v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Summary of amounts and location of operating and finance leases on the consolidated balance sheets The following table summarizes the amounts and location of operating and finance leases on the consolidated balance sheets:
as of December 31 (in millions)Balance sheet caption20202019
Assets
OperatingOther assets$895 $344 
FinanceProperty and equipment, net27 23 
Total lease assets$922 $367 
Liabilities
Operating
CurrentAccounts payable and accrued liabilities$175 $109 
NoncurrentOther long-term liabilities832 251 
Finance
CurrentCurrent portion of long-term debt and finance lease obligations8 7 
NoncurrentLong-term debt and finance lease obligations21 20 
Total lease liabilities$1,036 $387 
Summary of lease costs recognized in the condensed consolidated statements of earnings
The following table summarizes the lease costs recognized in the consolidated statements of earnings:
years ended December 31 (in millions)20202019
Operating lease cost$192 $124 
Short-term lease cost59 34 
Variable lease cost60 62 
Total lease cost$311 $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,
2020		December 31,
2019
Weighted-average remaining lease term (years)
Operating85
Finance33
Weighted-average discount rate
Operating2.5 %3.9 %
Finance1.4 %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:
years ended December 31 (in millions)20202019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$185 $125 
Right-of-use assets obtained in exchange for new operating lease liabilities692 26 
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, 2020:
(in millions)Operating
leases		Finance
leases
Total (a)
2021$202 $27 $229 
2022178 3 181 
2023140 2 142 
2024111 1 112 
202596 — 96 
Thereafter394 — 394 
Total lease payments1,121 33 1,154 
Less: Interest114 4 118 
Present value of lease liabilities$1,007 $29 $1,036 
(a)Lease payments recognized as part of lease liabilities for optional renewal periods are insignificant.
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, 2020:
(in millions)Operating
leases		Finance
leases
Total (a)
2021$202 $27 $229 
2022178 3 181 
2023140 2 142 
2024111 1 112 
202596 — 96 
Thereafter394 — 394 
Total lease payments1,121 33 1,154 
Less: Interest114 4 118 
Present value of lease liabilities$1,007 $29 $1,036 
(a)Lease payments recognized as part of lease liabilities for optional renewal periods are insignificant.