Equity (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Equity [Abstract] |
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| Schedule of share-based compensation expense |
Stock-based compensation expense is principally related to awards issued pursuant to the 2013 ISP and the Amended Plan and is summarized as follows: | | | | | | | | | | | | | | | | | | | years ended December 31 (in millions) | 2023 | | 2022 | | 2021 | | Cost of products sold | $ | 46 | | | $ | 38 | | | $ | 46 | | | Research and development | 278 | | | 232 | | | 226 | | | Selling, general and administrative | 423 | | | 401 | | | 420 | | | Pre-tax compensation expense | 747 | | | 671 | | | 692 | | | Tax benefit | 136 | | | 122 | | | 126 | | | After-tax compensation expense | $ | 611 | | | $ | 549 | | | $ | 566 | |
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| Summary of AbbVie stock option activity |
The following table summarizes AbbVie stock option activity in 2023: | | | | | | | | | | | | | | | | | | | | | | | | | (options in thousands, aggregate intrinsic value in millions) | Options | | Weighted- average
exercise price | | Weighted-average remaining
life (in years) | | Aggregate intrinsic value | | Outstanding at December 31, 2022 | 9,320 | | | $ | 91.84 | | | 4.8 | | $ | 650 | | | Granted | 642 | | | 149.30 | | | | | | | Exercised | (2,410) | | | 73.21 | | | | | | | Lapsed and forfeited | (71) | | | 90.43 | | | | | | | Outstanding at December 31, 2023 | 7,481 | | | $ | 102.80 | | | 5.0 | | $ | 390 | | | Exercisable at December 31, 2023 | 5,954 | | | $ | 93.85 | | | 4.2 | | $ | 364 | |
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| Summary of AbbVie RSA and RSU activity |
The following table summarizes AbbVie RSU and performance share activity for 2023: | | | | | | | | | | | | | (share units in thousands) | Share units | | Weighted-average grant date fair value | | Outstanding at December 31, 2022 | 13,031 | | | $ | 116.84 | | | Granted | 5,872 | | | 141.63 | | | Vested | (6,790) | | | 107.96 | | | Forfeited | (1,374) | | | 113.65 | | | Outstanding at December 31, 2023 | 10,739 | | | $ | 136.42 | |
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| Summary of quarterly cash dividends |
The following table summarizes quarterly cash dividends declared during 2023, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | | Date Declared | | Payment Date | | Dividend Per Share | | Date Declared | | Payment Date | | Dividend Per Share | | Date Declared | | Payment Date | | Dividend Per Share | | 10/26/23 | | 02/15/24 | | $1.55 | | 10/28/22 | | 02/15/23 | | $1.48 | | 10/29/21 | | 02/15/22 | | $1.41 | | 09/08/23 | | 11/15/23 | | $1.48 | | 09/09/22 | | 11/15/22 | | $1.41 | | 09/10/21 | | 11/15/21 | | $1.30 | | 06/22/23 | | 08/15/23 | | $1.48 | | 06/23/22 | | 08/15/22 | | $1.41 | | 06/17/21 | | 08/16/21 | | $1.30 | | 02/16/23 | | 05/15/23 | | $1.48 | | 02/17/22 | | 05/16/22 | | $1.41 | | 02/18/21 | | 05/14/21 | | $1.30 |
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| Summary of changes in each component of accumulated other comprehensive loss, net of tax |
The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax, for 2023, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) (brackets denote losses) | Foreign currency translation adjustments | | Net investment hedging activities | | Pension
and post-employment benefits | | | | Cash flow hedging activities | | Total | | Balance as of December 31, 2020 | $ | 583 | | | $ | (790) | | | $ | (3,067) | | | | | $ | 157 | | | $ | (3,117) | | | Other comprehensive income (loss) before reclassifications | (1,153) | | | 720 | | | 298 | | | | | 76 | | | (59) | | | Net losses (gains) reclassified from accumulated other comprehensive loss | — | | | (21) | | | 223 | | | | | 75 | | | 277 | | | Net current-period other comprehensive income (loss) | (1,153) | | | 699 | | | 521 | | | | | 151 | | | 218 | | | Balance as of December 31, 2021 | (570) | | | (91) | | | (2,546) | | | | | 308 | | | (2,899) | | | Other comprehensive income (loss) before reclassifications | (943) | | | 629 | | | 915 | | | | | 91 | | | 692 | | | Net losses (gains) reclassified from accumulated other comprehensive loss | — | | | (74) | | | 173 | | | | | (91) | | | 8 | | | Net current-period other comprehensive income (loss) | (943) | | | 555 | | | 1,088 | | | | | — | | | 700 | | | Balance as of December 31, 2022 | (1,513) | | | 464 | | | (1,458) | | | | | 308 | | | (2,199) | | | Other comprehensive income (loss) before reclassifications | 407 | | | (311) | | | (23) | | | | | (10) | | | 63 | | | Net gains reclassified from accumulated other comprehensive loss | — | | | (88) | | | (7) | | | | | (74) | | | (169) | | | Net current-period other comprehensive income (loss) | 407 | | | (399) | | | (30) | | | | | (84) | | | (106) | | | Balance as of December 31, 2023 | $ | (1,106) | | | $ | 65 | | | $ | (1,488) | | | | | $ | 224 | | | $ | (2,305) | |
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| Schedule of the impact of significant amounts reclassified out of each component of accumulated other comprehensive loss |
The table below presents the impact on AbbVie's consolidated statements of earnings for significant amounts reclassified out of each component of accumulated other comprehensive loss: | | | | | | | | | | | | | | | | | | | years ended December 31 (in millions) (brackets denote gains) | 2023 | | 2022 | | 2021 | | Net investment hedging activities | | | | | | Gains on derivative amount excluded from effectiveness testing(a) | $ | (112) | | | $ | (94) | | | $ | (26) | | | Tax expense | 24 | | | 20 | | | 5 | | | Total reclassifications, net of tax | $ | (88) | | | $ | (74) | | | $ | (21) | | | Pension and post-employment benefits | | | | | | Amortization of actuarial losses (gains) and other(b) | $ | (7) | | | $ | 221 | | | $ | 283 | | | Tax expense (benefit) | — | | | (48) | | | (60) | | | Total reclassifications, net of tax | $ | (7) | | | $ | 173 | | | $ | 223 | | | Cash flow hedging activities | | | | | | Losses (gains) on foreign currency forward exchange contracts(c) | $ | (77) | | | $ | (82) | | | $ | 87 | | Gains on treasury rate lock agreements(a) | (24) | | | (23) | | | (24) | | Losses on interest rate swap contracts(a) | — | | | 1 | | | 24 | | Losses on cross-currency swap contracts(d) | 6 | | | — | | | — | | | Tax expense (benefit) | 21 | | | 13 | | | (12) | | | Total reclassifications, net of tax | $ | (74) | | | $ | (91) | | | $ | 75 | |
(a)Amounts are included in interest expense, net (see Note 11). (b)Amounts are included in the computation of net periodic benefit cost (see Note 12). (c)Amounts are included in cost of products sold (see Note 11). (d)Amounts are included in net foreign exchange loss (see Note 11).
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