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, 2017
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, 2017 AND 2016
|
Plan Administrator and Plan Participants
Abbott Laboratories Stock Retirement Plan
Opinion on the financial statements
We have audited the accompanying statements of net assets available for benefits of Abbott Laboratories Stock Retirement Plan (the Plan) as of December 31, 2017 and 2016, the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for opinion
These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on the Plans financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2017, has been subjected to audit procedures performed in conjunction with the audit of the 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 supplemental 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 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
We have served as the Plans auditor since 2002.
Chicago, Illinois
June 22, 2018
Abbott Laboratories Stock Retirement Plan
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2017 and 2016
(Dollars in thousands)
|
|
2017 |
|
2016 |
| ||
Assets |
|
|
|
|
| ||
Cash |
|
$ |
7,742 |
|
$ |
1,215 |
|
Investments, at fair value |
|
7,895,700 |
|
6,196,715 |
| ||
Notes receivable from participants |
|
58,442 |
|
62,960 |
| ||
Accrued interest and dividend income |
|
1,598 |
|
1,709 |
| ||
Due from brokers |
|
163 |
|
940 |
| ||
|
|
|
|
|
| ||
Total assets |
|
7,963,645 |
|
6,263,539 |
| ||
|
|
|
|
|
| ||
Liabilities |
|
|
|
|
| ||
Accrued investment expenses |
|
327 |
|
553 |
| ||
Due to brokers |
|
4,521 |
|
2,433 |
| ||
|
|
|
|
|
| ||
Total liabilities |
|
4,848 |
|
2,986 |
| ||
|
|
|
|
|
| ||
NET ASSETS AVAILABLE FOR BENEFITS |
|
$ |
7,958,797 |
|
$ |
6,260,553 |
|
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, 2017
(Dollars in thousands)
Additions |
|
|
| |
Contributions |
|
|
| |
Employer |
|
$ |
82,390 |
|
Participant |
|
163,371 |
| |
Rollovers |
|
61,539 |
| |
|
|
|
| |
Total contributions |
|
307,300 |
| |
|
|
|
| |
Investment income |
|
|
| |
Net appreciation in fair value of investments |
|
1,773,688 |
| |
Interest and dividends |
|
178,632 |
| |
|
|
|
| |
Net investment income |
|
1,952,320 |
| |
|
|
|
| |
Interest income on notes receivable from participants |
|
2,005 |
| |
|
|
|
| |
Total additions |
|
2,261,625 |
| |
|
|
|
| |
Deductions |
|
|
| |
Benefits paid to participants |
|
563,241 |
| |
Other expenses |
|
140 |
| |
|
|
|
| |
Total deductions |
|
563,381 |
| |
|
|
|
| |
NET INCREASE |
|
1,698,244 |
| |
|
|
|
| |
Net assets available for benefits |
|
|
| |
Beginning of year |
|
6,260,553 |
| |
|
|
|
| |
End of year |
|
$ |
7,958,797 |
|
The accompanying notes are an integral part of these statements.
Abbott Laboratories Stock Retirement Plan
December 31, 2017 and 2016
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 intended to constitute a profit sharing plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (the IRC), with a cash or deferred arrangement under IRC Section 401(k), and a portion of the Plan is intended to constitute an employee stock ownership plan that meets the applicable requirements of IRC Sections 409 and 4975(e)(7). The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA).
Aon Hewitt served as the Plans record keeper until its parent company, Aon plc, completed the sale of its benefits administration business to Blackstone Group LP during 2017. The business now operates as Alight Solutions and continues to serve as the record keeper of the Plan. The Northern Trust Company (Custodian or Trustee) serves as the Plans custodian and trustee.
In January 2017, Abbott completed the acquisition of St. Jude Medical, Inc., a global medical device manufacturer. During 2017, employees of St. Jude Medical, LLC (the surviving entity in the acquisition) and its subsidiaries in the United States were eligible to participate in a separate plan, not the Plan.
In February 2017, Abbott completed the sale of Abbott Medical Optics (AMO), its vision care business. After the sale, AMO employees in the United States were no longer eligible to make contributions to the Plan and were given the choice to keep their account balance in the Plan, including continuing to repay outstanding loans, roll over their account to a personal rollover account or another qualified plan, or take a distribution subject to any applicable taxes and penalties.
In October 2017, Abbott completed the acquisition of Alere Inc. (Alere), a global manufacturer of rapid point-of-care diagnostic tests. Alere employees were permitted to participate in the Plan following the acquisition. Alere had previously sponsored a separate 401(k) plan, which was terminated prior to the acquisition, and the participants in that plan were permitted to roll over their account balances into the Plan. If a participant in the Alere plan had an outstanding loan, Abbott offered an opportunity for the outstanding loan balance to be included in the rollover and loan repayment to continue under the Plan.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting
Contributions to the Plan are paid to the Abbott Laboratories Stock Retirement Trust (Trust). The Trust is administered by the Trustee and an investment committee (the Committee).
Employees are eligible to commence participation in the Plan on any entry date following their date of hire. Except for employees described later in the paragraph, eligible employees electing to participate contribute from 2% up to 25% of their eligible earnings, subject to certain limitations. Participants may choose to make their contributions from pretax earnings, after-tax earnings, or both. The Plan also permits Roth 401(k) contributions and has a Roth 401(k) conversion feature. Beginning March 2017, newly hired employees in certain specified Abbott divisions and business units, participate in the Plan under a different structure (Abbott Green employees). Alere employees also participate in the Plan under the Abbott Green structure. Under the Abbott Green structure, participants may defer up to 50% of eligible earnings as pre-tax or Roth contributions.
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 pretax contributions are a pay conversion feature, which is a salary deferral option under the provisions of Section 401(k) of the IRC. Participants may elect to invest their contributions in any or all of the investment options available under the Plan, 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. Excluding the Abbott Green employees, the employer contribution for the year ended December 31, 2017, was 5% of the participants eligible earnings if the participant elected to contribute at least 2% of eligible earnings to the Plan. Effective with the first pay period ending after March 1, 2017, for Abbott Green employees who were employed as of June 30, 2017, employer matching contributions are made at the rate of either (i) 100% of a 1% deferral of eligible earnings or (ii) 5% of eligible earnings for a deferral of 2% or more of eligible earnings. A true-up employer matching contribution is made for eligible participants as of the end of the year if necessary to reach a full 1% or 5% employer matching contribution, as applicable. Employer contributions are invested each pay period according to the participants investment elections.
Cash dividends on 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 Plan year for which paid or (3) paid to the Plan and credited to the accounts in which shares are held, as elected by each participant or beneficiary in accordance with rules established by the administrator.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
On January 1, 2013, Abbott separated into two publicly traded companies Abbott and AbbVie Inc. (AbbVie). 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 existing contributions or earnings 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 are invested in the Plans default investment option.
Participants may direct the Trustee to sell all or a portion of the Abbott and AbbVie common shares held in their accounts and reinvest the proceeds in any of the other available investment options.
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 for participants excluding Abbott Green participants:
|
|
Vesting |
|
Service |
|
percentage |
|
|
|
|
|
Less than two years |
|
0 |
% |
Two years or more |
|
100 |
% |
The Abbott Green matching contributions vest 20% each year, until full vesting at five years (with accelerated vesting if the participant dies, attains age 65, or becomes disabled).
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 2017, forfeitures reduced Abbotts employer contributions by approximately $2.1 million. Approximately $257,000 and $351,500 in forfeitures were available at the end of 2017 and 2016, respectively.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE A - DESCRIPTION OF THE PLAN - Continued
Distributions and In-Service Withdrawals
Following retirement, termination or death (or for some participants from merged-in plans, upon disability), participants or their beneficiaries may elect to receive a distribution in installments, in a single lump sum or in a partial lump sum. Participants may elect a direct rollover of their accounts. 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 31st of December following the year in which the participant dies. Interest, dividends and other earnings will continue to accrue on such deferred amounts.
Prior to termination, participants are permitted to withdraw their after-tax contributions (after-tax contributions made on or after January 8, 2016 may be withdrawn from the Plan only after being held for two or more years) and rollover contributions (including Roth rollover accounts and merged-in plan rollover accounts) and, after age 59 ½, may also withdraw pretax contributions. 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, and in each case, subject to certain limitations.
Notes Receivable from Participants
Participants may convert their vested account balances 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 vested 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 or by sending in payments, but a loan may be repaid in a lump sum at any time. Post-termination loan repayments are permitted. For employees whose account is distributed during the repayment period, the balance of the outstanding loan is netted from their Plan distribution.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared using the accrual basis of accounting.
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, mutual funds, REITs and futures contracts - Valued at the published market price per share or unit multiplied by the number of respective shares or units held.
Collective trust funds and Private 40-Act mutual funds - Valued at the NAV provided by the administrator of the fund. The NAV is used as a practical expedient to estimate 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. Redemption from the funds is permitted daily. The Private 40-Act mutual 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 Private 40-Act mutual 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.
Corporate debt and government debt - Valued at the published market price or prices obtained from independent financial services industry-recognized vendors multiplied by the number of respective units held. Prices obtained from vendors are on the basis of bid or mid evaluations in accordance to a regions market convention, using factors which include but are not limited to market quotations, yields, maturities, and the bonds terms and conditions. Proprietary methods are used to arrive at the evaluated price, which represent the price a dealer would pay for a security.
Certificate of deposit - Valued at amortized cost, which approximates fair value given the instruments short duration of less than 130 days.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
The following tables summarize the basis used to measure investments at fair value at December 31, 2017 and 2016 (dollars in thousands):
|
|
Basis of Fair Value Measurement |
|
|
| |||||||||||
2017 |
|
Quoted |
|
Significant |
|
Significant |
|
Measured at |
|
Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common stock |
|
$ |
3,643,267 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
3,643,267 |
|
Mutual funds |
|
1,524,835 |
|
|
|
|
|
|
|
1,524,835 |
| |||||
REITs |
|
26,683 |
|
|
|
|
|
|
|
26,683 |
| |||||
Collective trust funds |
|
|
|
|
|
|
|
2,155,331 |
|
2,155,331 |
| |||||
Corporate debt |
|
|
|
179,984 |
|
|
|
|
|
179,984 |
| |||||
Government debt |
|
|
|
33,755 |
|
|
|
|
|
33,755 |
| |||||
Certificate of deposit |
|
|
|
7,301 |
|
|
|
|
|
7,301 |
| |||||
Private 40-Act mutual funds |
|
|
|
|
|
|
|
324,544 |
|
324,544 |
| |||||
Total investments at fair value |
|
$ |
5,194,785 |
|
$ |
221,040 |
|
$ |
|
|
$ |
2,479,875 |
|
$ |
7,895,700 |
|
|
|
Basis of Fair Value Measurement |
|
|
| |||||||||||
2016 |
|
Quoted |
|
Significant |
|
Significant Unobservable |
|
Measured at |
|
Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common stock |
|
$ |
2,639,909 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
2,639,909 |
|
Mutual funds |
|
1,271,412 |
|
|
|
|
|
|
|
1,271,412 |
| |||||
Collective trust funds |
|
|
|
|
|
|
|
1,744,321 |
|
1,744,321 |
| |||||
Corporate debt |
|
|
|
196,609 |
|
|
|
|
|
196,609 |
| |||||
Government debt |
|
|
|
18,451 |
|
|
|
|
|
18,451 |
| |||||
Certificate of deposit |
|
|
|
16,525 |
|
|
|
|
|
16,525 |
| |||||
Private 40-Act mutual funds |
|
|
|
|
|
|
|
309,488 |
|
309,488 |
| |||||
Total investments at fair value |
|
$ |
3,911,321 |
|
$ |
231,585 |
|
$ |
|
|
$ |
2,053,809 |
|
$ |
6,196,715 |
|
The Private 40-Act mutual funds are not direct filing entities. 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.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
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. No allowance for credit losses has been recorded as of December 31, 2017 or 2016.
