10-Q Filing

ABBVIE INC. CIK: 1551152 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001551152-18-000025`
Period End Date	20180331
Filing Date	20180504
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	abbv-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 41 Cash Flow Statement 60 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
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.01B	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.30B	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	1.78B	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.10B	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.74B	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	1.77B	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$486.00M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$467.00M	USD	Point-in-time
Common stock held in treasury, at cost (in shares)	`TreasuryStockShares`	188.74M	shares	Point-in-time
Common stock held in treasury, at cost (in shares)	`TreasuryStockShares`	176.61M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.09B	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.84B	USD	Point-in-time
Inventories	`InventoryNet`	$1.74B	USD	Point-in-time
Inventories	`InventoryNet`	$1.60B	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$4.74B	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$3.39B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.44B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.22B	USD	Point-in-time
Investments	`LongTermInvestments`	$2.06B	USD	Point-in-time
Investments	`LongTermInvestments`	$2.09B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.80B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.83B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$27.23B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$27.56B	USD	Point-in-time
Goodwill	`Goodwill`	$15.79B	USD	Point-in-time
Goodwill	`Goodwill`	$15.88B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.33B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$903.00M	USD	Point-in-time
Total assets	`Assets`	$70.79B	USD	Point-in-time
Total assets	`Assets`	$69.34B	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$367.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$400.00M	USD	Point-in-time
Current portion of long-term debt and lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$6.01B	USD	Point-in-time
Current portion of long-term debt and lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$6.01B	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$10.68B	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$10.23B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.64B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.06B	USD	Point-in-time
Long-term debt and lease obligations	`LongTermDebtAndCapitalLeaseObligations`	$30.91B	USD	Point-in-time
Long-term debt and lease obligations	`LongTermDebtAndCapitalLeaseObligations`	$30.95B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.30B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.49B	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$15.52B	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$15.61B	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, 1,775,505,540 shares issued as of March 31, 2018 and 1,768,738,550 as of December 31, 2017	`CommonStockValueOutstanding`	$18.00M	USD	Point-in-time
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,775,505,540 shares issued as of March 31, 2018 and 1,768,738,550 as of December 31, 2017	`CommonStockValueOutstanding`	$18.00M	USD	Point-in-time
Common stock held in treasury, at cost, 188,735,571 shares as of March 31, 2018 and 176,607,525 as of December 31, 2017	`TreasuryStockValue`	$11.92B	USD	Point-in-time
Common stock held in treasury, at cost, 188,735,571 shares as of March 31, 2018 and 176,607,525 as of December 31, 2017	`TreasuryStockValue`	$13.33B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$14.52B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$14.27B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$5.46B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.98B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.63B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.73B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.55B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$5.10B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$69.34B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$70.79B	USD	Point-in-time

