UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2014
OR
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
ABBOTT LABORATORIES STOCK RETIREMENT PROGRAM
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
ABBOTT LABORATORIES
100 Abbott Park Road
Abbott Park, Illinois 60064-6049
FINANCIAL STATEMENTS AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ABBOTT LABORATORIES STOCK RETIREMENT PLAN
DECEMBER 31, 2014 AND 2013
|
Grant Thornton LLP 175 W Jackson Boulevard, 20th Floor Chicago, IL 60604-2687
T 312.856.0200 F 312.565.4719 GrantThornton.com |
Plan Administrator
Abbott Laboratories Stock Retirement Plan
We have audited the accompanying statements of net assets available for benefits of the Abbott Laboratories Stock Retirement Plan (the Plan) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plans internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Abbott Laboratories Stock Retirement Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the year ended December 31, 2014, in accordance with accounting principles generally accepted in the United States of America.
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2014, has been subjected to audit procedures performed in conjunction with the audit of Abbott Laboratories Stock Retirement Plans financial statements. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements but include supplemental information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplementary information is the responsibility of the Plans management. Our audit procedures included determining whether the supplemental information reconciles to the basic financial statements or the underlying accounting and other
Grant Thornton LLP
U.S. member firm of Grant Thornton International Ltd
records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information referred to above is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.
/s/ Grant Thornton LLP
Chicago, Illinois
June 26, 2015
Abbott Laboratories Stock Retirement Plan
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
(Dollars in thousands)
|
|
2014 |
|
2013 |
| ||
Assets |
|
|
|
|
| ||
Cash |
|
$ |
697 |
|
$ |
1,054 |
|
Investments, at fair value |
|
6,545,191 |
|
6,136,550 |
| ||
Notes receivable from participants |
|
77,880 |
|
82,972 |
| ||
Accrued interest and dividend income |
|
659 |
|
1,353 |
| ||
Due from brokers |
|
5,048 |
|
4,092 |
| ||
|
|
|
|
|
| ||
Total assets |
|
6,629,475 |
|
6,226,021 |
| ||
|
|
|
|
|
| ||
Liabilities |
|
|
|
|
| ||
Other payables |
|
219 |
|
188 |
| ||
Due to brokers |
|
695 |
|
19,051 |
| ||
|
|
|
|
|
| ||
Total liabilities |
|
914 |
|
19,239 |
| ||
|
|
|
|
|
| ||
NET ASSETS AVAILABLE FOR BENEFITS |
|
$ |
6,628,561 |
|
$ |
6,206,782 |
|
The accompanying notes are an integral part of these statements.
Abbott Laboratories Stock Retirement Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2014
(Dollars in thousands)
Additions |
|
|
| |
Contributions |
|
|
| |
Employer |
|
$ |
84,096 |
|
Participant |
|
166,573 |
| |
Rollovers |
|
9,041 |
| |
|
|
|
| |
Total contributions |
|
259,710 |
| |
|
|
|
| |
Investment income |
|
|
| |
Net appreciation in fair value of investments |
|
570,738 |
| |
Interest and dividends |
|
217,189 |
| |
|
|
|
| |
Net investment income |
|
787,927 |
| |
|
|
|
| |
Interest income on notes receivable from participants |
|
2,668 |
| |
|
|
|
| |
Total additions |
|
1,050,305 |
| |
|
|
|
| |
Deductions |
|
|
| |
Benefits paid to participants |
|
622,085 |
| |
Other expenses |
|
240 |
| |
|
|
|
| |
Total deductions |
|
622,325 |
| |
|
|
|
| |
Net increase prior to transfer |
|
427,980 |
| |
|
|
|
| |
Net plan transfers out (note A) |
|
(6,201 |
) | |
|
|
|
| |
NET INCREASE AFTER TRANSFER |
|
421,779 |
| |
|
|
|
| |
Net assets available for benefits |
|
|
| |
Beginning of year |
|
6,206,782 |
| |
|
|
|
| |
End of year |
|
$ |
6,628,561 |
|
The accompanying notes are an integral part of these statements.
Abbott Laboratories Stock Retirement Plan
December 31, 2014 and 2013
NOTE A - DESCRIPTION OF THE PLAN
The following description of the Abbott Laboratories Stock Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plans provisions.
General
In general, United States employees of Abbott Laboratories (Abbott) and selected participating subsidiaries and affiliates may, after meeting certain employment requirements, voluntarily participate in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
Mercer Trust Company and Mercer HR Services LLC (collectively, Mercer) are the custodian (Custodian), trustee (Trustee) and record keeper of the Plan.
The Plan operates as a cash or deferred arrangement 401(k) plan and, effective October 1, 2001, is considered an employee stock ownership plan that meets the applicable United States Internal Revenue Code (IRC) sections. Effective January 1, 2006, the Plan was amended to clarify that the portion of the Plan that is invested in Abbott shares is a permanent feature of the Plan.
On January 1, 2013, Abbott separated into two publicly traded companies. The research-based pharmaceuticals business became AbbVie Inc. (AbbVie); the diversified medical products businesses remained with Abbott. Effective January 1, 2013, the AbbVie Savings Plan was created and the assets of those participants who became AbbVie employees after the separation were transferred from the Plan to the AbbVie Savings Plan. The separation agreement between Abbott and AbbVie covers a 30 month period and allows for the transfer of employees between the two companies during that period. During 2014, additional net assets totaling approximately $6.2 million were transferred from the Plan to the AbbVie Savings Plan related to such employee transfers.
Contributions and Vesting
Contributions to the Plan are paid to the Abbott Laboratories Stock Retirement Trust (Trust). The Trust is administered by Mercer and an investment committee (the Committee).
Employees are eligible to make contributions on any entry date following their date of hire. Eligible employees electing to participate contribute from 2% and may contribute up to 25% of their eligible earnings to the Trust, subject to certain limitations. Participants who have attained age 50 before the end of the Plan year and who are making the maximum pretax contributions are eligible to make catch-up contributions. The Plan also permits Roth 401(k) after-tax contributions and a Roth 401(k) conversion feature. Participants may choose to make their contributions from pretax earnings, after-tax earnings or both. The pretax contributions are a pay conversion feature, which is a salary deferral option under the provisions of Section 401(k) of the IRC. Participant
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE A - DESCRIPTION OF THE PLAN Continued
Contributions and Vesting - Continued
contributions may be invested in any or all of the investment options, except for investment options closed to new contributions.
Employer contributions to the Plan are made each payroll period based on the participating employees eligible earnings. The amount of the employer contribution is determined by the Board of Directors of Abbott and, for the year ended December 31, 2014, was 5% of the participants eligible earnings if the employee elected to contribute at least 2% of eligible earnings to the Plan. Employer contributions are invested each pay period according to the employees investment elections.
Cash dividends on shares of Abbott common shares are (1) paid in cash to the participants or beneficiaries, (2) paid to the Plan and distributed in cash to participants or beneficiaries no later than 90 days after the close of the Plans year in which paid or (3) paid to the Plan and credited to the applicable accounts in which shares are held, as elected by each participant or beneficiary in accordance with rules established by the administrator.
The Plan offered the following investment options in 2014 and 2013: Abbott common shares, SRP Short Term Investment Fund, American Funds (including EuroPacific Growth Fund, The Growth Fund of America, The Investment Company of America Fund, and Washington Mutual Investors Fund), GMO Global Asset Allocation Series Fund, PIMCO All Asset Fund, PIMCO Total Return Fund, Vanguard Developed Markets Index Fund, Vanguard Extended Market Index Fund, Vanguard Institutional Index Fund, Vanguard Mid-Cap Value Index Fund Admiral, Blackrock International Opportunities Fund, and Wellington Mid-Cap Growth Fund.
