What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2024-02-16 compared with 2023-02-17 · 195 added, 153 removed, 1053 unchanged (25% of the section changed)

25 unchanged sentences

Other (income) expense, net ( 479 ) ( 321 ) ( 277 )

Earnings from Continuing Operations Before Taxes 8,306 8,211 4,968

Taxes on Earnings from Continuing Operations 1,373 1,140 497

Earnings from Continuing Operations 6,933 7,071 4,471

Net Earnings from Discontinued Operations, net of taxes — — 24

Earnings before Taxes 6,664 8,306 8,211

Taxes on Earnings 941 1,373 1,140

Net Earnings $ 5,723 $ 6,933 $ 7,071

Basic Earnings Per Common Share $ 3.28 $ 3.94 $ 3.97

Continuing Operations $ 3.94 $ 3.97 $ 2.51

Discontinued Operations — — 0.01

Net Earnings $ 3.94 $ 3.97 $ 2.52

Diluted Earnings Per Common Share $ 3.26 $ 3.91 $ 3.94

Continuing Operations $ 3.91 $ 3.94 $ 2.49

Discontinued Operations — — 0.01

Net Earnings $ 3.91 $ 3.94 $ 2.50

Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share 1,740 1,753 1,775

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Dividends paid ( 3,556 ) ( 3,309 ) ( 3,202 )

Other — — ( 11 )

Net Cash From (Used in) Financing Activities ( 7,091 ) ( 7,636 ) ( 5,494 )

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Beginning of Year $ 35,257 $ 31,528 $ 27,627

Impact of adoption of new accounting standards — — ( 5 )

Net earnings 5,723 6,933 7,071

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Beginning of Year $ 219 $ 222 $ 219

Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases ( 3 ) 3 6

Noncontrolling Interests’ share of income, net of distributions and share repurchases 5 ( 3 ) 3

End of Year $ 224 $ 219 $ 222

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In those situations, management records a returns reserve for such revenue, if necessary.

In certain of Abbott’s businesses, primarily within diagnostics, Abbott participates in selling arrangements that include multiple performance obligations (e.g., instruments, reagents, procedures, and service agreements).

In certain Abbott businesses, primarily within diagnostics, Abbott participates in selling arrangements that include multiple performance obligations (e.g., instruments, reagents, procedures, and service agreements).

The total transaction price of the contract 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 obligation.

Sales of product rights for marketable 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 when the taxes are paid.

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Tax Cuts and Jobs Act (TCJA), or any additional outside basis differences that exist, as these amounts continue to be indefinitely reinvested in foreign operations.

Effective for fiscal years beginning after December 31, 2017, the TCJA subjects taxpayers to tax on global intangible low-taxed income (GILTI) earned by certain foreign subsidiaries.

The TCJA subjects taxpayers 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 the tax is incurred.

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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 $ 6.905 billion, $ 7.042 billion and $ 4.449 billion, respectively.

Net earnings allocated to common shares in 2023, 2022 and 2021 were $ 5.701 billion, $ 6.905 billion and $ 7.042 billion, respectively.

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Recently Adopted Accounting Standards

In September 2022, the FASB issued Accounting Standards Update (ASU) 2022-04, Disclosure of Supplier Finance Program Obligations, which requires an entity to report information about its supplier finance program.

Abbott adopted the standard on January 1, 2023.

The new standard did not have an impact on Abbott's consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740):

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Recent Accounting Standards Not Yet Adopted

In September 2022, the FASB issued ASU 2022-04, Disclosure of Supplier 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 to have a material impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which expands the breadth and frequency of required segment disclosures.

The guidance is required to be applied retrospectively to all periods presented in the financial statements.

The standard becomes effective for Abbott for full year 2024 reporting and for interim periods beginning in the first quarter of 2025.

Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which requires an entity to disclose annually additional information related to the company's income tax rate reconciliation and income taxes paid during the period.

The guidance should be applied prospectively with the option to apply the standard retrospectively.

The standard becomes effective for Abbott for full year 2025 reporting.

Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.

Note 3 — Revenue

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Total $ 15,452 $ 24,657 $ 40,109 $ 18,142 $ 25,511 $ 43,653 $ 16,642 $ 26,433 $ 43,075

The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023.

As a result, $ 115 million of sales in 2022 and $ 118 million of sales in 2021 were moved from Rapid Diagnostics to Heart Failure.

Products sold by the Diagnostics segment include various types of diagnostic tests to detect the COVID-19 coronavirus.

Abbott’s COVID-19 testing-related sales totaled approximately $ 1.6 billion in 2023, $ 8.4 billion in 2022 and $ 7.7 billion in 2021.

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 3 — Revenue (Continued)

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.

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The term between invoicing and the payment due date is not significant.

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 3 — Revenue (Continued)

Management exercises judgment in estimating variable consideration.

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The amounts as of December 31, 2023 and 2022 were not significant.

Additionally, the cost of transmitters provided to customers that use Abbott’s remote monitoring service with respect to certain medical devices 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 December 31, 2022 and 2021 were not significant.

Abbott Laboratories and Subsidiaries

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Note 3 — Revenue (Continued)

Additionally, the cost of transmitters provided to customers that use Abbott’s remote monitoring service with respect to certain medical devices 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 December 31, 2023 and 2022 were not significant.

Other Contract Assets and Liabilities

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Equity securities $ 555 $ 558

Other 244 208

Total $ 799 $ 766

The decrease in Abbott’s long-term investments as of December 31, 2022 versus the balance as of December 31, 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.

The increase in Abbott’s long-term investments as of December 31, 2023 versus the balance as of December 31, 2022 is primarily due to investments acquired as part of a business acquisition and other additional investments, partially offset by the impact of equity method investment losses.

