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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-35565
AbbVie Inc.
|
| | |
(Exact name of registrant as specified in its charter) |
Delaware | | 32-0375147 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. employer identification number) |
1 North Waukegan Road
North Chicago, Illinois 60064
Telephone: (847) 932-7900
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
|
| | | |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ |
Non-Accelerated Filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.01 per share | | ABBV | | New York Stock Exchange |
| | | | Chicago Stock Exchange |
As of July 29, 2019, AbbVie Inc. had 1,478,483,838 shares of common stock at $0.01 par value outstanding.
AbbVie Inc. and Subsidiaries
Table of Contents
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| | |
| |
| | Page |
| | |
Item 1. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
| | |
| |
| | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 6. | | |
|
| |
2019 Form 10-Q |  | 1 |
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)
|
| | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
(in millions, except per share data) | | 2019 | | 2018 | | 2019 | | 2018 |
Net revenues | | $ | 8,255 |
| | $ | 8,278 |
| | $ | 16,083 |
| | $ | 16,212 |
|
| | | | | | | | |
Cost of products sold | | 1,819 |
| | 1,934 |
| | 3,513 |
| | 3,861 |
|
Selling, general and administrative | | 1,654 |
| | 1,760 |
| | 3,334 |
| | 3,551 |
|
Research and development | | 1,291 |
| | 1,322 |
| | 2,580 |
| | 2,566 |
|
Acquired in-process research and development | | 91 |
| | — |
| | 246 |
| | 69 |
|
Other expense | | — |
| | 500 |
| | — |
| | 500 |
|
Total operating costs and expenses | | 4,855 |
| | 5,516 |
| | 9,673 |
| | 10,547 |
|
Operating earnings | | 3,400 |
| | 2,762 |
| | 6,410 |
| | 5,665 |
|
| | | | | | | | |
Interest expense, net | | 309 |
| | 272 |
| | 634 |
| | 523 |
|
Net foreign exchange loss | | 6 |
| | 8 |
| | 12 |
| | 16 |
|
Other expense, net | | 2,278 |
| | 470 |
| | 2,413 |
| | 317 |
|
Earnings before income tax expense | | 807 |
| | 2,012 |
| | 3,351 |
| | 4,809 |
|
Income tax expense | | 66 |
| | 29 |
| | 154 |
| | 43 |
|
Net earnings | | $ | 741 |
| | $ | 1,983 |
| | $ | 3,197 |
| | $ | 4,766 |
|
| | | | | | | | |
Per share data | | | | | | | | |
Basic earnings per share | | $ | 0.49 |
| | $ | 1.26 |
| | $ | 2.15 |
| | $ | 3.00 |
|
Diluted earnings per share | | $ | 0.49 |
| | $ | 1.26 |
| | $ | 2.14 |
| | $ | 2.99 |
|
| | | | | | | | |
Weighted-average basic shares outstanding | | 1,480 |
| | 1,568 |
| | 1,480 |
| | 1,579 |
|
Weighted-average diluted shares outstanding | | 1,484 |
| | 1,572 |
| | 1,483 |
| | 1,584 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
| |
2019 Form 10-Q |  | 2 |
AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
|
| | | | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
(in millions) | 2019 | | 2018 | | 2019 | | 2018 |
Net earnings | $ | 741 |
| | $ | 1,983 |
| | $ | 3,197 |
| | $ | 4,766 |
|
| | | | | | | |
Foreign currency translation adjustments, net of tax expense (benefit) of $5 for the three months and $6 for the six months ended June 30, 2019 and $(16) for the three months and $(19) for the six months ended June 30, 2018 | 71 |
| | (469 | ) | | (32 | ) | | (280 | ) |
Net investment hedging activities, net of tax expense (benefit) of $(11) for the three months and $8 for the six months ended June 30, 2019 and $61 for the three months and $31 for the six months ended June 30, 2018 | (37 | ) | | 209 |
| | 28 |
| | 105 |
|
Pension and post-employment benefits, net of tax expense (benefit) of $6 for the three months and $12 for the six months ended June 30, 2019 and $7 for the three months and $16 for the six months ended June 30, 2018 | 20 |
| | 49 |
| | 45 |
