Abbott Laboratories (ABT)

Inventories are stated at the lower of cost (first-in, first-out basis) or market. Cost includes material and conversion costs.

Source: Abbott Laboratories, Annual Report

Abbott Laboratories, Statement of Financial Position, Inventory

USD $ in millions

Source: Based on data from Abbott Laboratories Annual Reports

Item	Description	The company
Finished products	Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.	Abbott Laboratories's finished products declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.
Work in process	Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.	Abbott Laboratories's work in process declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.
Materials	Carrying amount as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product.	Abbott Laboratories's materials declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.
Inventories	Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).	Abbott Laboratories's inventories declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.