The separation of Abbott and AbbVie was a tax-free distribution where Abbott shareholders received one share of AbbVie stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Participants who received AbbVie stock through this distribution may continue to hold the stock in their Plan accounts but may not make new contributions or transfer new money to purchase AbbVie stock in the Plan; however, participants may elect to reinvest their AbbVie dividends in AbbVie stock. If no election is made, AbbVie dividends will be invested in the Plans default investment, which as of December 31, 2014 was the GMO Global Asset Allocation Series Fund.
Abbott spun off its hospital products business, Hospira, Inc. (Hospira), in 2004 and Abbott shareholders received one share of Hospira stock for every ten shares of Abbott shares owned. Participants who received Hospira stock through this distribution may continue to hold the stock in their Plan accounts but may not make new contributions or transfer new money to purchase Hospira stock in the Plan.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
Participants may direct the Trustee to sell all or a portion of the Abbott, AbbVie and Hospira common shares held in their accounts and reinvest the proceeds in any of the other investment options available to the participants.
Participants are at all times fully vested in their own contributions and earnings thereon. Vesting in employer contributions and earnings thereon is based on the following vesting schedule:
|
|
Vesting |
|
Service |
|
percentage |
|
Less than two years |
|
0 |
% |
Two years or more |
|
100 |
% |
Non-vested portions of employer contributions and earnings thereon are forfeited as of an employees termination date. Forfeitures are used to (1) restore any forfeitures of participants who returned to service with Abbott within a given period of time, (2) pay Plan expenses and (3) reduce future employer contributions if terminated participants do not return to service within the given period of time. In 2014, forfeitures reduced Abbotts employer contributions by approximately $889,000. Approximately $46,000 and $1,000 of forfeitures were available at the end of 2014 and 2013, respectively.
Distributions
Following retirement, termination or death (or for some acquired participants, upon disability), participants or their beneficiaries may elect to receive a distribution in installments or in a single lump sum. Participants may elect a direct rollover of their accounts. Distributions are made in cash or, to the extent contained in the participants account, a participant may elect distribution of Abbott, AbbVie and Hospira common shares. Also, upon termination, participants may elect to defer distribution to a future date but, after termination of employment, distribution must be made by the 1st of April following the year the participant reaches age 70 ½ or, if earlier, the 1st of April following the year in which the participant dies. Interest, dividends and other earnings will continue to accrue on such deferred amounts. Participants are permitted to withdraw their after-tax contributions and rollover contributions and, after age 59 ½, may also withdraw pretax contributions; in each case subject to certain limitations. Withdrawals may be made in shares or in cash.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE A - DESCRIPTION OF THE PLAN - Continued
Notes Receivable from Participants
Participants may convert their pretax accounts into one or two loans to themselves. The borrowing may not exceed the lesser of the current market value of the assets allocated to their pretax accounts or 50% of all of their Plan accounts up to $50,000, subject to Internal Revenue Service (IRS) limitations and restrictions. Participants pay interest on such borrowings at the prime rate in effect at the time the participant loan is made. Loans must be repaid within five years (or by the employees anticipated retirement date, if sooner) unless the loan is used for the purchase of the primary residence of the employee, in which case the repayment period can be extended to a period of fifteen years (or until the employees anticipated retirement date, if sooner). Repayment is made through periodic payroll deductions but a loan may be repaid in a lump sum at any time. For employees terminating employment with Abbott during the repayment period, the balance of the outstanding loan is netted from their Plan distribution.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared using the accrual basis of accounting.
Adoption of New Accounting Rules
On May 1, 2015 the Financial Accounting Standards Board (FASB) issued updated guidance related to fair value measurement and the disclosures for investments in certain entities that calculate net asset value (NAV) per share (or its equivalent). The updated guidance applies to reporting entities that elect to measure the fair value of certain investments using the NAV per share (or its equivalent) of the investment as a practical expedient. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of when the investment is redeemable with the investee at NAV. The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient.
The amendments are effective for the Plan for fiscal years beginning after December 15, 2015 and shall apply retrospectively to all periods presented. Earlier application is permitted. The Plans administrator is currently evaluating the impact the updated guidance will have on the Plans financial statement disclosures, but does not expect the effect to be material.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.
Investment Valuation
The Plan uses the following methods and significant assumptions to estimate the fair value of investments:
Common stock and mutual funds - Valued at the published market price per unit multiplied by the number of respective shares, units, or par held.
Collective trust funds - Valued at the NAV provided by the administrator of the fund. The NAV is used as a practical expedient for fair value. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.
SRP Short Term Investment Fund (STIF) investments:
Short-term notes, government guaranteed notes, and U.S. treasury bills, - Valued at the published market price per unit multiplied by the number of respective shares, units, or par held.
Floating rate notes, short-term asset backed securities, U.S. Government agencies and treasury notes, municipal bonds, corporate bonds and international securities - Valued at prices obtained from independent financial services industry-recognized vendors multiplied by the number of units held.
Commercial paper and certificate of deposit - Valued at amortized cost, which approximates fair value given the instruments short duration of less than 130 days.
Short-term investment fund - Valued using $1 for the net asset value per unit, which approximates fair market value.
Private 40-Act mutual funds - Valued at the NAV provided by the administrator of the fund. The NAV is used as a practical expedient for fair value. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
The following tables summarize the basis used to measure assets at fair value at December 31, 2014 and 2013 (dollars in thousands):
|
|
Basis of Fair Value Measurement |
| ||||||||||
|
|
Quoted |
|
Significant |
|
|
|
|
| ||||
|
|
Prices in |
|
Other |
|
Significant |
|
|
| ||||
|
|
Active |
|
Observable |
|
Unobservable |
|
|
| ||||
2014 |
|
Markets |
|
Inputs |
|
Inputs |
|
Total |
| ||||
Common stock |
|
|
|
|
|
|
|
|
| ||||
Abbott |
|
$ |
1,390,445 |
|
$ |
|
|
$ |
|
|
$ |
1,390,445 |
|
AbbVie |
|
1,582,187 |
|
|
|
|
|
1,582,187 |
| ||||
Hospira |
|
62,346 |
|
|
|
|
|
62,346 |
| ||||
Total common stock |