| | 71 |
|
Marketable security activities, net of tax expense (benefit) of $— for the three months and $— for the six months ended June 30, 2019 and $— for the three months and $— for the six months ended June 30, 2018 | 4 |
| | 5 |
| | 11 |
| | (2 | ) |
Cash flow hedging activities, net of tax expense (benefit) of $(2) for the three months and $(9) for the six months ended June 30, 2019 and $18 for the three months and $17 for the six months ended June 30, 2018 | (33 | ) | | 197 |
| | (63 | ) | | 194 |
|
Other comprehensive income (loss) | 25 |
| | (9 | ) | | (11 | ) | | 88 |
|
Comprehensive income | $ | 766 |
| | $ | 1,974 |
| | $ | 3,186 |
| | $ | 4,854 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
| |
2019 Form 10-Q |  | 3 |
AbbVie Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
|
| | | | | | | |
(in millions, except share data) | June 30, 2019 | | December 31, 2018 |
| (unaudited) | | |
Assets | | | |
Current assets | | | |
Cash and equivalents | $ | 5,172 |
| | $ | 7,289 |
|
Short-term investments | 244 |
| | 772 |
|
Accounts receivable, net | 5,482 |
| | 5,384 |
|
Inventories | 1,895 |
| | 1,605 |
|
Prepaid expenses and other | 2,307 |
| | 1,895 |
|
Total current assets | 15,100 |
| | 16,945 |
|
| | | |
Investments | 1,473 |
| | 1,420 |
|
Property and equipment, net | 2,879 |
| | 2,883 |
|
Intangible assets, net | 20,459 |
| | 21,233 |
|
Goodwill | 15,642 |
| | 15,663 |
|
Other assets | 1,589 |
| | 1,208 |
|
Total assets | $ | 57,142 |
| | $ | 59,352 |
|
| | | |
Liabilities and Equity | | | |
Current liabilities | | | |
Short-term borrowings | $ | 306 |
| | $ | 3,699 |
|
Current portion of long-term debt and finance lease obligations | 5,335 |
| | 1,609 |
|
Accounts payable and accrued liabilities | 11,300 |
| | 11,931 |
|
Total current liabilities | 16,941 |
| | 17,239 |
|
| | | |
Long-term debt and finance lease obligations | 31,619 |
| | 35,002 |
|
Deferred income taxes | 1,148 |
| | 1,067 |
|
Other long-term liabilities | 16,000 |
| | 14,490 |
|
| | | |
Commitments and contingencies |
|
| |
|
|
| | | |
Stockholders’ equity (deficit) | | | |
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,781,055,877 shares issued as of June 30, 2019 and 1,776,510,871 as of December 31, 2018 | 18 |
| | 18 |
|
Common stock held in treasury, at cost, 302,685,326 shares as of June 30, 2019 and 297,686,473 as of December 31, 2018 | (24,505 | ) | | (24,108 | ) |
Additional paid-in capital | 15,028 |
| | 14,756 |
|
Retained earnings | 3,384 |
| | 3,368 |
|
Accumulated other comprehensive loss | (2,491 | ) | | (2,480 | ) |
Total stockholders’ equity (deficit) | (8,566 | ) | | (8,446 | ) |
| | | |
Total liabilities and equity | $ | 57,142 |
| | $ | 59,352 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
| |
2019 Form 10-Q |  | 4 |
AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | Common shares outstanding | | Common stock | | Treasury stock | | Additional paid-in capital | | Retained earnings | | Accumulated other comprehensive loss | | Total |
Balance at March 31, 2018 | 1,587 |
| | $ | 18 |
| | $ | (13,331 | ) | | $ | 14,519 |
| | $ | 4,977 |
| | $ | (2,630 | ) | | $ | 3,553 |
|
Net earnings | — |
| | — |
| | — |
| | — |
| | 1,983 |
| | — |
| | 1,983 |
|
Other comprehensive loss, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | (9 | ) | | (9 | ) |
Dividends declared | — |
| | — |
| | — |
| | — |
| | (1,465 | ) | | — |
| | (1,465 | ) |
Purchases of treasury stock | (73 | ) | | — |
| | (7,516 | ) | | — |
| | — |
| | — |
| | (7,516 | ) |
Stock-based compensation plans and other | — |
| | — |
| | 2 |
| | 77 |
| | — |
| | — |
| | 79 |
|
Balance at June 30, 2018 | 1,514 |
| | $ | 18 |
| | $ | (20,845 | ) | | $ | 14,596 |
| | $ | 5,495 |
| | $ | (2,639 | ) | | $ | (3,375 | ) |
| | | | | | | | | | | | | |
Balance at March 31, 2019 | 1,478 |
| | $ | 18 |
