Financial Instruments, Derivatives and Fair Value Measures (Tables)

3 Months Ended

Mar. 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 March 31, 2024 and December 31, 2023:

	Fair Value - Assets					Fair Value - Liabilities
(in millions)	March 31, 2024		December 31, 2023		Balance Sheet Caption	March 31, 2024		December 31, 2023		Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current	$	—	$	—	Deferred income taxes and other assets	$	88	$	95	Post-employment obligations, deferred income taxes and other long-term liabilities
Current	—		—		Prepaid expenses and other receivables	31		—		Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments	118		88		Prepaid expenses and other receivables	61		134		Other accrued liabilities
Others not designated as hedges	52		81		Prepaid expenses and other receivables	39		97		Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary	—		—		n/a	395		419		Current portion of long-term debt
	$	170	$	169		$	614	$	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 and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three months ended March 31, 2024 and 2023.

	Gain (loss) Recognized in Other Comprehensive Income (loss)				Income (expense) and  Gain (loss) Reclassified into Income
	Three Months Ended March 31				Three Months Ended March 31
(in millions)	2024		2023		2024		2023		Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges	$	127	$	(63)	$	18	$	126	Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary	24		(5)		—		—		n/a
Interest rate swaps designated as fair value hedges	n/a		n/a		(24)		9		Interest expense

Schedule of Carrying Values and Fair Values of Financial Instruments

The carrying values and fair values of certain financial instruments as of March 31, 2024 and December 31, 2023 are shown in the following table. 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 non-performance by these counterparties.

	March 31, 2024				December 31, 2023
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term Investment Securities:
Equity securities	$	547	$	547	$	555	$	555
Other	271		271		244		244
Total Long-term Debt	(14,586)		(14,299)		(14,679)		(14,769)
Foreign Currency Forward Exchange Contracts:
Receivable position	170		170		169		169
(Payable) position	(100)		(100)		(231)		(231)
Interest Rate Hedge Contracts:
(Payable) position	(119)		(119)		(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 Balances		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
March 31, 2024:
Equity securities	$	327	$	327	$	—	$	—
Foreign currency forward exchange contracts	170		—		170		—
Total Assets	$	497	$	327	$	170	$	—
Fair value of hedged long-term debt	$	2,046	$	—	$	2,046	$	—
Interest rate swap derivative financial instruments	119		—		119		—
Foreign currency forward exchange contracts	100		—		100		—
Contingent consideration related to business combinations	59		—		—		59
Total Liabilities	$	2,324	$	—	$	2,265	$	59
December 31, 2023:
Equity securities	$	326	$	326	$	—	$	—
Foreign currency forward exchange contracts	169		—		169		—
Total Assets	$	495	$	326	$	169	$	—
Fair value of hedged long-term debt	$	2,052	$	—	$	2,052	$	—
Interest rate swap derivative financial instruments	95		—		95		—
Foreign currency forward exchange contracts	231		—		231		—
Contingent consideration related to business combinations	112		—		—		112
Total Liabilities	$	2,490	$	—	$	2,378	$	112