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Abbott Laboratories's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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The increase in Net cash from operating activities in 2021 was primarily due to the favorable cash flow impact of higher segment operating earnings and improved working capital management partially offset by higher cash taxes paid and the net impact of litigation settlements.
Exclusive of these discrete items, tax expense was favorably impacted by lower tax rates and tax exemptions on foreign income primarily derived from operations in Puerto Rico, Switzerland, Ireland, the Netherlands, Costa Rica, Singapore, and Malta.
Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which among other things, eliminates certain exceptions in the current rules regarding the approach for intraperiod tax allocations and the methodology for calculating income taxes in an interim period, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.
Abbott's net sales in 2022 were unfavorably impacted by changes in foreign exchange rates as the relatively stronger U.S. dollar decreased total international sales by 8.2 percent and total sales by 5.1 percent.
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.
Operating margins increased from 18.5...Read more
In December 2022, Abbott increased...Read more
In December 2021, Abbott increased...Read more
The future extent to which...Read more
The operating margin profile increased...Read more
The significant net actuarial gains...Read more
Excluding the impact of foreign...Read more
The sales increase in 2021...Read more
The 2022 and 2021 growth...Read more
On May 27, 2021, Abbott...Read more
Abbott declared dividends of $1.92...Read more
The decrease in Net cash...Read more
The overall increase over the...Read more
Abbott declared dividends of $1.92...Read more
With respect to Abbott's financial...Read more
The decrease was driven by...Read more
The decrease also reflects higher...Read more
This adjustment increased the cumulative...Read more
International Adult Nutritional sales, excluding...Read more
Interest expense, net decreased $10...Read more
The sales increases in 2022...Read more
Abbott considers a one-percentage point...Read more
In 2022, while procedure volumes...Read more
The sales increase in 2022...Read more
Across Abbott's cardiovascular and neuromodulation...Read more
Excluding the impact of foreign...Read more
Excluding the effect of foreign...Read more
FreeStyle Libre sales totaled $4.3...Read more
FreeStyle Libre sales totaled $3.7...Read more
In Vascular, 2022 sales decreased...Read more
Excluding the effect of foreign...Read more
In 2022, operating earnings for...Read more
In 2022, operating earnings for...Read more
Litigation - Abbott accounts for...Read more
Interest Expense and Interest (Income)...Read more
With respect to the performance...Read more
Excluding the impact of foreign...Read more
Growth in Structural Heart, excluding...Read more
Restructurings In 2022, Abbott management...Read more
In 2021, Abbott management approved...Read more
In 2021, U.S. Pediatric Nutritional...Read more
In its diagnostics business, Abbott's...Read more
Abbott benefits from a combination...Read more
These increases reflect higher sales...Read more
Amortization expense in continuing operations...Read more
The standard becomes effective for...Read more
The increase in Total Net...Read more
In 2021, U.S. Adult Nutritional...Read more
Excluding the impacts of COVID-19...Read more
Excluding the impacts of COVID-19...Read more
Any borrowings under the Revolving...Read more
In Core Laboratory Diagnostics, sales...Read more
Rapid Diagnostics sales increased 22.5...Read more
In 2021, excluding the impact...Read more
Sales in emerging markets, which...Read more
In Electrophysiology, the 7.3 percent...Read more
Excluding the impact of foreign...Read more
In 2022, Rapid Diagnostics sales...Read more
In 2021, Rapid Diagnostics sales...Read more
In 2022, Molecular Diagnostics sales...Read more
In 2021, Molecular Diagnostics sales...Read more
In Abbott's Diagnostics segment, sales...Read more
Excluding the impact of foreign...Read more
Research and Development Process In...Read more
Excluding the impact of foreign...Read more
Core Laboratory Diagnostics - Abbott...Read more
Operating margins for the worldwide...Read more
SG&A expenses increased 16.8 percent...Read more
In 2022, operating earnings for...Read more
In 2022, operating earnings for...Read more
Differences between the expected long-term...Read more
Selling, general and administrative (SG&A)...Read more
In 2023, Abbott will also...Read more
Contingent Obligations Abbott periodically acquires...Read more
The $26 million increase to...Read more
The decrease was due largely...Read more
Widespread adoption of a minimum...Read more
Abbott reviews definite-lived intangible assets...Read more
Abbott has readily available financial...Read more
Despite such challenges, overall volume...Read more
While the aggregate cost to...Read more
Valuation of Intangible Assets -...Read more
Other allowances charged against gross...Read more
Other (Income) Expense, net Other...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Abbott Laboratories provided additional information to their SEC Filing as exhibits
Ticker: ABT
CIK: 1800
Form Type: 10-K Annual Report
Accession Number: 0001628280-23-004026
Submitted to the SEC: Fri Feb 17 2023 4:09:44 PM EST
Accepted by the SEC: Fri Feb 17 2023
Period: Saturday, December 31, 2022
Industry: Pharmaceutical Preparations