| | $ | (24,502 | ) | | $ | 14,940 |
| | $ | 4,234 |
| | $ | (2,516 | ) | | $ | (7,826 | ) |
Net earnings | — |
| | — |
| | — |
| | — |
| | 741 |
| | — |
| | 741 |
|
Other comprehensive income, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | 25 |
| | 25 |
|
Dividends declared | — |
| | — |
| | — |
| | — |
| | (1,591 | ) | | — |
| | (1,591 | ) |
Purchases of treasury stock | — |
| | — |
| | (3 | ) | | — |
| | — |
| | — |
| | (3 | ) |
Stock-based compensation plans and other | — |
| | — |
| | — |
| | 88 |
| | — |
| | — |
| | 88 |
|
Balance at June 30, 2019 | 1,478 |
|
| $ | 18 |
|
| $ | (24,505 | ) |
| $ | 15,028 |
|
| $ | 3,384 |
|
| $ | (2,491 | ) |
| $ | (8,566 | ) |
| | | | | | | | | | | | | |
Balance at December 31, 2017 | 1,592 |
| | $ | 18 |
| | $ | (11,923 | ) | | $ | 14,270 |
| | $ | 5,459 |
| | $ | (2,727 | ) | | $ | 5,097 |
|
Adoption of new accounting standards | — |
| | — |
| | — |
| | — |
| | (1,733 | ) | | — |
| | (1,733 | ) |
Net earnings | — |
| | — |
| | — |
| | — |
| | 4,766 |
| | — |
| | 4,766 |
|
Other comprehensive income, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | 88 |
| | 88 |
|
Dividends declared | — |
| | — |
| | — |
| | — |
| | (2,997 | ) | | — |
| | (2,997 | ) |
Purchases of treasury stock | (85 | ) | | — |
| | (8,947 | ) | | — |
| | — |
| | — |
| | (8,947 | ) |
Stock-based compensation plans and other | 7 |
| | — |
| | 25 |
| | 326 |
| | — |
| | — |
| | 351 |
|
Balance at June 30, 2018 | 1,514 |
| | $ | 18 |
| | $ | (20,845 | ) | | $ | 14,596 |
| | $ | 5,495 |
| | $ | (2,639 | ) | | $ | (3,375 | ) |
| | | | | | | | | | | | | |
Balance at December 31, 2018 | 1,479 |
| | $ | 18 |
| | $ | (24,108 | ) | | $ | 14,756 |
| | $ | 3,368 |
| | $ | (2,480 | ) | | $ | (8,446 | ) |
Net earnings | — |
| | — |
| | — |
| | — |
| | 3,197 |
| | — |
| | 3,197 |
|
Other comprehensive loss, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | (11 | ) | | (11 | ) |
Dividends declared | — |
| | — |
| | — |
| | — |
| | (3,181 | ) | | — |
| | (3,181 | ) |
Purchases of treasury stock | (5 | ) | | — |
| | (422 | ) | | — |
| | — |
| | — |
| | (422 | ) |
Stock-based compensation plans and other | 4 |
| | — |
| | 25 |
| | 272 |
| | — |
| | — |
| | 297 |
|
Balance at June 30, 2019 | 1,478 |
| | $ | 18 |
| | $ | (24,505 | ) | | $ | 15,028 |
| | $ | 3,384 |
| | $ | (2,491 | ) | | $ | (8,566 | ) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
| |
2019 Form 10-Q |  | 5 |
AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
|
| | | | | | | |
| Six months ended June 30, |
(in millions) (brackets denote cash outflows) | 2019 | | 2018 |
Cash flows from operating activities | | | |
Net earnings | $ | 3,197 |
| | $ | 4,766 |
|
Adjustments to reconcile net earnings to net cash from operating activities: | | | |
Depreciation | 232 |
| | 234 |
|
Amortization of intangible assets | 773 |
| | 654 |
|
Change in fair value of contingent consideration liabilities | 2,473 |
| | 337 |
|
Stock-based compensation | 276 |
| | 276 |
|
Upfront costs and milestones related to collaborations | 321 |
| | 656 |
|
Other, net | (10 | ) | | 118 |
|
Changes in operating assets and liabilities: | | | |
Accounts receivable | (96 | ) | | (805 | ) |
Inventories | (288 | ) | | (191 | ) |
Prepaid expenses and other assets | (97 | ) | | (546 | ) |
Accounts payable and other liabilities | (1,287 | ) | | 12 |
|
Cash flows from operating activities | 5,494 |
| | 5,511 |
|
| | | |
Cash flows from investing activities | | | |
Acquisitions and investments | (440 | ) | | (401 | ) |
Acquisitions of property and equipment | (235 | ) | | (233 | ) |
Purchases of investment securities | (558 | ) | | (637 | ) |
Sales and maturities of investment securities | 1,066 |
| | 1,511 |
|
Cash flows from investing activities | (167 | ) | | 240 |
|
| | | |
Cash flows from financing activities | | | |