Abbott’s equity securities as of December 31, 2023 and December 31, 2022, include $ 314 million and $ 298 million, respectively, of investments in mutual funds that are held in a rabbi trust acquired as part of the St.

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Abbott also holds certain investments as of December 31, 2023 with a carrying value of $ 141 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of $ 88 million that do not have a readily determinable fair va lue.

In September 2021, Abbott acquired 100 percent of Walk Vascular, LLC (Walk Vascular), a commercial-stage medical device company with a minimally invasive thrombectomy system designed to remove peripheral blood clots.

Walk Vascular’s peripheral thrombectomy system has been incorporated into Abbott’s 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 of acquisition are not material to Abbott’s consolidated financial statements.

(in millions) December 31,

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________________________________________________________

(b) Includes approximately $ 850 million and $ 680 million of net unrecognized tax benefits in 2022 and 2021, respectively.

(b) Includes approximately $ 650 million and $ 850 million of net unrecognized tax benefits and $ 430 million and $ 740 million of transition tax obligation related to the TCJA in 2023 and 2022, respectively.

Abbott Laboratories and Subsidiaries

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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, are as follows:

The components of the changes in accumulated other comprehensive income (loss), net of income taxes, are as follows:

(in millions) Cumulative

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Net actuarial losses and prior service cost is included as a component of net periodic benefit cost – see Note 14 for additional information.

Note 6 — Business Acquisitions

On September 22, 2023, Abbott completed the acquisition of Bigfoot Biomedical, Inc.

(Bigfoot), which will further Abbott's efforts to develop connected solutions for making diabetes management more personal and precise.

The purchase price, the preliminary allocation of acquired assets and liabilities, and the revenue and net income contributed by Bigfoot since the date of acquisition are not material to Abbott's consolidated financial statements.

On April 27, 2023, Abbott completed the acquisition of Cardiovascular Systems, Inc.

(CSI) for $ 20 per common share, which equated to a purchase price of $ 851 million.

The transaction was funded with cash on hand and accounted for as a business combination.

CSI's atherectomy system, which is used in treating peripheral and coronary artery disease, adds complementary technologies to Abbott's portfolio of vascular device offerings.

The preliminary allocation of the purchase price of the CSI acquisition resulted in the recording of two non-deductible developed technology intangible assets of $ 305 million;

non-deductible in-process research and development of $ 15 million, which will be accounted for as an indefinite-lived intangible asset until regulatory approval or discontinuation;

non-deductible goodwill of $ 371 million;

net deferred tax assets of approximately $ 46 million and other net assets of approximately $ 114 million.

The goodwill is identifiable to the Medical Devices reportable segment and is attributable to expected synergies from combining operations, as well as intangible assets that do not qualify for separate recognition.

Allocation of the purchase price of the acquisition will be finalized when the valuation of assets and liabilities is completed.

Revenues and earnings of CSI included in Abbott's consolidated financial statements since the acquisition date are not material to Abbott's consolidated revenue and earnings.

If the acquisition of CSI had taken place as of the beginning of 2022, consolidated net sales and earnings would not have been significantly different from reported amounts.

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 6 — Business Acquisitions (Continued)

In September 2021, Abbott acquired Walk Vascular, LLC (Walk Vascular), a commercial-stage medical device company with a minimally invasive thrombectomy system designed to remove peripheral blood clots.

Walk Vascular’s peripheral thrombectomy system has been incorporated into Abbott’s existing endovascular portfolio.

Note 7 — Goodwill and Intangible Assets

The total amount of goodwill reported was $ 23.7 billion at December 31, 2023 and $ 22.8 billion at December 31, 2022.

Foreign currency translation adjustments decreased goodwill by $ 431 million in 2022 and b y $ 532 million in 2021.

In 2023, recent business acquisitions increased goodwill by approximately $ 576 million.

Foreign currency translation adjustments increased goodwill by $ 304 million in 2023 and decreased goodwill b y $ 431 million in 2022.

The amount of goodwill related to reportable segments at December 31, 2023 was $ 2.7 billion for the Estab lished Pharmaceutical Products segment, $ 285 million for the Nutritional Products segment, $ 3.6 billion for the Diagnostic Products segment, and $ 17.1 billion for the Medical Devices segment.

There were no reductions of goodwill relating to impairments in 2023 and 2022.

Indefinite-lived intangible assets, which relate to IPR&D acquired in a business combination, were approximately $ 807 million and $ 919 million at December 31, 2022 and 2021, respectively.

In 2022, $ 111 million of impairment charges were recorded on the Research and development line of the Consolidated Statement of Earnings related to certain IPR&D intangible assets associated with the Medical Devices business segment.

The gross amount of amortizable intangible assets, primarily product rights and technology, was $ 27.2 billion and $ 27.7 billion as of December 31, 2022 and 2021, respectively, an d accumulated amortization was $ 17.6 billion and $ 15.9 billion as of December 31, 2022 and 2021, respectively.

F oreign currency translation adjustments decreased intangible assets by $ 150 million in 2022 and by $ 197 million in 2021.

The gross amount of amortizable intangible assets, primarily product rights and technology, was $ 27.7 billion and $ 27.2 billion as of December 31, 2023 and 2022, respectively.

The gross amount of amortizable intangible assets increased by $ 305 million due to a recent business acquisition.

Accumulated amortization was $ 19.7 billion and $ 17.6 billion as of December 31, 2023 and December 31, 2022, respectively.

Foreign currency translation adjustments increased intangible assets by $ 44 million in 2023 and decreased intangible assets by $ 150 million in 2022.

