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1、2022 ANNUAL REPORTDuring a routine physical,Jay Kings doctor discovered that Jay was suffering from atrial fibrillation.A series of ablations using Abbotts TactiCath Ablation Catheter in conjunction with the EnSite X mapping system and HD Grid Mapping Catheter helped his heart restore a steady beat.

2、Later,after suffering an episode of ventricular tachycardia,Jay had our Gallant cardioverter defibrillator implanted,which let him get back to the active life and outdoor activities he loves.JAY KINGENSITE X EP SYSTEM/ADVISOR HD GRID MAPPING CATHETER,SENSOR ENABLED/TACTICATH ABLATION CATHETER,SENSOR

3、 ENABLED/GALLANT ICDFront Cover:TABLE OF CONTENTS1 Letter to Shareholders5 Abbott 12 Rapid Diagnostics14 Laboratory Diagnostics 16 Pediatric and Adult Nutrition18 Established Pharmaceuticals20 Structural Heart22 Vascular24 Neuromodulation26 Heart Failure Management28 Electrophysiology30 Cardiac Rhyt

4、hm Management32 Diabetes Care34 Creating the Future36 Financial ReportAt Abbott,weve been relentlessly focused on improving peoples health for 135 years.Today,were tackling some of the worlds most pressing healthcare challenges to help people at all ages and stages of life.Because we believe the bes

5、t medical product is the one that helps the most people,we design breakthrough solutions in each of our businesses nutrition,branded-generic pharmaceuticals,medical devices,and diagnostics to help ensure maximum access and affordability.Our balanced leadership across diverse markets and geographies

6、gives us more ways to win and helps insulate us from the impact of global economic swings,helping us deliver consistent growth and strong shareholder returns.DEAR FELLOW SHAREHOLDER:The three years of the Covid pandemic called on all of the strengths that have made Abbott such an enduringly successf

7、ul company and demonstrated how well remain one in the years to come.Our response and performance have been true to both our legacy of achievement and our commitment to the future.As we emerge from the pandemic,we are ready to lead in the dynamic new era of healthcare that lies ahead.ROBERT FORD Cha

8、irman of the Board and Chief Executive OfficerA B B OT T 2022 A N N UA L R E P O R TCHALLENGE AND OPPORTUNITYWith its breadth and impact on all aspects of society,Covid has been the most significant global health crisis in a century.When the world needed help as this new virus ground it to a halt,Ab

9、bott answered the call.We quickly formed a battery of R&D and operational teams to attack the new virus from multiple angles.The result:more than a dozen different tests for use at all stages of the disease process and in a wide range of testing styles and environments,from hospital laboratories to

10、self-testing.The availability of fast,accurate,and accessible testing was a major factor in the worlds response to the pandemic.It gave people confidence that they could conduct their lives safely and allowed them to regain normalcy after the disruptions of the virus.The success of our actions also

11、built major new businesses for Abbott at unprecedented speed and,importantly for the long term,demonstrated the power and potential of rapid diagnostics.We showed the world the many benefits of testing and of health technology broadly that is decentralized,digitized,and democratized.This greatly acc

12、elerated the adoption of the technology and built strong new channels to pharmacies,to doctors offices,and to peoples homes.So,while Covid testing will become a smaller part of our business as we move from a pandemic to an endemic level,Abbott has built a leading position for the promising future of

13、 rapid testing.And this is not the only long-term opportunity that the success of our pandemic response made possible for us.Over this period,our Covid-testing revenues allowed us to invest an additional$2 billion to fund or accelerate R&D programs and marketing efforts in our priority growth areas.

14、We also invested approximately$6 billion in capital projects that will expand our manufacturing capacity and improve our capabilities.As a result of these strategic moves and investments,Abbott is an even stronger company coming out of Covid than we were going into it.The pandemic has,of course,had

15、many other impacts on our operating environment and our business.Its affected our institutional customers by reducing their ability to perform hospital procedures and routine testing.And its disrupted global supply chains and work patterns,both of which have contributed to inflation.Abbott has dealt

16、 with challenges like these time and again over its long history.While Covid whipped them together into a unique storm,weve weathered many.Abbott is a long-term company;we know how to plan,how to adapt,how to find the ways we need to deliver for both our customers and our shareholders.Thats how,over

17、 the three years of the pandemic,we not only returned a total of nearly$15 billion to shareholders through dividends and share repurchases,but,at the same time,continued to invest for our durable,long-term growth.Significant as todays challenges are,you can rely on Abbott to persevere,to perform,and

18、 to live up to our values as we always have.An example was our voluntary recall of infant formula and temporary suspension of manufacturing at one of 3-YEAR FINANCIAL HIGHLIGHTS2+37%3-YEAR SALES GROWTH+65%13-YEAR ADJUSTED EPS GROWTHA B B OT T 2022 A N N UA L R E P O R Tour U.S.plants.We addressed th

19、is situation and resumed production in July.With adjustments to our global manufacturing network running our U.S.facilities at increased capacity and importing additional formula from Europe we were able to deliver roughly the same volume of formula in the U.S.in the second half of 2022 as we did pr

20、ior to the stoppage.As a result,availability on store shelves is improving and we will continue working to get families the consistent and dependable supply of high-quality infant formula theyve relied on for almost a century.While managing the demands of the present,weve kept our eyes on the future

21、 and its opportunities,which we believe have never been greater.Medical science is advancing at high speed,with significant progress in miniaturization,and greater understanding of gene expression and the microbiome.Data technology is doing the same,with new capabilities from artificial intelligence

22、 to machine learning to advanced manufacturing.And the two fields are combining to create remarkable new possibilities.New connected technologies allow patients to receive care from their physicians whenever and wherever they need it.Wearable digital sensing technologies give people the information

23、about their bodies that they need to manage medical conditions or monitor and improve their health.New diagnostic platforms are transforming the ways testing is conducted from the lab to the home.Were in the midst of a new healthcare revolution,and Abbott is among its foremost leaders.In 2022 alone,

24、we delivered a host of innovative new product approvals and launches,including:FreeStyle Libre 3,the worlds smallest,most accurate continuous glucose monitoring sensor The EnSite X EP System,our new cardiac mapping platform,which helps physicians better treat abnormal heart rhythms Aveir,our single-

25、chamber leadless pacemaker for the treatment of patients with slow heart rhythms An upgraded version of our NeuroSphere myPath digital health app with enhanced functionality Our Proclaim Plus spinal cord stimulation system featuring the next generation of Abbotts proprietary BurstDR therapy And two

26、new Amplatzer cardiac devices:Amulet,which helps reduce the risk of stroke in people with atrial fibrillation;and Talisman,to treat people with a small opening between the upper chambers of the heart that puts them at risk of recurrent ischemic strokeAnd our pipeline for the future remains very rich

27、.We have the technologies and opportunities we need to fuel both therapeutic advancement and robust growth for years to come.These technologies and their life-changing impact for patients and consumers can be seen throughout this report.FINANCIAL PERFORMANCEDespite the headwinds in our operating env

28、ironment,Abbott delivered sales of$43.7 billion in 2022 an increase of around 6.4 percent on an organic basis2 and earnings-per-share of$5.343,exceeding our initial forecast for the year.$15BRETURNED TO SHAREHOLDERS SINCE THE BEGINNING OF 202032.5%3-YEAR TOTAL SHAREHOLDER RETURN1 On a GAAP basis,3-y

29、ear EPS growth was 90%2 On a GAAP basis,Abbott sales increased 1.3%3 Full-year 2022 GAAP diluted EPS from continuing operations were$3.91For full financial data and reconciliation of non-GAAP measures,please see Abbotts 2020 through 2022 earnings releases at 3+46%3-YEAR DIVIDEND GROWTHA B B OT T 202

30、2 A N N UA L R E P O R TIn December,we announced a dividend increase of 8.5 percent for 2023;this makes for an average annual dividend increase of more than 12 percent since the beginning of the pandemic.Abbott has now paid dividends for 99 consecutive years and is in the exclusive ranks of Dividend

31、 Kings,the small group of companies that have increased dividends for more than 50 years in a row.Over the past three years,Abbott has provided shareholders a total return of approximately 32.5 percent,versus a market return of 23.6 percent.The key to that success in an environment like todays is ou

32、r diversified business strategy,which gives us defensive strength by protecting us from market downturns in particular businesses,and offensive strength by providing us more ways to compete and win.THE FUTUREThe challenges of the last three years demonstrate precisely why and how Abbott will continu

33、e to lead far into the future.Our company has thrived for 135 years because of its resilience and adaptability,its diversified portfolio of leading businesses,its financial strength and acumen,and a deep-rooted culture of service,execution,and success.Because of our extensive history and experience,

34、Abbott takes the long view.While our experience helps us navigate the waters of the present,it also ensures that we always steer toward the horizon.Were inspired by the immense potential of the future of healthcare and believe that we are very well positioned to capture it.Our objective,laid out in

35、our 2030 Sustainability Plan,is to help three billion people every year with Abbott products a fifty percent increase over the course of the plan.To achieve that ambitious goal,were working to transform the future of healthcare.Weve adopted a set of guiding innovation principles with the explicit in

36、tention of making our technologies more accessible to more people.That means easier to use.It means deliverable in new ways.And it means reducing the total cost of care to help patients,providers,and payers.Were energized by that vision and believe theres never been a better time to be in healthcare

37、.Were here at Abbott to help people live fuller lives through better health.Thats a high purpose and a responsibility that we take very seriously.To us,it means the motivation to create the life-changing products and technologies of the future,the vigilance to ensure theyre of the highest quality,an

38、d the commitment to meet the needs of the people were here to serve.Abbott Proud,4125 new product launches in 2022ROBERT B.FORD Chairman of the Board and Chief Executive OfficerFebruary 28,2023+18%3-YEAR INCREASE IN R&D INVESTMENTCreating the future of healthcare,with leading brands and powerful new

39、 technologiesABBOTTA B B OT TA B B OT T 2022 A N N UA L R E P O R T 2022 A N N UA L R E P O R T5 6A B B OT T 2022 A N N UA L R E P O R TCOMMITTED.For 135 years,Abbott has focused relentlessly on delivering for our stakeholders.Today,billions of people around the world depend on us in vital ways.Were

40、 committed to honoring that trust.And we work to earn it every day.7A B B OT T 2022 A N N UA L R E P O R TRELIABLE.Our portfolio spans the spectrum of healthcare,helping people at all ages and stages of life.This balance along with market leadership aligned with major trends,and our broad global pre

41、sence forms the basis for Abbotts consistent and reliable performance.8A B B OT T 2022 A N N UA L R E P O R T135YEARS OF GROWTH AND SUCCESSA B B OT T 2022 A N N UA L R E P O R T950+YEARS OF RISING DIVIDENDS99CONSECUTIVE YEARS OF DIVIDENDS PAID10A B B OT T 2022 A N N UA L R E P O R T11A B B OT T 2022