Net change in commercial paper borrowings | (393 | ) | | 111 |
|
Proceeds from issuance of other short-term borrowings | — |
| | 3,000 |
|
Repayments of other short-term borrowings | (3,000 | ) | | — |
|
Repayments of long-term debt and finance lease obligations | (4 | ) | | (3,013 | ) |
Debt issuance costs | (171 | ) | | — |
|
Dividends paid | (3,180 | ) | | (2,668 | ) |
Purchases of treasury stock | (623 | ) | | (8,947 | ) |
Proceeds from the exercise of stock options | 5 |
| | 64 |
|
Payments of contingent consideration liabilities | (108 | ) | | (39 | ) |
Other, net | 21 |
| | 5 |
|
Cash flows from financing activities | (7,453 | ) | | (11,487 | ) |
Effect of exchange rate changes on cash and equivalents | 9 |
| | (20 | ) |
Net change in cash and equivalents | (2,117 | ) | | (5,756 | ) |
Cash and equivalents, beginning of period | 7,289 |
| | 9,303 |
|
| | | |
Cash and equivalents, end of period | $ | 5,172 |
| | $ | 3,547 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
| |
2019 Form 10-Q |  | 6 |
AbbVie Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
Note 1 Basis of Presentation
Basis of Historical Presentation
The unaudited interim condensed consolidated financial statements of AbbVie Inc. (AbbVie or the company) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the company’s audited consolidated financial statements and notes included in the company’s Annual Report on Form 10-K for the year ended December 31, 2018.
It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the company’s financial position and operating results. Net revenues and net earnings for any interim period are not necessarily indicative of future or annual results. Certain reclassifications were made to conform the prior period interim condensed consolidated financial statements to the current period presentation.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
ASU No. 2016-02
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The standard outlined a comprehensive lease accounting model that superseded the previous lease guidance and required lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms greater than 12 months. The guidance also changed the definition of a lease and expanded the disclosure requirements of lease arrangements. AbbVie adopted the standard in the first quarter of 2019 using the modified retrospective method. Results for reporting periods beginning after December 31, 2018 have been presented in accordance with the standard, while results for prior periods have not been adjusted and continue to be reported in accordance with AbbVie's historical accounting. The cumulative effect of initially applying the new leases standard was recognized as an adjustment to the opening condensed consolidated balance sheet as of January 1, 2019.
The company elected a package of practical expedients for leases that commenced prior to January 1, 2019 and did not reassess historical conclusions on: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) initial direct costs capitalization for any existing leases.
Under the new standard, on January 1, 2019, the company recognized a cumulative-effect adjustment to its condensed consolidated balance sheet primarily related to the recognition of liabilities and corresponding right-of-use assets for operating leases. The adjustment to the condensed consolidated balance sheet included: (i) a $405 million increase to other assets; (ii) a $115 million increase to accounts payable and accrued liabilities; and (iii) a $290 million increase to other long-term liabilities. Other cumulative-effect adjustments to the condensed consolidated balance sheet were insignificant.
Adoption of the standard did not have a significant impact on AbbVie's condensed consolidated statements of earnings for the three and six months ended June 30, 2019.