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 processing and commissions on purchases and sales of Abbott shares and sales of AbbVie stock. Investment fees for mutual funds, collective trust, managed accounts and money market funds are charged against the net assets of the respective fund. Abbott pays other record-keeping and administration fees, where applicable.
Payment of Benefits
Benefits are recorded when paid.
NOTE C - INVESTMENTS
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, 2017 and 2016 is presented below:
|
|
2017 |
|
2016 |
| ||
Abbott common shares, 29,803,690 and 31,314,205 shares, respectively (dollars in thousands) |
|
$ |
1,700,897 |
|
$ |
1,202,779 |
|
Market value per share |
|
$ |
57.07 |
|
$ |
38.41 |
|
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
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 the recordkeeper for loan transaction processing and for commissions on purchases and sales of Abbott shares and sales of AbbVie 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. All participants account balances would become 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, would 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 May 19, 2017, 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 all material respects, in accordance with the applicable requirements of the IRC.
Abbott Laboratories Stock Retirement Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
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, 2017 and 2016, 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. There are currently no audits in progress.
NOTE G SUBSEQUENT EVENTS
The Company has evaluated subsequent events from December 31, 2017 through the date these financial statements were issued. Other than described below, there were no subsequent events that require recognition or additional disclosure in these financial statements.
In January 2018, certain Plan provisions affecting Abbott Green employees changed. Specifically, effective for the first payroll period ending on or after January 1, 2018, Abbott Green employees may defer up to 25% of eligible earnings as pre-tax contributions, after-tax contributions, or a combination of both, and the year-end true-up matching contribution was eliminated. On or after January 1, 2018, Abbott Green employees fully vest in employer contributions at two years of service (with accelerated vesting if the participant dies, attains age 65, or becomes disabled).
Additionally, St. Jude Medical LLC employees in the United States became eligible to participate in the Plan as Abbott Green employees effective for the first payroll period ending on or after January 1, 2018.
On January 19, 2018, the St. Jude Medical, Inc. Retirement Savings Plan merged with and into the Plan. Assets totaling approximately $1.6 billion transferred into the Plan.
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
| |
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
| |
|
|
|
|
|
| |
Common stock - employer securities |
|
|
|
|
| |
*ABBOTT LABORATORIES, common shares |
|
|
|
$ |
1,700,897 |
|
|
|
|
|
|
| |
Common stock |
|
|
|
|
| |
1ST HORIZON NATL CORP |
|
|
|
275 |
| |
5TH 3RD BANCORP |
|
|
|
1,018 |
| |
ABBVIE INC. |
|
|
|
1,778,863 |
| |
ACADIA HEALTHCARE CO INC |
|
|
|
123 |
| |
ACUITY BRANDS INC |
|
|
|
110 |
| |
ADIENT PLC ADIENT PLC LTD |
|
|
|
349 |
| |
ADVANCE AUTO PTS INC |
|
|
|
248 |
| |
AECOM |
|
|
|
274 |
| |
AES CORP |
|
|
|
338 |
| |
AFFILIATED MANAGERS GROUP INC |
|
|
|
540 |
| |
AGCO CORP |
|
|
|
227 |
| |
AGILENT TECHNOLOGIES INC |
|
|
|
778 |
| |
AGIOS PHARMACEUTICALS INC |
|
|
|
8 |
| |
AGNC INVT CORP |
|
|
|
372 |
| |
AIR LEASE CORP CL A |
|
|
|
205 |
| |
AKAMAI TECHNOLOGIES INC |
|
|
|
508 |
| |
AKORN INC |
|
|
|
7 |
| |
ALASKA AIR GROUP INC |
|
|
|
75 |
| |
ALBEMARLE CORP |
|
|
|
543 |
| |
ALLEGHANY CORP |
|
|
|
418 |
| |
ALLIANT ENERGY CORP |
|
|
|
469 |
| |
ALLY FINL INC |
|
|
|
613 |
| |
ALNYLAM PHARMACEUTICALS INC |
|
|
|
67 |
| |
AMDOCS |
|
|
|
446 |
| |
AMER FINL GROUP INC |
|
|
|
363 |
| |
AMER NATL INS CO |
|
|
|
46 |
| |
AMERCO |
|
|
|
91 |
| |
AMEREN CORP |
|
|
|
680 |
| |
AMERICAN AIRLINES INC |
|
|
|
607 |
| |
AMERICAN WTR WKS CO INC |
|
|
|
777 |
| |
AMERIPRISE FINL INC |
|
|
|
119 |
| |
AMETEK INC |
|
|
|
651 |
| |
ANDEAVOR |
|
|
|
846 |
| |
ANTERO RES CORP |
|
|
|
107 |
| |
APACHE CORP |
|
|
|
724 |
| |
APPLE HOSPITALITY REIT INC |
|
|
|
196 |
| |
APTARGROUP INC |
|
|
|
192 |
| |
AQUA AMER INC |
|
|
|
329 |
| |
ARAMARK |
|
|
|
284 |
| |
ARCH CAPITAL GROUP |
|
|
|
457 |
| |
ARCONIC INC |
|
|
|
551 |
| |
ARDAGH GROUP S A |
|
|
|
9 |
| |
ARRIS INTERNATIONAL LTD |
|
|
|
215 |
| |
ARROW ELECTR INC |
|
|
|
336 |
| |
ASHLAND GLOBAL HLDGS INC |
|
|
|
209 |
| |
ASPEN INSURANCE HLDGS |
|
|
|
80 |
| |
ASSOCTD BANC-CORP |
|
|
|
180 |
| |
ASSURANT INC |
|
|
|
204 |
| |
ASSURED GUARANTY LTD |
|
|
|
185 |
| |
ATHENE HOLDING LTD |
|
|
|
263 |
| |
ATMOS ENERGY CORP |
|
|
|
419 |
| |
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Common stock - continued |
|
|
|
|
|
AUTODESK INC |
|
|
|
189 |
|
AUTONATION INC |
|
|
|
140 |
|
AUTOZONE INC |
|
|
|
132 |
|
AVANGRID INC |
|
|
|
134 |
|
AVERY DENNISON CORP |
|
|
|
26 |
|
AVNET INC |
|
|
|
226 |
|
AXIS CAPITAL HOLDINGS LTD |
|
|
|
195 |
|
BAKER HUGHES A GE CO |
|
|
|
637 |
|
BALL CORP |
|
|
|
280 |
|
BANK OF THE OZARKS |
|
|
|
149 |
|
BANKUNITED INC |
|
|
|
202 |
|
BED BATH & BEYOND INC |
|
|
|
142 |
|
BEMIS CO INC |
|
|
|
204 |
|
BERKLEY W R CORP |
|
|
|
325 |
|
BEST BUY INC |
|
|
|
835 |
|
BGC PARTNERS INC |
|
|
|
124 |
|
BIO RAD LABS INC |
|
|
|
237 |
|
BK HAW CORP |
|
|
|
170 |
|
BLOCK H & R INC |
|
|
|
218 |
|
BOK FINL CORP |
|
|
|
110 |
|
BOOZ ALLEN HAMILTON HLDG CORP |
|
|
|
17 |
|
BORG WARNER INC |
|
|
|
462 |
|
BROOKDALE SR LIVING INC |
|
|
|
86 |
|
BROWN & BROWN INC |
|
|
|
287 |
|
BROWN FORMAN CORP |
|
|
|
11 |
|
BROWN-FORMAN INC CL B NON-VTG |
|
|
|
32 |
|
BRUKER CORP |
|
|
|
105 |
|
BRUNSWICK CORP |
|
|
|
43 |
|
BUNGE LTD |
|
|
|
445 |
|
BURLINGTON STORES INC |
|
|
|
169 |
|
CA INC |
|
|
|
496 |
|
CABOT CORP |
|
|
|
176 |
|
CABOT OIL & GAS CORP |
|
|
|
182 |
|
CALPINE CORP |
|
|
|
259 |
|
CAMPBELL SOUP CO |
|
|
|
138 |
|
CARDINAL HLTH INC |
|
|
|
920 |
|
CARLISLE COMPANIES INC |
|
|
|
328 |
|
CASEYS GEN STORES INC |
|
|
|
200 |
|
CBRE GROUP INC |
|
|
|
339 |
|
CELANESE CORP |
|
|
|
277 |
|
CENTENE CORP |
|
|
|
712 |
|
CENTENNIAL RESOURCE DEVELOPMENT INC |
|
|
|
123 |
|
CENTERPOINT ENERGY INC |
|
|
|
579 |
|
CENTURYLINK INC |
|
|
|
762 |
|
CF INDS HLDGS INC |
|
|
|
469 |
|
CHENIERE ENERGY INC |
|
|
|
179 |
|
CHESAPEAKE ENERGY CORP |
|
|
|
156 |
|
