foreign currency forward exchange contracts	292		—		292		—
Total Assets	$	781	$	402	$	379	$	—
Fair value of hedged long-term debt	$	2,926	$	—	$	2,926	$	—
Foreign currency forward exchange contracts	97		—		97		—
Contingent consideration related to business combinations	130		—		—		130
Total Liabilities	$	3,153	$	—	$	3,023	$	130