42、 A N N UA L R E P O R TRELEVANT.RELEVANT.Putting our customers at the center of everything we do,weve built our portfolio strategically for relevance to where medicine and technology,our markets and society are heading.DIAGNOSTIC systems and tests to provide the information people need,when they nee

43、d it,so they and their doctors can make better decisions.MEDICINES that offer reliable quality and accessibility to help people in the worlds emerging markets get and stay healthy.MEDICAL DEVICES to keep hearts and arteries healthy,treat chronic pain and movement disorders,and give people with diabe

44、tes more freedom and control.NUTRITION PRODUCTS that apply scientific innovation to help people build and maintain health across every stage of life,from infancy onward.Abbott 2022 Business Balance Diagnostics 38%Pharmaceuticals 11%Medical Devices 34%Nutrition 17%RAPID DIAGNOSTICS*Not available in t

45、he United States12PANBIO COVID-19 TESTAbbott is a global leader in point-of-care testing,with a portfolio focused on four key areas:Infectious Disease,Cardiometabolic&Informatics,Toxicology,and Consumer Diagnostics.Our products are used in a variety of settings,including hospital labs,emergency and

46、operating rooms,physician offices,urgent-care clinics,pharmacies,and health posts in remote and rural areas.The pandemic has shown the value of at-home testing and sample collection,and Abbott plans to bring that convenience and discretion to additional areas in the future,including for sexually tra

47、nsmitted infections(STIs).In addition to our BinaxNOW test for Covid-19,we offer lateral-flow tests for other infectious diseases,including the Panbio HIV Self Test*,and the worlds most sensitive lateral-flow tests for detecting hepatitis B surface antigen*.Our ID Now benchtop molecular analyzer bri

48、ngs improved sensitivity and specificity to in-office infectious-disease testing.Our iSTAT family of portable blood analyzers can be used at the patients side to deliver real-time,lab-quality test results,making them useful in emergency and acute-care settings.Pioneering innovative ways to screen,di

49、agnose,and monitor a vast range of health conditions.Our benchtop molecular analyzer offers reliable,rapid results,giving healthcare professionals information they need to make faster,more effective treatment decisions.ID NOWEMPOWERING KNOWLEDGEA B B OT T 2022 A N N UA L R E P O R TA B B OT T 2022 A

50、 N N UA L R E P O R T13KAMINI SARVAISPARANSINGAPOREPANBIO COVID HOME TESTAs a financial adviser,Kamini has regular contact with customers.She and her husband,Sanjeev,rely on Panbio Covid self tests to help keep their children safe.14Abbott systems and tests help laboratory professionals run high vol

51、umes of patient samples with speed,accuracy,and efficiency.DATA-BASED DECISIONSALINITY M MOLECULAR DIAGNOSTICS ANALYZERFully integrated and automated molecular diagnostics analyzer delivers next-level flexibility and efficiency for core laboratories.LABORATORYDIAGNOSTICS15DR.TULIO DE OLIVIERADURBAN,

52、SOUTH AFRICAABBOTT PANDEMIC DEFENSE COALITIONDr.Oliviera,of the Genomic Centre of the University of KwaZulu-Natal,is an important contributor to Abbotts Pandemic Defense Coalition,which identifies new pathogens,analyzes potential risk levels,rapidly develops and deploys new diagnostic testing,and as

53、sesses public health impact in real time.A B B OT T 2022 A N N UA L R E P O R TGLP SYSTEMSAn innovative laboratory automation solution that offers proven technology with flexibility and options to meet the needs of high-volume diagnostic laboratories.Abbotts innovative tests and instrument systems t

54、hat support healthcare professionals with health screening,disease diagnosis,and monitoring have made us a leading name in immunoassay diagnostics,companion diagnostics,clinical chemistry,and blood screening.Our blood-screening systems and tests are used to safeguard approximately 60%of the worlds b

55、lood supply.Our information solutions enable efficient information sharing across functions,allowing faster and better-informed treatment decisions.Over the next few years,Abbott will continue rolling out our Alinity family of harmonized systems,which are being designed to run more tests in less spa

56、ce,generate test results faster,and minimize human errors,while continuing to provide high-quality results.In 2022,Abbott received U.S.FDA clearance for our first-of-its-kind Alinity m STI Assay,which simultaneously detects and differentiates up to four common sexually transmitted infections(STIs);a

57、nd U.S.FDA Emergency Use Authorization of its molecular test for detecting the Mpox virus(formerly known as monkeypox).PEDIATRIC ANDADULT NUTRITION16NOURISHING POTENTIALFor more than 90 years,Abbott has developed innovative products to help people reach their full potential at every stage of life.SA

58、NTIAGO BLANCOVERACRUZ,MEXICO PEDIASURESantiago is a very active 4-year-old.His mom,Emilse,relies on PediaSure to make sure hes getting all the nutrition he needs to keep going and growing strong.A B B OT T 2022 A N N UA L R E P O R T17At Abbott,we understand that proper nutrition is the foundation f

59、or living the best and fullest life possible.Thats why we develop science-based nutrition products for people of all ages.Abbott products help babies and children grow,keep adult bodies strong and active,and support the unique nutrition needs of people with chronic illnesses to make every stage of l

60、ife a healthy one.Our pediatric product line includes Similac infant and toddler formulas,which support healthy growth and development;PediaSure,our complete,balanced nutritional drink designed with the optimal balance of protein,carbohydrates,vitamins and minerals;and Pedialyte,our advanced rehydra

61、tion solution specially formulated to help kids and adults replenish vital fluids and electrolytes.Our Adult Nutrition portfolio is anchored by our Ensure line of products,with complete,balanced,and targeted nutrition to help people stay active and healthy,as well as support recovery from illness,in

62、jury,or surgery.Launched in 1973,Ensure is the most-recommended brand among doctors who suggest oral nutritional products to their patients.Our portfolio is rounded out by Glucerna shakes and bars for people with diabetes;Juven,which supports wound healing;and Nepro,for people with kidney disease.MA

63、RGY MARTINDALEWEST CHESTER,OHIO,USA JUVENAfter a fall left her with a broken arm that required surgery,Margy(seen here enjoying time with her granddaughter)relied on Juven,our nutritional supplement that has been clinically shown to support wound healing,during her recovery.ENSURE COMPLETEThe only c

64、omplete,balanced nutrition shake with 30 grams of protein and nutrients to support immune health.PEDIASUREComplete,balanced nutritional drink.18TRUSTED BRANDSApplying new technologies and services to transform the way people in emerging markets use medicines.Every day,more than 19 million people in

65、95 countries benefit from Abbotts medicines.In this business,we innovate in all areas beyond the molecule,using local insights to apply new ways to make good medicines better.Our product portfolios are localized and offer solutions to help treat some of the most prevalent health conditions.Through o

66、ur a:care program,we leverage advances in digital tools and behavioral science to support healthcare professionals and empower people to take small,manageable steps to take charge of their health.We drive scale and market share by having breadth and depth in high-growth therapeutic areas tailored to

67、 local needs and supported through innovations and new partnerships.This portfolio approach helps us provide efficiencies,focus,and therapeutic expertise,and to build deep stakeholder relationships.Our most-used products in this business include the worlds leading medicines for pancreatic enzyme def

68、iciency,progesterone hormone therapy,and vertigo.ESTABLISHED PHARMACEUTICALS19DIMPLE BHATNAGARNEW DELHI,INDIA FEMOSTON CONTIWhen Dimple began experiencing the symptoms of menopause,she just didnt feel like herself anymore,enduring mood swings,muscle weakness and,as she puts it,frequent mental breakd

69、owns.Since she began taking Abbotts Femoston conti,she says“I feel like me again!”Dimple shared her experience as part of“The Next Chapter,”an initiative we launched in 2022 to help break the silence around menopause and empower women to live their fullest lives.MORE THAN 1,500 PRODUCTSAbbott offers

70、 a broad portfolio of high-quality medicines across multiple therapeutic areas Gastroenterology Womens Health Cardiometabolic Pain Management/Central Nervous System RespiratoryA B B OT T 2022 A N N UA L R E P O R T19million people in emerging markets take Abbott medicines every daymanufacturing faci

71、lities and development centers worldwide2495 countriesCommercial presence inA representative sample of our broad portfolio of leading medicines in emerging markets.ADVANCED ENGINEERINGALICE TERRA DE MORAISRIO DE JANEIRO,BRAZILAMPLATZER PICCOLOAlice has always dreamed of being a professional soccer p

72、layer,but congenital heart disease prevented her from participating in physical activities.Abbotts Amplatzer Piccolo Occluder repaired her heart,and now shes free to pursue her dreams.Minimally invasive devices to repair damage and rebuild healthier hearts.20STRUCTURAL HEART*Currently available in E

73、urope and countries that recognize the CE mark.TRICLIP G4*NAVITOR TAVITranscatheter aortic valve implantation system combines our Navitor valve with the stability and accuracy of our FlexNav delivery system.AMPLATZER PICCOLOAn often lifesaving device designed to help repair patent ductus arteriosus,

74、a life-threatening opening in the hearts of some premature infants.A continued emphasis on patient-focused innovation has helped Abbott build our broad portfolio of structural heart devices.Our leading technologies include MitraClip and TriClip*,our market-leading transcatheter valve-repair devices;

75、Navitor,Portico,and Tendyne*valve-replacement systems;and our line of Amplatzer occluders,which treat a variety of defects resulting from holes in the heart.In 2022,we launched several important new products,including the Amplatzer Steerable Delivery Sheath for our Amplatzer Amulet Occluder,the firs

76、t and only steerable delivery system designed to help seal the left atrial appendage(LAA)in people with atrial fibrillation who are at an increased risk of ischemic stroke;and the Amplatzer Talisman system,which seals an opening in the heart known as a patent foramen ovale(PFO)to prevent blood clots

77、 from passing from the right to the left side of the heart and on to the brain,where they can cause a stroke.21A B B OT T 2022 A N N UA L R E P O R TNext-generation transcatheter edge-to-edge repair system for leaky tricuspid valves.22Advanced imaging systems help optimize treatments and improve out

78、comes for vascular interventions.Abbotts comprehensive vascular portfolio includes:The market-leading XIENCE family of drug-coated stents Diagnostic and imaging devices to help doctors assess blockages in the arteries Catheters and guidewires to support optimal treatment Vessel-closure devices used

79、to close vascular and structural heart access sites following stent placements.Our Ultreon 1.0 software,which merges imaging technology with artificial intelligence to enhance visualization of stenting procedures,works with our OPTIS imaging systems VASCULARINFORMEDINTERVENTIONSJULIE BAKERBUCKNER,MI

80、SSOURI,USAJETi SYSTEMWhen Julie went to the hospital with severe pain in her leg,doctors discovered a blood clot that put her in danger of losing the limb altogether.Shes grateful her doctors were able to use Abbotts JETi thrombectomy system to safely remove the clot,saving her leg and helping make

81、sure she could still enjoy walks in the woods with her granddaughter,Irelyn.23to automatically detect blockage severity and measure blood vessel characteristics,supporting more precise decisions.In 2022,Abbott expanded the rollout of its JETi thrombectomy device,which leverages cutting-edge technolo