CIMAREX ENERGY CO |
|
|
|
37 |
|
CIN FNCL CORP |
|
|
|
545 |
|
CINEMARK HLDGS INC |
|
|
|
176 |
|
CIT GROUP INC |
|
|
|
306 |
|
CITIZENS FINL GROUP INC |
|
|
|
981 |
|
CLEAN HBRS INC |
|
|
|
41 |
|
CLOROX CO |
|
|
|
133 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Common stock - continued |
|
|
|
|
|
CMS ENERGY CORP |
|
|
|
629 |
|
CNA FNCL CORP |
|
|
|
68 |
|
CNX RESOURCES CORPORATION |
|
|
|
156 |
|
COLFAX CORP |
|
|
|
164 |
|
COLONY NORTHSTAR INC |
|
|
|
290 |
|
COLUMBIA PPTY TR INC |
|
|
|
130 |
|
COM ALCOA CORPORATION |
|
|
|
471 |
|
COMERICA INC |
|
|
|
714 |
|
COMM BANCSHARES INC |
|
|
|
250 |
|
COMMSCOPE HLDG CO INC |
|
|
|
167 |
|
CONAGRA BRANDS INC |
|
|
|
695 |
|
CONCHO RES INC |
|
|
|
1,050 |
|
CONDUENT INC |
|
|
|
147 |
|
CONS EDISON INC |
|
|
|
1,255 |
|
CONSOL ENERGY INC |
|
|
|
54 |
|
CONTINENTAL RES INC |
|
|
|
124 |
|
COOPER COS INC |
|
|
|
112 |
|
COPA HOLDINGS SA |
|
|
|
184 |
|
CORELOGIC INC |
|
|
|
73 |
|
COTY INC |
|
|
|
441 |
|
CRANE CO |
|
|
|
211 |
|
CREDIT ACCEP CORP |
|
|
|
16 |
|
CROWN HLDGS INC |
|
|
|
104 |
|
CULLEN / FROST BANKERS INC |
|
|
|
251 |
|
CUMMINS INC |
|
|
|
904 |
|
CYPRESS SEMICONDUCTOR CORP |
|
|
|
218 |
|
D R HORTON INC |
|
|
|
374 |
|
DAVITA INC |
|
|
|
526 |
|
DENTSPLY SIRONA INC |
|
|
|
706 |
|
DEVON ENERGY CORP |
|
|
|
958 |
|
DIAMONDBACK ENERGY INC |
|
|
|
452 |
|
DICKS SPORTING GOODS INC |
|
|
|
26 |
|
DISCOVER FINL SVCS |
|
|
|
1,322 |
|
DISCOVERY INC - A |
|
|
|
163 |
|
DISCOVERY INC - A |
|
|
|
205 |
|
DOLBY LABORATORIES INC CL A |
|
|
|
161 |
|
DOLLAR GEN CORP |
|
|
|
753 |
|
DOLLAR TREE INC |
|
|
|
63 |
|
DOMTAR CORP |
|
|
|
148 |
|
DONALDSON INC |
|
|
|
25 |
|
DOVER CORP |
|
|
|
660 |
|
DST SYS INC |
|
|
|
158 |
|
DTE ENERGY CO |
|
|
|
931 |
|
DUN & BRADSTREET CORP |
|
|
|
127 |
|
E TRADE FINL CORP |
|
|
|
635 |
|
EAST WEST BANCORP INC |
|
|
|
388 |
|
EASTMAN CHEM CO |
|
|
|
638 |
|
ECHOSTAR CORPORATION |
|
|
|
135 |
|
EDGEWELL PERS CARE CO |
|
|
|
163 |
|
EDISON INTL |
|
|
|
954 |
|
ENDO INTL LTD |
|
|
|
83 |
|
ENERGEN CORP |
|
|
|
266 |
|
ENTERGY CORP |
|
|
|
695 |
|
ENVISION HEALTHCARE CORP |
|
|
|
196 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Common stock - continued |
|
|
|
|
|
EPR PPTYS |
|
|
|
196 |
|
EQT CORP |
|
|
|
548 |
|
ERIE INDTY CO CL A |
|
|
|
39 |
|
EVEREST RE GROUP |
|
|
|
425 |
|
EVERSOURCE ENERGY |
|
|
|
953 |
|
EXPEDITORS INTL WASH INC |
|
|
|
161 |
|
EXTENDED STAY AMER INC |
|
|
|
75 |
|
EXTRACTION OIL & GAS INC |
|
|
|
82 |
|
F N B CORP PA |
|
|
|
211 |
|
FEDT INVESTORS INC CL B |
|
|
|
117 |
|
FIDELITY NATL FINL INC |
|
|
|
486 |
|
FIDELITY NATL INFORMATION SVCS INC |
|
|
|
630 |
|
FIREEYE INC |
|
|
|
123 |
|
FIRST AMERN FINL CORP |
|
|
|
287 |
|
FIRST HAWAIIAN INC |
|
|
|
75 |
|
FIRST REP BK SAN FRANCISCO CALIF |
|
|
|
131 |
|
FIRST SOLAR INC |
|
|
|
260 |
|
FIRSTENERGY CORP |
|
|
|
644 |
|
FLIR SYS INC |
|
|
|
142 |
|
FLOWERS FOODS INC |
|
|
|
160 |
|
FLOWSERVE CORP |
|
|
|
262 |
|
FLUOR CORP |
|
|
|
344 |
|
FOOT LOCKER INC |
|
|
|
255 |
|
FORTIVE CORP |
|
|
|
101 |
|
FORTUNE BRANDS HOME & SEC INC |
|
|
|
34 |
|
FREEPORT-MCMORAN INC |
|
|
|
975 |
|
GALLAGHER ARTHUR J & CO |
|
|
|
168 |
|
GAMESTOP CORP |
|
|
|
86 |
|
GAP INC |
|
|
|
363 |
|
GARMIN LTD |
|
|
|
339 |
|
GCI LIBERTY |
|
|
|
206 |
|
GENESEE & WYO INC CL A |
|
|
|
228 |
|
GENTEX CORP |
|
|
|
100 |
|
GENUINE PARTS CO |
|
|
|
406 |
|
GOODYEAR TIRE & RUBBER CO |
|
|
|
378 |
|
GRAHAM HLDGS CO |
|
|
|
112 |
|
GRAINGER W W INC |
|
|
|
34 |
|
GRAPHIC PACKAGING HLDG CO |
|
|
|
68 |
|
GREAT PLAINS ENERGY INC |
|
|
|
328 |
|
GUIDEWIRE SOFTWARE INC |
|
|
|
160 |
|
GULFPORT ENERGY CORP |
|
|
|
88 |
|
HAIN CELESTIAL GROUP INC |
|
|
|
206 |
|
HANOVER INS GROUP INC |
|
|
|
216 |
|
HARLEY DAVIDSON |
|
|
|
109 |
|
HARRIS CORP |
|
|
|
596 |
|
HARTFORD FINL SVCS GROUP INC |
|
|
|
948 |
|
HASBRO INC |
|
|
|
120 |
|
HAWAIIAN ELEC INDS INC |
|
|
|
184 |
|
HELMERICH & PAYNE INC |
|
|
|
326 |
|
HERSHEY COMPANY |
|
|
|
75 |
|
HESS CORP |
|
|
|
639 |
|
HEXCEL CORP |
|
|
|
86 |
|
HILL-ROM HLDGS INC |
|
|
|
18 |
|
HILTON WORLDWIDE HLDGS INC |
|
|
|
100 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Common stock - continued |
|
|
|
|
|
HOLLYFRONTIER CORP COM |
|
|
|
429 |
|
HOLOGIC INC COM |
|
|
|
244 |
|
HORMEL FOODS CORP COM |
|
|
|
467 |
|
HOWARD HUGHES CORP COM STOCK |
|
|
|
212 |
|
HUBBELL INC COM |
|
|
|
127 |
|
HUNTINGTON BANCSHARES INC COM |
|
|
|
747 |
|
HUNTINGTON INGALLS INDS INC COM |
|
|
|
84 |
|
HUNTSMAN CORP COM STK |
|
|
|
165 |
|
HYATT HOTELS CORP COM CL A COM CL A |
|
|
|
161 |
|
IDEX CORP COM |
|
|
|
32 |
|
IHS MARKIT LTD COM |
|
|
|
353 |
|
INGERSOLL-RAND PLC COM STK |
|
|
|
526 |
|
INGREDION INC COM |
|
|
|
472 |
|
INTERACTIVE BROKERS GROUP INC CL COM |
|
|
|
196 |
|
INTERNATIONAL GAME TECHNOLOGY COMMON STOCK |
|
|
|
137 |
|
INTERPUBLIC GROUP COMPANIES INC COM |
|
|
|
59 |
|
INTL PAPER CO COM |
|
|
|
104 |
|
INTREXON CORP COM |
|
|
|
8 |
|
INVESCO LTD |
|
|
|
595 |
|
IQVIA HLDGS INC |
|
|
|
255 |
|
ITT INC COM |
|
|
|
223 |
|
JABIL INC |
|
|
|
214 |
|
JACOBS ENGR GROUP INC COM |
|
|
|
372 |
|
JETBLUE AWYS CORP COM |
|
|
|
340 |
|
JONES LANG LASALLE INC COM STK |
|
|
|
319 |
|
JUNIPER NETWORKS INC COM |
|
|
|
504 |
|
JUNO THERAPEUTICS INC |
|
|
|
148 |
|
KELLOGG CO |
|
|
|
61 |
|
KEYCORP NEW COM |
|
|
|
1,025 |
|
KEYSIGHT TECHNOLOGIES INC COM |
|
|
|
363 |
|
KIRBY CORP COM |
|
|
|
171 |
|
KOHLS CORP COM |
|
|
|
431 |
|
KOSMOS ENERGY LTD |
|
|
|
74 |
|
KS CY SOUTHN |
|
|
|
515 |
|
L BRANDS INC COM |
|
|
|
578 |
|
L3 TECHNOLOGIES INC COM |
|
|
|
730 |
|
LAB CORP AMER HLDGS COM NEW |
|
|
|
774 |
|
LAMAR ADVERTISING CO |
|
|
|
31 |
|
LAMB WESTON HLDGS INC |
|
|
|
302 |
|
LEAR CORP COM NEW COM NEW |
|
|
|
96 |
|
LEGG MASON INC COM |
|
|
|
125 |
|
LEGGETT & PLATT INC COM |
|
|
|
59 |
|
LEIDOS HLDGS INC COM |
|
|
|
434 |
|
LENNAR CORP |
|
|
|
215 |
|
LENNAR CORP CL A |
|
|
|
596 |
|
LENNAR CORP CL B |
|
|
|
34 |
|
LENNOX INTL INC COM |
|
|
|
28 |
|
LEUCADIA NATL CORP COM |
|
|
|
311 |
|
LIBERTY BROADBAND CORP COM SER A |
|
|
|
104 |
|
LIBERTY BROADBAND CORP COM SER C |
|
|
|
419 |
|
LIBERTY EXPEDIA HLDGS INC SER A COM |
|
|
|
94 |
|
LIBERTY MEDIA CORP SER A |
|
|
|
168 |
|
LIBERTY MEDIA CORP DEL COM SER A FORMULA |
|
|
|
39 |
|
LIBERTY MEDIA CORP DEL COM SER C |
|
|
|
335 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Common stock - continued |
|
|
|
|
|
LIBERTY MEDIA CORPORATION SER C FORMULA |
|
|
|
302 |
|
LIFEPOINT HEALTH INC |
|
|
|
70 |
|
LINCOLN NATL CORP COM |
|
|
|
798 |
|
LIONS GATE ENTMT CORP CL B NON VTG |
|
|
|
54 |
|
LIONS GATE ENTMT CORP VOTING SHARES CL A |
|
|
|
29 |
|
LKQ CORP COM LKQ CORP |
|
|
|
506 |
|
LOEWS CORP COM |
|
|
|