|
3,034,978 |
|
|
|
|
|
3,034,978 |
| ||||
Mutual funds |
|
|
|
|
|
|
|
|
| ||||
Growth |
|
502,307 |
|
|
|
|
|
502,307 |
| ||||
Blend |
|
1,427,176 |
|
|
|
|
|
1,427,176 |
| ||||
Value |
|
573,562 |
|
|
|
|
|
573,562 |
| ||||
Income |
|
287,132 |
|
|
|
|
|
287,132 |
| ||||
Total mutual funds |
|
2,790,177 |
|
|
|
|
|
2,790,177 |
| ||||
Collective trust funds |
|
|
|
|
|
|
|
|
| ||||
Growth (a) |
|
|
|
91,005 |
|
|
|
91,005 |
| ||||
Blend (b) |
|
|
|
69,308 |
|
|
|
69,308 |
| ||||
Total collective trust funds |
|
|
|
160,313 |
|
|
|
160,313 |
| ||||
SRP STIF Fund |
|
|
|
|
|
|
|
|
| ||||
Floating rate notes - corporate |
|
|
|
70,044 |
|
|
|
70,044 |
| ||||
Short-term asset backed securities |
|
|
|
21,013 |
|
|
|
21,013 |
| ||||
Short-term notes - corporate |
|
47,050 |
|
|
|
|
|
47,050 |
| ||||
Government guaranteed notes |
|
4,317 |
|
|
|
|
|
4,317 |
| ||||
Municipals |
|
|
|
6,441 |
|
|
|
6,441 |
| ||||
Corporate bonds |
|
|
|
16,848 |
|
|
|
16,848 |
| ||||
International |
|
|
|
30,171 |
|
|
|
30,171 |
| ||||
Commerical paper |
|
|
|
26,621 |
|
|
|
26,621 |
| ||||
Certificate of deposit |
|
|
|
8,005 |
|
|
|
8,005 |
| ||||
Short-term investment fund |
|
552 |
|
|
|
|
|
552 |
| ||||
Private 40-Act mutual funds (c) |
|
|
|
328,661 |
|
|
|
328,661 |
| ||||
Total SRP STIF Fund |
|
51,919 |
|
507,804 |
|
|
|
559,723 |
| ||||
Total assets at fair value |
|
$ |
5,877,074 |
|
$ |
668,117 |
|
$ |
|
|
$ |
6,545,191 |
|
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
|
|
Basis of Fair Value Measurement |
| ||||||||||
|
|
Quoted |
|
Significant |
|
|
|
|
| ||||
|
|
Prices in |
|
Other |
|
Significant |
|
|
| ||||
|
|
Active |
|
Observable |
|
Unobservable |
|
|
| ||||
2013 |
|
Markets |
|
Inputs |
|
Inputs |
|
Total |
| ||||
Common stock |
|
|
|
|
|
|
|
|
| ||||
Abbott |
|
$ |
1,214,271 |
|
$ |
|
|
$ |
|
|
$ |
1,214,271 |
|
AbbVie |
|
1,440,976 |
|
|
|
|
|
1,440,976 |
| ||||
Hospira |
|
47,325 |
|
|
|
|
|
47,325 |
| ||||
Total common stock |
|
2,702,572 |
|
|
|
|
|
2,702,572 |
| ||||
Mutual funds |
|
|
|
|
|
|
|
|
| ||||
Growth |
|
481,020 |
|
|
|
|
|
481,020 |
| ||||
Blend |
|
1,371,619 |
|
|
|
|
|
1,371,619 |
| ||||
Value |
|
496,339 |
|
|
|
|
|
496,339 |
| ||||
Income |
|
287,232 |
|
|
|
|
|
287,232 |
| ||||
Total mutual funds |
|
2,636,210 |
|
|
|
|
|
2,636,210 |
| ||||
Collective trust funds |
|
|
|
|
|
|
|
|
| ||||
Growth (a) |
|
|
|
95,044 |
|
|
|
95,044 |
| ||||
Blend (b) |
|
|
|
81,857 |
|
|
|
81,857 |
| ||||
Total collective trust funds |
|
|
|
176,901 |
|
|
|
176,901 |
| ||||
SRP STIF Fund |
|
|
|
|
|
|
|
|
| ||||
Floating rate notes - corporate |
|
|
|
74,606 |
|
|
|
74,606 |
| ||||
Short-term asset backed securities |
|
|
|
17,534 |
|
|
|
17,534 |
| ||||
U.S. Government agencies and treasury |
|
|
|
38,144 |
|
|
|
38,144 |
| ||||
Short-term notes - corporate |
|
35,113 |
|
|
|
|
|
35,113 |
| ||||
Government guaranteed notes |
|
14,466 |
|
|
|
|
|
14,466 |
| ||||
Municipals |
|
|
|
12,496 |
|
|
|
12,496 |
| ||||
Corporate bonds |
|
|
|
40,952 |
|
|
|
40,952 |
| ||||
International |
|
|
|
28,517 |
|
|
|
28,517 |
| ||||
Commerical paper |
|
|
|
19,535 |
|
|
|
19,535 |
| ||||
Certificate of deposit |
|
|
|
6,000 |
|
|
|
6,000 |
| ||||
Short-term investment funds |
|
75 |
|
|
|
|
|
75 |
| ||||
Private 40-Act mutual fund (c) |
|
|
|
333,429 |
|
|
|
333,429 |
| ||||
Total SRP STIF Fund |
|
49,654 |
|
571,213 |
|
|
|
620,867 |
| ||||
Total assets at fair value |
|
$ |
5,388,436 |
|
$ |
748,114 |
|
$ |
|
|
$ |
6,136,550 |
|
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
The collective trust funds and the private 40-Act mutual funds do not have a readily determinable fair value and are valued at their NAV per share as provided by the funds administrators. The following provides additional information regarding these funds:
(a) The fund invests in small and midsize companies. The investment objective of this fund is to achieve long-term total return in excess of the Russell Mid-Cap Growth Index. Redemption from the fund is permitted daily.
(b) This fund invests in international securities. The investment objective of this fund is to seek long-term capital appreciation by achieving a return in excess of the S&P Broad Market Global Ex U.S. Index in 2013 and updated to the MSCI All Country World ex-US Index in 2014 . Redemption from the fund is permitted daily.
(c) These funds invest in fixed income instruments of varying maturities. The investment objective of one fund is to seek maximum current income and the other is to seek maximum total return, both being consistent with preservation of capital and liquidity. Redemption from the funds is permitted daily. The funds agree to redeem shares solely in cash up to the lesser of $250,000 or 1% of the funds net assets during any 90-day period for any one shareholder. In consideration of the best interests of the remaining shareholders, the funds reserve the right to pay any redemption proceeds exceeding this amount in whole or in part by a distribution in kind of securities held by the funds in lieu of cash. It is highly unlikely that shares would ever be redeemed in kind.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the terms of the Plan.
Income Recognition
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net realized and unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as net appreciation in fair value of investments.
Administrative Expenses
Participants are charged transaction fees for loan and withdrawal processing and commissions on purchases and sales of Abbott shares and sales of AbbVie and Hospira stock. Investment fees for mutual funds, collective trust, managed accounts and money market funds are charged against the
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
net assets of the respective fund. Abbott pays other Mercer record-keeping and administration fees, where applicable.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Payment of Benefits
Benefits are recorded when paid.
NOTE C - INVESTMENTS
The following investments represented 5% or more of the Plans net assets at December 31, 2014 and 2013 (dollars in thousands):
|
|
2014 |
|
2013 |
| ||
AbbVie Inc common shares |
|
$ |
1,582,187 |
|
$ |
1,440,976 |
|
Abbott Laboratories common shares |
|
1,390,445 |
|
1,214,271 |
| ||
American Funds The Growth Fund of America, Class R6 |
|
502,307 |
|
481,020 |
| ||
Vanguard Institutional Index Fund |
|
405,816 |
|
342,618 |
| ||
GMO Global Asset Allocation Series Fund, Class R6 |
|
358,177 |
|
347,692 |
| ||
PIMCO Short-Term Floating NAV Portfolio II |
|
n/a |
|
333,429 |
| ||
Distributions of Abbott common shares and conversions of participants common share account balances to participant loans or other investment options are recorded at fair market value.
A summary of Abbott common share data as of December 31, 2014 and 2013 is presented below:
|
|
2014 |
|
2013 |
| ||
Abbott common shares, 30,885,039 and 31,679,395 shares, respectively (dollars in thousands) |
|
$ |
1,390,445 |
|
$ |
1,214,271 |
|
Market value per share |
|
$ |
45.02 |
|
$ |
38.33 |
|
During 2014, the Plans investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows (dollars in thousands):
Common shares |
|
$ |
541,950 |
|
Mutual funds |
|
32,771 |
| |
Fixed income |
|
1,855 |
| |
Collective trust funds |
|
(5,838 |
) | |
|
|
$ |
570,738 |
|
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE C INVESTMENTS - Continued
In general, the investments provided by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant accounts and the amounts reported in the statements of net assets available for benefits.
NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
A significant portion of the Plans assets is invested in Abbott common shares.