The estimated annual amortization expense for intangible assets recorded at December 31, 2023 is approximately $ 1.9 billion in 2024, $ 1.7 billion in 2025, $ 1.6 billion in 2026, $ 1.3 billion in 2027 and $ 0.7 billion in 2028.

Amortizable intangible assets are amortized over 2 to 20 years.

Indefinite-lived intangible assets, which relate to IPR&D acquired in a business combination, were approximately $ 787 million and $ 807 million at December 31, 2023 and 2022, respectively.

In 2023, $ 100 million of impairment charges related to certain indefinite-lived intangible assets in the Medical Devices reportable segment were recorded on the Research and development line of the Consolidated Statement of Earnings.

Recent business acquisitions increased IPR&D assets by $ 80 million.

Abbott Laboratories and Subsidiaries

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Note 8 — Restructuring Plans

In 2023, Abbott management approved plans to restructure various operations in order to reduce costs in its medical devices, diagnostic, and established pharmaceutical businesses.

Abbott recorded employee related severance and other charges of approximately $ 144 million of which approximately $ 56 million was recorded in Cost of products sold, approximately $ 22 million was recorded in Research and development and approximately $ 66 million was recorded in Selling, general and administrative expenses.

Payments related to these actions totaled $ 65 million in 2023 and the remaining liability totaled $ 79 million at December 31, 2023.

In addition, Abbott recognized fixed asset impairment and inventory related charges of approximately $ 31 million related to these restructuring plans.

In 2022, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its medical devices, nutritional, diagnostic, and established pharmaceutical businesses.

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In addition, Abbott recognized inventory related charges of approximately $ 23 million and fixed assets impairment charges of approximately $ 4 million related to these restructuring plans.

The following summarizes the activity related to these restructuring actions and the status of the related accruals as of December 31, 2022:

The following summarizes the activity related to the 2022 restructuring actions and the status of the related accruals as of December 31, 2023:

(in millions)

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Accrued balance at December 31, 2022 228

On May 27, 2021, Abbott management approved a restructuring plan related to its Diagnostic Products segment to align its manufacturing 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.

Payments and other adjustments ( 170 )

Accrued balance at December 31, 2023 $ 58

In 2021, Abbott management approved a restructuring plan related to its Diagnostic Products segment to align its manufacturing 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 of COVID-19 vaccines globally and the U.S.

health authority’s updated guidance on testing for fully vaccinated individuals.

In the second quarter of 2021, Abbott recorded charges of $ 499 million under this plan in Cost of products sold.

The charge recognized in the second quarter included fixed asset write-downs of $ 80 million, inventory-related charges of $ 248 million, and other exit costs, which included contract cancellations and employee-related costs of $ 171 million.

In the second half of 2021, as the Delta and Omicron variants of COVID-19 spread and the number of new COVID-19 cases increased significantly, particularly in the U.S., demand for rapid COVID-19 tests increased significantly.

As a result, in the second half of 2021, Abbott sold approximately $ 181 million 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 was reduced by a net $ 58 million 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.

Charges under this plan were recorded in Cost of products sold and totaled $ 441 million in 2021.

The following summarizes the activity related to this restructuring action and the status of the related accruals as of December 31, 2023:

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Accrued balance at December 31, 2022 — — 13 13

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 7 — Restructuring Plans (Continued)

In 2021, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in Abbott's diagnostic, established pharmaceutical, nutritional, and medical device businesses.

Abbott recorded employee related severance and other charges of approximately $ 68 million of which approximately $ 16 million was recorded in Cost of products sold, approximately $ 4 million was recorded in Research and development and approximately $ 48 million was recorded in Selling, general and administrative expenses.

The following summarizes the activity for these restructuring actions and the status of the related accruals as of December 31, 2022:

(in millions)

Restructuring charges recorded in 2021 $ 68

Payments and other adjustments — — ( 13 ) ( 13 )

Accrued balance at December 31, 2023 $ — $ — $ — $ —

Payments and other adjustments ( 46 )

Accrued balance at December 31, 2022 $ 15

In 2021, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its diagnostic, established pharmaceutical, nutritional, and medical device businesses.

Restructuring activities under the 2021 plans have been completed and there are no remaining liabilities under these plans as of December 31, 2023.

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 9 — Incentive Stock Program

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Exercisable at December 31, 2023 23,921,284 $ 66.90 4.1 $ 1,064

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 8 — Incentive Stock Program (Continued)

The following table summarizes restricted stock awards and units activity for the year ended December 31, 2023.

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The total unrecognized compensation cost related to all share-based compensation plans at December 31, 2023 amounted to approximately $ 450 million, 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 $ 685 million, $ 640 million and $ 546 million, respectively, and the tax benefit recognized was approximately $ 170 million, $ 267 million and $ 200 million, respectively.

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 9 — Incentive Stock Program (Continued)

Total non-cash stock compensation expense charged against income in 2023, 2022 and 2021 for share-based plans totaled approximately $ 644 million, $ 685 million and $ 640 million, respectively, and the tax benefit recognized was approximately $ 144 million, $ 170 million and $ 267 million, respectively.

Stock compensation cost capitalized as part of inventory is not significant.

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3.40 % Notes, due 2023

5 -year term loan due 2024

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Total long-term portion $ 13,599 $ 14,522

On March 15, 2022, Abbott repaid the $ 750 million outstanding principal amount of its 2.55 % Notes upon maturity.

On June 24, 2020, Abbott completed the issuance of $ 1.3 billion aggregate principal amount of senior notes, consisting of $ 650 million of its 1.15 % Notes due 2028 and $ 650 million of its 1.40 % Notes due 2030.

