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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 March 31, 2022
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
abbv-20220331_g1.jpg
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 ChicagoIllinois 60064-6400
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 FilerSmaller 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareABBVNew York Stock Exchange
Chicago Stock Exchange
1.500% Senior Notes due 2023ABBV23BNew York Stock Exchange
1.375% Senior Notes due 2024ABBV24New York Stock Exchange
1.250% Senior Notes due 2024ABBV24BNew York Stock Exchange
0.750% Senior Notes due 2027ABBV27New York Stock Exchange
2.125% Senior Notes due 2028ABBV28New York Stock Exchange
2.625% Senior Notes due 2028ABBV28BNew York Stock Exchange
2.125% Senior Notes due 2029ABBV29New York Stock Exchange
1.250% Senior Notes due 2031ABBV31New York Stock Exchange
As of April 27, 2022, AbbVie Inc. had 1,767,110,083 shares of common stock at $0.01 par value outstanding.



AbbVie Inc. and Subsidiaries
Table of Contents





PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)

Three months ended
March 31,
(in millions, except per share data)20222021
Net revenues$13,538 $13,010 
Cost of products sold4,052 4,213 
Selling, general and administrative3,127 2,842 
Research and development1,497 1,667 
Acquired IPR&D and milestones145 185 
Total operating costs and expenses8,821 8,907 
Operating earnings4,717 4,103 
Interest expense, net539 622 
Net foreign exchange loss25 9 
Other income, net(776)(395)
Earnings before income tax expense4,929 3,867 
Income tax expense436 312 
Net earnings4,493 3,555 
Net earnings attributable to noncontrolling interest3 2 
Net earnings attributable to AbbVie Inc.$4,490 $3,553 
Per share data
Basic earnings per share attributable to AbbVie Inc.$2.52 $2.00 
Diluted earnings per share attributable to AbbVie Inc.$2.51 $1.99 
Weighted-average basic shares outstanding1,771 1,769 
Weighted-average diluted shares outstanding1,778 1,775 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)

Three months ended
March 31,
(in millions)20222021
Net earnings$4,493 $3,555 
Foreign currency translation adjustments, net of tax expense (benefit) of $(7) for the three months ended March 31, 2022 and $(25) for the three months ended March 31, 2021
(231)(677)
Net investment hedging activities, net of tax expense (benefit) of $37 for the three months ended March 31, 2022 and $103 for the three months ended March 31, 2021
130 374 
Pension and post-employment benefits, net of tax expense (benefit) of $10 for the three months ended March 31, 2022 and $19 for the three months ended March 31, 2021
28 79 
Cash flow hedging activities, net of tax expense (benefit) of $(2) for the three months ended March 31, 2022 and $3 for the three months ended March 31, 2021
(12)46 
Other comprehensive loss(85)(178)
Comprehensive income4,408 3,377 
Comprehensive income attributable to noncontrolling interest3 2 
Comprehensive income attributable to AbbVie Inc.$4,405 $3,375 

The accompanying notes are an integral part of these condensed consolidated financial statements.




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AbbVie Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

(in millions, except share data)March 31,
2022
December 31,
2021
(unaudited)
Assets
Current assets
Cash and equivalents$6,098 $9,746 
Short-term investments1,474 84 
Accounts receivable, net10,733 9,977 
Inventories3,483 3,128 
Prepaid expenses and other4,721 4,993 
Total current assets26,509 27,928 
Investments260 277 
Property and equipment, net5,075 5,110 
Intangible assets, net73,986 75,951 
Goodwill32,298 32,379 
Other assets5,083 4,884 
Total assets$143,211 $146,529 
Liabilities and Equity
Current liabilities
Short-term borrowings$12 $14 
Current portion of long-term debt and finance lease obligations9,940 12,481 
Accounts payable and accrued liabilities22,569 22,699 
Total current liabilities32,521 35,194 
Long-term debt and finance lease obligations63,522 64,189 
Deferred income taxes2,831 3,009 
Other long-term liabilities28,023 28,701 
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,811,430,573 shares issued as of March 31, 2022 and 1,803,195,293 as of December 31, 2021
18 18 
Common stock held in treasury, at cost, 44,557,588 shares as of March 31, 2022 and 34,857,597 as of December 31, 2021
(4,585)(3,143)
Additional paid-in capital18,731 18,305 
Retained earnings5,103 3,127 
Accumulated other comprehensive loss(2,984)(2,899)
Total stockholders' equity16,283 15,408 
Noncontrolling interest31 28 
Total equity16,314 15,436 
Total liabilities and equity$143,211 $146,529 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (unaudited)