Participants pay fees to Mercer for loan and withdrawal transaction processing and for commissions on purchases and sales of Abbott shares and sales of AbbVie and Hospira stock. These transactions qualify as permitted party-in-interest transactions.
NOTE E - PLAN TERMINATION
The Plan may be terminated at any time by Abbott upon written notice to the Trustee and Committee, and will be terminated if Abbott completely discontinues its contributions under the Plan. All participants account balances are fully vested upon Plan termination. Upon termination of the Plan, distributions of each participants share in the Trust, as determined by the terms of the Plan, will be made to each participant. At the present time, Abbott has no intention of terminating the Plan.
NOTE F - TAX STATUS
The IRS has determined and informed Abbott by a letter dated April 23, 2014, that the Plan and related Trust are designed in accordance with applicable sections of the IRC. The Plan has been amended since the applicable date of the determination letter. However, the Plan administrator believes that the Plan is designed and is currently being operated in accordance with the applicable requirements of the IRC.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE F - TAX STATUS - Continued
Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS or other applicable taxing authorities. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2014 and 2013, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
NOTE G SUBSEQUENT EVENTS
The Company has evaluated subsequent events from December 31, 2014 through the date these financial statements were available to be issued. There were no subsequent events that require recognition or additional disclosure in these financial statements.
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2014
(Dollars in thousands)
Identity of party involved/ |
|
|
|
|
|
|
|
Current |
| |
description of asset |
|
Rate |
|
Maturity |
|
Cost (a) |
|
value |
| |
|
|
|
|
|
|
|
|
|
| |
*Abbott Laboratories, common shares |
|
|
|
|
|
|
|
$ |
1,390,445 |
|
|
|
|
|
|
|
|
|
|
| |
AbbVie Inc., common shares |
|
|
|
|
|
|
|
1,582,187 |
| |
|
|
|
|
|
|
|
|
|
| |
Hospira, Inc., common shares |
|
|
|
|
|
|
|
62,346 |
| |
|
|
|
|
|
|
|
|
|
| |
Mutual funds |
|
|
|
|
|
|
|
|
| |
American Funds EuroPacific Growth Fund, Class R6 |
|
|
|
|
|
|
|
288,202 |
| |
American Funds The Growth Fund of America, Class R6 |
|
|
|
|
|
|
|
502,307 |
| |
American Funds The Investment Company of America Fund, Class R6 |
|
|
|
|
|
|
|
244,824 |
| |
American Funds Washington Mutual Investors Fund, Class R6 |
|
|
|
|
|
|
|
166,028 |
| |
GMO Global Asset Allocation Series Fund, Class R6 |
|
|
|
|
|
|
|
358,177 |
| |
PIMCO All Asset Fund |
|
|
|
|
|
|
|
104,769 |
| |
PIMCO Total Return Fund |
|
|
|
|
|
|
|
182,363 |
| |
Vanguard Developed Markets Index Fund |
|
|
|
|
|
|
|
73,711 |
| |
Vanguard Extended Market Index Fund |
|
|
|
|
|
|
|
301,270 |
| |
Vanguard Institutional Index Fund |
|
|
|
|
|
|
|
405,816 |
| |
Vanguard Mid-Cap Value Index Fund Admiral |
|
|
|
|
|
|
|
162,710 |
| |
|
|
|
|
|
|
|
|
|
| |
Collective trust funds |
|
|
|
|
|
|
|
|
| |
Blackrock International Opportunities Fund |
|
|
|
|
|
|
|
69,308 |
| |
Wellington Mid-Cap Growth Fund |
|
|
|
|
|
|
|
91,005 |
| |
|
|
|
|
|
|
|
|
|
| |
*Loans to participants, 3.25% to 9.50% |
|
|
|
|
|
|
|
77,880 |
| |
|
|
|
|
|
|
|
|
|
| |
SRP Short Term Investment Fund |
|
|
|
|
|
|
|
|
| |
Floating rate securities |
|
|
|
|
|
|
|
|
| |
Abbey National Treasury Service |
|
0.68 |
% |
9/29/2017 |
|
|
|
1,995 |
| |
Apple Inc. |
|
0.58 |
% |
5/6/2019 |
|
|
|
3,001 |
| |
AT&T Inc. |
|
0.69 |
% |
3/30/2017 |
|
|
|
1,000 |
| |
Becton Dickinson and Co |
|
0.72 |
% |
6/15/2016 |
|
|
|
6,502 |
| |
Canadian National Railway |
|
0.48 |
% |
11/6/2015 |
|
|
|
1,000 |
| |
Citigroup Inc. |
|
1.06 |
% |
4/1/2016 |
|
|
|
7,526 |
| |
Conagra Foods Inc. |
|
0.65 |
% |
7/21/2016 |
|
|
|
998 |
| |
Devon Energy Corporation |
|
0.81 |
% |
12/15/2016 |
|
|
|
1,991 |
| |
Devon Energy Corporation |
|
0.72 |
% |
12/15/2015 |
|
|
|
2,301 |
| |
Goldman Sachs Group Inc. |
|
0.89 |
% |
6/4/2017 |
|
|
|
5,788 |
| |
HSBC USA INC |
|
0.89 |
% |
11/13/2019 |
|
|
|
1,200 |
| |
JPMorgan Chase Bank NA |
|
0.79 |
% |
2/15/2017 |
|
|
|
6,583 |
| |
JPMorgan Chase Bank NA |
|
0.68 |
% |
6/2/2017 |
|
|
|
2,287 |
| |
JPN Bank for International Coop |
|
0.64 |
% |
11/13/2018 |
|
|
|
1,701 |
| |
Kookmin Bank |
|
1.53 |
% |
10/11/2016 |
|
|
|
1,214 |
| |
Land Nordrhein-Westfalen |
|
0.60 |
% |
5/3/2017 |
|
|
|
7,039 |
| |
McKesson Corp |
|
0.66 |
% |
9/10/2015 |
|
|
|
1,000 |
| |
Shinhan Bank |
|
0.92 |
% |
4/8/2017 |
|
|
|
2,005 |
| |
Svenska Handelsbanken |
|
0.71 |
% |
3/21/2016 |
|
|
|
5,016 |
| |
Verizon Communications |
|
0.66 |
% |
6/9/2017 |
|
|
|
4,990 |
| |
Verizon Communications |
|
1.80 |
% |
9/15/2016 |
|
|
|
967 |
| |
Verizon Communications |
|
2.02 |
% |
9/14/2018 |
|
|
|
1,040 |
| |
Walgreens Boots Alliance |
|
0.71 |
% |
5/18/2016 |
|
|
|
2,900 |
| |
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - CONTINUED
December 31, 2014
(Dollars in thousands)
Identity of party involved/ |
|
|
|
|
|
|
|
Current |
|
description of asset |
|
Rate |
|
Maturity |
|
Cost (a) |
|
value |
|
SRP Short Term Investment Fund - Continued |
|
|
|
|
|
|
|
|
|
Short-term asset backed securities |
|
|
|
|
|
|
|
|
|
ACASC 2007-1A |
|
0.49 |
% |
4/20/2021 |
|
|
|
1,888 |
|