82、gy to remove blood clots.Using a uniquely positioned high-pressure saline jet,JETi fragments a clot within the safety of the catheter tip,and can also selectively deliver diagnostics or therapeutics during the clot-removal procedure.A B B OT T 2022 A N N UA L R E P O R TXIENCE SKYPOINTThe newest DES

83、 in the XIENCE family has an enhanced design that offers better expansion and excellent deliverability.JETi THROMBECTOMYSYSTEMCOMPREHENSIVE VASCULAR PORTFOLIO Perclose ProGlide vascular closure system JETi thrombectomy system Supera Peripheral Stent system Dragonfly OpStar Imaging Catheter OPTIS Nex

84、t Imaging System with Ultreon Software PressureWire family of pressure-sensing guidewires XIENCE family of drug-eluting stentsNEW PATHS FORWARD24Abbott is the global leader in the development of chronic pain therapy solutions,offering a unique portfolio that includes radiofrequency ablation and spin

85、al-cord stimulation(SCS)therapy technologies.In 2022,we received U.S.FDA approval for our Proclaim Plus SCS system,which features FlexBurst360,the next generation of our proprietary BurstDR stimulation.This advanced device offers pain coverage across up to six areas of the trunk and/or limbs and let

86、s doctors adjust programming as a persons therapeutic needs evolve.For people with Parkinsons disease and essential tremor,weve developed the Infinity Deep Brain Stimulation(DBS)system,the first DBS system available that offers both directional leads to target therapy to specific needs and a patient

87、-friendly iOS software platform that gives them more control over managing their symptoms.These devices are designed to be used in conjunction with Abbotts NeuroSphere Virtual Clinic,which allows people to connect with their doctors and receive remote programming adjustments from the comfort of thei

88、r homes.In 2022,we launched an upgraded version of our NeuroSphere myPath digital health app,which helps doctors more closely track their patients as they evaluate Abbott neurostimulation devices to address their chronic pain.Our specialized devices help people suffering from chronic pain and moveme

89、nt disorders get back to living their lives.FlexBurst360 therapy offers pain coverage for up to six areas of the trunk and/or limbs and enables programming that can be adjusted as a persons therapeutic needs evolve.NEUROMODULATIONNEUROMODULATION25A B B OT T 2022 A N N UA L R E P O R TANITTA MEIJERS-

90、HERTOGENBOSCH,NETHERLANDS PROCLAIM SCS SYSTEMFor years,chronic leg pain made it difficult for Anitta to do even the simplest things.After trying several unsuccessful therapies,she wondered if the pain was just something shed have to learn to live with.But then her doctor implanted Abbotts Proclaim S

91、CS system,and Anitta was delighted by the difference.Today,she is largely pain-free and can once again enjoy her active life.26A FULL SPECTRUM OF CAREHEART FAILUREMANAGEMENTAVERY JASTERMCKINNEY,TEXAS,USACARDIOMEMS HF SYSTEMSince being diagnosed with heart failure,Avery has relied on our CardioMEMS H

92、F System to continually monitor changes in her pulmonary artery pressure,helping identify problems even before her symptoms appear.This allows her doctor to take an earlier and more proactive approach to her care.A B B OT T 2022 A N N UA L R E P O R T27GALLANT HF CARDIAC RESYNCHRONIZATION THERAPY DE

93、FIBRILLATORSmartphone connectivity lets this device transmit important data to a doctors office without the need for an in-person visit.CARDIOMEMS HF SYSTEMAbbotts paper-clip-sized device can alert doctors to worsening heart failure before symptoms arise.Abbott is the leader in heart-failure managem

94、ent technology,with innovative devices that meet patient and clinician needs from the earliest stages to the most advanced stages of the disease.Our CardioMEMS HF system is the first and only U.S.FDA-approved heart-failure monitoring system that allows clinicians to remotely monitor changes in pulmo

95、nary artery pressure before a patients heart-failure symptoms show or progress.This allows physicians to proactively adjust medication or treatment and help reduce hospitalization.In 2022,our CardioMEMS HF System was approved in the U.S.to support the care of people with earlier-stage heart failure,

96、giving more than a million more people access to this important technology.Our HeartMate 3 LVAD,the leading left ventricular assist device,is an implantable heart pump for people living with advanced heart failure who do not qualify for,or are awaiting,a heart transplant.The HeartMate 3 LVAD is the

97、only device of its kind to use Full MagLev Flow Technology,a proprietary system designed to reduce trauma to the blood as it passes through the pump.In 2022,we announced new clinical data that showed for the first time that a heart pump can help the majority of patients with advanced heart failure e

98、xtend survival beyond five years in a population of patients who otherwise would not be expected to survive a year.A comprehensive approach to heart-failure treatment and management.28BOLD SOLUTIONSCutting-edge technology to deliver reliable treatment for atrial fibrillation.ELECTROPHYSIOLOGYJAY KIN

99、GSAN DIEGO,CALIFORNIA,USA ENSITE X EP SYSTEM/ADVISOR HD GRID MAPPING CATHETER,SENSOR ENABLED/TACTICATH ABLATION CATHETER,SENSOR ENABLED/GALLANT ICDWhen Jay went into atrial fibrillation during a routine physical,his doctor recommended an ablation.Abbotts EnSite X EP System and Advisor HD Mapping Cat

100、heter,Sensor Enabled helped the doctor more accurately identify the part of Jays heart that was causing the trouble.29A B B OT T 2022 A N N UA L R E P O R TTACTIFLEXThe first and only contact force catheter with a flexible tip.Our electrophysiology portfolio includes next-generation cardiac mapping

101、systems and catheters that let doctors deliver precise treatments,and ablation catheters that work with those advanced systems and are designed to be easier for doctors to use.Our EnSite X EP System with EnSite Omnipolar Technology is our cardiac mapping platform that creates highly detailed three-d

102、imensional maps of the heart to help physicians identify and then treat areas of the heart where abnormal rhythms originate.Our portfolio also includes the Advisor HD Grid Mapping Catheter,Sensor Enabled,which uses a first-of-its-kind electrode configuration to create more-highly detailed maps of th

103、e heart;and our TactiCath Contact Force Ablation Catheter,Sensor Enabled which helps physicians determine where to apply optimal pressure during a cardiac ablation.In 2022,Abbott released the results from a study showing that 89%of patients treated for persistent atrial fibrillation using our TactiC

104、ath Contact Force Ablation Catheter,Sensor Enabled device remained symptom-free for at least 15 months.ENSITE X EP SYSTEMDesigned for accurate and efficient mapping of the heart.37 million PEOPLE WORLDWIDE WITH AFIB3030NEVER MISS A BEATCARDIAC RHYTHMMANAGEMENTJACK BURBAGEOCEAN CITY,MARYLAND,USA AVEI

105、R VRJack struggled with atrial fibrillation for roughly 20 years and had resigned himself to living with the condition.But now,with Abbotts leadless pacemaker helping ensure a steady heartbeat,Jack feels better than he has in years,and is able to more fully enjoy time with his partner,Ginny.A B B OT

106、 T 2022 A N N UA L R E P O R TJOT DxSmartphone-compatible implantable cardiac monitor.AVEIR VRSingle-chamber leadless pacemaker.31In cardiac rhythm management,we offer pacemakers that restore normal heart rates,implantable cardiac defibrillators that can terminate dangerous heart rhythms and extend

107、life,cardiac resynchronization devices that help the heart pump more effectively,and implantable monitors that can document heart rhythm abnormalities.Our Confirm Rx and JOT DX ICM are Bluetooth-enabled implantable cardiac monitors small insertable devices that wirelessly transmit data via the patie

108、nts smartphone to the physicians office,facilitating more prompt diagnosis of heart-rhythm abnormalities.In 2022,we added to our portfolio of pacemakers with the launch of our Aveir VR single-chamber leadless pacemaker for the treatment of patients with slow heart rhythms.Aveir is implanted directly

109、 inside the hearts right ventricle via a minimally invasive procedure,eliminating the need for a power generator to be surgically implanted in the upper chest.Aveir is the worlds only leadless pacemaker with a unique mapping capability to assess correct positioning prior to placement,and is designed

110、 to be completely retrievable should the patients therapy needs change or if the device needs to be replaced.A full portfolio of solutions for managing abnormal heart rhythms.32PEOPLE POWERDIABETESCAREJOHN SIMSCOLUMBUS,OHIO,USA FREESTYLE LIBREKnowing his FreeStyle Libre 2 system is continuously moni

111、toring his glucose levels gives John the peace of mind he needs to focus on the things that really matter,like spending time with his grandson,Jayden.33#1 1CONTINUOUS GLUCOSEMONITORINGA B B OT T 2022 A N N UA L R E P O R TFreeStyle Libre was named the Best Medical Technology of the past 50 years by

112、the Galien Foundation,the premier global institution dedicated to honoring innovation in life sciences.FREESTYLE LIBRE 3 CONTINUOUS GLUCOSE MONITORING SYSTEMHELPING PEOPLE WITH DIABETES LIVE HEALTHIER,MORE ACTIVE LIVES 1 Data on file,Abbott Diabetes Care.Data based on the number of users worldwide f

113、or the FreeStyle Libre portfolio compared to the number of users for other leading personal-use,sensor-based glucose monitoring systems.2 Fingersticks are required if your glucose alarms and readings do not match symptoms or when you see the Check Blood Glucose symbol during the first 12 hours.3 Fre

114、eStyle Libre apps are only compatible with certain mobile devices and operating systems.4 Among patient-applied sensors.Data on File.Abbott Diabetes CareApproximately 4.5 million people in 60 countries rely on our FreeStyle Libre portfolio to help them manage their diabetes.Our Diabetes Care busines

115、s is powered by our FreeStyle Libre system,the Number One continuous glucose monitoring(CGM)system in the world 1.Designed from the start to be a more accessible and affordable option,FreeStyle Libre is making a life-changing difference for people in 60 countries.The system features breakthrough sen

116、sor technology that frees people from the pain and hassles of fingersticks 2,capturing accurate,real-time glucose readings every minute and providing trends in glucose levels with a swipe of a compatible smartphone 3 or a reader.In 2022,Abbott launched our next-generation FreeStyle Libre 3 the world

117、s smallest,most accurate CGM sensor 4 in the United States.The impact of the FreeStyle Libre portfolio will be multiplied by a strategic partnership,announced in 2022,that will integrate our FreeStyle Libre portfolio with WeightWatchers diabetes-tailored weight-management program to create a seamles

118、s mobile experience that gives people living with diabetes the information and insights they need to gain better control of their health.We also announced a partnership with CamDiab and Ypsomed to develop and commercialize an integrated automated insulin delivery(AID)system,connecting the FreeStyle

119、Libre 3 sensor to CamDiabs mobile app,which is authorized to connect with Ypsomeds insulin pump.And,we received breakthrough device designation from the U.S.FDA for a new biowearable were developing that will continuously monitor both glucose and ketone levels in one sensor.TRANSFORMING DIAGNOSTIC L