On September 28, 2020, Abbott repaid the € 1.140 billion outstanding principal amount of its 0.00 % Notes due 2021 upon maturity.

On November 30, 2023, Abbott repaid the $ 1.05 billion outstanding principal amount of its 3.40 % Notes upon maturity.

On September 27, 2023, Abbott repaid the € 1.14 billion outstanding principal amount of its 0.875 % Notes upon maturity.

The repayment equated to approximately $ 1.2 billion.

In September 2023, Abbott repaid approximately $ 197 million of debt assumed as part of a recent business acquisition.

On March 15, 2022, Abbott repaid the $ 750 million outstanding principal amount of its 2.55 % Notes upon maturity.

In December 2021, Abbott repaid a short-term facility for approximately $ 195 million.

After the repayment, Abbott has no short-term borrowings.

Abbott has readily available financial resources, including unused lines of credit that support commercial paper borrowing arrangements and provide Abbott with the ability to borrow up to $ 5 billion on an unsecured basis.

The lines of credit are part of a Five Year Credit Agreement (Revolving Credit Agreement) that Abbott entered into on November 12, 2020.

Any borrowings under the Revolving Credit Agreement will mature and be payable on November 12, 2025, and will bear interest, at Abbott’s option, based on either a base rate or Eurodollar rate, plus an applicable margin based on Abbott’s credit ratings.

In September 2019, the board of directors approved a bond redemption authorization for the early redemption of up to $ 5 billion of outstanding long-term debt.

Of the $ 5 billion authorization, $ 2.15 billion remains available as of December 31, 2022.

Principal payments required on long-term debt outstanding at December 31, 2022 are $ 2.3 billion in 2023, $ 1.1 billion in 2024, $ 1.5 billion in 2025, $ 2.9 billion in 2026, $ 0.6 billion in 2027 and $ 8.7 billion in 2028 and thereafter.

The lines of credit as of December 31, 2023 were a part of a Five Year Credit Agreement that Abbott entered into on November 12, 2020.

On January 29, 2024, Abbott terminated the 2020 Agreement and entered into a new Five Year Credit Agreement (Revolving Credit Agreement).

There were no outstanding borrowings under the 2020 Agreement at the time of its termination.

Any borrowings under the Revolving Credit Agreement will mature and be payable on January 29, 2029 and will bear interest, at Abbott’s option, based on either a base rate or Secured Overnight Financing Rate (SOFR) rate, plus an applicable margin based on Abbott’s credit ratings.

Abbott Laboratories and Subsidiaries

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Note 10 — Debt and Lines of Credit (Continued)

At December 31, 2022, Abbott’s long-term debt rating was AA- by Standard & Poor’s Corporation and A1 by Moody’s.

In December 2021, Abbott repaid a short-term facility for approximately $ 195 million.

After the repayment, Abbott has no short-term borrowings.

Principal payments required on long-term debt outstanding at December 31, 2023 are $ 1.1 billion in 2024, $ 1.5 billion in 2025, $ 3.0 billion in 2026, $ 656 million in 2027, $ 651 million in 2028 and $ 8.0 billion in 2029 and thereafter.

At December 31, 2023, Abbott’s long-term debt rating was AA- by S&P Global Ratings and Aa3 by Moody’s Investors Service.

Abbott expects to maintain an investment grade rating.

Note 11 — Leases

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The change in the value of the debt, which is due to changes in foreign exchange rates, is recorded in Accumulated other comprehensive income (loss), net of tax.

Abbott is a party to interest rate hedge contracts totaling approximately $ 2.9 billion at December 31, 2022 and 2021, to manage its exposure to changes in the fair value of fixed-rate debt.

Abbott is a party to interest rate hedge contracts to manage its exposure to changes in the fair value of fixed-rate debt.

These contracts are designated as fair value hedges of the variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates.

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Abbott records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.

Abbott had interest rate contracts totaling approximately $ 2.2 billion at December 31, 2023 and

Abbott Laboratories and Subsidiaries

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Note 12 — Financial Instruments, Derivatives and Fair Value Measures (Continued)

$ 2.9 billion in 2022.

The decrease from 2022 was due to the maturity of $ 700 million of interest rate hedge contracts in 2023 in conjunction with long-term debt that also matured in 2023.

The following table summarizes the amounts and location of certain derivative financial instruments as of December 31:

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Non-current $ — $ — Deferred income taxes and other assets $ 95 $ 136 Post-employment obligations and other long-term liabilities

Current — — 20 — Other accrued liabilities

Current — — Other prepaid expenses and receivables — 20 Other accrued liabilities

Foreign currency forward exchange contracts:

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Others not designated as hedges 81 108 Other prepaid expenses and receivables 97 130 Other accrued liabilities

Debt designated as a hedge of net investment in a foreign subsidiary — — n/a 446 521 Long-term debt

Debt designated as a hedge of net investment in a foreign subsidiary — — n/a 419 446 Current portion of long-term debt (Long-term debt in 2022)

$ 169 $ 412 $ 745 $ 828

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Interest rate swaps designated as fair value hedges n/a n/a n/a 61 ( 243 ) ( 123 ) Interest expense

A gain of $ 70 million, a gain of $ 19 million and a loss of $ 171 million were recognized in 2022, 2021 and 2020, respectively, related to foreign currency forward exchange contracts not designated as hedges.

A loss of $ 44 million and gains of $ 70 million and $ 19 million were recognized in 2023, 2022 and 2021, respectively, related to foreign currency forward exchange contracts not designated as hedges.

These amounts are reported in the Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line.

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The carrying values of all other financial instruments approximate their estimated fair values.

The counterparties to financial instruments consist of select major international financial institutions.

Abbott does not expect any losses from nonperformance by these counterparties.