AIMCO 2006-AA |
|
0.51 |
% |
8/20/2020 |
|
|
|
861 |
|
Atrium CDO Corp |
|
1.36 |
% |
11/16/2022 |
|
|
|
1,001 |
|
California Republic Auto 2014-3 |
|
0.63 |
% |
6/15/2017 |
|
|
|
1,500 |
|
Citibank Credit Card 2013-A11 |
|
0.42 |
% |
2/7/2018 |
|
|
|
3,300 |
|
Commercial Mortgage Trust |
|
1.08 |
% |
6/11/2027 |
|
|
|
998 |
|
Cornerstone 2007-1A |
|
0.50 |
% |
7/15/2021 |
|
|
|
2,508 |
|
FNMA Guaranteed REMIC |
|
0.58 |
% |
12/25/2043 |
|
|
|
3,681 |
|
Lightpoint 2006-5A |
|
0.53 |
% |
8/5/2019 |
|
|
|
363 |
|
Race Point 2006-3 |
|
0.54 |
% |
4/15/2020 |
|
|
|
2,784 |
|
Selkirk Limited |
|
1.86 |
% |
12/20/1941 |
|
|
|
1,951 |
|
SLM Student Loan Trust 2007-7 |
|
0.46 |
% |
1/25/2016 |
|
|
|
178 |
|
|
|
|
|
|
|
|
|
|
|
Short-term notes |
|
|
|
|
|
|
|
|
|
Banco Santander Chile |
|
1.18 |
% |
4/11/2017 |
|
|
|
996 |
|
Bank of Tokyo-Mitsubishi |
|
0.87 |
% |
9/9/2016 |
|
|
|
1,004 |
|
Banque Federative |
|
1.13 |
% |
1/20/2017 |
|
|
|
2,014 |
|
Credit Agricole London |
|
0.81 |
% |
6/12/2017 |
|
|
|
4,103 |
|
Credit Agricole SA |
|
1.12 |
% |
10/3/2016 |
|
|
|
2,012 |
|
Daimler Finance NA |
|
0.61 |
% |
3/10/2017 |
|
|
|
4,990 |
|
Electricite De France |
|
0.74 |
% |
1/20/2017 |
|
|
|
2,306 |
|
ING Bank NV |
|
0.61 |
% |
1/4/2016 |
|
|
|
3,499 |
|
Japan Bank for International |
|
2.50 |
% |
1/21/2016 |
|
|
|
7,139 |
|
Kookmin Bank |
|
1.53 |
% |
10/11/2016 |
|
|
|
3,034 |
|
Kookmin Bank |
|
1.15 |
% |
1/27/2017 |
|
|
|
1,510 |
|
Macquarie Bank |
|
1.06 |
% |
3/24/2017 |
|
|
|
3,013 |
|
Mizuho Bank |
|
0.71 |
% |
4/16/2017 |
|
|
|
2,001 |
|
Norddeutsche Landesbank |
|
0.88 |
% |
10/16/2015 |
|
|
|
5,008 |
|
Sumitomo Mitsui Banking Corp |
|
1.35 |
% |
7/18/2015 |
|
|
|
4,421 |
|
|
|
|
|
|
|
|
|
|
|
Government guaranteed notes |
|
|
|
|
|
|
|
|
|
Dexia Credit Local SA |
|
1.25 |
% |
10/18/2016 |
|
|
|
3,313 |
|
Dexia Credit Local SA |
|
0.68 |
% |
1/11/2017 |
|
|
|
1,004 |
|
|
|
|
|
|
|
|
|
|
|
Municipals |
|
|
|
|
|
|
|
|
|
Ohio State Build America Bond |
|
2.47 |
% |
5/1/2016 |
|
|
|
1,640 |
|
Texas State |
|
0.53 |
% |
6/1/2017 |
|
|
|
4,801 |
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
|
|
|
|
|
|
|
AbbVie Inc. |
|
1.20 |
% |
11/6/2015 |
|
|
|
2,507 |
|
Barclays Bank |
|
4.75 |
% |
2/23/2015 |
|
|
|
1,408 |
|
Citigroup Inc. |
|
6.01 |
% |
1/15/2015 |
|
|
|
1,302 |
|
Credit Agricole London |
|
1.08 |
% |
4/15/2019 |
|
|
|
1,713 |
|
HBOS PLC |
|
0.96 |
% |
9/6/2017 |
|
|
|
991 |
|
Hyundai Capital America Co |
|
3.75 |
% |
4/6/2016 |
|
|
|
1,367 |
|
Hyundai Capital America Co |
|
3.75 |
% |
4/6/2016 |
|
|
|
301 |
|
International Lease Finance Co |
|
5.75 |
% |
5/15/2016 |
|
|
|
1,868 |
|
Morgan Stanley |
|
6.00 |
% |
4/28/2015 |
|
|
|
3,455 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - CONTINUED
December 31, 2014
(Dollars in thousands)
Identity of party involved/ |
|
|
|
|
|
|
|
Current |
| |
description of asset |
|
Rate |
|
Maturity |
|
Cost (a) |
|
value |
| |
SRP Short Term Investment Fund - Continued |
|
|
|
|
|
|
|
|
| |
Corporate bonds - Continued |
|
|
|
|
|
|
|
|
| |
Morgan Stanley |
|
4.10 |
% |
1/26/2015 |
|
|
|
125 |
| |
Sabmiller Holdings Inc. |
|
1.85 |
% |
1/15/2015 |
|
|
|
1,811 |
| |
|
|
|
|
|
|
|
|
|
| |
International |
|
|
|
|
|
|
|
|
| |
America Movil Sab de CV |
|
1.27 |
% |
9/12/2016 |
|
|
|
251 |
| |
DBS Group Holdings Ltd |
|
0.78 |
% |
7/16/2019 |
|
|
|
1,999 |
| |
DBS Group Holdings Ltd |
|
2.25 |
% |
7/16/2019 |
|
|
|
998 |
| |
Glencore Canada Corporation |
|
5.38 |
% |
6/1/2015 |
|
|
|
712 |
| |
Hana Bank |
|
1.38 |
% |
2/5/2016 |
|
|
|
2,000 |
| |
Hyundai Capital Services |
|
1.07 |
% |
3/18/2017 |
|
|
|
998 |
| |
Kansas City Southern de Mexico |
|
0.98 |
% |
10/28/2016 |
|
|
|
5,806 |
| |
Nomura Holdings Inc. |
|
5.00 |
% |
3/4/2015 |
|
|
|
1,007 |
| |
Petrobras Global Finance BV |
|
2.42 |
% |
1/15/2019 |
|
|
|
532 |
| |
Petrobras Global Finance BV |
|
1.88 |
% |
5/20/2016 |
|
|
|
3,222 |
| |
Petrobras Global Finance BV |
|
2.63 |
% |
3/17/2017 |
|
|
|
1,569 |
| |
Royal Bank of Scotland |
|
4.88 |
% |
3/16/2015 |
|
|
|
2,519 |
| |
Telecom Italia Capital |
|
5.25 |
% |
10/1/2015 |
|
|
|
1,020 |
| |
Telefonica Emisiones |
|
3.73 |
% |
4/27/2015 |
|
|
|
2,522 |
| |
UBS AG Stamford |
|
0.92 |
% |
8/14/2019 |
|
|
|
5,016 |
| |
|
|
|
|
|
|
|
|
|
| |
Commercial paper |
|
|
|
|
|
|
|
|
| |
AXA Financial Inc. |
|
0.00 |
% |
6/1/2015 |
|
|
|
1,997 |
| |
ENI Financial USA |
|
0.63 |
% |
2/17/2015 |
|
|
|
5,000 |
| |
Entergy Corp |
|
0.00 |
% |
1/6/2015 |
|
|
|
5,900 |
| |
Macquarie Bank Ltd |
|
0.53 |
% |
4/7/2015 |
|
|
|
2,800 |
| |
NiSource Financial Corp |
|
0.00 |
% |
1/21/2015 |
|
|
|
4,997 |
| |
Tesco Treasury |
|
0.00 |
% |
8/17/2015 |
|
|
|
3,930 |
| |
Vodafone Group |
|
0.00 |
% |
6/2/2015 |
|
|
|
1,997 |
| |
|
|
|
|
|
|
|
|
|
| |
Certificate of deposit |
|
|
|
|
|
|
|
|
| |
Credit Suisse |
|
0.58 |
% |
8/24/2015 |
|
|
|
5,001 |
| |
Intesa Sanpaolo SPA |
|
1.66 |
% |
4/11/2016 |
|
|
|
2,004 |
| |
Itau Unibanco SA |
|
1.18 |
% |
6/4/2015 |
|
|
|
1,000 |
| |
|
|
|
|
|
|
|
|
|
| |
Short-term investment fund |
|
|
|
|
|
|
|
|
| |
TBC Inc. Pooled Emp. Daily |
|
|
|
|
|
|
|
552 |
| |
|
|
|
|
|
|
|
|
|
| |
Private 40-Act mutual funds |
|
|
|
|
|
|
|
|
| |
PIMCO Short-Term Floating NAV Portfolio II |
|
|
|
|
|
|
|
305,503 |
| |
PIMCO Short-Term Portfolio |
|
|
|
|
|
|
|
23,158 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
$ |
6,623,071 |
|
*Represents a party-in-interest transaction.
