14 unchanged sentences
Interest Rate Sensitive Financial Instruments
−Removed: At December 31, 2022 and 2021, Abbott had interest rate hedge contracts totaling $2.9 billion to manage its exposure to changes in the fair value of debt.
+Added: At December 31, 2023 and 2022, Abbott had interest rate hedge contracts with notional values totaling $2.2 billion and $2.9 billion, respectively, to manage its exposure to changes in the fair value of debt.
The effect of these hedges is to change the fixed interest rate to a variable rate for the portion of the debt that is hedged.
7 unchanged sentences
Gains or losses will be included in Cost of products sold at the time the products are sold, generally within the next twelve to eighteen months.
−Removed: At December 31, 2022 and 2021, Abbott held $7.7 billion and $8.6 billion, respectively, of such contracts.
+Added: At December 31, 2023 and 2022, Abbott held $7.3 billion and $7.7 billion of notional values, respectively, of such contracts.
Contracts held at December 31, 2023 will mature in 2024 or 2025 depending on the contract.
2 unchanged sentences
The contracts are marked-to-market, and resulting gains or losses are reflected in income and are generally offset by losses or gains on the foreign currency exposure being managed.
−Removed: At December 31, 2022 and 2021, Abbott held $12.0 billion and $12.2 billion, respectively, of such contracts, which mature in the next 13 months.
+Added: At December 31, 2023 and 2022, Abbott held $13.8 billion and $12.0 billion of notional values, respectively, of such contracts, which mature within 13 months.
Abbott has designated a yen-denominated, 5-year term loan of approximately $419 million and $446 million as of December 31, 2023 and December 31, 2022, respectively, as a hedge of the net investment in certain foreign subsidiaries.
17 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.