The counterparties to

Abbott Laboratories and Subsidiaries

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Note 12 — Financial Instruments, Derivatives and Fair Value Measures (Continued)

financial instruments consist of select major international financial institutions.

Abbott does not expect any losses from nonperformance by these counterparties.

(in millions) Carrying Value Fair Value Carrying Value Fair Value

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Interest Rate Hedge Contracts:

Receivable position — — 87 87

(Payable) position ( 95 ) ( 95 ) ( 156 ) ( 156 )

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Equity securities $ 307 $ 307 $ — $ —

Interest rate swap derivative financial instruments 87 — 87 —

Foreign currency forward exchange contracts 412 — 412 —

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Fair value of hedged long-term debt $ 2,691 $ — $ 2,691 $ —

Interest rate swap derivative financial instruments 156 — 156 —

Foreign currency forward exchange contracts 226 — 226 —

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The fair value of the 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 decrease in the amount of contingent consideration from December 31, 2022 reflects the impact of projected timeline changes for events that will trigger payment of contingent consideration, partially offset by additional contingent consideration assumed in a business acquisition in 2023.

The maximum amount for certain contingent consideration is not determinable as it is based on a percent of certain sales.

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Actuarial losses, net $ 1,751 $ 1,960 $ 62 $ 27

Prior service cost (credits) ( 6 ) ( 5 ) ( 33 ) ( 39 )

Prior service costs (credits) 6 ( 6 ) ( 22 ) ( 33 )

Total $ 1,757 $ 1,954 $ 40 $ ( 6 )

The $ 3.6 billion and $ 463 million of defined benefit plan gains in 2022 and 2021, respectively, that decreased the projected benefit obligations primarily reflect the year-over-year increases in the discount rates used to measure the obligations.

The $ 437 million of medical and dental plan gains in 2022 that decreased the projected benefit obligations primarily reflect the year-over-year increase in the discount rates used to measure the obligations.

The $ 458 million of defined benefit plan losses and $ 35 million of medical and dental plan losses in 2023 that increased the projected benefit obligations primarily reflect the year-over-year decline in the discount rates used to measure the obligations.

The $ 3.6 billion of defined benefit plan gains and $ 437 million of medical and dental plan gains in 2022 that decreased the projected benefit obligations primarily reflect the year-over-year increase in the discount rates used to measure the obligations.

The projected benefit obligations for non-U.S.

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Expected return on plans’ assets ( 971 ) ( 931 ) ( 843 ) ( 23 ) ( 30 ) ( 27 )

Amortization of actuarial losses 231 317 255 11 29 21

Amortization of prior service cost (credits) 1 1 1 ( 24 ) ( 28 ) ( 28 )

Total net cost $ ( 25 ) $ 114 $ 122 $ 43 $ 63 $ 53

Amortization of actuarial losses (gains) 11 231 317 ( 2 ) 11 29

Amortization of prior service costs (credits) 1 1 1 ( 13 ) ( 24 ) ( 28 )

Total net cost (income) $ ( 274 ) $ ( 25 ) $ 114 $ 59 $ 43 $ 63

In addition, approximately $ 15 million of income was recognized in 2023 related to the curtailment of a non-U.S.

defined benefit plan.

Other comprehensive income (loss) for each respective year includes the amortization of actuarial losses and prior service costs (credits) as noted in the previous table.

Other comprehensive income (loss) for each respective year also includes:

net actuarial gains of $ 858 million for defined benefit plans and a gain of $ 374 million for medical and dental plans in 2022;

net actuarial gains of $ 1.141 billion for defined benefit plans and a gain o f $ 45 million for medical and dental plans in 2021 , and net actuarial losses of $ 611 million for defined benefit plans and a gain of $ 23 million for medical and dental plans in 2020.

The net actuarial gains in 2022 are primarily due to the year-over-year increase in discount rates partially offset by the impact of 2022 actual asset returns being less than expected returns.

net actuarial gains of $ 182 million for defined benefit plans and a loss of $ 33 million for medical and dental plans in 2023;

net actuarial gains of $ 858 million for defined benefit plans and a gain o f $ 374 million for medical and dental plans in 2022 , and net actuarial gains of $ 1.14 billion for defined benefit plans and a gain of $ 45 million for medical and dental plans in 2021.

The net actuarial gains in 2023 related to defined benefit plans are primarily due to the favorable impact of actual asset returns in excess of expected returns, partially offset by the year-over-year decrease in discount rates.

The net actuarial losses in 2023 related to medical and dental plans are primarily due to the year-over-year decrease in discount rates.

The net actuarial gains in 2022 were primarily due to the year-over-year increase in discount rates, partially offset by the impact of 2022 actual asset returns being less than expected returns.

The net actuarial gains in 2021 are primarily due to the favorable impact of actual 2021 asset returns in excess of expected returns and the year-over-year increase in discount rates.

The net actuarial losses in 2020 are primarily due to the year-over-year decline in discount rates, partially offset by the impact of actual asset returns in excess of expected returns.

The weighted average assumptions used to determine benefit obligations for defined benefit plans and medical and dental plans are as follows:

7 unchanged sentences

Expected aggregate average long-term change in compensation 4.5 % 4.4 % 4.3 %

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 14 — Post-Employment Benefits (Continued)

The assumed health care cost trend rates for medical and dental plans at December 31 were as follows:

3 unchanged sentences

Year that rate reaches the assumed ultimate rate 2029 2027 2026

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 13 — Post-Employment Benefits (Continued)

The discount rates used to measure liabilities were determined based on high-quality fixed income securities that match the duration of the expected retiree benefits.