(a) Cost information omitted as all investments are fully participant directed.
FINANCIAL STATEMENTS AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ABBOTT LABORATORIES STOCK RETIREMENT PLAN (PUERTO RICO)
DECEMBER 31, 2014 and 2013
C O N T E N T S
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Page |
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3 | |
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|
FINANCIAL STATEMENTS |
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|
5 | |
|
|
6 | |
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|
7 | |
|
|
| |
|
|
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
17 |
Grant Thornton LLP | |
|
175 W Jackson Boulevard, 20th Floor |
|
Chicago, IL 60604-2687 |
|
|
|
T 312.856.0200 |
|
F 312.565.4719 |
|
GrantThornton.com |
Plan Administrator
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
We have audited the accompanying statements of net assets available for benefits of the Abbott Laboratories Stock Retirement Plan (Puerto Rico) (the Plan) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plans internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Abbott Laboratories Stock Retirement Plan (Puerto Rico) as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the year ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2014, has been subjected to audit procedures performed in conjunction with the audit of Abbott Laboratories Stock Retirement Plan (Puerto Rico)s financial statements. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements but include supplemental information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplementary information is the responsibility of the Plans management. Our audit procedures included determining whether the supplemental information reconciles to the basic financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information
Grant Thornton LLP
U.S. member firm of Grant Thornton International Ltd
presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information referred to above is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.
/s/ Grant Thornton LLP
Chicago, Illinois
June 26, 2015
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2014 and 2013
(Dollars in thousands)
|
|
2014 |
|
2013 |
| ||
Assets |
|
|
|
|
| ||
Cash |
|
$ |
41 |
|
$ |
2 |
|
Investments, at fair value |
|
114,108 |
|
95,609 |
| ||
Notes receivable from participants |
|
8,199 |
|
8,025 |
| ||
Due from brokers |
|
|
|
185 |
| ||
|
|
|
|
|
| ||
Total assets |
|
122,348 |
|
103,821 |
| ||
|
|
|
|
|
| ||
Liabilities |
|
|
|
|
| ||
Due to brokers |
|
10 |
|
1 |
| ||
|
|
|
|
|
| ||
NET ASSETS AVAILABLE FOR BENEFITS |
|
$ |
122,338 |
|
$ |
103,820 |
|
The accompanying notes are an integral part of these statements.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2014
(Dollars in thousands)
Additions |
|
|
| |
Contributions |
|
|
| |
Employer |
|
$ |
2,701 |
|
Participant |
|
5,015 |
| |
|
|
|
| |
Total contributions |
|
7,716 |
| |
|
|
|
| |
Investment income |
|
|
| |
Net appreciation in fair value of investments |
|
11,066 |
| |
Interest and dividends |
|
3,870 |
| |
|
|
|
| |
Net investment income |
|
14,936 |
| |
|
|
|
| |
Interest income on notes receivable from participants |
|
259 |
| |
|
|
|
| |
Total additions |
|
22,911 |
| |
|
|
|
| |
Deductions |
|
|
| |
Benefits paid to participants |
|
5,529 |
| |
Other expenses |
|
41 |
| |
|
|
|
| |
Total deductions |
|
5,570 |
| |
|
|
|
| |
Net increase prior to transfer |
|
17,341 |
| |
|
|
|
| |
Net plan transfers in (note A) |
|
1,177 |
| |
|
|
|
| |
NET INCREASE AFTER TRANSFER |
|
18,518 |
| |
|
|
|
| |
Net assets available for benefits |
|
|
| |
Beginning of year |
|
103,820 |
| |
|
|
|
| |
End of year |
|
$ |
122,338 |
|
The accompanying notes are an integral part of this statement.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
December 31, 2014 and 2013
NOTE A - DESCRIPTION OF THE PLAN
The following description of the Abbott Laboratories Stock Retirement Plan (Puerto Rico) (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plans provisions.
General
On January 1, 2013, Abbott Laboratories (Abbott) separated into two publicly traded companies. The research-based pharmaceuticals business became AbbVie Inc. (AbbVie); the diversified medical products businesses remained with Abbott. Effective January 1, 2013, the Plan was established for employees of Abbotts selected subsidiaries and affiliates in Puerto Rico (the Company). The employees of the Company had previously participated in the former Abbott Laboratories Stock Retirement Plan (Puerto Rico), which effective January 1, 2013 was renamed AbbVie Puerto Rico Savings Plan (the Former Plan) and sponsorship was assumed by an affiliate of AbbVie.
During 2013, assets relating to participants who held account balances in the Former Plan, but continued employment with the Company were transferred from the Former Plan to the Plan. The separation agreement between Abbott and AbbVie covers a 30 month period and allows for the transfer of employees between the two companies during that period. During 2014, additional net assets totaling approximately $1.2 million were transferred from the Former Plan to the Plan related to such employee transfers.
Employees of the Company may, after meeting certain employment requirements, voluntarily participate in the Plan. The Plans sponsor is Abbott Healthcare (Puerto Rico) Ltd. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
Mercer Trust Company and Mercer HR Services LLC (collectively, Mercer) are the custodian (Custodian) and record keeper of the Plan. Banco Popular de Puerto Rico serves as trustee (Trustee) of the Plan.
The Plan is a profit sharing plan containing a cash or deferred arrangement intended to qualify for favorable tax treatment under sections 1081.01 (a) and (d) of the Puerto Rico Internal Revenue Code of 2011, as amended. In addition, the Plan provides an arrangement by which employees may invest in Abbott shares.
Contributions and Vesting
Contributions to the Plan are paid to a trust. The trust is administered by the Trustee. An investment committee (the Committee) may direct the Trustee to establish investment funds of the Committees choosing.
Employees are eligible to make contributions on any entry date following their date of hire. Eligible employees electing to participate may contribute from 2% to 25% of their eligible earnings to the trust, subject to certain limitations. Participants may choose to make their contributions from either pretax earnings or after-tax earnings or both. Participants who have attained age 50
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
before the end of the Plan year and who are making the maximum pretax contribution are eligible to make catch-up contributions. Participants pretax contributions are a pay conversion feature, which is a salary deferral option under the provisions of Section 1081.01(d) of the Puerto Rico Internal Revenue Code of 2011, as amended. Participant contributions may be invested in any or all of the investment options except for investment options closed to new contributions.
Employer contributions to the Plan are made each payroll period based on the participating employees eligible earnings. The amount of the employer contribution is determined by the Board of Directors of Abbott and, for the year ended December 31, 2014, was 5% of the participants eligible earnings if the employee elected to contribute at least 2% of eligible earnings to the Plan. Employer contributions are invested each pay period according to the employees investment elections.
