v3.19.3.a.u2
Leases (Tables)
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Summary of amounts and location of operating and finance leases on the consolidated balance sheet The following table summarizes the amounts and location of operating and finance leases on the consolidated balance sheet:
(in millions)
Balance sheet caption
December 31,
2019
Assets
 
 
Operating
Other assets
$
344

Finance
Property and equipment, net
23

Total lease assets
 
$
367

Liabilities
 
 
Operating
 
 
Current
Accounts payable and accrued liabilities
$
109

Noncurrent
Other long-term liabilities
251

Finance
 
 
Current
Current portion of long-term debt and finance lease obligations
7

Noncurrent
Long-term debt and finance lease obligations
20

Total lease liabilities
 
$
387
Summary of lease costs recognized in the condensed consolidated statement of earnings
The following table summarizes the lease costs recognized in the consolidated statement of earnings:
year ended December 31 (in millions)
 
2019
Operating lease cost
 
$
124

Short-term lease cost
 
34

Variable lease cost
 
62

Total lease cost
 
$
220
Schedule of weighted-average remaining lease term and weighted-average discount rate for operating and finance leases
The following table presents the weighted-average remaining lease term and weighted-average discount rate for operating and finance leases:
 
December 31,
2019
Weighted-average remaining lease term (years)
 
Operating
5

Finance
3

Weighted-average discount rate
 
Operating
3.9
%
Finance
3.9
%
Schedule of supplementary cash flow information regarding the company's leases
The following table presents supplementary cash flow information regarding the company's leases:
year ended December 31 (in millions)
2019
Cash paid for amounts included in the measurement of lease liabilities
 
Operating cash flows from operating leases
$
125

Right-of-use assets obtained in exchange for new operating lease liabilities
26
Summary of future maturities of AbbVie's finance lease liabilities
The following table summarizes the future maturities of AbbVie's operating and finance lease liabilities as of December 31, 2019:
(in millions)
Operating
leases
 
Finance
leases
 
Total (a)(b)
2020
$
119

 
$
10

 
$
129

2021
104

 
9

 
113

2022
59

 
8

 
67

2023
38

 
1

 
39

2024
22

 
—

 
22

Thereafter
58

 
—

 
58

Total lease payments
400

 
28

 
428

Less: Interest
40

 
1

 
41

Present value of lease liabilities
$
360

 
$
27

 
$
387

(a)
Total lease payments exclude approximately $350 million of contractual minimum lease payments for leases executed but not yet commenced. These leases will commence in 2020 with lease terms of approximately 11 years.
(b)
Lease payments recognized as part of lease liabilities for optional renewal periods are insignificant.
Summary of future maturities of AbbVie's operating lease liabilities
The following table summarizes the future maturities of AbbVie's operating and finance lease liabilities as of December 31, 2019:
(in millions)
Operating
leases
 
Finance
leases
 
Total (a)(b)
2020
$
119

 
$
10

 
$
129

2021
104

 
9

 
113

2022
59

 
8

 
67

2023
38

 
1

 
39

2024
22

 
—

 
22

Thereafter
58

 
—

 
58

Total lease payments
400

 
28

 
428

Less: Interest
40

 
1

 
41

Present value of lease liabilities
$
360

 
$
27

 
$
387

(a)
Total lease payments exclude approximately $350 million of contractual minimum lease payments for leases executed but not yet commenced. These leases will commence in 2020 with lease terms of approximately 11 years.
(b)
Lease payments recognized as part of lease liabilities for optional renewal periods are insignificant.