659 |
|
LOGMEIN INC COM |
|
|
|
106 |
|
M & T BK CORP COM |
|
|
|
1,149 |
|
MACQUARIE INFRASTRUCTURE CORP |
|
|
|
243 |
|
MACYS INC COM STK |
|
|
|
363 |
|
MADISON SQUARE GARDEN CO NEW CL A CL A |
|
|
|
170 |
|
MALLINCKRODT PLC COMMON STOCK |
|
|
|
101 |
|
MANPOWERGROUP INC |
|
|
|
399 |
|
MARATHON OIL CORP COM |
|
|
|
684 |
|
MARATHON PETE CORP COM |
|
|
|
1,518 |
|
MARKEL CORP HOLDING CO COM |
|
|
|
738 |
|
MARTIN MARIETTA MATLS INC COM |
|
|
|
63 |
|
MARVELL TECH GROUP |
|
|
|
405 |
|
MASCO CORP COM |
|
|
|
230 |
|
MATTEL INC COM |
|
|
|
204 |
|
MDU RES GROUP INC COM |
|
|
|
249 |
|
MEDNAX INC COM |
|
|
|
230 |
|
MERCURY GEN CORP NEW COM |
|
|
|
69 |
|
MGM RESORTS INTERNATIONAL COM |
|
|
|
733 |
|
MICHAEL KORS HOLDINGS LTD COM NPV |
|
|
|
399 |
|
MICHAELS COS INC COM |
|
|
|
28 |
|
MICROSEMI CORP COM |
|
|
|
54 |
|
MLP LAZARD LTD CL A |
|
|
|
28 |
|
MOHAWK INDS INC COM |
|
|
|
761 |
|
MOLSON COORS BREWING COM CL B |
|
|
|
674 |
|
MORNINGSTAR INC COM STK |
|
|
|
6 |
|
MOSAIC CO/THE |
|
|
|
426 |
|
MOTOROLA SOLUTIONS INC |
|
|
|
633 |
|
MSC INDL DIRECT INC CL A COM |
|
|
|
116 |
|
MURPHY OIL CORP COM |
|
|
|
240 |
|
MURPHY USA INC COM |
|
|
|
123 |
|
MYLAN NV |
|
|
|
1,071 |
|
NABORS INDUSTRIES |
|
|
|
91 |
|
NASDAQ INC |
|
|
|
415 |
|
NATIONAL INSTRS CORP COM |
|
|
|
46 |
|
NATIONAL OILWELL VARCO COM STK |
|
|
|
648 |
|
NATL FUEL GAS CO COM |
|
|
|
208 |
|
NAVIENT CORP COM |
|
|
|
164 |
|
NETAPP INC COM STK |
|
|
|
104 |
|
NEW YORK CMNTY BANCORP INC COM |
|
|
|
295 |
|
NEWELL BRANDS INC COM |
|
|
|
714 |
|
NEWMARKET CORP COM |
|
|
|
10 |
|
NEWMONT MINING CORP NEW COM |
|
|
|
953 |
|
NEWS CORP COM CL A |
|
|
|
294 |
|
NEWS CORP COM CL B |
|
|
|
96 |
|
NIELSEN HOLDINGS PLC COMSTK |
|
|
|
619 |
|
NISOURCE INC COM |
|
|
|
410 |
|
NOBLE ENERGY INC COM |
|
|
|
667 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Common stock - continued |
|
|
|
|
|
*NORTHERN TRUST CORP COM |
|
|
|
988 |
|
NORWEGIAN CRUISE LINE HLDGS LTD |
|
|
|
467 |
|
NRG ENERGY INC COM NEW |
|
|
|
326 |
|
NU SKIN ENTERPRISES INC CL A CL A |
|
|
|
123 |
|
NUANCE COMMUNICATIONS INC COM |
|
|
|
223 |
|
NUCOR CORP COM |
|
|
|
962 |
|
OCEANEERING INTL INC COM |
|
|
|
100 |
|
OGE ENERGY CORP COM |
|
|
|
310 |
|
OLD DOMINION FGHT LINE INC COM |
|
|
|
145 |
|
OLD REP INTL CORP COM |
|
|
|
248 |
|
OLIN CORP COM |
|
|
|
279 |
|
ON SEMICONDUCTOR CORP COM |
|
|
|
23 |
|
ONEMAIN HLDGS INC COM |
|
|
|
78 |
|
OPKO HEALTH INC COM STK |
|
|
|
69 |
|
ORBITAL ATK INC COM |
|
|
|
359 |
|
OSHKOSH CORPORATION |
|
|
|
322 |
|
OWENS CORNING NEW COM STK |
|
|
|
482 |
|
OWENS ILL INC COM NEW |
|
|
|
37 |
|
PACCAR INC COM |
|
|
|
1,157 |
|
PACWEST BANCORP DEL COM |
|
|
|
303 |
|
PARKER-HANNIFIN CORP COM |
|
|
|
170 |
|
PARSLEY ENERGY INC CL A CL A |
|
|
|
111 |
|
PATTERSON COS INC COM |
|
|
|
125 |
|
PATTERSON-UTI ENERGY INC COM |
|
|
|
227 |
|
PBF ENERGY INC CL A CL A |
|
|
|
182 |
|
PENSKE AUTOMOTIVE GROUP INC COM STK |
|
|
|
81 |
|
PENTAIR PLC COM STK |
|
|
|
553 |
|
PEOPLES UTD FINL INC COM |
|
|
|
305 |
|
PERKINELMER INC COM |
|
|
|
309 |
|
PERRIGO COMPANY LIMITED |
|
|
|
544 |
|
PILGRIMS PRIDE CORP |
|
|
|
9 |
|
PINNACLE FINL PARTNERS INC COM |
|
|
|
153 |
|
PINNACLE FOODS INC DEL COM |
|
|
|
332 |
|
PINNACLE W. CAP CORP COM |
|
|
|
450 |
|
PITNEY BOWES INC COM |
|
|
|
100 |
|
PLATFORM SPECIALTY PRODS CORP |
|
|
|
57 |
|
POPULAR INC COM |
|
|
|
168 |
|
POST HLDGS INC COM STK |
|
|
|
246 |
|
PPL CORP COM |
|
|
|
1,007 |
|
PREMIER INC CL A CL A |
|
|
|
55 |
|
PRINCIPAL FINL GROUP INC COM STK |
|
|
|
894 |
|
PROASSURANCE CORP COM |
|
|
|
140 |
|
PROSPERITY BANCSHARES INC COM |
|
|
|
220 |
|
PUB SERVICE ENTERPRISE GROUP INC COM |
|
|
|
1,236 |
|
PULTE GROUP INC |
|
|
|
309 |
|
PVH CORP |
|
|
|
507 |
|
QEP RES INC COM STK |
|
|
|
110 |
|
QIAGEN NV |
|
|
|
222 |
|
QORVO INC COM |
|
|
|
192 |
|
QUANTA SVCS INC COM |
|
|
|
205 |
|
QUEST DIAGNOSTICS INC COM |
|
|
|
640 |
|
QURATE |
|
|
|
198 |
|
RALPH LAUREN CORP CL A CL A |
|
|
|
271 |
|
RANGE RES CORP COM |
|
|
|
186 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Common stock - continued |
|
|
|
|
|
RAYMOND JAMES FNCL INC COM STK |
|
|
|
404 |
|
REALOGY HLDGS CORP COM |
|
|
|
168 |
|
REGAL BELOIT CORP COM |
|
|
|
160 |
|
REGAL ENTMT GROUP |
|
|
|
92 |
|
REGIONS FINL CORP NEW COM |
|
|
|
952 |
|
REINSURANCE GROUP AMER INC COM NEW STK |
|
|
|
473 |
|
RELIANCE STL & ALUM CO COM |
|
|
|
289 |
|
RENAISSANCE RE HLDGS LTD COM |
|
|
|
223 |
|
REPUBLIC SVCS INC COM |
|
|
|
739 |
|
RITE AID CORP COM |
|
|
|
53 |
|
ROPER TECHNOLOGIES, INC |
|
|
|
67 |
|
ROYAL CARIBBEAN CRUISES COM STK |
|
|
|
973 |
|
ROYAL GOLD INC |
|
|
|
160 |
|
RPC INC COM |
|
|
|
6 |
|
RPM INTL INC |
|
|
|
27 |
|
RSP PERMIAN INC COM |
|
|
|
127 |
|
RYDER SYS INC COM |
|
|
|
209 |
|
SABRE CORP COM |
|
|
|
45 |
|
SALLY BEAUTY HLDGS INC COM STK |
|
|
|
76 |
|
SANTANDER CONSUMER USA HLDGS INC COM |
|
|
|
132 |
|
SCANA CORP NEW COM |
|
|
|
247 |
|
SCOTTS MIRACLE-GRO CLASSACOM NPV |
|
|
|
15 |
|
SCRIPPS NETWORKS |
|
|
|
154 |
|
SEABOARD CORP DEL COM |
|
|
|
53 |
|
SEALED AIR CORP NEW COM STK |
|
|
|
204 |
|
SEMPRA ENERGY INC COM STK |
|
|
|
1,275 |
|
SENSATA TECHNOLOGIES |
|
|
|
202 |
|
SIGNATURE BK NY N Y COM |
|
|
|
146 |
|
SIGNET JEWELERS LTD |
|
|
|
162 |
|
SIRIUS XM HLDGS INC COM |
|
|
|
19 |
|
SKECHERS U S A INC CL A |
|
|
|
135 |
|
SLM CORP COM |
|
|
|
231 |
|
SM ENERGY CO COM |
|
|
|
117 |
|
SMUCKER J M CO COM NEW |
|
|
|
649 |
|
SNAP-ON INC COM |
|
|
|
406 |
|
SONOCO PROD CO COM |
|
|
|
248 |
|
SOUTHN COPPER CORP DEL COM |
|
|
|
20 |
|
SOUTHWESTERN ENERGY CO COM |
|
|
|
135 |
|
SPIRIT AEROSYSTEMS HLDGS INC CL A |
|
|
|
479 |
|
SPIRIT AIRLS INC COM |
|
|
|
146 |
|
SS&C TECHNOLOGIES HLDGS INC COM |
|
|
|
28 |
|
STANLEY BLACK & DECKER INC COM |
|
|
|
1,107 |
|
STEEL DYNAMICS INC COM |
|
|
|
406 |
|
STERICYCLE INC COM |
|
|
|
265 |
|
STERIS PLC NEW STERIS LTD COMSTK |
|
|
|
345 |
|
SUN TR BANKS INC COM |
|
|
|
1,461 |
|
SVB FINANCIAL GROUP COMMON STOCK |
|
|
|
152 |
|
SWITCH INC CL A CL A |
|
|
|
8 |
|
SYNCHRONY FINL COM |
|
|
|
1,437 |
|
SYNOPSYS INC COM |
|
|
|
557 |
|
SYNOVUS FINL CORP COM NEW COM NEW |
|
|
|
268 |
|
T ROWE PRICE GROUP INC |
|
|
|
992 |
|
TAHOE RES INC COM |
|
|
|
71 |
|
TAPESTRY INC |
|
|
|
496 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Common stock - continued |
|
|
|
|
|
TARGA RES CORP COM |
|
|
|
485 |
|
TCF FNCL CORP COM |
|
|
|
152 |
|
TD AMERITRADE HLDG CORP COM STK |
|
|
|
69 |
|
TEGNA INC COM |
|
|
|
145 |
|
TELEDYNE TECHNOLOGIES INC COM |
|
|
|
300 |
|
TELEFLEX INC COM |
|
|
|
444 |
|
TELEPHONE & DATA SYS INC COM STK |
|
|
|
129 |
|
TEMPUR SEALY INTL INC |
|
|
|
86 |
|
TERADATA CORP DEL COM STK |
|
|