120、ABS Systems and automation that help maximize efficiency.34SCIENCE-BASED NUTRITIONResponding to consumer preference by building on the latest science to deliver next-generation products.By anticipating changes in medical science and technology,Abbott continually refreshes our new-product pipeline wi

121、th leading-edge innovations.CREATING THE FUTUREETERNA SCSThe smallest implantable,rechargeable spinal cord stimulator on the market provides for long-term pain relief.A B B OT T 2022 A N N UA L R E P O R T35ADVANCED MITRAL VALVE REPLACEMENTNovel device can be implanted without the need for open-hear

122、t surgery.AVEIR DUAL-CHAMBER PACEMAKER Innovative technology being designed to provide beat-by-beat communication between two leadless pacemakers.ADVANCED DIGITAL TOOLSto help people around the world take charge of their health.A B B OT T 2022 A N N UA L R E P O R TLINGOA new line of biowearables be

123、ing designed to measure key biomarkers like glucose and ketones to help people understand the connection to their energy levels,cravings,athletic performance or general wellbeing.FIRST-OF-ITS-KINDMULTIPLEX TEST Simultaneously detects and differentiates four common sexually transmitted infections.36A

124、BBOTT 2022 ANNUAL REPORT362022 FINANCIAL REPORT37 Consolidated Statement of Earnings38 Consolidated Statement of Comprehensive Income39 Consolidated Statement of Cash Flows40 Consolidated Balance Sheet42 Consolidated Statement of Shareholders Investment 43 Notes to Consolidated Financial Statements6

125、2 Management Report on Internal Control Over Financial Reporting62 Report of Independent Registered Public Accounting Firm64 Report of Independent Registered Public Accounting Firm65 Financial Instruments and Risk Management66 Financial Review79 Performance Graph80 Summary of Selected Financial Data

126、81 Directors and Corporate Officers82 Shareholder and Corporate Information37A B B OT T 2022 A N N UA L R E P O R TYear Ended December 320Net Sales$43,653$43,075$34,608Cost of products sold,excluding amortization of intangible assets19,14218,53715,003Amortization of intangible assets2,013

127、2,0472,132Research and development2,8882,7422,420Selling,general and administrative11,24811,3249,696Total Operating Cost and Expenses35,29134,65029,251Operating Earnings8,3628,4255,357Interest expense558533546Interest income(183)(43)(46)Net foreign exchange(gain)loss21(8)Other(income)expense,net(321

128、)(277)(103)Earnings from Continuing Operations Before Taxes8,3068,2114,968Taxes on Earnings from Continuing Operations1,3731,140497Earnings from Continuing Operations6,9337,0714,471Net Earnings from Discontinued Operations,net of taxes24Net Earnings$6,933$7,071$4,495Basic Earnings Per Common Share C

129、ontinuing Operations$3.94$3.97$2.51Discontinued Operations0.01Net Earnings$3.94$3.97$2.52Diluted Earnings Per Common Share Continuing Operations$3.91$3.94$2.49Discontinued Operations0.01Net Earnings$3.91$3.94$2.50Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share1,7

130、531,7751,773Dilutive Common Stock Options111413Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options1,7641,7891,786Outstanding Common Stock Options Having No Dilutive Effect39The accompanying notes to consolidated financial statements are an integral part of this statement.C

131、ONSOLIDATED STATEMENT OF EARNINGS(in millions except per share data)38A B B OT T 2022 A N N UA L R E P O R TCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME(in millions)Year Ended December 320Net Earnings$6,933$7,071$4,495Foreign currency translation gain(loss)adjustments(894)(980)65Net act

132、uarial gains(losses)and prior service cost and credits and amortization of net actuarial losses and prior service cost and credits,net of taxes of$330 in 2022,$340 in 2021 and$(79)in 20201,1771,201(331)Net gains(losses)on derivative instruments designated as cash flow hedges,net of taxes of$11 in 20

133、22,$63 in 2021 and$(87)in 202040351(215)Other Comprehensive Income(Loss)323572(481)Comprehensive Income$7,256$7,643$4,014Supplemental Accumulated Other Comprehensive Income(Loss)Information,net of tax as of December 31:Cumulative foreign currency translation(loss)adjustments$(6,733)$(5,839)$(4,859)N

134、et actuarial(losses)and prior service(cost)and credits(1,493)(2,670)(3,871)Cumulative gains(losses)on derivative instruments designated as cash flow hedges175135(216)Accumulated other comprehensive income(loss)$(8,051)$(8,374)$(8,946)The accompanying notes to consolidated financial statements are an

135、 integral part of this statement.39A B B OT T 2022 A N N UA L R E P O R TCONSOLIDATED STATEMENT OF CASH FLOWS(in millions)Year Ended December 320Cash Flow From(Used in)Operating Activities:Net earnings$6,933$7,071$4,495Adjustments to reconcile earnings to net cash from operating activitie

136、s Depreciation1,2541,4911,195Amortization of intangible assets2,0132,0472,132Share-based compensation685640546Investing and financing losses,net21555425Trade receivables(68)(383)(924)Inventories(1,413)(456)(493)Prepaid expenses and other assets(75)(312)(627)Trade accounts payable and other liabiliti

137、es4201,2881,766Income taxes(383)(908)(614)Net Cash From Operating Activities9,58110,5337,901Cash Flow From(Used in)Investing Activities:Acquisitions of property and equipment(1,777)(1,885)(2,177)Acquisitions of businesses and technologies,net of cash acquired(187)(42)Proceeds from business dispositi

138、ons4813458Purchases of investment securities(185)(173)(83)Proceeds from sales of investment securities1527710Other222619Net Cash From(Used in)Investing Activities(1,740)(2,008)(2,215)Cash Flow From(Used in)Financing Activities:Proceeds from issuance of(repayments of)short-term debt,net and other47(2

139、04)2Proceeds from issuance of long-term debt and debt with maturities over 3 months741,281Repayments of long-term debt and debt with maturities over 3 months(753)(48)(1,333)Purchases of common shares(3,795)(2,299)(403)Proceeds from stock options exercised167255245Dividends paid(3,309)(3,202)(2,560)O

140、ther(11)Net Cash From(Used in)Financing Activities(7,636)(5,494)(2,779)Effect of exchange rate changes on cash and cash equivalents(122)(70)71Net Increase(Decrease)in Cash and Cash Equivalents832,9612,978Cash and Cash Equivalents,Beginning of Year9,7996,8383,860Cash and Cash Equivalents,End of Year$

141、9,882$9,799$6,838Supplemental Cash Flow Information:Income taxes paid$1,864$1,941$970Interest paid563544549The accompanying notes to consolidated financial statements are an integral part of this statement.40A B B OT T 2022 A N N UA L R E P O R TDecember 3120222021AssetsCurrent assets:Cash and cash

142、equivalents$9,882$9,799Investments,primarily bank time deposits and U.S.treasury bills288450Trade receivables,less allowances of 2022:$500;2021:$5196,2186,487Inventories:Finished products3,8053,081Work in process680694Materials1,6881,382Total inventories6,1735,157Other prepaid expenses and receivabl

143、es2,6632,346Total current assets25,22424,239Investments766816Property and equipment,at cost:Land511525Buildings4,0534,007Equipment14,16413,528Construction in progress1,4841,30420,21219,364Less:accumulated depreciation and amortization11,05010,405Net property and equipment9,1628,959Intangible assets,

144、net of amortization10,45412,739Goodwill22,79923,231Deferred income taxes and other assets6,0335,212$74,438$75,196The accompanying notes to consolidated financial statements are an integral part of this statement.CONSOLIDATED BALANCE SHEET(dollars in millions)41A B B OT T 2022 A N N UA L R E P O R TD

145、ecember 3120222021Liabilities and Shareholders InvestmentCurrent liabilities:Trade accounts payable$4,607$4,408Salaries,wages and commissions1,5561,625Other accrued liabilities5,8455,181Dividends payable887831Income taxes payable343306Current portion of long-term debt2,251754Total current liabilitie

146、s15,48913,105Long-term debt14,52217,296Post-employment obligations and other long-term liabilities7,5228,771Commitments and contingenciesShareholders investment:Preferred shares,one dollar par value Authorized 1,000,000 shares,none issuedCommon shares,without par value Authorized 2,400,000,000 share

147、s Issued at stated capital amount Shares:2022:1,986,519,278;2021:1,985,273,42124,70924,470Common shares held in treasury,at cost Shares:2022:248,724,257;2021:221,191,228(15,229)(11,822)Earnings employed in the business35,25731,528Accumulated other comprehensive income(loss)(8,051)(8,374)Total Abbott

148、 Shareholders Investment36,68635,802Noncontrolling interests in subsidiaries219222Total Shareholders Investment36,90536,024$74,438$75,196The accompanying notes to consolidated financial statements are an integral part of this statement.CONSOLIDATED BALANCE SHEET(dollars in millions)42A B B OT T 2022

149、 A N N UA L R E P O R TYear Ended December 320Common Shares:Beginning of YearShares:2022:1,985,273,421;2021:1,981,156,896;2020:1,976,855,085$24,470$24,145$23,853Issued under incentive stock programsShares:2022:1,245,857;2021:4,116,525;2020:4,301,81172173181Share-based compensation68764254

150、8Issuance of restricted stock awards(520)(490)(437)End of YearShares:2022:1,986,519,278;2021:1,985,273,421;2020:1,981,156,896$24,709$24,470$24,145Common Shares Held in Treasury:Beginning of YearShares:2022:221,191,228;2021:209,926,622;2020:214,351,838$(11,822)$(10,042)$(10,147)Issued under incentive

151、 stock programsShares:2022:4,980,202;2021:5,650,168;2020:6,290,757269271298PurchasedShares:2022:32,513,231;2021:16,914,774;2020:1,865,541(3,676)(2,051)(193)End of YearShares:2022:248,724,257;2021:221,191,228;2020:209,926,622$(15,229)$(11,822)$(10,042)Earnings Employed in the Business:Beginning of Ye

152、ar$31,528$27,627$25,847Impact of adoption of new accounting standards(5)Net earnings6,9337,0714,495Cash dividends declared on common shares (per share 2022:$1.92;2021:$1.82;2020:$1.53)(3,365)(3,235)(2,722)Effect of common and treasury share transactions1616512End of Year$35,257$31,528$27,627Accumula

153、ted Other Comprehensive Income(Loss):Beginning of Year$(8,374)$(8,946)$(8,465)Other comprehensive income(loss)323572(481)End of Year$(8,051)$(8,374)$(8,946)Noncontrolling Interests in Subsidiaries:Beginning of Year$222$219$213Noncontrolling Interests share of income,business combinations,net of dist

154、ributions and share repurchases(3)36End of Year$219$222$219The accompanying notes to consolidated financial statements are an integral part of this statement.CONSOLIDATED STATEMENT OF SHAREHOLDERS INVESTMENT(in millions except shares and per share data)43A B B OT T 2022 A N N UA L R E P O R TNOTES T

