Company: ABBV
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001551152-25-000020
Chunk: 128

Company: AbbVie Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 3
Chunk 128
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6,862 $207 $— Long-term debt and finance lease obligations, excluding fair value hedges52,460 49,541 48,983 558 — Total liabilities$59,651 $56,610 $55,845 $765 $— AbbVie also holds investments in equity securities that do not have readily determinable fair values. The company records these investments at cost and remeasures them to fair value based on certain observable price changes or impairment events as they occur. The carrying amount of these investments was $169 million as of December 31, 2024 and $159 million as of December 31, 2023. No significant cumulative upward or downward adjustments have been recorded for these investments as of December 31, 2024.Concentrations of RiskOf total net accounts receivable, three U.S. wholesalers accounted for 81% as of December 31, 2024 and December 31, 2023, and substantially all of AbbVie's pharmaceutical product net revenues in the United States were to these three wholesalers.

83     |  2024 Form 10-K

Note 12 Post-Employment Benefits 

AbbVie sponsors various pension and other post-employment benefit plans, including defined benefit, defined contribution and termination indemnity plans, which cover most employees worldwide. In addition, AbbVie provides medical benefits, primarily to eligible retirees in the United States and Puerto Rico, through other post-retirement benefit plans. Net obligations for these plans have been reflected on the consolidated balance sheets as of December 31, 2024 and 2023.The following table summarizes benefit plan information for the global AbbVie-sponsored defined benefit and other post-employment plans:Defined benefit plansOther post-employment plansas of and for the years ended December 31 (in millions)2024202320242023Projected benefit obligationsBeginning of period$9,544 $8,588 $796 $667 Service cost286 270 43 37 Interest cost451 432 41 37 Actuarial (gain) loss(855)491 (62)89 Benefits paid(347)(316)(31)(35)Other, primarily foreign currency translation adjustments(115)79 (1)1 End of period8,964 9,544 786 796 Fair value of plan assetsBeginning of period9,839 8,472 — — Actual