29 unchanged sentences

$ 11,675 $ 3,750 $ 1,306 $ 1 $ 6,618

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 14 — Post-Employment Benefits (Continued)

________________________________________________________

3 unchanged sentences

equity indices in both developed and emerging markets.

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 13 — Post-Employment Benefits (Continued)

(d) A mix of index funds and actively managed accounts that are benchmarked to various U.S.

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(f) Primarily United Kingdom, Canada, Japan and Eurozone government bonds.

(g) Primarily asset backed securities, bank loans, interest rate swap positions and diversified fixed income vehicles benchmarked to LIBOR, SOFR or EURIBOR.

(g) Primarily asset backed securities, bank loans, interest rate swap positions and diversified fixed income vehicles benchmarked to SOFR, Sterling Overnight Interbank Average (SONIA) or EURIBOR.

(h) Primarily hedge funds and funds invested by managers that have a global mandate with the flexibility to allocate capital broadly across a wide range of asset classes and strategies including, but not limited to equities, fixed income, commodities, interest rate futures, currencies and other securities to outperform an agreed upon benchmark with specific return and volatility targets.

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The actual asset allocation percentages at year end are consistent with the company’s targeted asset allocation percentages.

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 14 — Post-Employment Benefits (Continued)

The plans’ expected return on assets, as shown above, is based on management’s expectations of long-term average rates of return to be achieved by the underlying investment portfolios.

In establishing this assumption, management considers historical and expected returns for the asset classes in which the plans are invested, as well as current economic and capital market conditions.

Abbott funds its domestic pension plans according to IRS funding limitations.

Abbott funds its domestic pension plans according to U.S.

Internal Revenue Service (IRS) funding limitations.

International pension plans are funded according to similar regulations.

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Abbott expects to contribute approximately $ 350 million to its pension plans in 2024.

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 13 — Post-Employment Benefits (Continued)

Total benefit payments expected to be paid to participants, which includes payments funded from company assets, as well as paid from the plans, are as follows:

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Abbott’s contributions to this plan were $ 199 million in 2023, $ 190 million in 2022 and $ 181 million in 2021.

Note 14 — Taxes on Earnings from Continuing Operations

Taxes on earnings from continuing operations reflect the annual effective rates, including charges for interest and penalties.

Note 15 — Taxes on Earnings

Taxes on earnings reflect the annual effective rates, including charges for interest and penalties.

Deferred income taxes reflect the tax consequences on future years of differences between the tax bases of assets and liabilities and their financial reporting amounts.

In 2022, taxes on earnings from continuing operations include approximately $ 43 million in excess tax benefits associated with share-based compensation and approximately $ 20 million of net tax expense as a result of the resolution of various tax positions related to prior years.

In 2021, taxes on earnings from continuing operations include approximately $ 145 million in excess tax benefits associated with share-based compensation and approximately $ 55 million of net tax benefits as a result of the resolution of various tax positions related to prior years.

In 2020, taxes on earnings from continuing operations include the recognition of approximately $ 170 million of tax benefits associated with the impairment of certain assets, approximately $ 140 million of net tax benefits as a result of the resolution of various tax positions related to prior years, and approximately $ 100 million in excess tax benefits associated with share-based compensation.

In 2020, taxes on earnings from continuing operations also include a $ 26 million increase to the transition tax liability associated with the 2017 TCJA.

The $ 26 million increase to the transition tax liability was the result of the resolution of various tax positions related to prior years.

This adjustment increased the cumulative net tax expense related to the TCJA to $ 1.53 billion.

The one-time transition tax is based on Abbott’s total post-1986 earnings and profits (E&P) that were previously deferred from U.S.

Taxes on earnings include approximately $ 22 million, $ 43 million and $ 145 million in excess tax benefits associated with share-based compensation in 2023, 2022 and 2021, respectively.

As a result of the resolution of various tax positions related to prior years, taxes on earnings in 2023, 2022 and 2021 also include approximately $ 80 million and $ 20 million of net tax expense and $ 55 million of net tax benefits, respectively.

The TCJA includes a one-time transition tax that is based on Abbott’s total post-1986 earnings and profits (E&P) that were previously deferred from U.S.

income taxes.

The tax computation also requires the determination of the amount of post-1986 E&P considered held in cash and other specified assets.

As of December 31, 2022, the remaining balance of Abbott’s transition tax obligation is approximately $ 739 million, which will be paid over the next 4 years as allowed by the TCJA.

Earnings from discontinued operations, net of tax, in 2020 reflect the recognition of $ 24 million of net tax benefits primarily as a result of the resolution of various tax positions related to prior years.

As of December 31, 2023, the remaining balance of Abbott’s transition tax obligation related to the TCJA is approximately $ 598 million, which will be paid over the next three years as allowed by the TCJA.

Undistributed foreign earnings remain indefinitely reinvested in foreign operations.

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In the U.S., Abbott’s federal income tax returns through 2016 are settled.

There are numerous other income tax jurisdictions for which tax returns are not yet settled, none of which are individually significant.

Reserves for interest and penalties are not significant.

In September 2023, Abbott received a Statutory Notice of Deficiency (SNOD) from the IRS for the 2019 Federal tax year in the amount of $ 417 million.

The primary adjustments proposed in the SNOD relate to the reallocation of income between Abbott’s U.S.

entities and its foreign affiliates.

Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit, in part because certain adjustments contradict methods that were agreed to with the IRS in prior audit periods.

The SNOD also contains other proposed adjustments that Abbott believes are erroneous and unsupported.

Abbott filed a petition with the U.S.

Tax Court contesting the SNOD in December of 2023.

Abbott’s 2017 and 2018 Federal tax years are also currently under examination by the IRS with respect to income reallocation issues similar to those included in the 2019 Federal tax year.