Income Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`Revenues`	$6.54B	USD	1 Quarter
Net revenues	`Revenues`	$7.93B	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$1.62B	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$1.93B	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.79B	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.37B	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.24B	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.14B	USD	1 Quarter
Acquired in-process research and development	`ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationWrittenOff`	$69.00M	USD	1 Quarter
Acquired in-process research and development	`ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationWrittenOff`	-	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$4.13B	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$5.03B	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$2.90B	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$2.41B	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-251.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-247.00M	USD	1 Quarter
Net foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-13.00M	USD	1 Quarter
Net foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-8.00M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-61.00M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$153.00M	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.09B	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.80B	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$375.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.71B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$2.78B	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$1.74	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`	$1.74	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`	$0.96	USD	Point-in-time
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.64	USD	1 Quarter
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.64	USD	Point-in-time
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.71	USD	Point-in-time
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.96	USD	1 Quarter
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.64	USD	Point-in-time
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.64	USD	Point-in-time
Weighted-average basic shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.59B	shares	1 Quarter
Weighted-average basic shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.60B	shares	1 Quarter
Weighted-average diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.60B	shares	1 Quarter
Weighted-average diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.60B	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.71B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$2.78B	USD	1 Quarter
Depreciation	`Depreciation`	$103.00M	USD	1 Quarter
Depreciation	`Depreciation`	$115.00M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$330.00M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$271.00M	USD	1 Quarter
Change in fair value of contingent consideration liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-148.00M	USD	1 Quarter
Change in fair value of contingent consideration liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$85.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$191.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$141.00M	USD	1 Quarter
Upfront costs and milestones related to collaborations	`UpfrontCostsRelatedToCollaborations`	$28.00M	USD	1 Quarter
Upfront costs and milestones related to collaborations	`UpfrontCostsRelatedToCollaborations`	$101.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-101.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-45.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$681.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$34.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$71.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-71.00M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$267.00M	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`	$191.00M	USD	1 Quarter
Cash flows from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.10B	USD	1 Quarter
Cash flows from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.65B	USD	1 Quarter
Acquisitions and investments	`PaymentsToAcquireOtherInvestments`	$372.00M	USD	1 Quarter
Acquisitions and investments	`PaymentsToAcquireOtherInvestments`	$63.00M	USD	1 Quarter
Acquisitions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$95.00M	USD	1 Quarter
Acquisitions of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$119.00M	USD	1 Quarter
Purchases of investment securities	`PaymentsToAcquireMarketableSecurities`	$267.00M	USD	1 Quarter
Purchases of investment securities	`PaymentsToAcquireMarketableSecurities`	$970.00M	USD	1 Quarter
Sales and maturities of investment securities	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$311.00M	USD	1 Quarter
Sales and maturities of investment securities	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$444.00M	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-447.00M	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-684.00M	USD	1 Quarter
Net change in short-term borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$-33.00M	USD	1 Quarter
Net change in short-term borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$23.00M	USD	1 Quarter
Repayments of long-term debt and lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$7.00M	USD	1 Quarter
Repayments of long-term debt and lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$6.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$1.03B	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$1.14B	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$895.00M	USD	1 Quarter
Purchases of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$1.43B	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$85.00M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$62.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$37.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$26.00M	USD	1 Quarter
Cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.79B	USD	1 Quarter
Cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.51B	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`	$15.00M	USD	1 Quarter
Net change in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-296.00M	USD	1 Quarter
Net change in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-360.00M	USD	1 Quarter
Cash and equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01B	USD	Point-in-time
Cash and equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.30B	USD	Point-in-time
Cash and equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.10B	USD	Point-in-time
Cash and equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.74B	USD	Point-in-time
Cash and equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01B	USD	Point-in-time
Cash and equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.30B	USD	Point-in-time
Cash and equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.10B	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
Net earnings	`NetIncomeLoss`	$2.78B	USD	1 Quarter
Foreign currency translation adjustments, tax expense (benefit)	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustments, tax expense (benefit)	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$-3.00M	USD	1 Quarter
Foreign currency translation adjustments, net of tax expense (benefit) of $(3) for the three months ended March 31, 2018 and $ for the three months ended March 31, 2017	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$170.00M	USD	1 Quarter
Foreign currency translation adjustments, net of tax expense (benefit) of $(3) for the three months ended March 31, 2018 and $ for the three months ended March 31, 2017	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$189.00M	USD	1 Quarter
Pension and post-employment benefits, tax expense (benefit)	`OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent`	$-9.00M	USD	1 Quarter
Pension and post-employment benefits, tax expense (benefit)	`OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent`	$-8.00M	USD	1 Quarter
Pension and post-employment benefits, net of tax expense (benefit) of $9 for the three months ended March 31, 2018 and $8 for the three months ended March 31, 2017	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-11.00M	USD	1 Quarter
Unrealized (losses) gains on marketable equity securities, tax (benefit) expense	`OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent`	$-1.00M	USD	1 Quarter
Unrealized (losses) gains on marketable equity securities, tax (benefit) expense	`OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent`	-	USD	1 Quarter
Pension and post-employment benefits, net of tax expense (benefit) of $9 for the three months ended March 31, 2018 and $8 for the three months ended March 31, 2017	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-22.00M	USD	1 Quarter
Marketable security activities, net of tax expense (benefit) of $ for the three months ended March 31, 2018 and $(1) for the three months ended March 31, 2017	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$-8.00M	USD	1 Quarter
Marketable security activities, net of tax expense (benefit) of $ for the three months ended March 31, 2018 and $(1) for the three months ended March 31, 2017	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$-7.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$44.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$97.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.75B	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.88B	USD	1 Quarter

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