155、O CONSOLIDATED FINANCIAL STATEMENTSNOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESNature of Business Abbotts principal business is the discovery,development,manufacture and sale of a broad line of health care products.Basis of Consolidation The consolidated financial statements include the account

156、s of the parent company and subsidiaries,after elimination of intercompany transactions.Use of Estimates The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States and necessarily include amounts based on estimates and as

157、sumptions by management.Actual results could differ from those amounts.Significant estimates include amounts for sales rebates,income taxes,pension and other post-employment benefits,valuation of intangible assets,litiga-tion,derivative financial instruments,and inventory and accounts receivable exp

158、osures.Foreign Currency Translation The statements of earnings of foreign subsidiaries whose functional currencies are other than the U.S.dollar are translated into U.S.dollars using average exchange rates for the period.The net assets of foreign subsidiar-ies whose functional currencies are other t

159、han the U.S.dollar are translated into U.S.dollars using exchange rates as of the balance sheet date.The U.S.dollar effects that arise from translating the net assets of these subsidiaries at changing rates are recorded in the foreign currency translation adjustment account,which is included in equi

160、ty as a component of Accumulated other compre-hensive income(loss).Transaction gains and losses are recorded on the Net foreign exchange(gain)loss line of the Consolidated Statement of Earnings.Revenue Recognition Revenue from product sales is recognized upon the transfer of control,which is general

161、ly upon shipment or delivery,depending on the delivery terms set forth in the customer contract.Provisions for discounts,rebates and sales incentives to customers,and returns and other adjustments are provided for in the period the related sales are recorded.Sales incentives to cus-tomers are not ma

162、terial.Historical data is readily available and reliable,and is used for estimating the amount of the reduction in gross sales.Revenue from the launch of a new product,from an improved version of an existing product,or for shipments in excess of a customers normal requirements are recorded when the

163、conditions noted above are met.In those situations,manage-ment records a returns reserve for such revenue,if necessary.Incertain of Abbotts businesses,primarily within diagnostics,Abbott participates in selling arrangements that include multiple performance obligations(e.g.,instruments,reagents,proc

164、edures,and service agreements).The total transaction price of the con-tract is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obliga-tion.Sales of product rights for marketa

165、ble products are recorded as revenue upon disposition of the rights.Income Taxes Deferred income taxes are provided for the tax effect of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements at the enacted statutory rate to be in effect w

166、hen the taxes are paid.No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax related to the U.S.Tax Cuts and Jobs Act(TCJA),or any additional outside basis differences that exist,as these amounts continue to be indefinitely r

167、einvested in foreign operations.Effective for fiscal years beginning after December 31,2017,the TCJA subjects tax-payers to tax on global intangible low-taxed income(GILTI)earned by certain foreign subsidiaries.Abbott treats the GILTI tax as a period expense and provides for the tax in the year that

168、 the tax is incurred.Interest and penalties on income tax obligations are included in taxes on earnings.Earnings Per Share Unvested restricted stock units and awards that contain non-forfeitable rights to dividends are treated as participating securities and are included in the computation of earnin

169、gs per share under the two-class method.Under the two-class method,net earnings are allocated between common shares and participating securities.Earnings from Continuing Operations allocated to common shares in 2022,2021 and 2020 were$6.905billion,$7.042billion and$4.449billion,respectively.Net earn

170、ings allocated to common shares in 2022,2021 and 2020 were$6.905billion,$7.042billion and$4.473billion,respectively.Pension and Post-Employment Benefits Abbott accrues for the actuarially determined cost of pension and post-employment benefits over the service attribution periods of the employees.Ab

171、bott must develop long-term assumptions,the most significant of which are the health care cost trend rates,discount rates and the expected return on plan assets.Differences between the expected long-term return on plan assets and the actual return are amortized over a five-year period.Actuarial loss

172、es and gains are amortized over the remaining service attribution periods of the employees under the corridor method.Fair Value Measurements For assets and liabilities that are measured using quoted prices in active markets,total fair value is the published market price per unit multiplied by the nu

173、mber of units held without consideration of transaction costs.Assets and liabilities that are measured using significant other observable inputs are valued by reference to similar assets or liabilities,adjusted for contract restrictions and other terms specific to thatasset or liability.For these it

174、ems,a significant portion of fairvalue is derived by reference to quoted prices of similar assetsor liabilities in active markets.For all remaining assets and liabilities,fair value is derived using a fair value model,such as a discounted cash flow model or Black-Scholes model.Purchased intangible a

175、ssets are recorded at fair value.The fair value of significant purchased intangible assets is based on independent appraisals.Abbott uses a discounted cash flow model to value intangible assets.The discounted cash flow model requires assumptions about the timing and amount of future net cash flows,r

176、isk,the cost of capital,terminal values and market participants.Intangible assets are reviewed for impairment on a quarterly basis.Goodwill and indefinite-lived intangible assets are tested for impairment at least annually.Share-Based Compensation The fair value of stock options andrestricted stock

177、awards and units are amortized over their requisite service period,which could be shorter than the vesting period if an employee is retirement eligible,with a charge to compensation expense.44A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSLitigation Abbott accounts f

178、or litigation losses in accordance with Financial Accounting Standards Board(FASB)Accounting Standards Codification(ASC)No.450,“Contingencies.”Under ASC No.450,loss contingency provisions are recorded for proba-ble losses at managements best estimate of a loss,or when a best estimate cannot be made,

179、a minimum loss contingency amount is recorded.Legal fees are recorded as incurred.Cash,Cash Equivalents and Investments Cash equivalents consist of bank time deposits,U.S.government securities,money market funds and U.S.treasury bills with original maturities of three months or less.Abbott holds cer

180、tain investments with a carrying value of$169million that are accounted for under the equity method of accounting.Investments held in a rabbi trust andinvestments in publicly traded equity securities are recorded at fair value and changes in fair value are recorded in earnings.Investments in equity

181、securities that are not traded on public stock exchanges are recorded at cost minus impairment,if any,plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.Trade Receivable Valuations Accounts receivable are stat

182、ed at the net amount expected to be collected.The allowance for doubt-ful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable.Abbott considers various factors in establishing,monitoring,and adjust-ing its allowance for doubtful acc

183、ounts,including the aging of the accounts and aging trends,the historical level of charge-offs,and specific exposures related to particular customers.Abbott also monitors other risk factors and forward-looking information,such as country risk,when determining credit limits for customers and establis

184、hing adequate allowances.Accounts receivable are charged off after all reasonable means to collect the full amount(including litigation,where appropriate)have been exhausted.Inventories Inventories are stated at the lower of cost(first-in,first-out basis)or net realizable value.Cost includes materia

185、l and conversion costs.Property and Equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets.The following table shows estimated useful lives of property and equipment:ClassificationEstimated Useful LivesBuildings10 to 50 yearsEquipm

186、ent2 to 20 years Product Liability Abbott accrues for product liability claims when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing information.The liabilities are adjusted quarterly as additional information becomes ava

187、ilable.Product liability losses are self-insured.Research and Development Costs Internal research and develop-ment costs are expensed as incurred.Clinical trial costs incurred by third parties are expensed as the contracted work is performed.Where contingent milestone payments are due to third parti

188、es under research and development arrangements,the milestone payment obligations are expensed when the milestone results are achieved.Acquired In-Process and Collaborations Research and Development(IPR&D)The initial costs of rights to IPR&D projects obtained in an asset acquisition are expensed as I

189、PR&D unless the project has an alternative future use.These costs include initial payments incurred prior to regulatory approval in connection with research and development collaboration agreements that provide rights todevelop,manufacture,market and/or sell pharmaceutical or medical device products

190、.The fair value of IPR&D projects acquired in a business combination are capitalized and accounted for as indefinite-lived intangible assets until completed and are then amortized over the remaining useful life.Collaborations are not significant.Concentration of Risk and Guarantees Due to the nature

191、 of its operations,Abbott is not subject to significant concentration risks relating to customers,products or geographic locations.Product warranties are not significant.Abbott has no material exposures to off-balance sheet arrange-ments;no special purpose entities;nor activities that include non-ex

192、change-traded contracts accounted for at fair value.Abbott periodically acquires a business or product rights in which Abbott agrees to pay contingent consideration based on attaining certain thresholds or based on the occurrence of certain events.NOTE 2 NEW ACCOUNTING STANDARDSRECENTLY ADOPTED ACCO

193、UNTING STANDARDSIn December 2020,the FASB issued ASU 2019-12,Income Taxes(Topic 740):Simplifying the Accounting for Income Taxes,which among other things,eliminates certain exceptions in the current rules regarding the approach for intraperiod tax allocations and the methodology for calculating inco

194、me taxes in an interim period,and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.Abbott adopted the standard on January 1,2021.The new standard did not have an impact on itsconsolidated financial statements.RECENT ACCOUNTING STANDARDS NOT YET ADOPTEDI

195、n September 2022,the FASB issued ASU 2022-04,Disclosure ofSupplier Finance Program Obligations,which requires an entity to report information about its supplier finance program.The standard becomes effective for Abbott in the first quarter of 2023.Abbott does not expect adoption of this new standard

196、 to have a material impact on its consolidated financial statements.NOTE 3 REVENUEAbbotts revenues are derived primarily from the sale of a broadline of health care products under short-term receivable arrangements.Patent protection and licenses,technological and performance features,and inclusion o

197、f Abbotts products under acontract most impact which products are sold;price controls,competition and rebates most impact the net selling prices of products;and foreign currency translation impacts the measure-ment of net sales and costs.Abbotts products are generally sold directly to retailers,whol

198、esalers,distributors,hospitals,health care facilities,laboratories,physicians offices and government agencies throughout the world.Abbott has four reportable seg-ments:Established Pharmaceutical Products,Diagnostic Products,Nutritional Products,and Medical Devices.45A B B OT T 2022 A N N UA L R E P

199、O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSThe following tables provide detail by sales category:202220212020(inmillions)U.S.IntlTotalU.S.IntlTotalU.S.IntlTotalEstablished Pharmaceutical Products Key Emerging Markets$3,728$3,728$3,539$3,539$3,209$3,209Other1,1841,1841,1791,1791,0941,094Total4,91

200、24,9124,7184,7184,3034,303Nutritionals Pediatric Nutritionals1,5621,9193,4812,1922,1064,2981,9872,1404,127Adult Nutritionals1,3572,6213,9781,3642,6323,9961,2922,2283,520Total2,9194,5407,4593,5564,7388,2943,2794,3687,647Diagnostics Core Laboratory1,1373,7514,8881,1453,9835,1281,1663,3094,475Molecular

201、3706259955668611,4276218171,438Point of Care3722536369147516Rapid Diagnostics6,7673,40910,1765,0343,5198,5532,6181,7584,376Total8,6467,93816,5847,1298,51515,6444,7746,03110,805Medical Devices Rhythm Management1,0291,0902,1191,0181,1802,1989031,0111,914Electrophysiology9091,0181,9277781,12

