Stock-based compensation expense is principally related to awards issued pursuant to the AbbVie 2013 Incentive Stock Program and the AbbVie Amended and Restated 2013 Incentive Stock Program and is summarized as follows:


	Three months ended March 31,
(in millions)		2024		2023
Cost of products sold		$	22	$	20
Research and development		133		117
Selling, general and administrative		193		176
Pre-tax compensation expense		348		313
Tax benefit		60		55
After-tax compensation expense		$	288	$	258

In addition to stock-based compensation expense included in the table above and in connection with the acquisition of ImmunoGen, AbbVie incurred $349 million of cash-settled, post-closing expense for ImmunoGen employee incentive awards, of which $192 million was recorded in SG&A expenses, $126 million was recorded in R&D expenses and $31 million was recorded in cost of products sold in the condensed consolidated statements of earnings for the three months ended March 31, 2024. Refer to Note 4 for additional information regarding the ImmunoGen acquisition.

During the three months ended March 31, 2024, primarily in connection with the company's annual grant, AbbVie granted 0.6 million stock options with a weighted-average grant-date fair value of $31.53. As of March 31, 2024, $11 million of unrecognized compensation cost related to stock options is expected to be recognized as expense over approximately the next two years.

During the three months ended March 31, 2024, primarily in connection with the company's annual grant, AbbVie granted 4.9 million RSUs and performance shares with a weighted-average grant-date fair value of $175.97. In connection with the ImmunoGen acquisition, during the first quarter of 2024, AbbVie issued 0.3 million RSUs to holders of ImmunoGen equity awards based on a conversion factor described in the transaction agreement. Refer to Note 4 for additional information regarding the ImmunoGen acquisition. As of March 31, 2024, $967 million of unrecognized compensation cost related to RSUs and performance shares is expected to be recognized as expense over approximately the next two years.

The following table summarizes quarterly cash dividends declared during 2024 and 2023:


2024				2023
Date Declared	Payment Date	Dividend Per Share		Date Declared	Payment Date	Dividend Per Share
02/15/24	05/15/24	$	1.55	10/26/23	02/15/24	$	1.55
				09/08/23	11/15/23	$	1.48
				06/22/23	08/15/23	$	1.48
				02/16/23	05/15/23	$	1.48

The company's stock repurchase authorization permits purchases of AbbVie shares from time to time in open-market or private transactions at management's discretion. The program has no time limit and can be discontinued at any time. Shares repurchased under this program are recorded at acquisition cost, including related expenses, and are available for general corporate purposes.

On February 16, 2023, AbbVie’s board of directors authorized a $5.0 billion increase to the existing stock repurchase authorization. AbbVie repurchased 5 million shares for $959 million during the three months ended March 31, 2024 and 10 million shares for $1.6 billion during the three months ended March 31, 2023. AbbVie's remaining stock repurchase authorization was approximately $3.9 billion as of March 31, 2024.

The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2024:


(in millions)	Foreign currency translation adjustments		Net investment hedging activities		Pension and post-employment benefits		Cash flow hedging activities		Total
Balance as of December 31, 2023	$	(1,106)	$	65	$	(1,488)	$	224	$	(2,305)
Other comprehensive income (loss) before reclassifications	(396)		228		3		44		(121)
Net losses (gains) reclassified from accumulated other comprehensive loss	—		(21)		7		(14)		(28)
Net current-period other comprehensive income (loss)	(396)		207		10		30		(149)
Balance as of March 31, 2024	$	(1,502)	$	272	$	(1,478)	$	254	$	(2,454)

Other comprehensive loss for the three months ended March 31, 2024 included foreign currency translation adjustments totaling a loss of $396 million principally due to the impact of the weakening of the Euro on the translation of the company’s Euro-denominated assets and the offsetting impact of net investment hedging activities totaling a gain of $207 million.

The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2023:


(in millions)	Foreign currency translation adjustments		Net investment hedging activities		Pension and post-employment benefits		Cash flow hedging activities		Total
Balance as of December 31, 2022	$	(1,513)	$	464	$	(1,458)	$	308	$	(2,199)
Other comprehensive income (loss) before reclassifications	194		(202)		40		(10)		22
Net gains reclassified from accumulated other comprehensive loss	—		(22)		(2)		(31)		(55)
Net current-period other comprehensive income (loss)	194		(224)		38		(41)		(33)
Balance as of March 31, 2023	$	(1,319)	$	240	$	(1,420)	$	267	$	(2,232)

Other comprehensive loss for the three months ended March 31, 2023 included foreign currency translation adjustments totaling a gain of $194 million principally due to the impact of the strengthening of the Euro on the translation of the company’s Euro-denominated assets and the offsetting impact of net investment hedging activities totaling a loss of $224 million.

The following table presents the impact on AbbVie’s condensed consolidated statements of earnings for significant amounts reclassified out of each component of accumulated other comprehensive loss:


	Three months ended March 31,
(in millions) (brackets denote gains)		2024		2023
Net investment hedging activities
Gains on derivative amount excluded from effectiveness testing(a)		$	(27)	$	(28)
Tax expense		6		6
Total reclassifications, net of tax		$	(21)	$	(22)
Pension and post-employment benefits
Amortization of actuarial losses (gains) and other(b)		$	8	$	(2)
Tax benefit		(1)		—
Total reclassifications, net of tax		$	7	$	(2)
Cash flow hedging activities
Gains on foreign currency forward exchange contracts(c)		$	(12)	$	(30)
Gains on treasury rate lock agreements(a)		(6)		(6)

Tax expense		4		5
Total reclassifications, net of tax		$	(14)	$	(31)