The Plan offered the following investment options in 2014 and 2013: Abbott common shares, American Funds (including EuroPacific Growth Fund, The Growth Fund of America, The Investment Company of America Fund, and Washington Mutual Investors Fund), Blackrock International Opportunities Fund, GMO Global Asset Allocation Series Fund, PIMCO All Asset Fund, PIMCO Short Asset Investment Fund, PIMCO Total Return Fund, Vanguard Developed Markets Fund, Vanguard Extended Market Index Fund, Vanguard Institutional Index Fund, Vanguard Mid-Cap Value Index Fund Admiral, and Wellington Mid-Cap Growth Fund.
In connection with the January 1, 2013 separation of Abbott into two publicly traded companies, Abbott shareholders received as a tax-free distribution one share of AbbVie stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Plan participants may continue to hold the AbbVie stock they received from the distribution that transferred from the Former Plan into their Plan accounts; however, they may not make new contributions or transfer new money to purchase AbbVie stock in the Plan. In addition, participants who held Hospira, Inc. (Hospira) stock in the Former Plan that they received as a result of the spin-off of Hospira, Inc. from Abbott on April 30, 2004, may continue to hold the Hospira stock in their accounts in the Plan; however, they may not make new contributions or transfer new money to purchase Hospira stock in the Plan.
Participants may direct the Trustee to sell all or a portion of the Abbott, AbbVie and Hospira common shares held in their accounts and reinvest the proceeds in any of the other investment options available to the participants.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
Participants are at all times fully vested in their own contributions and earnings thereon. Vesting in employer contributions and earnings thereon is based on the following vesting schedule:
|
|
Vesting |
|
Service |
|
percentage |
|
Less than two years |
|
0 |
% |
Two years or more |
|
100 |
% |
Non-vested portions of employer contributions and earnings thereon are forfeited as of an employees termination date. Forfeitures are used to (1) restore any forfeitures of participants who returned to service with the Company within a given period of time, (2) pay Plan expenses and (3) reduce future employer contributions if terminated participants do not return to service within the given period of time. In 2014, no forfeitures were used to reduce Abbotts employer contributions or to pay plan expenses. No forfeitures were available at the end of 2014 and 2013.
Distributions
Following retirement, termination or death, participants or their beneficiaries may elect to receive a distribution in installments or a single lump sum. Participants may elect a direct rollover of their accounts. Distributions are made in cash or, to the extent contained in the participants account, a participant may elect distribution of Abbott and AbbVie common shares. Distribution must be made by the 1st of April following the year the participant reaches age 70 ½ or, if earlier, the 1st of April following the year in which the participant dies. Interest, dividends and other earnings will continue to accrue on such deferred amounts. Prior to separation from service, participants are permitted to withdraw their rollover contributions and their after-tax contributions, and after age 59 ½, may also withdraw pretax contributions; in each case, subject to certain limitations. Withdrawals may be made in shares or in cash.
Notes Receivable from Participants
Participants may convert their pretax accounts to one or two loans to themselves. The borrowing may not exceed the lesser of the current market value of the assets allocated to their pretax accounts or 50% of all of their Plan accounts up to $50,000, subject to Puerto Rico Internal Revenue Code limitations and restrictions. Participants pay interest on such borrowings at the prime rate in effect at the time the participant loan is made. Loans must be repaid within five years (or by the employees anticipated retirement date, if sooner) unless the loan is used for the purchase of the primary residence of the employee, in which case the repayment period can be extended to a period
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE A - DESCRIPTION OF THE PLAN - Continued
Notes Receivable from Participants - Continued
of fifteen years (or until the employees anticipated retirement date, if sooner). Repayment is generally made through periodic payroll deductions but a loan may be repaid in a lump sum at any time. For employees terminating employment with Abbott during the repayment period, the balance of the outstanding loan is netted from their Plan distribution.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared using the accrual basis of accounting.
Adoption of New Accounting Rules
On May 1, 2015 the Financial Accounting Standards Board issued updated guidance related to fair value measurement and the disclosures for investments in certain entities that calculate net asset value (NAV) per share (or its equivalent). The updated guidance applies to reporting entities that elect to measure the fair value of certain investments using the NAV per share (or its equivalent) of the investment as a practical expedient. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of when the investment is redeemable with the investee at NAV. The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient.
The amendments are effective for the Plan for fiscal years beginning after December 15, 2015 and shall apply retrospectively to all periods presented. Earlier application is permitted. The Plans administrator is currently evaluating the impact the updated guidance will have on the Plans financial statement disclosures, but does not expect the effect to be material.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation
Plan management uses the following methods and significant assumptions to estimate the fair value of investments:
Common stock and mutual funds - Valued at the published market price per unit multiplied by the number of shares or units held.
Collective trust fund - Valued at the NAV provided by the administrator of the fund. The NAV is used as a practical expedient for fair value. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.
The following tables summarize the basis used to measure assets at fair value at December 31, 2014 and 2013 (dollars in thousands):
|
|
Basis of Fair Value Measurement |
| ||||||||||
|
|
Quoted |
|
Significant |
|
|
|
|
| ||||
|
|
Prices in |
|
Other |
|
Significant |
|
|
| ||||
|
|
Active |
|
Observable |
|
Unobservable |
|
|
| ||||
2014 |
|
Markets |
|
Inputs |
|
Inputs |
|
Total |
| ||||
Common stock |
|
|
|
|
|
|
|
|
| ||||
Abbott |
|
$ |
35,039 |
|
$ |
|
|
$ |
|
|
$ |
35,039 |
|
AbbVie |
|
28,631 |
|
|
|
|
|
28,631 |
| ||||
Hospira |
|
625 |
|
|
|
|
|
625 |
| ||||
Total common stock |
|
64,295 |
|
|
|
|
|
64,295 |
| ||||
Mutual funds |
|
|
|
|
|
|
|
|
| ||||
Growth |
|
5,858 |
|
|
|
|
|
5,858 |
| ||||
Blend |
|
18,579 |
|
|
|
|
|
18,579 |
| ||||
Value |
|
9,116 |
|
|
|
|
|
9,116 |
| ||||
Bond |
|
9,615 |
|
|
|
|
|
9,615 |
| ||||
Income |
|
4,781 |
|
|
|
|
|
4,781 |
| ||||
Total mutual funds |
|
47,949 |
|
|
|
|
|
47,949 |
| ||||
Collective trust fund |
|
|
|
|
|
|
|
|
| ||||
Growth (a) |
|
|
|
1,864 |
|
|
|
1,864 |
| ||||
Total assets at fair value |
|
$ |
112,244 |
|
$ |
1,864 |
|
$ |
|
|
$ |
114,108 |
|
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
|
|
Basis of Fair Value Measurement |
| ||||||||||
|
|
Quoted |
|
Significant |
|
|
|
|
| ||||
|
|
Prices in |
|
Other |
|
Significant |
|
|
| ||||
|
|
Active |
|
Observable |
|
Unobservable |
|
|
| ||||
2013 |
|
Markets |
|
Inputs |
|
Inputs |
|
Total |
| ||||
Common stock |
|
|
|
|
|
|
|
|
| ||||
Abbott |
|
$ |
27,657 |
|
$ |
|
|
$ |
|
|
$ |
27,657 |
|
AbbVie |
|
27,010 |
|
|
|
|
|
27,010 |
| ||||
Hospira |
|
514 |
|
|
|
|
|
514 |
| ||||
Total common stock |
|
55,181 |
|
|
|
|
|
55,181 |
| ||||
Mutual funds |
|
|
|
|
|
|
|
|
| ||||
Growth |
|
5,296 |
|
|
|
|
|
5,296 |
| ||||
Blend |
|
15,227 |
|
|
|
|
|
15,227 |
| ||||
Value |
|
6,879 |
|
|
|
|
|
6,879 |
| ||||
Bond |
|
7,291 |
|
|
|
|
|
7,291 |
| ||||
Income |
|
4,172 |
|
|
|
|
|
4,172 |
| ||||
Total mutual funds |
|
38,865 |
|
|
|
|
|
38,865 |
| ||||
Collective trust fund |
|
|
|
|
|
|
|
|
| ||||
Growth (a) |
|
|
|
1,563 |
|
|
|
1,563 |
| ||||
Total assets at fair value |
|
$ |
94,046 |
|
$ |
1,563 |
|
$ |
|
|
$ |
95,609 |
|
(a) The collective trust fund does not have a readily determinable fair value and is valued at its NAV per share as provided by the funds administrators. The fund invests in small and midsize companies. The investment objective of this fund is to achieve long-term total return in excess of the Russell Mid-Cap Growth Index. Redemption from the fund is permitted daily.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the terms of the Plan.