202、91,9076609181,578Heart Failure694226920654235889547193740Vascular8641,6192,4839151,7392,6548531,4862,339Structural Heart8188941,7127308801,6105407071,247Neuromodulation68702Diabetes Care 1,6333,1234,7561,2123,1164,3288642,4033,267Total6,5668,12114,6875,9238,44414,3674,9316,8561

203、1,787Other82866Total$18,142$25,511$43,653$16,642$26,433$43,075$13,022$21,586$34,608Products sold by the Diagnostics segment include various types of diagnostic tests to detect the COVID-19 coronavirus.Abbotts COVID-19 testing-related sales totaled approximately$8.4billion in 2022,$7.7bill

204、ion in 2021,and$3.9billion in 2020.Abbott recognizes revenue from product sales upon the transfer of control,which is generally upon shipment or delivery,depending on the delivery terms set forth in the customer contract.For main-tenance agreements that provide service beyond Abbotts standard warran

205、ty and other service agreements,revenue is recognized ratably over the contract term.A time-based measure of progress appropriately reflects the transfer of services to the customer.Payment terms between Abbott and its customers vary by the type of customer,country of sale,and the products or servic

206、es offered.The term between invoicing and the payment due date is not significant.Management exercises judgment in estimating variable consider-ation.Provisions for discounts,rebates and sales incentives to customers,and returns and other adjustments are provided for in the period the related sales

207、are recorded.Sales incentives to cus-tomers are not material.Historical data is readily available and reliable,and is used for estimating the amount of the reduction in gross sales.Abbott provides rebates to government agencies,whole-salers,group purchasing organizations and other private entities.R

208、ebate amounts are usually based upon the volume of purchases using contractual or statutory prices for a product.Factors used in the rebate calculations include the identification of which prod-ucts have been sold subject to a rebate,which customer or government agency price terms apply,and the esti

209、mated lag time between sale and payment of a rebate.Using historical trends,adjusted for current changes,Abbott estimates the amount of the rebate that will be paid,and records the liability as a reduction of gross sales when Abbott records its sale of the product.Settlement of the rebate generally

210、occurs from one to six months after sale.Abbott regularly analyzes the historical rebate trends and makes adjustments to reserves for changes in trends and terms of rebate programs.Historically,adjustments to prior years rebate accruals have not been material to net income.Other allowances charged a

211、gainst gross sales include cash discounts and returns,which are not significant.Cash discounts are known within 15 to 30 days of sale,and therefore can be reliably estimated.Returns can be reliably estimated because Abbotts historical returns are low,and because sales return terms and other sales te

212、rms have remained relatively unchanged for several periods.Product warranties are also not significant.Abbott also applies judgment in determining the timing of revenue recognition related to contracts that include multiple performance obligations.The total transaction price of the contract is alloc

213、ated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation.For goods or services for which observable standalone selling prices are not available,Abbott uses an expected cost plus

214、 a margin approach to estimate the standalone selling price of each performance obligation.46A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSREMAINING PERFORMANCE OBLIGATIONSAs of December31,2022,the estimated revenue expected to be recognized in the future related to

215、 performance obligations that are unsatisfied(or partially unsatisfied)was approximately$4billion in the Diagnostic Products segment and approximately$432million in the Medical Devices segment.Abbott expects torecognize revenue on approximately 60percent of these remaining performance obligations ov

216、er the next 24 months,approximately 17percent over the subsequent 12 months and theremainder thereafter.These performance obligations primarily reflect the future sale ofreagents/consumables in contracts with minimum purchase obligations,extended warranty or service obligations related to previously

217、 sold equipment,and remote monitoring services related to previously implanted devices.Abbott has applied the practical expedient described in ASC 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amou

218、nts above.ASSETS RECOGNIZED FOR COSTS TO OBTAIN A CONTRACTWITH A CUSTOMERAbbott has applied the practical expedient in ASC 340-40-25-4 and records as an expense the incremental costs of obtaining contracts with customers in the period of occurrence when the amortization period of the asset that Abbo

219、tt otherwise would have recognized is one year or less.Upfront commission fees paid to sales personnel as a result of obtaining or renewing contracts with customers are incremental to obtaining the contract.Abbott capi-talizes these amounts as contract costs.Capitalized commission fees are amortized

220、 based on the contract duration to which the assets relate which ranges from two to ten years.The amounts as of December31,2022 and 2021 were not significant.Additionally,the cost of transmitters provided to customers that use Abbotts remote monitoring service with respect to certain medical devices

221、 are capitalized as contract costs.Capitalized transmitter costs are amortized based on the timing of the transfer of services to which the assets relate,which typically ranges from eight to ten years.The amounts as of December31,2022 and 2021 were not significant.OTHER CONTRACT ASSETS AND LIABILITI

222、ESAbbott discloses Trade receivables separately in the Consolidated Balance Sheet at the net amount expected to be collected.Contract assets primarily relate to Abbotts conditional right to consideration for work completed but not billed at the reporting date.Contract assets at the beginning and end

223、 of the period,as well as the changes in the balance,were not significant.Contract liabilities primarily relate to payments received from customers in advance of performance under the contract.Abbotts contract liabilities arise primarily in the Medical Devices reportable segment when payment is rece

224、ived upfront for various multi-period extended service arrangements.Changes in the contract liabilities during the period are as follows:(inmillions)Contract Liabilities:Balance at December 31,2020$405Unearned revenue from cash received during the period615Revenue recognized related to contract liab

225、ility balance(500)Balance at December 31,2021520Unearned revenue from cash received during the period578Revenue recognized related to contract liability balance(598)Balance at December 31,2022$500NOTE 4 SUPPLEMENTAL FINANCIAL INFORMATIONOther(income)expense,net,for 2022,2021 and 2020 includes approx

226、imately$406million,$270million and$205million of income,respectively,related to the non-service cost components of the net periodic benefit costs associated with the pension and post-retirement medical plans.The following summarizes the activity related to the allowance fordoubtful accounts:(inmilli

227、ons)Allowance for Doubtful Accounts:Balance at December 31,2020$288Provisions/charges to income51Amounts charged off and other deductions(26)Balance at December 31,2021313Provisions/charges to income6Amounts charged off and other deductions(57)Balance at December 31,2022$262The allowance for doubtfu

228、l accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable.Abbott considers various factors in establish-ing,monitoring,and adjusting its allowance for doubtful accounts,including the aging of the accounts and aging trends,the historica

229、l level of charge-offs,and specific exposures related to particular customers.Abbott also monitors other risk factors and forward-looking information,such as country risk,when determining credit limits for customers and establishing adequate allowances.The detail of various balance sheet components

230、is as follows:(inmillions)December3120222021Long-term Investments:Equity securities$558$748Other20868Total$766$81647A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSThe decrease in Abbotts long-term investments as of December31,2022 versus the balance as of December31,

231、2021 primarily relates to a decrease in the fair value of investments held in a rabbi trust,the impact of asset impairments and a distribution from an investment held in a joint venture partially offset by increased investment in long-term time deposits.Abbotts equity securities as of December31,202

232、2 and December31,2021,include$298million and$391million,respectively,of invest-ments in mutual funds that are held in a rabbi trust acquired as part of the St.Jude Medical,Inc.(St.Jude Medical)business acquisition.These investments,which are specifically designated as available for the purpose of pa

233、ying benefits under a deferred compensation plan,are not available for general corporate purposes and are subject to creditor claims in the event of insolvency.Abbott also holds certain investments as of December31,2022 with a carrying value of$169million that are accounted for under the equity meth

234、od of accounting and other equity investments with a carrying value of$83million that do not have a readily determinable fair value.In September 2021,Abbott acquired 100percent of Walk Vascular,LLC(Walk Vascular),a commercial-stage medical device com-panywith a minimally invasive thrombectomy system

235、 designed to remove peripheral blood clots.Walk Vasculars peripheral throm-bectomy system has been incorporated into Abbotts existing endovascular portfolio.The purchase price,the allocation of acquired assets and liabilities,and the revenue and net income contributed by Walk Vascular since the date

236、 of acquisition are not material to Abbotts consolidated financial statements.(inmillions)December3120222021Other Accrued Liabilities:Accrued rebates payable to government agencies$638$364Accrued other rebates(a)1,0871,082All other 4,1203,735Total$5,845$5,181(a)Accrued wholesaler chargeback rebates

237、of$234million and$211million at December31,2022 and 2021,respectively,are netted in trade receivables because Abbotts customers are invoiced at a higher catalog price but only remit to Abbott their contract price for the products.(inmillions)December3120222021Post-employment Obligations and Other Lo

238、ng-term Liabilities:Defined benefit pension plans and post-employment medical and dental plans for significant plans$1,784$2,738Deferred income taxes9911,392Operating lease liabilities943956All other(b)3,8043,685Total$7,522$8,771(b)Includes approximately$850million and$680million of net unrecognized

239、 tax benefits in 2022 and 2021,respectively.NOTE 5 ACCUMULATED OTHER COMPREHENSIVE INCOME(LOSS)The components of the changes in accumulated other comprehensive income(loss)from continuing operations,net of income taxes,areas follows:(inmillions)Cumulative Foreign Currency Translation AdjustmentsNet

240、Actuarial Gains(Losses)and Prior Service(Costs)and CreditsCumulative Gains (Losses)on Derivative Instruments Designated as Cash Flow HedgesTotalBalance at December 31,2020$(4,859)$(3,871)$(216)$(8,946)Other comprehensive income(loss)before reclassifications(980)954137111(Income)loss amounts reclassi

241、fied from accumulated other comprehensive income(a)247214461Net current period other comprehensive income(loss)(980)1,201351572Balance at December 31,2021(5,839)(2,670)135(8,374)Other comprehensive income(loss)before reclassifications(894)1,007199312(Income)loss amounts reclassified from accumulated

242、 other comprehensive income(a)170(159)11Net current period other comprehensive income(loss)(894)1,17740323Balance at December 31,2022$(6,733)$(1,493)$175$(8,051)(a)(Income)loss amounts reclassified from accumulated other comprehensive income related to cash flow hedges are recorded as Cost of produc

243、ts sold.Net actuarial losses and prior service cost is included as a component of net periodic benefit cost see Note 13 for additional information.48A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSNOTE 6 GOODWILL AND INTANGIBLE ASSETSThe total amount of goodwill repor

244、ted was$22.8billion at December31,2022 and$23.2billion at December31,2021.Foreigncurrency translation adjustments decreased goodwill by$431million in 2022 and by$532million in 2021.The amount of goodwill related to reportable segments at December31,2022 was$2.7billion for the Established Pharmaceuti

245、cal Products segment,$286million for the Nutritional Products segment,$3.6billion for the Diagnostic Products segment,and$16.2billion for the Medical Devices segment.There were no reductions of goodwill relating toimpairments in 2022 and 2021.Indefinite-lived intangible assets,which relate to IPR&D

246、acquired in a business combination,were approximately$807million and$919million at December31,2022 and 2021,respectively.In 2022,$111million of impairment charges were recorded on the Research and development line of the Consolidated Statement of Earnings related to certain IPR&D intangible assets a