|
220 |
|
TERADYNE INC COM |
|
|
|
27 |
|
TEREX CORP NEW COM |
|
|
|
177 |
|
TEXTRON INC COM |
|
|
|
713 |
|
TFS FINL CORP COM STK |
|
|
|
38 |
|
TIFFANY & CO COM |
|
|
|
534 |
|
TIMKEN CO COM |
|
|
|
163 |
|
TOLL BROS INC COM |
|
|
|
179 |
|
TORCHMARK CORP COM |
|
|
|
500 |
|
TRANSOCEAN LTD |
|
|
|
199 |
|
TREEHOUSE FOODS INC COM |
|
|
|
92 |
|
TRIBUNE MEDIA COMPANY CLASS A COMMON STOCK |
|
|
|
160 |
|
TRIMBLE INC COM TRIMBLE INC |
|
|
|
102 |
|
TRINITY IND INC COM |
|
|
|
267 |
|
TRIPADVISOR INC |
|
|
|
93 |
|
TWITTER INC COM |
|
|
|
712 |
|
TYSON FOODS INC CL A COM (DELAWARE) |
|
|
|
1,072 |
|
U.S. CELLULAR CORP COM |
|
|
|
26 |
|
UGI CORP NEW COM |
|
|
|
384 |
|
UNDER ARMOR INC CL A |
|
|
|
34 |
|
UNDER ARMOUR INC CL C COM |
|
|
|
32 |
|
UNITED CONTL HLDGS INC COM STK |
|
|
|
861 |
|
UNITED STS STL CORP NEW COM |
|
|
|
291 |
|
UNITED THERAPEUTICS CORP DEL COM STK |
|
|
|
300 |
|
UNUM GROUP |
|
|
|
587 |
|
UNVL HEALTH SERVICES INC CL B COM |
|
|
|
461 |
|
URBAN OUTFITTERS INC COM |
|
|
|
135 |
|
US FOODS HLDG CORP COM |
|
|
|
308 |
|
USG CORP COM NEW |
|
|
|
155 |
|
V F CORP COM |
|
|
|
294 |
|
VALIDUS HOLDING LTD |
|
|
|
170 |
|
VALMONT INDS INC COM |
|
|
|
172 |
|
VALVOLINE INC COM |
|
|
|
244 |
|
VECTREN CORP COM |
|
|
|
255 |
|
VERSUM MATLS LLC COM |
|
|
|
178 |
|
VIACOM INC NEW CL A |
|
|
|
17 |
|
VIACOM INC NEW CL B |
|
|
|
512 |
|
VISTRA ENERGY CORP COM |
|
|
|
211 |
|
VOYA FINL INC COM |
|
|
|
396 |
|
VULCAN MATERIALS CO COM |
|
|
|
55 |
|
WABTEC CORP COM |
|
|
|
225 |
|
WEATHERFORD INTERNATIONAL LTD |
|
|
|
176 |
|
WEBSTER FNCL CORP WATERBURY CONN COM |
|
|
|
244 |
|
WEC ENERGY GROUP INC COM |
|
|
|
997 |
|
WELLCARE HLTH PLANS INC COM |
|
|
|
32 |
|
WESCO INTL INC COM |
|
|
|
151 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Common stock - continued |
|
|
|
|
|
WESTAR ENERGY INC COM |
|
|
|
354 |
|
WESTERN ALLIANCE BANCORPORATION COM |
|
|
|
114 |
|
WESTLAKE CHEM CORP COM STK |
|
|
|
90 |
|
WESTN DIGITAL CORP COM |
|
|
|
958 |
|
WESTROCK CO COM |
|
|
|
753 |
|
WEX INC COM |
|
|
|
53 |
|
WHIRLPOOL CORP COM |
|
|
|
517 |
|
WHITE MOUNTAINS INSURANCE GROUP |
|
|
|
144 |
|
WHITING PETE CORP |
|
|
|
114 |
|
WILEY JOHN & SONS INC CL A |
|
|
|
140 |
|
WILLIAMS CO INC COM |
|
|
|
1,023 |
|
WILLIAMS SONOMA INC COM |
|
|
|
167 |
|
WILLIS TOWERS WATSON PLC |
|
|
|
906 |
|
WORLD FUEL SERVICE |
|
|
|
88 |
|
WPX ENERGY INC COM SHS |
|
|
|
264 |
|
XCEL ENERGY INC COM |
|
|
|
1,162 |
|
XEROX CORP COM NEW COM NEW |
|
|
|
316 |
|
XILINX INC COM |
|
|
|
43 |
|
XL GROUP LTD XL GROUP LTD COM NPV |
|
|
|
285 |
|
XPO LOGISTICS INC COM |
|
|
|
136 |
|
XYLEM INC COM |
|
|
|
279 |
|
YUM CHINA HLDGS INC COM |
|
|
|
96 |
|
ZILLOW GROUP INC |
|
|
|
33 |
|
ZILLOW GROUP INC CLASS C |
|
|
|
66 |
|
ZIMMER BIOMET HLDGS INC COM |
|
|
|
1,157 |
|
ZIONS BANCORP COM |
|
|
|
477 |
|
ZYNGA INC |
|
|
|
146 |
|
Total Common stock |
|
|
|
3,643,267 |
|
|
|
|
|
|
|
Mutual funds |
|
|
|
|
|
AMERICAN FUNDS EUROPACIFIC GROWTH FUND |
|
|
|
331,708 |
|
AMERICAN FUNDS GROWTH FUND OF AMERICA |
|
|
|
630,087 |
|
AMERICAN FUNDS INVESTMENT COMPANY OF AMERICA |
|
|
|
282,309 |
|
AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND |
|
|
|
187,592 |
|
PIMCO ALL ASSET FUND |
|
|
|
93,139 |
|
Total Mutual funds |
|
|
|
1,524,835 |
|
|
|
|
|
|
|
REITs |
|
|
|
|
|
ALEXANDRIA REAL ESTATE EQUITIES INC COM |
|
|
|
586 |
|
AMERICAN CAMPUS CMNTYS INC COM |
|
|
|
264 |
|
AMERICAN HOMES 4 RENT COMMON STOCK |
|
|
|
248 |
|
ANNALY CAP MGMT INC COM |
|
|
|
643 |
|
APARTMENT INVT & MGMT CO CL A |
|
|
|
322 |
|
AVALONBAY CMNTYS REIT |
|
|
|
1,167 |
|
BRANDYWINE RLTY TR SH BEN INT NEW REIT |
|
|
|
149 |
|
BRIXMOR PPTY GROUP INC COM |
|
|
|
268 |
|
BSTN PPTYS INC |
|
|
|
810 |
|
CAMDEN PPTY TR SH BEN INT |
|
|
|
396 |
|
CHIMERA INVT CORP COM NEW COM NEW |
|
|
|
166 |
|
CORECIVIC INC COM |
|
|
|
127 |
|
CORP OFFICE PPTYS TR COM |
|
|
|
138 |
|
CUBESMART |
|
|
|
81 |
|
CYRUSONE INC COM |
|
|
|
32 |
|
DCT INDL TR INC |
|
|
|
260 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
REITs - continued |
|
|
|
|
|
DDR CORP COM |
|
|
|
133 |
|
DIGITAL RLTY TR INC COM |
|
|
|
261 |
|
DOUGLAS EMMETT INC COM REIT |
|
|
|
59 |
|
DUKE RLTY CORP COM NEW REIT |
|
|
|
458 |
|
EMPIRE ST RLTY TR INC CL A CL A |
|
|
|
126 |
|
EQUITY COMMONWEALTH |
|
|
|
176 |
|
ESSEX PPTY TR REIT |
|
|
|
750 |
|
EXTRA SPACE STORAGE INC COM |
|
|
|
78 |
|
FEDERAL RLTY INVT TR SH BEN INT NEW SH BEN INT NEW |
|
|
|
279 |
|
FOREST CITY RLTY TR INC COM CL A COM CL A |
|
|
|
287 |
|
GAMING & LEISURE PPTYS INC COM |
|
|
|
237 |
|
GGP INC COGGP INC |
|
|
|
685 |
|
HCP INC COM REIT |
|
|
|
579 |
|
HEALTHCARE TR AMER INC CL A NEW CL A NEW |
|
|
|
288 |
|
HIGHWOODS PPTYS INC COM |
|
|
|
246 |
|
HOSPITALITY PPTYS TR |
|
|
|
230 |
|
HOST HOTELS & RESORTS INC REIT |
|
|
|
689 |
|
HUDSON PACIFIC PROPERTIES INC COM |
|
|
|
228 |
|
INVITATION HOMES INC COM |
|
|
|
327 |
|
IRON MTN INC NEW COM |
|
|
|
63 |
|
JBG SMITH PROPERTIES |
|
|
|
143 |
|
KILROY RLTY CORP COM |
|
|
|
340 |
|
KIMCO RLTY CORP COM |
|
|
|
354 |
|
LIBERTY PPTY TR SH BEN INT |
|
|
|
298 |
|
LIFE STORAGE INC COM |
|
|
|
192 |
|
MACERICH CO REIT |
|
|
|
425 |
|
MEDICAL PPTYS TR INC COM REIT |
|
|
|
237 |
|
MFA FINL INC |
|
|
|
150 |
|
MID-AMER APT CMNTYS INC COM |
|
|
|
539 |
|
NATIONAL RETAIL PPTYS INC COM STK |
|
|
|
309 |
|
NEW RESIDENTIAL INVT CORP COM NEW COM NEW |
|
|
|
261 |
|
OMEGA HEALTHCARE INVS INC REIT |
|
|
|
253 |
|
OUTFRONT MEDIA INC COM |
|
|
|
132 |
|
PARAMOUNT GROUP INC COM |
|
|
|
153 |
|
PARK HOTELS & RESORTS INC COM |
|
|
|
196 |
|
PIEDMONT OFFICE REALTY TRU-A |
|
|
|
133 |
|
PROLOGIS INC COM |
|
|
|
1,615 |
|
RAYONIER INC REIT |
|
|
|
194 |
|
REALTY INCOME CORP COM |
|
|
|
761 |
|
REGENCY CTRS CORP COM |
|
|
|
488 |
|
RETAIL PPTYS AMER INC CL A |
|
|
|
146 |
|
SENIOR HSG PPTYS TR SH BEN INT SH BEN INT |
|
|
|
215 |
|
SL GREEN RLTY CORP COM STK |
|
|
|
461 |
|
SPIRIT RLTY CAP INC NEW COM |
|
|
|
184 |
|
STARWOOD PROPERTY TRUST INC COM REIT |
|
|
|
260 |
|
STORE CAPITAL CORPORATION |
|
|
|
211 |
|
SUN COMMUNITIES INC COM |
|
|
|
337 |
|
TANGER FACTORY OUTLET CTRS INC COM |
|
|
|
109 |
|
TAUBMAN CTRS INC COM |
|
|
|
93 |
|
TWO HARBORS INVESMENT CORP |
|
|
|
135 |
|
UDR INC COM STK |
|
|
|
484 |
|
UNITI GROUP INC COM |
|
|
|
141 |
|
VENTAS INC REIT |
|
|
|
1,011 |
|
VEREIT INC |
|
|
|
360 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
REITs - continued |
|
|
|
|
|
VORNADO RLTY TR COM |
|
|
|
636 |
|
W P CAREY INC COM |
|
|
|
343 |
|
WEINGARTEN RLTY INVS COM |
|
|
|
188 |
|
WELLTOWER INC COM REIT |
|
|
|
1,110 |
|
WEYERHAEUSER CO COM |
|
|
|
1,250 |
|
Total REITs |
|
|
|
26,683 |
|
|
|
|
|
|
|
Collective trust funds |
