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Financial Instruments, Derivatives and Fair Value Measures (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Amounts and Location of Derivative Financial Instruments | The following table summarizes the amounts and location of certain derivative financial instruments as of March 31, 2024 and December 31, 2023:
|  | Fair Value - Assets |  | Fair Value - Liabilities
(in millions) |  | March 31, 2024 |  | December 31, 2023 |  | Balance Sheet Caption |  | March 31, 2024 |  | December 31, 2023 |  | Balance Sheet Caption
Interest rate swaps designated as fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |
Non-current |  | $ | — |  |  | $ | — |  |  | Deferred income taxes and other assets |  | $ | 88 |  |  | $ | 95 |  |  | Post-employment obligations, deferred income taxes and other long-term liabilities
Current |  | — |  |  | — |  |  | Prepaid expenses and other receivables |  | 31 |  |  | — |  |  | Other accrued liabilities
Foreign currency forward exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |
Hedging instruments |  | 118 |  |  | 88 |  |  | Prepaid expenses and other receivables |  | 61 |  |  | 134 |  |  | Other accrued liabilities
Others not designated as hedges |  | 52 |  |  | 81 |  |  | Prepaid expenses and other receivables |  | 39 |  |  | 97 |  |  | Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary |  | — |  |  | — |  |  | n/a |  | 395 |  |  | 419 |  |  | Current portion of long-term debt
|  | $ | 170 |  |  | $ | 169 |  |  |  |  | $ | 614 |  |  | $ | 745 |  |  |
Schedule of Derivatives Gain (Loss) in OCI and Income (Expense) | The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three months ended March 31, 2024 and 2023.
|  | Gain (loss) Recognized in Other Comprehensive Income (loss) |  | Income (expense) and Gain (loss) Reclassified into Income |  |
|  | Three Months Ended March 31 |  |  | Three Months Ended March 31 |  |  |
(in millions) |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |  | Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges |  | $ | 127 |  |  | $ | (63) |  |  |  | $ | 18 |  |  | $ | 126 |  |  |  | Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary |  | 24 |  |  | (5) |  |  |  | — |  |  | — |  |  |  | n/a
Interest rate swaps designated as fair value hedges |  | n/a |  | n/a |  |  | (24) |  |  | 9 |  |  |  | Interest expense
Schedule of Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of certain financial instruments as of March 31, 2024 and December 31, 2023 are shown in the following table. 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 non-performance by these counterparties.
|  | March 31, 2024 |  | December 31, 2023
(in millions) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term Investment Securities: |  |  |  |  |  |  |  |
Equity securities |  | $ | 547 |  |  | $ | 547 |  |  | $ | 555 |  |  | $ | 555 |
Other |  | 271 |  |  | 271 |  |  | 244 |  |  | 244 |
Total Long-term Debt |  | (14,586) |  |  | (14,299) |  |  | (14,679) |  |  | (14,769) |
Foreign Currency Forward Exchange Contracts: |  |  |  |  |  |  |  |
Receivable position |  | 170 |  |  | 170 |  |  | 169 |  |  | 169 |
(Payable) position |  | (100) |  |  | (100) |  |  | (231) |  |  | (231) |
Interest Rate Hedge Contracts: |  |  |  |  |  |  |  |
(Payable) position |  | (119) |  |  | (119) |  |  | (95) |  |  | (95) |
Summary of Bases Used to Measure Assets and Liabilities at Fair Value on a Recurring Basis | The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:
|  |  |  | Basis of Fair Value Measurement
(in millions) |  | Outstanding Balances |  | Quoted Prices in Active Markets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
March 31, 2024: |  |  |  |  |  |  |  |
Equity securities |  | $ | 327 |  |  | $ | 327 |  |  | $ | — |  |  | $ | — |
Foreign currency forward exchange contracts |  | 170 |  |  | — |  |  | 170 |  |  | — |
Total Assets |  | $ | 497 |  |  | $ | 327 |  |  | $ | 170 |  |  | $ | — |
Fair value of hedged long-term debt |  | $ | 2,046 |  |  | $ | — |  |  | $ | 2,046 |  |  | $ | — |
Interest rate swap derivative financial instruments |  | 119 |  |  | — |  |  | 119 |  |  | — |
Foreign currency forward exchange contracts |  | 100 |  |  | — |  |  | 100 |  |  | — |
Contingent consideration related to business combinations |  | 59 |  |  | — |  |  | — |  |  | 59 |
Total Liabilities |  | $ | 2,324 |  |  | $ | — |  |  | $ | 2,265 |  |  | $ | 59 |
December 31, 2023: |  |  |  |  |  |  |  |
Equity securities |  | $ | 326 |  |  | $ | 326 |  |  | $ | — |  |  | $ | — |
Foreign currency forward exchange contracts |  | 169 |  |  | — |  |  | 169 |  |  | — |
Total Assets |  | $ | 495 |  |  | $ | 326 |  |  | $ | 169 |  |  | $ | — |
Fair value of hedged long-term debt |  | $ | 2,052 |  |  | $ | — |  |  | $ | 2,052 |  |  | $ | — |
Interest rate swap derivative financial instruments |  | 95 |  |  | — |  |  | 95 |  |  | — |
Foreign currency forward exchange contracts |  | 231 |  |  | — |  |  | 231 |  |  | — |
Contingent consideration related to business combinations |  | 112 |  |  | — |  |  | — |  |  | 112 |
Total Liabilities |  | $ | 2,490 |  |  | $ | — |  |  | $ | 2,378 |  |  | $ | 112 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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