247、ssociated with the Medical Devices business segment.The gross amount of amortizable intangible assets,primarily product rights and technology,was$27.2billion and$27.7billion as of December31,2022 and 2021,respectively,and accumulated amortization was$17.6billion and$15.9billion as of December31,2022

248、 and 2021,respectively.Foreign currency translation adjust-ments decreased intangible assets by$150million in 2022 and by$197million in 2021.The estimated annual amortization expense for intangible assets recorded at December31,2022 is approxi-mately$2.0billion in 2023,$1.9billion in 2024,$1.7billio

249、n in 2025,$1.5billion in 2026 and$1.2billion in 2027.Amortizable intangible assets are amortized over 2 to 20 years.NOTE 7 RESTRUCTURING PLANSIn 2022,Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in itsmedical devices,nutritional,diagnost

250、ic,and established pharmaceutical businesses.Abbott recorded employee related severance and other charges of approximately$234million of which approximately$59million was recorded in Cost of products sold,approximately$36million was recorded in Research and development and approximately$139million w

251、as recorded in Selling,general and administrative expenses.In addition,Abbott recognized inventory related charges of approximately$23million and fixed assets impairment charges of approximately$4million related to these restructuring plans.The following summarizes the activity related to these rest

252、ructuring actions and the status of the related accruals as of December31,2022:(inmillions)Restructuring charges in 2022$234Payments and other adjustments(6)Accrued balance at December 31,2022$228On May 27,2021,Abbott management approved a restructuring plan related to its Diagnostic Products segmen

253、t to align its manu-facturing network for COVID-19 diagnostic tests with changes in the second quarter of 2021 in projected testing demand driven by several factors,including significant reductions in cases in the U.S.and other major developed countries,the accelerated rollout ofCOVID-19 vaccines gl

254、obally and the U.S.health authoritys updated guidance on testing for fully vaccinated individuals.Inthe second quarter of 2021,Abbott recorded charges of$499million under this plan in Cost of products sold.The charge recognized in the second quarter included fixed asset write-downs of$80million,inve

255、ntory-related charges of$248million,and other exit costs,which included contract cancellations and employee-related costs of$171million.In the second half of 2021,as the Delta and Omicron variants ofCOVID-19 spread and the number of new COVID-19 cases increased significantly,particularly in the U.S.

256、,demand for rapid COVID-19 tests increased significantly.As a result,in the second half of 2021,Abbott sold approximately$181million of inventory that was previously estimated to have no net realizable value under the second quarter restructuring action.In addition,the estimate of other exit costs w

257、as reduced by a net$58million as Abbott fulfilled its purchase obligations under certain contracts for which a liability was recorded in the second quarter or Abbott settled with the counterparty in the second half of 2021.The following summarizes the activity related to this restructuring action an

258、d the status of the related accruals as of December31,2022:(inmillions)Inventory-Related ChargesFixed Asset Write-DownsOther Exit CostsTotalRestructuring charges recorded in 2021$248$80$113$441Payments(90)(90)Other non-cash(248)(80)(328)Accrued balance at December31,20212323Payments and other adjust

259、ments(10)(10)Accrued balance at December31,2022$13$13In 2021,Abbott management approved plans to streamline opera-tions in order to reduce costs and improve efficiencies in Abbotts diagnostic,established pharmaceutical,nutritional,and medical device businesses.Abbott recorded employee related severa

260、nce and other charges of approximately$68million of which approxi-mately$16million was recorded in Cost of products sold,approximately$4million was recorded in Research and develop-ment and approximately$48million was recorded in Selling,general and administrative expenses.The following summarizes t

261、he activity for these restructuring actions and the status of the related accruals as of December31,2022:(inmillions)Restructuring charges recorded in 2021$68Payments and other adjustments(7)Accrued balance at December 31,202161Payments and other adjustments(46)Accrued balance at December 31,2022$15

262、49A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSNOTE 8 INCENTIVE STOCK PROGRAM The 2017 Incentive Stock Program authorizes the granting of nonqualified stock options,restricted stock awards,restricted stock units,performance awards,foreign benefits and other share-b

263、ased awards.Stock options and restricted stock awards and units comprise the majority of benefits that have been granted and are currently outstanding under this program and a prior program.In2022,Abbott granted 2,634,647 stock options,514,205 restricted stock awards and 5,487,715 restricted stock u

264、nits under this program.Under Abbotts stock incentive programs,the purchase price of shares under option must be at least equal to the fair market value of the common stock on the date of grant,and the maximum term of an option is 10 years.Options generally vest equally over three years.Restricted s

265、tock awards generally vest over three years,with no more than one-third of the award vesting in any one year upon Abbott reaching a minimum return on equity target.Restricted stock units vest over three years and upon vesting,the recipient receives one share of Abbott stock for each vested restricte

266、d stock unit.The aggregate fair market value of options and restricted stock awards and units is recognized as expense over the requisite service period,which may be shorter than the vesting period if an employee is retirement eligible.Forfeitures are estimated at the time of grant.Restricted stock

267、awards and settlement of vested restricted stock units are issued out of treasury shares.Abbott generally issues new shares for exercises of stock options.As a policy,Abbott does not purchase its shares relating to its share-based programs.In April 2017,Abbotts shareholders authorized the 2017 Incen

268、tive Stock Program under which a maximum of 170million shares were available for issuance.At December31,2022,approximately 87million shares remained available for future issuance.The following table summarizes stock option activity for the year ended December31,2022 and the outstanding stock options

269、 as of December31,2022.(intrinsic values inmillions)OptionsWeighted Average Exercise PriceWeighted Average Remaining Life(Years)Aggregate Intrinsic ValueOutstanding at December 31,202127,199,851$65.165.7$2,056Granted2,634,647117.54Exercised(1,520,074)53.06Lapsed(26,378)110.72Outstanding at December

270、31,202228,288,046$70.645.3$1,167Exercisable at December 31,202222,553,089$59.874.5$1,13950A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSThe following table summarizes restricted stock awards and units activity for the year ended December31,2022.Share UnitsWeighted A

271、verage Grant-Date Fair ValueOutstanding at December 31,202110,558,525$102.40Granted6,001,920117.34Vested(5,456,368)94.20Forfeited(703,749)113.18Outstanding at December 31,202210,400,328$114.59The fair market value of restricted stock awards and units vested in 2022,2021 and 2020 was$639million,$809m

272、illion and$631million,respectively.The total intrinsic value of options exercised in 2022,2021 and 2020 was$85million,$393million and$279million,respectively.The total unrecognized compensation cost related to all share-based compensation plans at December31,2022 amounted to approximately$494million

273、,which is expected to be recognized over the next three years.Total non-cash stock compensation expense charged against income from continuing operations in 2022,2021 and 2020 for share-based plans totaled approximately$685million,$640million and$546million,respectively,and the tax benefit recognize

274、d wasapproximately$170million,$267million and$200million,respectively.Stock compensation cost capitalized as part of inventory is not significant.The table below summarizes the fair value of an option granted in2022,2021 and 2020 and the assumptions included in the Black-Scholes option-pricing model

275、 used to estimate the fair value:202220212020Fair value$25.26$24.17$14.39Risk-free interest rate1.9%0.8%1.3%Average life of options(years)6.06.06.0Volatility23.8%23.8%19.4%Dividend yield1.6%1.5%1.6%The risk-free interest rate is based on the rates available at the time of the grant for zero-coupon U

276、.S.government issues with a remaining term equal to the options expected life.The average life of an option is based on both historical and projected exercise and lapsing data.Expected volatility is based on implied volatilities from traded options on Abbotts stock and historical volatility of Abbot

277、ts stock over the expected life of the option.Dividend yield is based on the options exercise price and annual dividend rate atthe time of grant.NOTE 9 DEBT AND LINES OF CREDITThe following is a summary of long-term debt at December31:(inmillions)202220212.55%Notes,due 2022$7500.875%Notes,due 20231,

278、2151,2943.40%Notes,due 20231,0501,0505-year term loan due 20244465210.10%Notes,due 20246296703.875%Notes,due 20255005002.95%Notes,due 20251,0001,0001.50%Notes,due 20261,2151,2943.75%Notes,due 20261,7001,7000.375%Notes,due 20276296701.15%Notes,due 20286506501.40%Notes,due 20306506504.75%Notes,due 203

279、61,6501,6506.15%Notes,due 20375475476.00%Notes,due 20395155155.30%Notes,due 20406946944.75%Notes,due 20437007004.90%Notes,due 20463,2503,250Unamortized debt issuance costs(71)(78)Other,including fair value adjustments relating to interest rate hedge contracts designated as fair value hedges(196)23To

280、tal carrying amount of long-term debt16,77318,050Less:Current portion2,251754Total long-term portion$14,522$17,296On March 15,2022,Abbott repaid the$750million outstanding principal amount of its 2.55%Notes upon maturity.On June24,2020,Abbott completed the issuance of$1.3billion aggregate principal

281、amount of senior notes,consisting of$650million of its 1.15%Notes due 2028 and$650million of its1.40%Notes due 2030.On September28,2020,Abbott repaid the 1.140billion outstand-ing principal amount of its 0.00%Notes due 2021 upon maturity.The repayment equated to approximately$1.3billion.Abbott has r

282、eadily available financial resources,including unusedlines of credit that support commercial paper borrowing arrangements and provide Abbott with the ability to borrow up to$5billion on an unsecured basis.The lines of credit are part of a Five Year Credit Agreement(Revolving Credit Agreement)that Ab

283、bott entered into on November12,2020.Any borrowings under the Revolving Credit Agreement will mature and be payable on November 12,2025,and will bear interest,at Abbotts option,based on either a base rate or Eurodollar rate,plus an applicable margin based on Abbotts credit ratings.51A B B OT T 2022

284、A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSIn September 2019,the board of directors approved a bond redemption authorization for the early redemption of up to$5billion of outstanding long-term debt.Of the$5billion authori-zation,$2.15billion remains available as of December31,20

285、22.Principal payments required on long-term debt outstanding at December31,2022 are$2.3billion in 2023,$1.1billion in 2024,$1.5billion in 2025,$2.9billion in 2026,$0.6billion in 2027 and$8.7billion in 2028 and thereafter.At December31,2022,Abbotts long-term debt rating was AA-byStandard&Poors Corpor

286、ation and A1 by Moodys.In December 2021,Abbott repaid a short-term facility for approximately$195million.After the repayment,Abbott has noshort-term borrowings.NOTE 10 LEASESLEASES WHERE ABBOTT IS THE LESSEEAbbott has entered into operating leases as the lessee for office space,manufacturing facilit

287、ies,R&D laboratories,warehouses,vehicles and equipment.Finance leases are not significant.Abbotts operating leases generally have remaining lease terms of1to 10 years.Some leases include options to extend beyond theoriginal lease term,generally up to 10 years and some include options to terminate ea

288、rly.These options have been included inthe determination of the lease liability when it is reasonably certain that the option will be exercised.For all of its asset classes,Abbott elected the practical expedient allowed under FASB ASC No.842,“Leases”to account for each lease component(e.g.,the right