Abbott intends to vigorously defend its filing positions through ongoing discussions with the IRS, the IRS independent appeals process and/or through litigation as necessary.

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 14 — Taxes on Earnings from Continuing Operations (Continued)

Earnings from continuing operations before taxes, and the related provisions for taxes on earnings from continuing operations, were as follows:

Note 15 — Taxes on Earnings (Continued)

Abbott reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities.

Abbott continues to believe that its reserves for uncertain tax positions are appropriate.

There are numerous other income tax jurisdictions for which tax returns are not yet settled, none of which Abbott expects to be individually significant.

Reserves for interest and penalties are not significant.

The Organization for Economic Cooperation & Development (OECD) has proposed a two-pillared plan for a revised international tax system.

Pillar 1 proposes to reallocate taxing rights among the jurisdictions in which in-scope multinational corporations operate.

Abbott is continuing to analyze the Pillar 1 proposal.

Pillar 2 proposes to assess a 15 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis.

Numerous countries have enacted legislation to adopt the Pillar 2 model rules with a subset of the rules becoming effective January 1, 2024, and the remaining rules becoming effective January 1, 2025, or in later periods.

Abbott is also continuing to analyze the Pillar 2 model rules.

Implementation of the OECD proposal may have a material impact on Abbott’s Consolidated Financial Statements in the future.

Earnings before taxes, and the related provisions for taxes on earnings, were as follows:

(in millions) 2023 2022 2021

Earnings From Continuing Operations Before Taxes:

Earnings Before Taxes:

Domestic $ 1,192 $ 3,732 $ 3,264

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(in millions) 2023 2022 2021

Taxes on Earnings From Continuing Operations:

Taxes on Earnings:

Domestic $ 528 $ 1,309 $ 859

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2023 2022 2021

Statutory tax rate on earnings from continuing operations 21.0 % 21.0 % 21.0 %

Statutory tax rate on earnings 21.0 % 21.0 % 21.0 %

Impact of foreign operations ( 3.6 ) ( 2.5 ) ( 3.9 )

Impact of TCJA and other related items — — 0.5

Foreign-derived intangible income benefit ( 2.2 ) ( 2.0 ) ( 1.1 )

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All other, net — 0.5 0.5

Effective tax rate on earnings from continuing operations 16.5 % 13.9 % 10.0 %

Impact of foreign operations is primarily derived from operations in Puerto Rico, Switzerland, Ireland, the Netherlands, Costa Rica, Singapore, and Malta.

Effective tax rate on earnings 14.1 % 16.5 % 13.9 %

Abbott Laboratories and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Note 14 — Taxes on Earnings from Continuing Operations (Continued)

Note 15 — Taxes on Earnings (Continued)

Impact of foreign operations is primarily derived from operations in Puerto Rico, Switzerland, Ireland, the Netherlands, Costa Rica, Singapore, Malta and Malaysia.

The tax effect of the differences that give rise to deferred tax assets and liabilities were as follows:

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Compensation and employee benefits $ 89 $ 230

Other, primarily reserves not currently deductible, and NOL’s and credit carryforwards 2,402 2,444

Trade receivable reserves 221 227

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Deferred intercompany profit 283 260

NOLs, reserves not currently deductible, credit carryforwards and other 9,922 2,402

Total deferred tax assets before valuation allowance 11,553 3,888

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Total net deferred tax assets (liabilities) $ 414 $ 53

Abbott has incurred losses in a foreign jurisdiction where realization of the future economic benefit is so remote that the benefit is not reflected as a deferred tax asset.

Abbott has incurred losses in a foreign jurisdiction where realization of the future economic benefit was, in previous reporting periods, considered so remote that the benefit was not recognized as a deferred tax asset.

In 2023, Abbott concluded that the future economic benefit of the incurred losses is no longer remote and therefore, a deferred tax asset was recognized.

Abbott also concluded that it is not more likely than not that the tax benefit associated with the deferred tax asset will be realized;

therefore, an offsetting valuation allowance was recognized.

The following table summarizes the gross amounts of unrecognized tax benefits without regard to reduction in tax liabilities or additions to deferred tax assets and liabilities if such unrecognized tax benefits were settled:

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December 31 $ 3,323 $ 2,036

The 2021 increase due to prior year tax positions includes approximately $ 714 million of international tax positions for which a deferred tax asset has not been recorded because recognition of the future benefit is not expected.

Abbott’s unrecognized tax benefits table includes amounts related to tax positions for which a deferred tax asset has not been recognized because the recognition of the future benefit is not expected.

In 2023, Abbott's unrecognized tax benefits increased by $ 1.3 billion to $ 3.32 billion, which includes $ 2.06 billion attributable to tax positions that, if recognized, would result in a deferred tax asset and a related valuation allowance.

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is approximately $ 1.22 billion.

Abbott believes that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease by approximately $ 315 million, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters.

Abbott believes that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease between $ 70 million and $ 1.48 billion, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters.

Abbott Laboratories and Subsidiaries

7 unchanged sentences

Diagnostic Products —Worldwide sales of diagnostic systems and tests for blood banks, hospitals, commercial laboratories and alternate-care testing sites.

For segment reporting purposes, the Core Laboratories Diagnostics, Rapid Diagnostics, Molecular Diagnostics and Point of Care Diagnostics divisions are aggregated and reported as the Diagnostic Products segment.

For segment reporting purposes, the Core Laboratory Diagnostics, Rapid Diagnostics, Molecular Diagnostics and Point of Care Diagnostics businesses are aggregated and reported as the Diagnostic Products segment.

