10-Q Filing

ABBVIE INC. CIK: 1551152 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001551152-17-000016`
Period End Date	20170331
Filing Date	20170505
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	abbv-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 36 Cash Flow Statement 62 Comprehensive Income 18

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	4.00B	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	4.00B	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	1.76B	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	1.75B	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.10B	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.40B	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.56B	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.74B	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$1.32B	USD	Point-in-time
Common stock held in treasury, at cost (in shares)	`TreasuryStockShares`	171.46M	shares	Point-in-time
Common stock held in treasury, at cost (in shares)	`TreasuryStockShares`	162.39M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$1.51B	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.68B	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.76B	USD	Point-in-time
Inventories	`InventoryNet`	$1.43B	USD	Point-in-time
Inventories	`InventoryNet`	$1.44B	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$3.56B	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$3.19B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.55B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.19B	USD	Point-in-time
Investments	`LongTermInvestments`	$2.12B	USD	Point-in-time
Investments	`LongTermInvestments`	$1.78B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.60B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.61B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$28.90B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$28.63B	USD	Point-in-time
Goodwill	`Goodwill`	$15.42B	USD	Point-in-time
Goodwill	`Goodwill`	$15.49B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.21B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.26B	USD	Point-in-time
Total assets	`Assets`	$65.66B	USD	Point-in-time
Total assets	`Assets`	$66.10B	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$377.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$400.00M	USD	Point-in-time
Current portion of long-term debt and lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$25.00M	USD	Point-in-time
Current portion of long-term debt and lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$25.00M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$9.38B	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.42B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.78B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.84B	USD	Point-in-time
Long-term debt and lease obligations	`LongTermDebtAndCapitalLeaseObligations`	$36.44B	USD	Point-in-time
Long-term debt and lease obligations	`LongTermDebtAndCapitalLeaseObligations`	$36.53B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$6.89B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$6.80B	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$8.50B	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$8.35B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,762,827,782 shares issued as of March 31, 2017 and 1,754,900,486 as of December 31, 2016	`CommonStockValueOutstanding`	$18.00M	USD	Point-in-time
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,762,827,782 shares issued as of March 31, 2017 and 1,754,900,486 as of December 31, 2016	`CommonStockValueOutstanding`	$18.00M	USD	Point-in-time
Common stock held in treasury, at cost, 171,461,810 shares as of March 31, 2017 and 162,387,762 as of December 31, 2016	`TreasuryStockValue`	$10.85B	USD	Point-in-time
Common stock held in treasury, at cost, 171,461,810 shares as of March 31, 2017 and 162,387,762 as of December 31, 2016	`TreasuryStockValue`	$11.43B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$13.89B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$13.68B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$5.06B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.38B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.59B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.54B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.64B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$5.00B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$66.10B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$65.66B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`Revenues`	$5.96B	USD	1 Quarter
Net revenues	`Revenues`	$6.54B	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$1.37B	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$1.62B	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.37B	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.35B	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$946.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.14B	USD	1 Quarter
Acquired in-process research and development	`ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationWrittenOff`	-	USD	1 Quarter
Acquired in-process research and development	`ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationWrittenOff`	$10.00M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$3.68B	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$4.12B	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$2.28B	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$2.42B	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-200.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-247.00M	USD	1 Quarter
Net foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-302.00M	USD	1 Quarter
Net foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-13.00M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-73.00M	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.09B	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.78B	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$422.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$375.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.71B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.35B	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.83	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$1.07	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.83	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$1.06	USD	1 Quarter
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.57	USD	1 Quarter
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.64	USD	1 Quarter
Weighted-average basic shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.60B	shares	1 Quarter
Weighted-average basic shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.62B	shares	1 Quarter
Weighted-average diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.60B	shares	1 Quarter
Weighted-average diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.62B	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.71B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.35B	USD	1 Quarter
Depreciation	`Depreciation`	$103.00M	USD	1 Quarter
Depreciation	`Depreciation`	$103.00M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$165.00M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$271.00M	USD	1 Quarter
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	1 Quarter
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$85.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$141.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$138.00M	USD	1 Quarter
Upfront costs and milestones related to collaborations	`UpfrontCostsRelatedToCollaborations`	$28.00M	USD	1 Quarter
Upfront costs and milestones related to collaborations	`UpfrontCostsRelatedToCollaborations`	$25.00M	USD	1 Quarter
Devaluation loss related to Venezuela	`ForeignCurrencyTransactionLossBeforeTax`	$298.00M	USD	1 Quarter
Devaluation loss related to Venezuela	`ForeignCurrencyTransactionLossBeforeTax`	-	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-45.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-62.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-81.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$34.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-19.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-71.00M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$159.00M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$53.00M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-266.00M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$42.00M	USD	1 Quarter
Cash flows from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.13B	USD	1 Quarter
Cash flows from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.10B	USD	1 Quarter
Acquisitions and investments	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	$28.00M	USD	1 Quarter
Acquisitions and investments	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	$63.00M	USD	1 Quarter
Acquisitions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$121.00M	USD	1 Quarter
Acquisitions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$95.00M	USD	1 Quarter
Purchases of investment securities	`PaymentsToAcquireMarketableSecurities`	$970.00M	USD	1 Quarter
Purchases of investment securities	`PaymentsToAcquireMarketableSecurities`	$1.34B	USD	1 Quarter
Sales and maturities of investment securities	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$33.00M	USD	1 Quarter
Sales and maturities of investment securities	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$444.00M	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.46B	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-684.00M	USD	1 Quarter
Net change in short-term borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$23.00M	USD	1 Quarter
Net change in short-term borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$-6.00M	USD	1 Quarter
Repayments of long-term debt and lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	-	USD	1 Quarter
Repayments of long-term debt and lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$6.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$924.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$1.03B	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$409.00M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$895.00M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$85.00M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$77.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$26.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$43.00M	USD	1 Quarter
Cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.22B	USD	1 Quarter
Cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.79B	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$16.00M	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-294.00M	USD	1 Quarter
Net decrease in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-360.00M	USD	1 Quarter
Net decrease in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-843.00M	USD	1 Quarter
Cash and equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.10B	USD	Point-in-time
Cash and equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.40B	USD	Point-in-time
Cash and equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.56B	USD	Point-in-time
Cash and equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.74B	USD	Point-in-time
Cash and equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.10B	USD	Point-in-time
Cash and equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.40B	USD	Point-in-time
Cash and equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.56B	USD	Point-in-time
Cash and equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.74B	USD	Point-in-time

