Company: ABBV
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001551152-25-000020
Chunk: 244

Company: AbbVie Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 3
Chunk 244
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 24 23 Cross-currency swap contracts designated as cash flow hedgesNet foreign exchange loss— (6)— Interest rate swap contractsDesignated as cash flow hedgesInterest expense, net— — (1)Designated as fair value hedgesInterest expense, net62 98 (402)Debt designated as hedged item in fair value hedgesInterest expense, net(62)(98)402 Fair Value MeasuresThe fair value hierarchy consists of the following three levels:•Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets that the company has the ability to access;•Level 2—Valuations based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations in which all significant inputs are observable in the market; and•Level 3—Valuations using significant inputs that are unobservable in the market and include the use of judgment by the company's management about the assumptions market participants would use in pricing the asset or liability.

2024 Form 10-K   |  80

The following table summarizes the bases used to measure certain assets and liabilities carried at fair value on a recurring basis on the consolidated balance sheet as of December 31, 2024:Basis of fair value measurement(in millions)TotalQuoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)AssetsCash and equivalents$5,524 $5,179 $345 $— Money market funds and time deposits10 — 10 — Debt securities33 — 33 — Equity securities98 70 28 — Foreign currency contracts313 — 313 — Total assets$5,978 $5,249 $729 $— LiabilitiesInterest rate swap contracts$231 $— $231 $— Foreign currency contracts35 — 35 — Financing liability328 — — 328 Contingent consideration21,666 — — 21,666 Total liabilities$22,260 $— $266 $21,994  The following table summarizes the bases used to measure certain assets and liabilities carried at fair value on a recurring basis on the consolidated balance sheet as of December 31, 2023:Basis of