289、 to use office space)and the associated non-lease components(e.g.,maintenance services)as asingle lease component.Abbott also elected the short-term leaseaccounting policy for all asset classes;therefore,Abbott is not recognizing a lease liability or right of use(ROU)asset for anylease that,at the c

290、ommencement date,has a lease term of 12months or less and does not include an option to purchase the underlying asset that Abbott is reasonably certain to exercise.As Abbotts leases typically do not provide an implicit rate,theinterest rate used to determine the present value of the pay-ments under

291、each lease typically reflects Abbotts incremental borrowing rate based on information available at the lease commencement date.The following table provides information related to Abbotts operating leases:(inmillions,except weighted averages)202220212020Operating lease cost(a)$355$359$329Cash paid fo

292、r amounts included in the measurement of operating lease liabilities274287264ROU assets arising from entering into new operating lease obligations263343396Weighted average remaining lease term at December 31(in years)888Weighted average discount rate at December 312.9%2.7%3.2%(a)Includes short-term

293、lease expense and variable lease costs,which were immaterial in the years ended December31,2022,2021 and 2020.Future minimum lease payments under non-cancellable operating leases as of December31,2022 were as follows:(inmillions)2023$25820242261512027110Thereafter422Total future minimum l

294、ease payments undiscounted1,341Less:imputed interest(168)Present value of lease liabilities$1,173The following table summarizes the amounts and location of operating lease ROU assets and lease liabilities:(inmillions)December3120222021 BalanceSheetCaptionOperating Lease ROU Asset$1,116$1,153Deferred

295、 income taxes and other assetsOperating Lease Liability:Current$230$245Other accrued liabilitiesNon-current943956Post-employment obligations and other long-term liabilitiesTotal Liability$1,173$1,20152A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSLEASES WHERE ABBOTT

296、 IS THE LESSORCertain assets,primarily diagnostics instruments,are leased to customers under contractual arrangements that typically include an operating or sales-type lease as well as performance obligations for reagents and other consumables.Sales-type leases are not significant.Contract terms var

297、y by customer and may include options to terminate the contract or options to extend the contract.Where instruments are provided under operating lease arrange-ments,some portion or the entire lease revenue may be variable and subject to subsequent non-lease component(e.g.,reagent)sales.The allocatio

298、n of revenue between the lease and non-lease components is based on standalone selling prices.Operating lease revenue represented less than 3percent of Abbotts total net sales in the years ended December31,2022,2021 and 2020.Assets related to operating leases are reported within Net property and equ

299、ipment on the Consolidated Balance Sheet.The original cost and the net book value of such assets were$3.6billion and$1.6billion,respectively,as of December31,2022 and$3.5billion and$1.6billion,respectively,as of December31,2021.NOTE 11 FINANCIAL INSTRUMENTS,DERIVATIVES AND FAIR VALUE MEASURESCertain

300、 Abbott foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates primarily for anticipated intercompany purchases by those subsidiaries whose functional currencies are not the U.S.dollar.These contracts,with gross notional a

301、mounts totaling$7.7billion at December31,2022,and$8.6billion at December31,2021,are designated as cash flow hedges of the variability of the cash flows due to changes in foreign exchange rates and are recorded at fair value.Accumulated gains and losses as of December31,2022 will be included in Cost

302、of products soldat the time the products are sold,generally through the nexttwelve to eighteen months.Abbott enters into foreign currency forward exchange contracts tomanage currency exposures for foreign currency denominated third-party trade payables and receivables,and for intercompany loans and

303、trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity.For intercompany loans,the contracts require Abbott to sell or buy foreign currencies,primarily European currencies,in exchange for primarily U.S.dollars and European

304、currencies.For intercompany and trade payables and receivables,the currency exposures are primarily the U.S.dollar and European currencies.At December31,2022 and 2021,Abbott held gross notional amounts of$12.0billion and$12.2billion,respectively,of such foreign currency forward exchange contracts.Ab

305、bott has designated a yen-denominated,5-year term loan of approximately$446million and$521million as of December31,2022 and December31,2021,respectively,as a hedge of the net investment in certain foreign subsidiaries.The change in the value of the debt,which is due to changes in foreign exchange ra

306、tes,is recorded in Accumulated other comprehensive income(loss),net of tax.Abbott is a party to interest rate hedge contracts totaling approxi-mately$2.9billion at December31,2022 and 2021,to manage its exposure to changes in the fair value of fixed-rate debt.These contracts are designated as fair v

307、alue hedges of the variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates.The effect of the hedge is to change a fixed-rate interest obligation to a variable rate for that portion of the debt.Abbott records the contracts at fair value and adjusts th

308、e carrying amount of the fixed-rate debt by an offsetting amount.53A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSThe following table summarizes the amounts and location of certain derivative financial instruments as of December31:(inmillions)Fair ValueAssetsFair Val

309、ueLiabilities20222021Balance Sheet Caption20222021Balance Sheet CaptionInterest rate swaps designated as fair value hedges:Non-current$87Deferred income taxes and other assets$136$Post-employment obligations and other long-term liabilitiesCurrent20Other accrued liabilitiesForeign currency forward ex

310、change contracts:Hedging instruments304222Other prepaid expenses and receivables9665Other accrued liabilitiesOthers not designated as hedges10870Other prepaid expenses and receivables13032Other accrued liabilitiesDebt designated as a hedge of net investment in a foreign subsidiaryn/a446521Long-term

311、debt$412$379$828$618The 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 andcertain other derivative financial instruments,as well as theamounts and location of

312、income(expense)and gain(loss)reclassified into income.(inmillions)Gain(loss)Recognized in Other Comprehensive Income(loss)Income(expense)and Gain(loss)Reclassified into IncomeIncome Statement Caption2022202212020Foreign currency forward exchange contracts designated as cash flow hedges$28

313、1$164$(207)$234$(252)$102Cost of products soldDebt designated as a hedge of net investment in a foreign subsidiary7556(31)n/an/an/an/aInterest rate swaps designated as fair value hedges n/an/an/a(243)(123)162Interest expenseA gain of$70million,a gain of$19million and a loss of$171million were recogn

314、ized in 2022,2021 and 2020,respectively,related to foreign currency forward exchange contracts not desig-nated as hedges.These amounts are reported in the Consolidated Statement of Earnings on the Net foreign exchange(gain)loss line.The interest rate swaps are designated as fair value hedges of the

315、variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates.The hedged debt is marked to market,offsetting the effect of marking the interest rate swaps to market.The carrying values and fair values of certain financial instruments as of December31 are s

316、hown 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 counterpartie

317、s.(inmillions)20222021Carrying ValueFair Value Carrying ValueFair ValueLong-term Investment Securities:Equity securities$558$558$748$748Other2082086868Total long-term debt(16,773)(16,313)(18,050)(21,152)Foreign Currency Forward Exchange Contracts:Receivable position4(Payable)position(226)

318、(226)(97)(97)Interest Rate Hedge Contracts:Receivable position8787(Payable)position(156)(156)The fair value of the debt was determined based on significant other observable inputs,including current interest rates.54A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTSThe f

319、ollowing table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:(inmillions)Outstanding BalancesBasis of Fair Value MeasurementQuoted Prices in Active MarketsSignificant Other Observable InputsSignificant Unobservable InputsD

320、ecember 31,2022:Equity securities$307$307$Foreign currency forward exchange contracts412412Total Assets$719$307$412$Fair value of hedged long-term debt$2,691$2,691$Interest rate swap derivative financial instruments156156Foreign currency forward exchange contracts226226Contingent consideration relat

321、ed to business combinations130130Total Liabilities$3,203$3,073$130December 31,2021:Equity securities$402$402$Interest rate swap derivative financial instruments 8787Foreign currency forward exchange contracts292292Total Assets$781$402$379$Fair value of hedged long-term debt$2,926$2,926$Foreign curre

322、ncy forward exchange contracts9797Contingent consideration related to business combinations130130Total Liabilities$3,153$3,023$130The fair value of foreign currency forward exchange contracts is determined using a market approach,which utilizes values for comparable derivative instruments.The fair v

323、alue of the debt was determined based on the face value of the debt adjusted for the fair value of the interest rate swaps,which is based on a discounted cash flow analysis using significant other observable inputs.Contingent consideration relates to businesses acquired by Abbott.The fair value of t

324、he contingent consideration was determined based on independent appraisals at the time of acquisition,adjusted for the time value of money and other changes in fair value.The maximum amount for certain contingent consideration is not determinable as it is based on apercent of certain sales.Excluding

325、 such contingent consideration,the maximum amount that may be due under the other contingent consideration arrangements was estimated at December31,2022 to be approxi-mately$235million,which is dependent upon attaining certain sales thresholds or upon the occurrence of certain events,such asregulato

326、ry approvals.NOTE 12 LITIGATION AND ENVIRONMENTAL MATTERSAbbott has been identified as a potentially responsible party for investigation and cleanup costs at a number of locations in the United States and Puerto Rico under federal and state remediation laws and is investigating potential contaminati

327、on at a number of company-owned locations.Abbott has recorded an estimated cleanup cost for each site for which management believes Abbott has a probable loss exposure.No individual site cleanup exposure is expected to exceed$4million,and the aggregate cleanup exposure is not expected to exceed$10mi

328、llion.Abbott is involved in various claims and legal proceedings,andAbbott estimates the range of possible loss for its legal proceedings and environmental exposures to be from approxi-mately$40million to$50million.The recorded accrual balance atDecember31,2022 for these proceedings and exposures wa

329、s approximately$45million.This accrual represents managements best estimate of probable loss,as defined by FASB ASC No.450,“Contingencies.”Within the next year,legal proceedings may occur that may result in a change in the estimated loss accrued by Abbott.While it is not feasible to predict the outc

330、ome of all such proceed-ings and exposures with certainty,management believes that their ultimate disposition should not have a material adverse effect on Abbotts financial position,cash flows,or results of operations.55A B B OT T 2022 A N N UA L R E P O R TNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

331、NOTE 13 POST-EMPLOYMENT BENEFITSRetirement plans consist of defined benefit,defined contribution and medical and dental plans.Information for Abbotts major defined benefit plans and post-employment medical and dental benefit plans is as follows:(inmillions)Defined Benefit PlansMedical and Dental Pla

332、ns2022202120222021Projected benefit obligations,January 1$12,773$13,129$1,566$1,567Service cost benefits earned during the year3743915056Interest cost on projected benefit obligations3002483633(Gains)losses,primarily changes in discount rates,plan design changes,law changes and differences between a

333、ctual and estimated health care costs(3,645)(463)(437)(16)Benefits paid(368)(340)(70)(74)Other,including foreign currency translation(267)(192)(19)Projected benefit obligations,December 31$9,167$12,773$1,126$1,566Plan assets at fair value,January 1$13,468$12,018$370$353Actual return(loss)on plan assets(1,856)1,521(33)56Company contributions4134183535Benefits paid(368)(340)(70)(74)Other,including f