(in millions)Common shares outstandingCommon stockTreasury stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossNoncontrolling interestTotal
Balance at December 31, 20201,765 $18 $(2,264)$17,384 $1,055 $(3,117)$21 $13,097 
Net earnings attributable to AbbVie Inc.—    3,553   3,553 
Other comprehensive loss, net of tax—     (178) (178)
Dividends declared—    (2,316)  (2,316)
Purchases of treasury stock(7) (787)    (787)
Stock-based compensation plans and other8  34 328    362 
Change in noncontrolling interest—      2 2 
Balance at March 31, 20211,766 $18 $(3,017)$17,712 $2,292 $(3,295)$23 $13,733 
Balance at December 31, 20211,768 $18 $(3,143)$18,305 $3,127 $(2,899)$28 $15,436 
Net earnings attributable to AbbVie Inc.—    4,490   4,490 
Other comprehensive loss, net of tax—     (85) (85)
Dividends declared—    (2,514)  (2,514)
Purchases of treasury stock(10) (1,470)    (1,470)
Stock-based compensation plans and other9  28 426    454 
Change in noncontrolling interest—      3 3 
Balance at March 31, 20221,767 $18 $(4,585)$18,731 $5,103 $(2,984)$31 $16,314 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
Three months ended
March 31,
(in millions) (brackets denote cash outflows)20222021
Cash flows from operating activities
Net earnings$4,493 $3,555 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation198 206 
Amortization of intangible assets1,855 2,009 
Deferred income taxes(194)(28)
Change in fair value of contingent consideration liabilities(748)(343)
Stock-based compensation306 269 
Acquired IPR&D and milestones145 185 
Other, net128 (20)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(785)(866)
Inventories(385)(187)
Prepaid expenses and other assets(285)(330)
Accounts payable and other liabilities(258)236 
Income tax assets and liabilities, net438 191 
Cash flows from operating activities4,908 4,877 
Cash flows from investing activities
Acquisitions and investments(185)(198)
Acquisitions of property and equipment(162)(188)
Purchases of investment securities(1,406)(16)
Sales and maturities of investment securities8 11 
Other, net154 49 
Cash flows from investing activities(1,591)(342)
Cash flows from financing activities
Proceeds from issuance of long-term debt2,000 — 
Repayments of long-term debt and finance lease obligations(4,879) 
Dividends paid(2,526)(2,322)
Purchases of treasury stock(1,470)(787)
Proceeds from the exercise of stock options128 71 
Payments of contingent consideration liabilities(246)(132)
Other, net21 (4)
Cash flows from financing activities(6,972)(3,174)
Effect of exchange rate changes on cash and equivalents7 (55)
Net change in cash and equivalents(3,648)1,306 
Cash and equivalents, beginning of period9,746 8,449 
Cash and equivalents, end of period$6,098 $9,755 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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, 2021.
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.
During the three months ended March 31, 2022, AbbVie revised its classification of development milestone expense associated with licensing and collaboration arrangements in the consolidated statement of earnings. Milestone payments incurred prior to regulatory approval, which were previously included in research and development expense, are now presented as acquired IPR&D and milestones expense. The reclassification decreased research and development expense and increased acquired IPR&D and milestones expense by $115 million for the three months ended March 31, 2021. The company believes this presentation assists users of the financial statements to better understand the total upfront and subsequent development milestone payments incurred to acquire in-process research and development projects. Prior periods have been reclassified to conform to the current period presentation. The reclassification had no impact on total operating costs and expenses, operating earnings, net earnings, net earnings attributable to AbbVie, Inc., earnings per share, or total equity. Certain other reclassifications were made to conform the prior period interim condensed consolidated financial statements to the current period presentation.
Note 2 Supplemental Financial Information
Interest Expense, Net
Three months ended
March 31,
(in millions)20222021
Interest expense$548 $632 
Interest income(9)(10)
Interest expense, net$539 $622 
Inventories
(in millions)March 31,
2022
December 31,
2021
Finished goods$1,220 $932 
Work-in-process1,235 1,193 
Raw materials1,028 1,003 
Inventories$3,483 $3,128 
Property and Equipment, Net
(in millions)March 31,
2022
December 31,
2021
Property and equipment, gross$10,879 $10,727 
Accumulated depreciation(5,804)(5,617)
Property and equipment, net$5,075 $5,110 
Depreciation expense was $198 million for the three months ended March 31, 2022 and $206 million for the three months ended March 31, 2021.
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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.
The following table summarizes the impact of the two-class method:
Three months ended
March 31,
(in millions, except per share data)20222021
Basic EPS
Net earnings attributable to AbbVie Inc.$4,490 $3,553 
Earnings allocated to participating securities22 24 
Earnings available to common shareholders$4,468 $3,529 
Weighted-average basic shares outstanding1,771 1,769 
Basic earnings per share attributable to AbbVie Inc.$2.52 $2.00 
Diluted EPS
Net earnings attributable to AbbVie Inc.$4,490 $3,553 
Earnings allocated to participating securities22 24 
Earnings available to common shareholders$4,468 $3,529 
Weighted-average shares of common stock outstanding1,771 1,769 
Effect of dilutive securities7 6 
Weighted-average diluted shares outstanding1,778 1,775 
Diluted earnings per share attributable to AbbVie Inc.$2.51 $1.99 
Certain shares issuable under stock-based compensation plans were excluded from the computation of EPS because the effect would have been antidilutive. The number of common shares excluded was insignificant for all periods presented.
Note 4 Licensing, Acquisitions and Other Arrangements
Cash outflows related to acquisitions and investments totaled $185 million for the three months ended March 31, 2022 and $198 million for the three months ended March 31, 2021. AbbVie recorded acquired IPR&D and milestones charges of $145 million for the three months ended March 31, 2022 and $185 million for the three months ended March 31, 2021.
Syndesi Therapeutics SA
In February 2022, AbbVie acquired Syndesi Therapeutics SA and its portfolio of novel modulators of the synaptic vesicle protein 2A (SV2A), including its lead molecule SDI-118 and accounted for the transaction as an asset acquisition. SDI-118 is a small molecule currently in Phase 1b studies, which is being evaluated to target nerve terminals to enhance synaptic efficiency. Under the terms of the agreement, AbbVie made an upfront payment of $130 million which was recorded to acquired IPR&D and milestones expense in the condensed consolidated statement of earnings in the first quarter of 2022. The agreement also includes additional future payments of up to $870 million upon the achievement of certain development, regulatory and commercial milestones.
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Note 5 Collaborations
The company has ongoing transactions with other entities through collaboration agreements. The following represent the significant collaboration agreements impacting the periods ended March 31, 2022 and 2021.
Collaboration with Janssen Biotech, Inc.
In December 2011, Pharmacyclics, a wholly-owned subsidiary of AbbVie, entered into a worldwide collaboration and license agreement with Janssen Biotech, Inc. and its affiliates (Janssen), one of the Janssen Pharmaceutical companies of Johnson & Johnson, for the joint development and commercialization of Imbruvica, a novel, orally active, selective covalent inhibitor of Bruton’s tyrosine kinase and certain compounds structurally related to Imbruvica, for oncology and other indications, excluding all immune and inflammatory mediated diseases or conditions and all psychiatric or psychological diseases or conditions, in the United States and outside the United States.
The collaboration provides Janssen with an exclusive license to commercialize Imbruvica outside of the United States and co-exclusively with AbbVie in the United States. Both parties are responsible for the development, manufacturing and marketing of any products generated as a result of the collaboration. The collaboration has no set duration or specific expiration date and provides for potential future development, regulatory and approval milestone payments of up to $200 million to AbbVie. The collaboration also includes a cost sharing arrangement for associated collaboration activities. Except in certain cases, Janssen is responsible for approximately 60% of collaboration development costs and AbbVie is responsible for the remaining 40% of collaboration development costs.
In the United States, both parties have co-exclusive rights to commercialize the products; however, AbbVie is the principal in the end-customer product sales. AbbVie and Janssen share pre-tax profits and losses equally from the commercialization of products. Sales of Imbruvica are included in AbbVie's net revenues. Janssen's share of profits is included in AbbVie's cost of products sold. Other costs incurred under the collaboration are reported in their respective expense line items, net of Janssen's share.
Outside the United States, Janssen is responsible for and has exclusive rights to commercialize Imbruvica. AbbVie and Janssen share pre-tax profits and losses equally from the commercialization of products. AbbVie's share of profits is included in AbbVie's net revenues. Other costs incurred under the collaboration are reported in their respective expense line items, net of Janssen's share.
The following table shows the profit and cost sharing relationship between Janssen and AbbVie:
Three months ended
March 31,
(in millions)20222021
United States - Janssen's share of profits (included in cost of products sold)$408 $465 
International - AbbVie's share of profits (included in net revenues)299 269 
Global - AbbVie's share of other costs (included in respective line items)64 70 
AbbVie’s receivable from Janssen, included in accounts receivable, net, was $336 million at March 31, 2022 and $294 million at December 31, 2021. AbbVie’s payable to Janssen, included in accounts payable and accrued liabilities, was $401 million at March 31, 2022 and $509 million at December 31, 2021.
Collaboration with Genentech, Inc.
AbbVie and Genentech, Inc. (Genentech), a member of the Roche Group, are parties to a collaboration and license agreement executed in 2007 to jointly research, develop and commercialize human therapeutic products containing BCL-2 inhibitors and certain other compound inhibitors which includes Venclexta, a BCL-2 inhibitor used to treat certain hematological malignancies. AbbVie shares equally with Genentech all pre-tax profits and losses from the development and commercialization of Venclexta in the United States. AbbVie pays royalties on Venclexta net revenues outside the United States.
AbbVie manufactures and distributes Venclexta globally and is the principal in the end-customer product sales. Sales of Venclexta are included in AbbVie’s net revenues. Genentech’s share of United States profits is included in AbbVie’s cost of products sold. AbbVie records sales and marketing costs associated with the United States collaboration as part of selling, general and administrative (SG&A) expenses and global development costs as part of research and development (R&D) expenses, net of Genentech’s share. Royalties paid for Venclexta revenues outside the United States are also included in AbbVie’s cost of products sold.
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The following table shows the profit and cost sharing relationship between Genentech and AbbVie:
Three months ended
March 31,
(in millions)20222021
Genentech's share of profits, including royalties (included in cost of products sold)$178 $159 
AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)12 11 
AbbVie's share of development costs (included in R&D)27 42 
Note 6 Goodwill and Intangible Assets
Goodwill
The following table summarizes the changes in the carrying amount of goodwill:
(in millions)
Balance as of December 31, 2021$32,379 
Foreign currency translation adjustments(81)
Balance as of March 31, 2022$32,298 
The company performs its annual goodwill impairment assessment in the third quarter, or earlier if impairment indicators exist. As of March 31, 2022, there were no accumulated goodwill impairment losses.
Intangible Assets, Net
The following table summarizes intangible assets:
March 31, 2022December 31, 2021
(in millions)Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Definite-lived intangible assets
Developed product rights$88,811 $(20,095)$68,716 $88,945 $(18,463)$70,482 
License agreements8,493 (3,893)4,600 8,487 (3,688)4,799 
Total definite-lived intangible assets97,304 (23,988)73,316 97,432 (22,151)75,281 
Indefinite-lived intangible assets670 — 670 670 — 670 
Total intangible assets, net$97,974 $(23,988)$73,986 $98,102 $(22,151)$75,951 
Definite-Lived Intangible Assets
Amortization expense was $1.9 billion for the three months ended March 31, 2022 and $2.0 billion for the three months ended March 31, 2021. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings.
Indefinite-Lived Intangible Assets
Indefinite-lived intangible assets represent in-process research and development associated with products that have not yet received regulatory approval. The company performs its annual impairment assessment of indefinite-lived intangible assets in the third quarter, or earlier if impairment indicators exist.
Note 7 Integration and Restructuring Plans
Allergan Integration Plan
Following the closing of the Allergan acquisition, AbbVie implemented an integration plan designed to reduce costs, integrate and optimize the combined organization. To achieve these integration objectives, AbbVie expects to incur total cumulative charges of approximately $2 billion through 2022. These costs consist of severance and employee benefit costs (cash severance, non-cash severance including accelerated equity award compensation expense, retention and other termination benefits) and other integration expenses.
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The following table summarizes the charges associated with the Allergan acquisition integration plan:
Severance and employee benefitsOther integration
Three months ended
March 31,
Three months ended
March 31,
(in millions)2022202120222021
Cost of products sold$1 $6 $30 $15 
Research and development3  6 51 
Selling, general and administrative4 17 66 50 
Total charges$8 $23 $102 $116 
The following table summarizes the cash activity in the recorded liability associated with the integration plan for the three months ended March 31, 2022:
(in millions)Severance and employee benefitsOther integration
Accrued balance as of December 31, 2021
$222 $33 
Charges8 98 
Payments and other adjustments(22)(98)
Accrued balance as of March 31, 2022$208 $33 
Other Restructuring
AbbVie recorded restructuring charges of $57 million for the three months ended March 31, 2022 and $38 million for the three months ended March 31, 2021.
The following table summarizes the cash activity in the restructuring reserve for the three months ended March 31, 2022:
(in millions)
Accrued balance as of December 31, 2021$33 
Restructuring charges48 
Payments and other adjustments(9)
Accrued balance as of March 31, 2022$72 