|
|
|
|
|
BLACKROCK INTERNATIONAL MULTI CAP EQUITY FUND |
|
|
|
85,242 |
|
GW&K SMALL-MID CAP CORE EQUITY FUND |
|
|
|
91,371 |
|
*NORTHERN TRUST COLLECTIVE WORLD ex-U.S. INDEX FUND |
|
|
|
92,851 |
|
*NORTHERN TRUST COLLECTIVE ACWI ex-U.S. INDEX FUND |
|
|
|
7,381 |
|
PIMCO TOTAL RETURN COLLECTIVE TRUST FUND |
|
|
|
170,287 |
|
SSGA RUSSELL SMALL/MID CAP INDEX FUND CLASS K |
|
|
|
338,666 |
|
SSGA S&P 500 INDEX FUND CLASS K |
|
|
|
528,807 |
|
SSGA U.S. BOND INDEX FUND CLASS K |
|
|
|
27,772 |
|
SSGA TARGET RETIREMENT 2015 |
|
|
|
41,482 |
|
SSGA TARGET RETIREMENT 2020 |
|
|
|
159,187 |
|
SSGA TARGET RETIREMENT 2025 |
|
|
|
165,521 |
|
SSGA TARGET RETIREMENT 2030 |
|
|
|
143,397 |
|
SSGA TARGET RETIREMENT 2035 |
|
|
|
106,451 |
|
SSGA TARGET RETIREMENT 2040 |
|
|
|
71,417 |
|
SSGA TARGET RETIREMENT 2045 |
|
|
|
49,723 |
|
SSGA TARGET RETIREMENT 2050 |
|
|
|
22,321 |
|
SSGA TARGET RETIREMENT 2055 |
|
|
|
7,798 |
|
SSGA TARGET RETIREMENT 2060 |
|
|
|
2,276 |
|
SSGA TARGET RETIREMENT INCOME |
|
|
|
34,313 |
|
*NORTHERN TRUST COLLECTIVE SHORT TERM INVESTMENT FUND |
|
|
|
9,068 |
|
Total Collective trust funds |
|
|
|
2,155,331 |
|
|
|
|
|
|
|
Futures contracts |
|
|
|
|
|
EQUITY FUTURES OFFSET - LONG |
|
|
|
(3,600 |
) |
FUT MAR 18 EMINI S&P 500 |
|
|
|
937 |
|
FUT MAR 18 IMM EMINI MDCP |
|
|
|
2,663 |
|
Total Futures contracts |
|
|
|
|
|
|
|
|
|
|
|
Corporate debt |
|
|
|
|
|
ACTAVIS FDG SCS FLTG RT 2.62878% DUE 03-12-2018 |
|
|
|
2,804 |
|
ACTAVIS FDG SCS GTD NT FLTG RATE DUE 03-12-2020 |
|
|
|
1,420 |
|
AERCAP IRELAND CAP 4.625% DUE 10-30-2020 |
|
|
|
1,153 |
|
AT&T INC FLTG RATE 02-14-2023 |
|
|
|
1,209 |
|
AT&T INC FLTG RT 2.67152% DUE 07-15-2021 |
|
|
|
2,737 |
|
ATHENE GLOBAL FUNDING 144A FRN 07-01-2022 |
|
|
|
5,481 |
|
BAT CAPITAL CORP 144A FRN 08-15-2022 |
|
|
|
4,048 |
|
CALIFORNIA ST FLTG RT 04-01-2047 BEO TAXABLE |
|
|
|
2,624 |
|
CITIGROUP INC FLTG RT 3.06246% DUE 10-26-2020 |
|
|
|
4,185 |
|
CNOOC FIN 2013 LTD 1.75% DUE 05-09-2018 |
|
|
|
1,297 |
|
CNPC GENERAL CAPITAL REGS CORP BD 2.75 DUE 05-14-2019 |
|
|
|
401 |
|
DAIMLER FIN NORTH AMER LLC NT FLTG 144A DUE 10-30-2019 BEO |
|
|
|
5,024 |
|
DBS GROUP HLDGS 2.246% DUE 07-16-2019 |
|
|
|
996 |
|
DBS GROUP HLDGS FLTG RT .7336% DUE 07-16-2019 |
|
|
|
901 |
|
ENBRIDGE ENERGY PARTNERS L P DISC COML PAPER 4/2 YRS 3&4 01-19-2018 |
|
|
|
200 |
|
EXPORT-IMP BK INDI 3.875% SNR MTN 02/10/19 USD |
|
|
|
1,021 |
|
EXPORT-IMP BK INDI FRN SNR MTN 08/22 |
|
|
|
1,508 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
|
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
|
|
|
|
|
|
|
Corporate debt - continued |
|
|
|
|
|
FORD MTR CR CO DISC COML PAPER 4/2 YRS 3&4 10-04-2018 |
|
|
|
2,459 |
|
GENERAL MOTORS FINL CO 2.4% DUE 04-10-2018 BEO |
|
|
|
501 |
|
GENERAL MOTORS FINL CO FRN 04-10-2018 |
|
|
|
3,006 |
|
GENERAL MTRS FINL CO INC SR NT FLTG RATEDUE 01-15-2020 REG |
|
|
|
2,347 |
|
GOLDMAN SACHS FLTG RT 3.00875% DUE 11-15-2021 |
|
|
|
2,029 |
|
HSBC HLDGS PLC FLTG RT 3.60363% DUE 05-25-2021 |
|
|
|
2,491 |
|
HSBC USA INC NEW FLTG RT 2.43% DUE 11-13-2019 |
|
|
|
1,207 |
|
ICICI BK HONG KONG 5.75% 16/11/2020 USD REGS |
|
|
|
2,149 |
|
INTL LEASE FIN 3.875% DUE 04-15-2018 |
|
|
|
1,909 |
|
JAPAN BK INTL COOPERATION GTD BD FLTG ADJ RT 11-13-2018 REG |
|
|
|
1,703 |
|
JAPAN BK INTL COOPERATION GTD FLTG 02-24-2020 |
|
|
|
1,409 |
|
JAPAN BK INTL COOPERATION JAPAN BANK COOP ADJ RT 07-21-2020 REG |
|
|
|
1,706 |
|
JAPAN FIN ORG MU 2.5% SNR MTN 12/09/2018USD |
|
|
|
3,004 |
|
JAPAN FIN ORG MUN 2.125% DUE 06/03/2019 |
|
|
|
1,999 |
|
KOREA DEV BK NT 1.5% DUE 01-22-2018 REG |
|
|
|
3,498 |
|
KRAFT HEINZ FOODS CO GTD SR NT FLTG DUE 08-10-2022 REG |
|
|
|
1,715 |
|
MITSUBISHI UFJ FINL GROUP INC SR NT FLTGRATE DUE 07-25-2022 REG |
|
|
|
1,004 |
|
MIZUHO FINL GROUP FLTG RT 3.81903% DUE 04-12-2021 |
|
|
|
2,255 |
|
MIZUHO FINL GROUP INC SR NT FLTG RATE DUE 09-11-2022 REG |
|
|
|
2,517 |
|
MORGAN STANLEY FLTG 07-22-2022 |
|
|
|
907 |
|
PETROLEOS FLTG RT 3.75408% DUE 07-18-2018 |
|
|
|
1,006 |
|
PIONEER NAT RES CO 6.875% DUE 05-01-2018 |
|
|
|
518 |
|
PUBLIC FIN AUTH WIS HEALTHCARE FACS REV 2.625% 11-01-2019 BEO TAXABLE |
|
|
|
1,978 |
|
PVTPL APIDOS CLO XVI/APIDOS CLO XVI LLC SER 13-16A CL A1R FRN 01-19-2025 |
|
|
|
3,005 |
|
PVTPL BLACK DIAMOND CLO 2013-1 LTD/BLACK DIA VAR 144A 02-06-2026 BEO |
|
|
|
4,007 |
|
PVTPL BLUEMOUNTAIN CLO II LTD SER 13-3A CLS AR FLTG RT 10-29-2025 BEO |
|
|
|
2,000 |
|
PVTPL BX TR SER 2017-APPL CL A FLTG 07-15-2034 |
|
|
|
4,005 |
|
PVTPL CENT CLO 19 LTD / CENT CLO 19 CORPSR SECD NT CL A-1A 144A 10-29-2025 |
|
|
|
2,003 |
|
PVTPL CMO MOTEL 6 TR 2017-MTL6 COML MTG PASSTHRU CTF CL A FLTG RT 08-15-2034 |
|
|
|
3,979 |
|
PVTPL CMO WELLS FARGO COML MTG TR SER 2017-HSDB CL A VAR RT 12-13-2023 |
|
|
|
1,503 |
|
PVTPL IMPERIAL TOB FIN PLC 2.05 DUE 02-11-2018 |
|
|
|
2,000 |
|
PVTPL IMPERIAL TOB FIN PLC 2.95% DUE 07-21-2020 BEO |
|
|
|
1,514 |
|
PVTPL JACKSON NATL LIFE GLOBAL TRANCHE # SR 00407 FLTG DUE 12-27-2018 |
|
|
|
10,400 |
|
PVTPL JAMESTOWN CLO LTD SER 14-4A CL A1BR VAR 07-15-2026 |
|
|
|
2,501 |
|
PVTPL KOREA EXCHANGE BK NT 144A 2.5% DUE06-12-2019 BEO |
|
|
|
996 |
|
PVTPL LEASEPLAN CORP N V 2.5 DUE 05-16-2018 REG |
|
|
|
500 |
|
PVTPL LEASEPLAN CORP N V 2.875% 01-22-2019 REG |
|
|
|
4,803 |
|
PVTPL MACQUARIE BK LTD FLTG DUE 07-29-2020 |
|
|
|
5,901 |
|
PVTPL MP CLO VII LTD SER 15-1A CL A-1-R FLTG RT DUE 04-18-2027 |
|
|
|
2,500 |
|
PVTPL NAVIENT PRIVATE ED LN TR 2015-C NTCL A FLTG 144A VAR RT DUE 01-16-2035 BEO |
|
|
|
1,290 |
|
PVTPL NAVIENT STUDENT LN TR 2016-5 NT CLA FLTG 144A VAR RT DUE 06-25-2065 BEO |
|
|
|
1,197 |
|
PVTPL OCTAGON INVT PARTNERS XVII LTD/OCTAGON SR SECD NT CL A-1-R FLTG |
|
|
|
1,502 |
|
PVTPL SOCIAL PROFESSIONAL LOAN PROGRAM LL VAR RT DUE 10-25-2036 BEO |
|
|
|
1,542 |
|
PVTPL Z CAP CR PARTNERS CLO SER 15-1A CL A1R FLTGT RT 07-16-2027 |
|
|
|
4,000 |
|
PVTPLTRALEE CLO III LTD SER 2014-3A CL A-R FLTG 10-20-2027 |
|
|
|
2,001 |
|
QNB FINANCE LTD 2.125% GTD SNR 14/02/18 USD |
|
|
|
1,699 |
|
ROYAL BK SCOTLAND FLTG RT 3.30875% DUE 05-15-2023 |
|
|
|
2,730 |
|
SANTANDER UK PLC 2% DUE 08-24-2018 |
|
|
|
970 |
|
SANTANDER UK PLC 3.05% DUE 08-23-2018 |
|
|
|
1,510 |
|
SEMPRA ENERGY NT FLTG RATE DUE 03-15-2021 REG |
|
|
|
2,003 |
|
SOUTHERN PWR CO DUE 12-20-2020/12-20-2019 BEO |
|
|
|
601 |
|
STATE BANK INDIA 3.25 DUEE 04-18-2018 |
|
|
|
802 |
|
SUMITOMO MITSUI FINL GRP FLTG RT DUE 07-12-2022 BEO |
|
|
|
5,416 |
|
SUMITOMO MITSUI FINL GRP FLTG RT DUE 10-18-2022 BEO |
|
|
|
4,402 |
|
Abbott Laboratories Stock Retirement Plan
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) - Continued
