Abbott discovers, develops, manufactures, and sells a diverse range of healthcare products including pharmaceuticals, diagnostics, nutritional products, and medical devices
68 added · 55 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
The results of the last impairment test indicated that the fair value of each reporting unit was substantially in excess of its carrying value. 34 Table of Contents Financial Condition Cash Flow Net cash from operating activities amounted to $9.6 billion, $8.6 billion, and $7.3 billion in 2025, 2024, and 2023, respectively.
The purchase price, the final 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. 36 Table of Contents On April 27, 2023, Abbott completed the acquisition of Cardiovascular Systems, Inc.
In 2024, IPR&D decreased by $ 39 million due to charges recorded in Research and development in the Consolidated Statement of Earnings for the impairment of an indefinite-lived intangible asset related to the Medical Devices reportable segment, and was partially offset by a $ 35 million increase resulting from the finalization of purchase accounting related to a business acquisition. 55 Table of Contents Abbott Laboratories and Subsidiaries Notes to Consolidated Financial Statements (Continued) Note 8 — Restructuring Plans In 2025, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its Diagnostics, Nutritionals, Established Pharmaceuticals, and Medical Devices businesses.
On November 19, 2025, Abbott obtained a commitment for a 364-day senior unsecured bridge term loan facility for an amount not to exceed $ 20.0 billion in conjunction with its pending acquisition of Exact Sciences.
On November 19, 2025, Abbott obtained a commitment for a 364-day senior unsecured bridge term loan facility for an amount not to exceed $20.0 billion in conjunction with its pending acquisition of Exact Sciences.
On November 19, 2025, Abbott obtained a commitment for a 364-day senior unsecured bridge term loan facility for an amount not to exceed $20.0 billion in conjunction with its pending acquisition of Exact Sciences.
On January 5, 2026, the OECD released administrative guidance that, when enacted, exempts U.S.-parented groups from the Pillar 2 minimum tax.
Abbott intends to vigorously defend its filing positions in all jurisdictions in which it has unresolved tax matters through ongoing discussions with taxing administrations and/or through litigation as necessary.
In 2024, SG&A spending was partially offset by the favorable impact of foreign exchange. 29 Table of Contents Restructurings In 2025, Abbott management approved plans to streamline certain operations in order to reduce costs and improve efficiencies in its Diagnostics, Nutritionals, Established Pharmaceuticals, and Medical Devices businesses.
In 2025, interest expense decreased primarily due to the repayment of approximately $2.0 billion of long-term debt in November 2024, March 2025, and September 2025, as well as the maturity of an interest rate swap associated with the March 2025 debt.
The decrease in 2024 was partially offset by an increase in income associated with the non-service cost components of net pension and post-retirement medical benefit costs. 30 Table of Contents Taxes on Earnings Taxes on earnings reflect the annual effective rates, including charges for interest and penalties.
In October 2025, Abbott filed an appeal with the Malaysian Court of Appeals. 31 Table of Contents There are numerous other income tax jurisdictions for which tax returns are not yet settled, none of which Abbott expects to be individually significant.
No longer disclosed
In addition, Abbott recognized inventory related charges of $23 million and fixed asset impairment charges of $4 million related to these restructuring plans. 30 Table of Contents Interest Expense and Interest (Income) Interest expense, net decreased from $252 million in 2023 to $215 million in 2024.
The detail of various balance sheet components is as follows: (in millions) December 31, 2024 December 31, 2023 Long-term Investments: Equity securities $ 553 $ 555 Other 333 244 Total $ 886 $ 799 The increase in Abbott’s long-term investments as of December 31, 2024 versus the balance as of December 31, 2023 primarily relates to investment in long term deposits and equity method investments, partially offset by the impairment of certain securities.
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. 54 Table of Contents Abbott Laboratories and Subsidiaries Notes to Consolidated Financial Statements (Continued) Note 7 — Goodwill and Intangible Assets The total amount of reported goodwill was $ 23.1 billion at December 31, 2024 and $ 23.7 billion at December 31, 2023.
In 2024, IPR&D decreased by $ 39 million of charges recorded on the Research and development line of the Consolidated Statement of Earnings for the impairment of an indefinite-lived intangible asset related to the Medical Devices reportable segment and was partially offset by an increase of $ 35 million due to the finalization of purchase accounting related to a business acquisition.
In 2023, $ 100 million of impairment charges related to certain indefinite-lived intangible assets in the M edical Devices reportable segment were recorded on the Research and development line of the Consolidated Statement of Earnings.
In 2024, intangible assets decreased $ 207 million due to impairment charges recorded on the Cost of products sold line of the Consolidated Statement of Earnings, primarily related to the Medical Devices reportable segment .
In 2023, the decrease in R&D expense was primarily driven by lower restructuring charges, lower impairment charges related to IPR&D acquired in previous business combinations, and other cost reductions.
On April 27, 2023, Abbott completed the acquisition of CSI for $20 per common share, which equated to a purchase price of $851 million .
The decrease in 2023 reflects the unfavorable effects of lower sales of COVID-19 tests, foreign exchange, and higher costs for various manufacturing inputs, partially offset by the nonrecurrence of the negative impact in 2022 of the voluntary product recall in the nutritional business and the impact in 2023 of margin improvement initiatives.
The 2023 decrease in SG&A expenses reflects the favorable impact of foreign exchange and lower restructuring charges in 2023, as well as the non-recurrence of 2022 expenses related to the voluntary product recall in the Nutritional Products segment.
In 2023, Other income, net included equity investment impairments that totaled approximately $39 million, as well as income from a $42 million reduction in the fair value of contingent consideration related to previous business acquisitions.
Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD. 31 Table of Contents In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax.