XML 57 R38.htm IDEA: XBRL DOCUMENT v3.22.0.1
Post-Employment Benefits (Tables)
12 Months Ended
Dec. 31, 2021
Postemployment Benefits [Abstract]  
Schedule of benefit plan information The following table summarizes benefit plan information for the global AbbVie-sponsored defined benefit and other post-employment plans:
Defined benefit plansOther post-employment plans
as of and for the years ended December 31 (in millions)2021202020212020
Projected benefit obligations
Beginning of period$11,792 $8,646 $795 $1,050 
Service cost440 370 48 42 
Interest cost237 264 19 34 
Employee contributions— — 
Amendments— — — (397)
Actuarial (gain) loss(8)1,105 10 40 
Benefits paid(281)(249)(22)(17)
Acquisition— 1,409 — 43 
Other, primarily foreign currency translation adjustments(176)245 — — 
End of period12,006 11,792 850 795 
Fair value of plan assets
Beginning of period9,702 7,116 — — 
Actual return on plan assets1,000 979 — — 
Company contributions376 367 22 17 
Employee contributions— — 
Benefits paid(281)(249)(22)(17)
Acquisition— 1,296 — — 
Other, primarily foreign currency translation adjustments(144)191 — — 
End of period10,655 9,702 — — 
Funded status, end of period$(1,351)$(2,090)$(850)$(795)
Amounts recognized on the consolidated balance sheets
Other assets$991 $563 $— $— 
Accounts payable and accrued liabilities(13)(12)(26)(23)
Other long-term liabilities(2,329)(2,641)(824)(772)
Net obligation$(1,351)$(2,090)$(850)$(795)
Actuarial loss, net$3,504 $4,163 $461 $482 
Prior service cost (credit)(370)(408)
Accumulated other comprehensive loss$3,509 $4,171 $91 $74 
Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets
as of December 31 (in millions)20212020
Accumulated benefit obligation$6,395 $7,527 
Fair value of plan assets5,412 6,066 
Information For Pension Plans With A Projected Benefit Obligation In Excess Of Plan Assets Information For Pension Plans With A Projected Benefit Obligation In Excess Of Plan Assets
as of December 31 (in millions)20212020
Projected benefit obligation$7,788 $8,719 
Fair value of plan assets5,447 6,066 
Summary of pretax gains and losses included in other comprehensive income (loss) The following table summarizes the pre-tax losses (gains) included in other comprehensive income (loss):
years ended December 31 (in millions)202120202019
Defined benefit plans
Actuarial loss (gain)$(345)$701 $1,231 
Amortization of prior service cost(2)(2)— 
Amortization of actuarial loss(288)(227)(109)
Foreign exchange loss (gain) and other(27)56 (6)
Total loss (gain)$(662)$528 $1,116 
Other post-employment plans
Actuarial loss$10 $40 $451 
Prior service credit— (397)— 
Amortization of prior service credit39 — 
Amortization of actuarial loss(32)(26)(1)
Total loss (gain)$17 $(379)$450 
Summary of net periodic benefit cost relating to the company's defined benefit and other post-employment plans Net Periodic Benefit Cost
years ended December 31 (in millions)202120202019
Defined benefit plans
Service cost$440 $370 $269 
Interest cost237 264 259 
Expected return on plan assets(663)(575)(474)
Amortization of prior service cost— 
Amortization of actuarial loss288 227 109 
Net periodic benefit cost$304 $288 $163 
Other post-employment plans
Service cost$48 $42 $25 
Interest cost19 34 29 
Amortization of prior service credit(39)(4)— 
Amortization of actuarial loss32 26 
Net periodic benefit cost$60 $98 $55 
Schedule of weighted-average assumptions used in determining benefit obligations at the measurement date Weighted-Average Assumptions Used in Determining Benefit Obligations at the Measurement Date
as of December 3120212020
Defined benefit plans
Discount rate2.8 %2.4 %
Rate of compensation increases5.2 %4.6 %
Cash balance interest crediting rate2.7 %2.8 %
Other post-employment plans
Discount rate3.1 %2.8 %
Schedule of weighted-average assumptions used in determining net periodic benefit cost Weighted-Average Assumptions Used in Determining Net Periodic Benefit Cost
years ended December 31202120202019
Defined benefit plans
Discount rate for determining service cost2.6 %3.1 %4.0 %
Discount rate for determining interest cost2.2 %3.0 %4.0 %
Expected long-term rate of return on plan assets7.1 %7.1 %7.6 %
Expected rate of change in compensation4.6 %4.6 %4.6 %
Cash balance interest crediting rate2.8 %2.8 %2.8 %
Other post-employment plans
Discount rate for determining service cost3.0 %3.7 %4.7 %
Discount rate for determining interest cost2.2 %3.2 %4.3 %
Schedule of defined benefit pension plan assets
Defined Benefit Pension Plan Assets
Basis of fair value measurement
as of December 31 (in millions)2021Quoted prices in active markets for identical assets
 (Level 1)
Significant other observable inputs
 (Level 2)
Significant unobservable inputs
 (Level 3)
Equities
U.S. large cap(a)
$1,428 $1,428 $— $— 
U.S. mid cap(b)
198 198 — — 
International(c)
458 458 — — 
Fixed income securities
U.S. government securities(d)
228 95 133 — 
Corporate debt instruments(d)
945 179 766 — 
Non-U.S. government securities(d)
602 445 157 — 
Other(d)
273 268 — 
Absolute return funds(e)
100 95 — 
Real assets10 10 — — 
Other(f)
261 216 45 — 
Total$4,503 $3,302 $1,201 $— 
Total assets measured at NAV6,152 
Fair value of plan assets$10,655 
Basis of fair value measurement
as of December 31 (in millions)2020Quoted prices in active markets for identical assets
 (Level 1)
Significant other observable inputs
 (Level 2)
Significant unobservable inputs
 (Level 3)
Equities
U.S. large cap(a)
$1,143 $1,143 $— $— 
U.S. mid cap(b)
164 164 — — 
International(c)
524 524 — — 
Fixed income securities
U.S. government securities(d)
132 18 114 — 
Corporate debt instruments(d)
854 178 676 — 
Non-U.S. government securities(d)
544 397 147 — 
Other(d)
297 294 — 
Absolute return funds(e)
310 306 — 
Real assets10 10 — — 
Other(f)
252 250 — 
Total$4,230 $2,982 $1,248 $— 
Total assets measured at NAV5,472 
Fair value of plan assets$9,702 
(a)A mix of index funds and actively managed equity accounts that are benchmarked to various large cap indices.
(b)A mix of index funds and actively managed equity accounts that are benchmarked to various mid cap indices.
(c)A mix of index funds and actively managed equity accounts that are benchmarked to various non-U.S. equity indices in both developed and emerging markets.
(d)Securities held by actively managed accounts, index funds and mutual funds.
(e)Primarily funds having global mandates with the flexibility to allocate capital broadly across a wide range of asset classes and strategies, including but not limited to equities, fixed income, commodities, financial futures, currencies and other securities, with objectives to outperform agreed upon benchmarks of specific return and volatility targets.
(f)Investments in cash and cash equivalents.
Schedule of expected benefit payments
Expected Benefit Payments
The following table summarizes total benefit payments expected to be paid to plan participants including payments funded from both plan and company assets:
years ending December 31 (in millions)Defined
 benefit plans
Other
 post-employment plans
2022$293 $27 
2023312 30 
2024334 31 
2025356 34 
2026379 36 
2027 to 20312,291 224