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
| |
Description of asset/ Rate/ Maturity |
|
Cost (a) |
|
value |
| |
|
|
|
|
|
| |
Corporate debt - continued |
|
|
|
|
| |
TELECOM ITALIA CAP 6.999% DUE 06-04-2018 |
|
|
|
407 |
| |
TIME WARNER CABLE 6.75% DUE 07-01-2018 |
|
|
|
3,578 |
| |
UBS AG 4.75% 22/05/2023 |
|
|
|
807 |
| |
UBS GROUP FDG SWITZ AG NT FLTG 144A DUE 08-15-2023/08-15-2022 BEO |
|
|
|
5,021 |
| |
WELLS FARGO & CO FLTG RT 2.7405% DUE 02-11-2022 |
|
|
|
5,062 |
| |
ZIMMER BIOMET 2% DUE 04-01-2018 |
|
|
|
1,501 |
| |
Total Corporate debt |
|
|
|
179,984 |
| |
|
|
|
|
|
| |
Government debt |
|
|
|
|
| |
GNMA 2016-H17 MTG PASS THRU CTF CL MX FC08-20-2066 |
|
|
|
965 |
| |
GNMA 2016-H20 REMIC PASSTHRU CTF CL MX-PT 09-20-2066 |
|
|
|
2,121 |
| |
TSY INFL IX N/B US GVT NATIONAL 0.125%04-15-2022 |
|
|
|
7,352 |
| |
UNITED STATES OF AMER TREAS NOTES 0.125% 04-15-2021 |
|
|
|
13,266 |
| |
UNITED STATES OF AMER TREAS NOTES 0.125% INFL IDX 04-15-2020 |
|
|
|
9,776 |
| |
UNITED STATES TREASURY BILLS 0% T-BILL 02-01-2018 |
|
|
|
275 |
| |
Total Government debt |
|
|
|
33,755 |
| |
|
|
|
|
|
| |
Certificate of deposit |
|
|
|
|
| |
BARCLAYS BK PLC NEW YORK BRH INSTL CTF DEP 00027 DTD 08-28-2017 1.94% 09-04-2018 |
|
|
|
3,000 |
| |
BARCLAYS BK PLC NEW YORK BRH INSTL CTF DEP 06-16-2017 FLTG 03-16-2018 |
|
|
|
3,003 |
| |
CORPBANCA N Y BRH INSTL DTD 12-11-2017 2.57% 01-11-2019 |
|
|
|
1,298 |
| |
Total Certificate of deposit |
|
|
|
7,301 |
| |
|
|
|
|
|
| |
Private 40-Act mutual funds |
|
|
|
|
| |
PIMCO Short-Term Floating NAV Portfolio II |
|
|
|
277,181 |
| |
PIMCO Short-Term Portfolio |
|
|
|
47,363 |
| |
Total Private 40-Act mutual funds |
|
|
|
324,544 |
| |
|
|
|
|
|
| |
*Loans to participants, 3.00% to 9.25% |
|
|
|
58,442 |
| |
|
|
|
|
|
| |
|
|
|
|
$ |
7,954,142 |
|
*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, 2017 and 2016
C O N T E N T S
|
|
Page |
|
|
|
|
3 | |
|
|
|
FINANCIAL STATEMENTS |
|
|
|
|
|
|
5 | |
|
|
|
|
6 | |
|
|
|
|
7 | |
|
|
|
|
| |
|
|
|
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) |
|
16 |
|
Plan Administrator and Plan Participants
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
Opinion on the financial statements
We have audited the accompanying statements of net assets available for benefits of Abbott Laboratories Stock Retirement Plan (Puerto Rico) (the Plan) as of December 31, 2017 and 2016, the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for opinion
These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on the Plans financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2017, has been subjected to audit procedures performed in conjunction with the audit of the 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 supplemental 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 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
We have served as the Plans auditor since 2014.
Chicago, Illinois
June 22, 2018
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2017 and 2016
(Dollars in thousands)
|
|
2017 |
|
2016 |
| ||
Assets |
|
|
|
|
| ||
Cash |
|
$ |
123 |
|
$ |
30 |
|
Investments, at fair value |
|
131,225 |
|
117,058 |
| ||
Notes receivable from participants |
|
2,384 |
|
6,246 |
| ||
Due from brokers |
|
|
|
14 |
| ||
Accrued interest income |
|
10 |
|
16 |
| ||
|
|
|
|
|
| ||
Total assets |
|
133,742 |
|
123,364 |
| ||
|
|
|
|
|
| ||
Liabilities |
|
|
|
|
| ||
Cash overdraft |
|
|
|
226 |
| ||
Accrued investment expenses |
|
2 |
|
2 |
| ||
Due to brokers |
|
|
|
97 |
| ||
|
|
|
|
|
| ||
Total liabilities |
|
2 |
|
325 |
| ||
|
|
|
|
|
| ||
NET ASSETS AVAILABLE FOR BENEFITS |
|
$ |
133,740 |
|
$ |
123,039 |
|
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, 2017
(Dollars in thousands)
Additions |
|
|
| |
Contributions |
|
|
| |
Employer |
|
$ |
1,388 |
|
Participant |
|
2,549 |
| |
|
|
|
| |
Total contributions |
|
3,937 |
| |
|
|
|
| |
Investment income |
|
|
| |
Net appreciation in fair value of investments |
|
32,501 |
| |
Interest and dividends |
|
3,114 |
| |
|
|
|
| |
Net investment income |
|
35,615 |
| |
|
|
|
| |
Interest income on notes receivable from participants |
|
118 |
| |
|
|
|
| |
Total additions |
|
39,670 |
| |
|
|
|
| |
Deductions |
|
|
| |
Benefits paid to participants |
|
28,954 |
| |
Other expenses |
|
15 |
| |
|
|
|
| |
Total deductions |
|
28,969 |
| |
|
|
|
| |
NET INCREASE |
|
10,701 |
| |
|
|
|
| |
Net assets available for benefits |
|
|
| |
Beginning of year |
|
123,039 |
| |
|
|
|
| |
End of year |
|
$ |
133,740 |
|
The accompanying notes are an integral part of these statements.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
December 31, 2017 and 2016
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
The Plan was established January 1, 2013 in conjunction with Abbott Laboratories (Abbott) separating into two publicly traded companies Abbott and AbbVie Inc. (AbbVie). The Plan covers 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.
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. Employees of the Company may, after meeting certain employment requirements, voluntarily participate in the Plan.
The Plans sponsor is Abbott Healthcare (Puerto Rico) Ltd. Aon Hewitt served as the Plans record keeper until its parent company, Aon plc, completed the sale of its benefits administration business to Blackstone Group LP during 2017. The business now operates as Alight Solutions and continues to serve as the record keeper of the Plan. The Northern Trust Company (Custodian) and Banco Popular de Puerto Rico (Trustee) serve as the Plans custodian and trustee, respectively. The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA).
In January 2017, Abbott completed the acquisition of St. Jude Medical, Inc., a global medical device manufacturer. During 2017, employees of St. Jude Medical, LLC (the surviving entity in the acquisition) and its subsidiaries in Puerto Rico were eligible to participate in a separate plan, not the Plan.
In February 2017, Abbott completed the sale of Abbott Medical Optics (AMO), its vision care business. After the sale, AMO employees in Puerto Rico were no longer eligible to make contributions to the Plan and were given the choice to keep their account balance in the Plan, including continuing to repay outstanding loans, roll over their account to a personal rollover account or another qualified plan, or take a distribution subject to any applicable taxes and penalties.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE A - DESCRIPTION OF THE PLAN - Continued
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 options of the Committees choosing.