ASU No. 2018-02
In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allowed a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects related to adjustments to deferred taxes resulting from the December 2017 enactment of the Tax Cuts and Jobs Act (the Act). AbbVie adopted the standard in the first quarter of 2019. Upon adoption, the company made an election to not reclassify the income tax effects of the Act from AOCI to retained earnings. Therefore, the adoption of the standard had no impact on AbbVie's consolidated financial statements.
|
| |
2019 Form 10-Q |  | 7 |
Recent Accounting Pronouncements Not Yet Adopted
ASU No. 2016-13
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). The standard changes how credit losses are measured for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, the standard requires the use of a new forward-looking "expected credit loss" model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, the standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. Additionally, the standard requires new disclosures and will be effective for AbbVie starting with the first quarter of 2020. With certain exceptions, adjustments are to be applied using a modified-retrospective approach by reflecting adjustments through a cumulative-effect impact to retained earnings as of the beginning of the fiscal year of adoption. AbbVie is currently assessing the impact of adopting this guidance on its consolidated financial statements.
Note 2 Supplemental Financial Information
Interest Expense, Net |
| | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
(in millions) | | 2019 | | 2018 | | 2019 | | 2018 |
Interest expense | | $ | 358 |
| | $ | 320 |
| | $ | 745 |
| | $ | 629 |
|
Interest income | | (49 | ) | | (48 | ) | | (111 | ) | | (106 | ) |
Interest expense, net | | $ | 309 |
| | $ | 272 |
| | $ | 634 |
| | $ | 523 |
|
Inventories |
| | | | | | | |
(in millions) | June 30, 2019 | | December 31, 2018 |
Finished goods | $ | 638 |
| | $ | 473 |
|
Work-in-process | 969 |
| | 862 |
|
Raw materials | 288 |
| | 270 |
|
Inventories | $ | 1,895 |
| | $ | 1,605 |
|
Property and Equipment |
| | | | | | | |
(in millions) | June 30, 2019 | | December 31, 2018 |
Property and equipment, gross | $ | 8,443 |
| | $ | 8,396 |
|
Accumulated depreciation | (5,564 | ) | | (5,513 | ) |
Property and equipment, net | $ | 2,879 |
| | $ | 2,883 |
|
Depreciation expense was $114 million for the three months and $232 million for the six months ended June 30, 2019 and $119 million for the three months and $234 million for the six months ended June 30, 2018.
Note 3 Earnings Per Share
AbbVie grants certain restricted stock units (RSUs) that are considered to be participating securities. Due to the presence of participating securities, AbbVie calculates earnings per share (EPS) using the more dilutive of the treasury stock or the two-class method. For all periods presented, the two-class method was more dilutive.
|
| |
2019 Form 10-Q |  | 8 |
The following table summarizes the impact of the two-class method:
|
| | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
(in millions, except per share data) | | 2019 | | 2018 | | 2019 | | 2018 |
Basic EPS | | | | | | | | |
Net earnings | | $ | 741 |
| | $ | 1,983 |
| | $ | 3,197 |
| | $ | 4,766 |
|
Earnings allocated to participating securities | | 8 |
| | 10 |
| | 17 |
| | 22 |
|
Earnings available to common shareholders | | $ | 733 |
| | $ | 1,973 |
| | $ | 3,180 |
| | $ | 4,744 |
|
Weighted-average basic shares outstanding | | 1,480 |
| | 1,568 |
| | 1,480 |
| | 1,579 |
|
Basic earnings per share | | $ | 0.49 |
| | $ | 1.26 |
| | $ | 2.15 |
| | $ | 3.00 |
|
| | | | | | | | |
Diluted EPS | | | | | | | | |
Net earnings | | $ | 741 |
| | $ | 1,983 |
| | $ | 3,197 |
| | $ | 4,766 |
|
Earnings allocated to participating securities | | 8 |
| | 10 |
| | 17 |
| | 22 |
|
Earnings available to common shareholders | | $ | 733 |
| | $ | 1,973 |
| | $ | 3,180 |
| | $ | 4,744 |
|
Weighted-average shares of common stock outstanding | | 1,480 |
| | 1,568 |
| | 1,480 |
| | 1,579 |
|
Effect of dilutive securities | | 4 |
| | 4 |
| | 3 |
| | 5 |
|
Weighted-average diluted shares outstanding | | 1,484 |
| | 1,572 |
| | 1,483 |
| | 1,584 |
|
Diluted earnings per share | | $ | 0.49 |
| |