Comprehensive Income 18 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.71B	USD	1 Quarter
Foreign currency translation adjustments, tax expense (benefit)	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$41.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.35B	USD	1 Quarter
Foreign currency translation adjustments, tax expense (benefit)	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustments, net of tax expense (benefit) of $ for the three months ended March 31, 2017 and $41 for the three months ended March 31, 2016	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$188.00M	USD	1 Quarter
Foreign currency translation adjustments, net of tax expense (benefit) of $ for the three months ended March 31, 2017 and $41 for the three months ended March 31, 2016	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$170.00M	USD	1 Quarter
Pension and post-employment benefits, tax expense	`OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent`	$-8.00M	USD	1 Quarter
Pension and post-employment benefits, tax expense	`OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent`	$-8.00M	USD	1 Quarter
Unrealized (losses) gains on marketable equity securities, tax (benefit) expense	`OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent`	$-1.00M	USD	1 Quarter
Pension and post-employment benefits, net of tax expense (benefit) of $8 for the three months ended March 31, 2017 and $8 for the three months ended March 31, 2016	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-15.00M	USD	1 Quarter
Pension and post-employment benefits, net of tax expense (benefit) of $8 for the three months ended March 31, 2017 and $8 for the three months ended March 31, 2016	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-11.00M	USD	1 Quarter
Unrealized (losses) gains on marketable equity securities, tax (benefit) expense	`OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent`	$-7.00M	USD	1 Quarter
Marketable security activities, net of tax expense (benefit) of $(1) for the three months ended March 31, 2017 and $(7) for the three months ended March 31, 2016	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$-25.00M	USD	1 Quarter
Marketable security activities, net of tax expense (benefit) of $(1) for the three months ended March 31, 2017 and $(7) for the three months ended March 31, 2016	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$-8.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$138.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$44.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.75B	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.49B	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.