Employees are eligible to commence participation in the Plan on any entry date following their date of hire. Except for employees described later in the paragraph, eligible employees electing to participate may contribute from 2% to 25% of their eligible earnings, subject to certain limitations. Participants may choose to make their contributions from either pretax earnings or after-tax earnings, or both. Beginning March 2017, newly hired employees in certain specified Abbott divisions and business units participate in the Plan under a different structure (Abbott Green employees). Under the Abbott Green structure, participants may defer up to 50% of eligible earnings as pre-tax contributions.
Participants who have attained age 50 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. Participants may elect to invest their contributions 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. Excluding the Abbott Green employees, the employer contribution for the year ended December 31, 2017, was 5% of the participants eligible earnings if the participant elected to contribute at least 2% of eligible earnings to the Plan. Effective with the first pay period ending after March 1, 2017, for Abbott Green employees who complete at least six months of eligibility service, employer matching contributions are made at the rate of 100% up to a 3% deferral of eligible earnings. A true-up employer matching contribution is made for eligible participants as of the end of the year if necessary to reach a full 1-3% employer matching contribution, as applicable. Employer contributions are invested each pay period according to the participants investment elections.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
In connection with the January 1, 2013 separation of Abbott into two publicly traded companies, Abbott shareholders received as a tax-free distribution of 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 existing contributions or earnings to purchase AbbVie stock in the Plan. AbbVie dividends are invested in the Plans default investment option.
Participants may direct the Trustee to sell all or a portion of the Abbott and AbbVie 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 for participants excluding Abbott Green participants:
|
|
Vesting |
|
Service |
|
percentage |
|
|
|
|
|
Less than two years |
|
0 |
% |
Two years or more |
|
100 |
% |
The Abbott Green matching contributions vest 20% each year, until full vesting at five years (with accelerated vesting if the participant dies, attains age 65, or becomes disabled).
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 2017, no forfeitures were used to reduce employer contributions. Forfeitures totaling approximately $103,000 and $36,000 were available at the end of 2017 and 2016, respectively.
Distributions and In-Service Withdrawals
Following retirement, termination or death, participants or their beneficiaries may elect to receive a distribution in installments, a single lump sum or a partial lump sum. Participants may elect a direct rollover of their accounts. Distribution must be made by the 1st of April following the year the participant reaches age 70 ½ or, if earlier, the 31st of December following the year in which the participant dies. Interest, dividends and other earnings will continue to accrue on such deferred amounts.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE A - DESCRIPTION OF THE PLAN - Continued
Distributions and In-Service Withdrawals - Continued
Prior to termination, participants are permitted to withdraw their after-tax contributions (after-tax contributions made on or after January 8, 2016 may be withdrawn from the Plan only after being held for two or more years) and rollover contributions (including merged-in plan rollover accounts) and, after age 59 ½, may also withdraw pretax contributions. 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, and in each case, are subject to certain limitations.
Notes Receivable from Participants
Participants may convert their vested account balances 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 vested 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 of fifteen years (or until the employees anticipated retirement date, if sooner). Repayment is generally made through periodic payroll deductions or by sending in a payment, but a loan may be repaid in a lump sum at any time. Post-termination loan repayments are permitted. For employees whose account is distributed 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.
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, 2017 and 2016
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 share or unit multiplied by the number of shares or units held.
Collective trust funds - Valued at the NAV provided by the administrator of the fund. The NAV is used as a practical expedient to estimate 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. Redemption is permitted daily.
The following tables summarize the basis used to measure investments at fair value at December 31, 2017 and 2016 (dollars in thousands):
|
|
Basis of Fair Value Measurement |
|
|
| |||||||||||
2017 |
|
Quoted |
|
Significant |
|
Significant |
|
Measured at |
|
Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common stock |
|
$ |
66,811 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
66,811 |
|
Mutual funds |
|
32,288 |
|
|
|
|
|
|
|
32,288 |
| |||||
Collective trust funds |
|
|
|
|
|
|
|
32,126 |
|
32,126 |
| |||||
Total investments at fair value |
|
$ |
99,099 |
|
$ |
|
|
$ |
|
|
$ |
32,126 |
|
$ |
131,225 |
|
|
|
Basis of Fair Value Measurement |
|
|
| |||||||||||
2016 |
|
Quoted |
|
Significant Other Observable Inputs |
|
Significant Unobservable Inputs |
|
Measured at NAV |
|
Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common stock |
|
$ |
56,787 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
56,787 |
|
Mutual funds |
|
32,724 |
|
|
|
|
|
|
|
32,724 |
| |||||
Collective trust funds |
|
|
|
|
|
|
|
27,547 |
|
27,547 |
| |||||
Total investments at fair value |
|
$ |
89,511 |
|
$ |
|
|
$ |
|
|
$ |
27,547 |
|
$ |
117,058 |
|
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. No allowance for credit losses has been recorded as of December 31, 2017 or 2016.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
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.
Administrative Expenses
Participants are charged transaction fees for loan processing and commissions on purchases and sales of Abbott shares and sales of AbbVie 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 record-keeping and administration fees, where applicable.
Payment of Benefits
Benefits are recorded when paid.
NOTE C - INVESTMENTS
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, 2017 and 2016 is presented below:
|
|
2017 |
|
2016 |
| ||
|
|
|
|
|
| ||
Abbott common shares, 661,662 and 863,060 shares, respectively (dollars in thousands) |
|
$ |
37,761 |
|
$ |
33,150 |
|
Market value per share |
|
$ |
57.07 |
|
$ |
38.41 |
|
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.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
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 the recordkeeper for loan transaction processing and for commissions on purchases and sales of Abbott shares and sales of AbbVie 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. All participants account balances would become 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, would be made to each participant. At the present time, Abbott has no intention of terminating the Plan.
NOTE F - TAX STATUS
The Plan received a letter dated April 19, 2016 from the Department of the Treasury of the Commonwealth of Puerto Rico 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 has been amended since receiving the letter. The Plan administrator 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, 2017 and 2016, 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.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2017 and 2016
NOTE G SUBSQUENT EVENTS
The Company has evaluated subsequent events from December 31, 2017 through the date these financial statements were issued. Other than described below, there were no subsequent events that require recognition or additional disclosure in these financial statements.
In January 2018, certain Plan provisions affecting Abbott Green employees changed. Specifically, effective for the first payroll period ending on or after January 1, 2018, Abbott Green employees may defer up to 25% of eligible earnings as pre-tax contributions, after-tax contributions, or a combination of both, and both the six-month eligibility requirement for matching contributions, and the year-end true-up matching contribution were eliminated. On or after January 1, 2018, Abbott Green employees fully vest in employer contributions at two years of service (with accelerated vesting if the participant dies, attains age 65, or becomes disabled).
Additionally, St. Jude Medical LLC employees in Puerto Rico became eligible to participate in the Plan as Abbott Green employees effective for the first payroll period ending on or after January 1, 2018.
Effective upon the close of business on February 22, 2018, the St. Jude Medical Puerto Rico LLC Retirement Plan merged with and into the Plan. Assets totaling approximately $15.4 million transferred into the Plan.
Abbott Laboratories Stock Retirement Plan (Puerto Rico)
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2017
(Dollars in thousands)
Identity of party involved/ |
|
|
|
Current |
| |
description of asset |
|
Cost (a) |
|
value |
| |
|
|
|
|
|
| |
Common stock - employer securities |
|
|
|
|
| |
*Abbott Laboratories |
|
|
|
$ |
37,761 |
|
|
|
|
|
|
| |
Common stock |
|
|
|
|
| |
AbbVie Inc., common stock |
|
|
|
29,050 |
| |
Total Common stock |
|
|
|
66,811 |
| |
|
|
|
|
|
| |
Mutual funds |
|
|
|
|
| |
American Funds EuroPacific Growth Fund |
|
|
|
4,673 |
| |
American Funds The Growth Fund of America |
|
|
|
8,710 |
| |
American Funds The Investment Company of America Fund |
|
|
|
5,502 |
| |
American Funds Washington Mutual Investors Fund |
|
|
|
2,010 |
| |
PIMCO All Asset Fund |
|
|
|
1,995 |
| |
PIMCO Short Asset Investment Fund |
|
|
|
6,598 |
| |
Vanguard Mid-Cap Value Index Fund Admiral |
|
|
|
2,800 |
| |
Total Mutual funds |
|
|
|
32,288 |
| |
|
|
|
|
|
| |
Collective trust funds |
|
|
|
|
| |
Blackrock International Opportunities Fund |
|
|
|
1,460 |
| |
GW&K Small-Mid Cap Core Equity Fund |
|
|
|
1,881 |
| |
*Northern Trust Collective World ex-U.S. Index Fund |
|
|
|
613 |
| |
*Northern Trust Collective ACWI ex-U.S. Index Fund |
|
|
|
61 |
| |
PIMCO Total Return Collective Trust Fund |
|
|
|
1,903 |
| |
SSGA Russell Small/Mid Cap Index Fund |
|
|
|
2,671 |
| |
SSGA S&P 500 Index Fund |
|
|
|
5,693 |
| |
SSGA U.S. Bond Index Fund |
|
|
|
349 |
| |
SSGA Target Retirement 2015 |
|
|
|
2,792 |
| |
SSGA Target Retirement 2020 |
|
|
|
5,412 |
| |
SSGA Target Retirement 2025 |
|
|
|
4,021 |
| |
SSGA Target Retirement 2030 |
|
|
|
2,083 |
| |
SSGA Target Retirement 2035 |
|
|
|
1,079 |
| |
SSGA Target Retirement 2040 |
|
|
|
824 |
| |
SSGA Target Retirement 2045 |
|
|
|
460 |
| |
SSGA Target Retirement 2050 |
|
|
|
172 |
| |
SSGA Target Retirement 2055 |
|
|
|
37 |
| |
SSGA Target Retirement 2060 |
|
|
|
23 |
| |
SSGA Target Retirement Income |
|
|
|
486 |
| |
*Northern Trust Collective Short Term Investment Fund |
|
|
|
106 |
| |
Total Collective trust funds |
|
|
|
32,126 |
| |
|
|
|
|
|
| |
*Loans to participants, 3.25% to 8.75% |
|
|
|
2,384 |
| |
|
|
|
|
|
| |
|
|
|
|
$ |
133,609 |
|
*Represents a party-in-interest transaction.
(a) Cost information omitted as all investments are fully participant directed.
EXHIBIT INDEX
Exhibit No. |
|
Exhibit |
|
|
|
|
|
23.1 |
|
Consent of Independent Registered Public Accounting Firm Abbott Laboratories Stock Retirement Plan. |
|
|
|
|
|
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 22, 2018 |
By: |
/s/ Mary K. Moreland |
|
|
Mary K. Moreland |
|
|
Plan Administrator |