Company: ABBV
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001551152-25-000020
Chunk: 356

Company: AbbVie Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 356
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23)Losses on interest rate swap contracts(a)— — 1 Losses on cross-currency swap contracts(d)— 6 — Tax expense21 21 13 Total reclassifications, net of tax$(75)$(74)$(91)(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).OtherIn addition to common stock, AbbVie's authorized capital includes 200 million shares of preferred stock, par value $0.01. As of December 31, 2024, no shares of preferred stock were issued or outstanding.

2024 Form 10-K   |  92

Note 14 Income Taxes

Earnings Before Income Tax Expenseyears ended December 31 (in millions)202420232022Domestic$(7,743)$(3,475)$(4,608)Foreign11,459 9,725 18,085 Total earnings before income tax expense$3,716 $6,250 $13,477 Income Tax Expenseyears ended December 31 (in millions)202420232022CurrentDomestic$(331)$3,272 $2,647 Foreign1,210 994 916 Total current taxes$879 $4,266 $3,563 DeferredDomestic$(1,303)$(2,324)$(1,512)Foreign(146)(565)(419)Total deferred taxes$(1,449)$(2,889)$(1,931)Total income tax expense (benefit)$(570)$1,377 $1,632 Effective Tax Rate Reconciliationyears ended December 31 202420232022Statutory tax rate21.0 %21.0 %21.0 %Effect of foreign operations7.6 8.0 (4.4)U.S. tax credits(5.4)(3.1)(2.8)Stock-based compensation (1.2)(1.0)(0.6)Non-deductible expenses1.1 0.7 0.4 Tax law changes and related structuring(0.3)(3.8)(2.4)Tax audits, settlements and reserves