Medical Devices —Worldwide sales of rhythm management, electrophysiology, heart failure, vascular, structural heart, neuromodulation and diabetes care products.

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Nutritional Products 8,154 7,459 8,294 1,333 706 1,763

Diagnostic Products 16,584 15,644 10,805 6,667 6,256 3,725

Medical Devices 14,687 14,367 11,787 4,409 4,514 3,038

Diagnostic Products (b) 9,988 16,469 15,526 2,433 6,640 6,237

Medical Devices (b) 16,887 14,802 14,485 5,306 4,436 4,533

Total Reportable Segments 40,095 43,642 43,023 $ 10,278 $ 12,831 $ 13,422

2 unchanged sentences

________________________________________________________

(a) In 2022 and 2020, the impact of foreign exchange unfavorably impacted net sales and operating earnings.

In 2021, the impact of foreign exchange favorably impacted net sales and unfavorably impacted operating earnings.

(a) In 2023 and 2022, foreign exchange unfavorably impacted net sales and operating earnings.

In 2021, foreign exchange favorably impacted net sales and unfavorably impacted operating earnings.

(b) 2022 and 2021 Sales and Operating Earnings for the Diagnostic Products and Medical Devices reportable segments have been updated to reflect the internal transfer of the Acelis Connected Health business from Diagnostic Products to Medical Devices on January 1, 2023.

Abbott Laboratories and Subsidiaries

7 unchanged sentences

Amortization of intangible assets ( 1,966 ) ( 2,013 ) ( 2,047 )

Other, net (b) ( 943 ) ( 1,233 ) ( 644 )

Earnings from Continuing Operations Before Taxes $ 8,306 $ 8,211 $ 4,968

Other, net (c) ( 444 ) ( 943 ) ( 1,233 )

Earnings before Taxes $ 6,664 $ 8,306 $ 8,211

_______________________________________________________

(b) Other, net in 2022 includes $ 176 million of charges related to a voluntary recall within the Nutritional Products segment and $ 111 million of charges related to the impairment of IPR&D intangible assets.

Other, net also includes integration costs associated with the acquisitions of Alere Inc.

Jude Medical and restructuring charges in 2022, 2021 and 2020.

Charges for restructuring actions and other cost reduction initiatives were approximately $ 265 million in 2022, $ 375 million in 2021 and $ 125 million in 2020.

(c) Other, net includes costs directly related to integrating acquired businesses and restructuring charges in 2023, 2022, and 2021.

Charges and expenses for restructuring actions and other cost reduction initiatives were approximately $ 122 million in 2023 , $ 265 million in 2022 , and $ 375 million in 2021 .

Other, net in 2023 also includes charges of $ 100 million related to indefinite-lived intangible asset impairments, partially offset by income arising from fair value changes in contingent consideration related to previous business acquisitions.

Other, net in 2022 also includes $ 176 million of charges related to a voluntary recall within the Nutritional products segment and $ 111 million of charges related to the impairment of IPR&D intangible assets.

Other, net in 2021 also includes costs related to certain litigation.

Other, net in 2020 also includes costs related to asset impairments partially offset by income from the settlement of litigation.

Depreciation Additions to

Property and Equipment Total Assets

Property and Equipment (d) Total Assets

(in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021

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Goodwill and intangible assets 32,494 33,253

All other (c) 7,912 6,987

All other (e) 8,458 7,912

Total Assets $ 73,214 $ 74,438

________________________________________________________

(c) All other includes the long-term assets associated with the defined benefit plans of $ 3.20 billion in 2022 and $ 2.27 billion in 2021.

(d) Amounts exclude property, plant and equipment acquired through business acquisitions.

(e) All other includes the long-term assets associated with the defined benefit plans of $ 4.16 billion in 2023 and $ 3.20 billion in 2022.

Abbott Laboratories and Subsidiaries

2 unchanged sentences

Net Sales to External

Customers (d)

Customers (f)

(in millions) 2023 2022 2021

2 unchanged sentences

China 2,253 2,133 2,392

Japan 1,932 1,695 1,386

India 1,750 1,649 1,561

Switzerland 1,638 1,336 1,313

Canada 1,280 1,385 841

Japan 1,513 1,932 1,695

Netherlands 1,074 1,111 1,174

All Other Countries 14,084 15,010 15,726

1 unchanged sentence

________________________________________________________

(d) Sales by country are based on the country that sold the product.

(f) Sales by country are based on the country that sold the product.

Long-lived assets on a geographic basis primarily include property and equipment.

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Long-lived asset balances associated with other countries were not material on an individual country basis in either of the two years.

Note 16 — Subsequent Event

On February 8, 2023, Abbott entered into a definitive agreement to acquire Cardiovascular Systems, Inc.

CSI sells an atherectomy system used in treating peripheral and coronary artery disease.

The acquisition, which is expected to add complementary technologies to Abbott’s portfolio of vascular device offerings, is subject to the approval of CSI shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.

Under the terms of the agreement, Abbott will pay $ 20 per common share at a total expected equity value of approximately $ 890 million.

The acquisition is expected to be funded with cash on hand.

Management Report on Internal Control Over Financial Reporting

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Chairman of the Board and Chief Executive Officer

Executive Vice President, Finance and Chief Financial Officer

Senior Vice President, Finance and Chief Financial Officer

Vice President, Finance and Controller

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Abbott Laboratories

To the Shareholders and the Board of Directors of Abbott Laboratories

Opinion on the Financial Statements

33 unchanged sentences

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Abbott Laboratories

To the Shareholders and the Board of Directors of Abbott Laboratories

Opinion on Internal Control over Financial Reporting

23 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.

What changed 10-K

Item 8. Financial Statements and Supplementary Data