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Post-Employment Benefits

6 Months Ended

Jun. 30, 2021

Post-Employment Benefits

Post-Employment Benefits

Note 12 — Post-Employment Benefits

Retirement plans consist of defined benefit, defined contribution, and medical and dental plans. Net periodic benefit costs, other than service costs, are recognized in the Other (income) expense, net line of the Condensed Consolidated Statement of Earnings. Net cost recognized in continuing operations for the three and six months ended June 30 for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans is as follows:


		Defined Benefit Plans												Medical and Dental Plans
		Three Months						Six Months						Three Months						Six Months
(in millions)		Ended June 30						Ended June 30						Ended June 30						Ended June 30
		2021			2020			2021			2020			2021			2020			2021			2020
Service cost — benefits earned during the period		$	96		$	81		$	196		$	166		$	14		$	11		$	28		$	23
Interest cost on projected benefit obligations			62			74			124			149			9			9			17			21
Expected return on plan assets			(211)			(191)			(422)			(383)			(7)			(7)			(14)			(14)
Net amortization of:
Actuarial loss, net			78			64			159			127			7			2			14			10
Prior service cost (credit)			1			1			1			1			(7)			(7)			(14)			(14)
Net cost — continuing operations		$	26		$	29		$	58		$	60		$	16		$	8		$	31		$	26

Abbott funds its domestic defined benefit plans according to Internal Revenue Service funding limitations. International pension plans are funded according to similar regulations. In the first six months of 2021 and 2020, $80 million and $335 million, respectively, were contributed to defined benefit plans. Contributions made to post-employment medical and dental plans in the first six months of 2020 were $11 million. No contributions were made to the post-employment medical and dental plans in the first six months of 2021.