Income Recognition
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net realized and unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as net appreciation in fair value of investments.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Administrative Expenses
Participants are charged transaction fees for loan and withdrawal processing and commissions on purchases and sales of Abbott shares and sales of AbbVie and Hospira shares. Investment fees for mutual funds, collective trusts, and money market funds are charged against the net assets of the respective fund. The Company pays other Mercer record-keeping and administration fees, where applicable.
Payment of Benefits
Benefits are recorded when paid.
NOTE C - INVESTMENTS
The following investments represented 5% or more of the Plans net assets at December 31, 2014 and 2013 (dollars in thousands):
|
|
2014 |
|
2013 |
| ||
|
|
|
|
|
|
|
|
Abbott Laboratories common shares |
|
$ |
35,039 |
|
$ |
27,657 |
|
AbbVie Inc. common shares |
|
28,631 |
|
27,010 |
| ||
PIMCO Short Asset Investment Fund |
|
9,615 |
|
7,291 |
| ||
GMO Global Asset Allocation Series Fund, Class R6 |
|
6,929 |
|
6,112 |
| ||
American Funds The Growth Fund of America, Class R6 |
|
n/a |
|
5,296 |
|
Distributions of Abbott common shares and conversions of participants common share account balances to participant loans or other investment options are recorded at fair market value.
A summary of Abbott common share data as of December 31, 2014 and 2013 is presented below:
|
|
2014 |
|
2013 |
| ||
|
|
|
|
|
|
|
|
Abbott common shares, 778,308 and 721,557 shares, respectively (dollars in thousands) |
|
$ |
35,039 |
|
$ |
27,657 |
|
Market value per share |
|
$ |
45.02 |
|
$ |
38.33 |
|
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE C INVESTMENTS - Continued
During 2014, the Plans investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows (dollars in thousands):
Common shares |
|
$ |
11,383 |
|
Mutual funds |
|
(382 |
) | |
Collective trust fund |
|
65 |
| |
|
|
$ |
11,066 |
|
In general, the investments provided by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant accounts and the amounts reported in the statements of net assets available for benefits.
NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
A significant portion of the Plans assets is invested in Abbott common shares.
Participants pay fees to Mercer for loan and withdrawal transaction processing and for commissions on purchases and sales of Abbott shares and sales of AbbVie and Hospira stock. These transactions qualify as permitted party-in-interest transactions.
NOTE E - PLAN TERMINATION
The Plan may be terminated at any time by Abbott upon written notice to the Trustee and Committee, and will be terminated if Abbott completely discontinues its contributions under the Plan. All participants account balances are fully vested upon Plan termination. Upon termination of the Plan, distributions of each participants share in the trust, as determined by the terms of the Plan, will be made to each participant. At the present time, Abbott has no intention of terminating the Plan.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2014 and 2013
NOTE F - TAX STATUS
On December 10, 2013, a request was filed with the Department of the Treasury of the Commonwealth of Puerto Rico for the issuance of a letter to the effect that the Plan, as written, qualifies under Section 1081.01(a) of the Puerto Rico Internal Revenue Code of 2011, as amended and, consequently, its enabling trust is exempt from local income tax. The Plan received a response on March 25, 2015 with a request for additional information. On April 6, 2015 the requested information was submitted and the Plan is waiting for the ruling. The Plans management believes that the Plan is designed and is currently being operated, in all material respects, in accordance with the applicable Puerto Rico Internal Revenue Code.
Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the applicable taxing authorities. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2014 and 2013, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress.
NOTE G SUBSQUENT EVENTS
The Company has evaluated subsequent events from December 31, 2014 through the date these financial statements were available to be issued. There were no subsequent events that require recognition or additional disclosure in these financial statements.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2014
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
| |
description of asset |
|
Cost (a) |
|
value |
| |
|
|
|
|
|
| |
*Abbott Laboratories, common stock |
|
|
|
$ |
35,039 |
|
|
|
|
|
|
| |
AbbVie Inc., common stock |
|
|
|
28,631 |
| |
|
|
|
|
|
| |
Hospira, Inc., common stock |
|
|
|
625 |
| |
|
|
|
|
|
| |
Mutual funds |
|
|
|
|
| |
American Funds EuroPacific Growth Fund, Class R6 |
|
|
|
4,124 |
| |
American Funds The Growth Fund of America, Class R6 |
|
|
|
5,858 |
| |
American Funds The Investment Company of America Fund, Class R6 |
|
|
|
5,249 |
| |
American Funds Washington Mutual Investors Fund, Class R6 |
|
|
|
1,870 |
| |
Blackrock International Opportunities Fund |
|
|
|
1,042 |
| |
GMO Global Asset Allocation Series Fund, Class R6 |
|
|
|
6,929 |
| |
PIMCO All Asset Fund |
|
|
|
2,241 |
| |
PIMCO Short Asset Investment Fund |
|
|
|
9,615 |
| |
PIMCO Total Return Fund |
|
|
|
2,540 |
| |
Vanguard Extended Market Index Fund |
|
|
|
2,505 |
| |
Vanguard Developed Markets Index Fund |
|
|
|
500 |
| |
Vanguard Institutional Index Fund |
|
|
|
3,479 |
| |
Vanguard Mid-Cap Value Index Fund Admiral |
|
|
|
1,997 |
| |
|
|
|
|
|
| |
Collective trust fund |
|
|
|
|
| |
Wellington Mid-Cap Growth Fund |
|
|
|
1,864 |
| |
|
|
|
|
|
| |
*Loans to participants, 3.25% to 9.50% |
|
|
|
8,199 |
| |
|
|
|
|
|
| |
|
|
|
|
$ |
122,307 |
|
*Represents a party-in-interest transaction.
(a) Cost information omitted as all investments are fully participant directed.
EXHIBITS
23.1 |
|
Consent of Independent Registered Public Accounting Firm Abbott Laboratories Stock Retirement Plan. |
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|
|
23.2 |
|
Consent of Independent Registered Public Accounting Firm Abbott Laboratories Stock Retirement Plan (Puerto Rico). |
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
ABBOTT LABORATORIES STOCK RETIREMENT PROGRAM
Date: |
June 26, 2015 |
By: |
/s/ Mary K. Moreland |
|
|
|
Mary K. Moreland |
|
|
|
Plan Administrator |
EXHIBIT INDEX
Exhibit No. |
|
Exhibit |
|
|
|
23.1 |
|
Consent of Independent Registered Public Accounting Firm Abbott Laboratories Stock Retirement Plan. |
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|
|
23.2 |
|
Consent of Independent Registered Public Accounting Firm Abbott Laboratories Stock Retirement Plan (Puerto Rico). |