Note 8 Financial Instruments and Fair Value Measures
Risk Management Policy
See Note 11 to the company’s Annual Report on Form 10-K for the year ended December 31, 2021 for a summary of AbbVie’s risk management policy and use of derivative instruments.
Financial Instruments
Various AbbVie foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates for anticipated intercompany transactions denominated in a currency other than the functional currency of the local entity. These contracts, with notional amounts totaling $904 million at March 31, 2022 and $1.1 billion at December 31, 2021, are designated as cash flow hedges and are recorded at fair value. The durations of these forward exchange contracts were generally less than 18 months. Accumulated gains and losses as of March 31, 2022 are reclassified from accumulated other comprehensive income (loss) (AOCI) and included in cost of products sold at the time the products are sold, generally not exceeding six months from the date of settlement.
In the third quarter of 2019, the company entered into treasury rate lock agreements with notional amounts totaling $10.0 billion to hedge exposure to variability in future cash flows resulting from changes in interest rates related to the issuance of long-term debt in connection with the acquisition of Allergan. The treasury rate lock agreements were designated as cash flow hedges and recorded at fair value. The agreements were net settled upon issuance of the senior notes in November 2019 and the resulting net gain was recognized in other comprehensive loss. This gain is reclassified to interest expense, net over the term of the related debt.
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The company is a party to interest rate swap contracts designated as cash flow hedges with notional amounts totaling $750 million at March 31, 2022 and December 31, 2021. The effect of the hedge contracts is to change a floating-rate interest obligation to a fixed rate for that portion of the floating-rate debt. Realized and unrealized gains or losses are included in AOCI and are reclassified to interest expense, net over the lives of the floating-rate debt.
The company also enters into foreign currency forward exchange contracts to manage its exposure to foreign currency denominated trade payables and receivables and intercompany loans. These contracts are not designated as hedges and are recorded at fair value. Resulting gains or losses are reflected in net foreign exchange gain or loss in the condensed consolidated statements of earnings and are generally offset by losses or gains on the foreign currency exposure being managed. These contracts had notional amounts totaling $7.0 billion at March 31, 2022 and $8.2 billion at December 31, 2021.
The company also uses foreign currency forward exchange contracts or foreign currency denominated debt to hedge its net investments in certain foreign subsidiaries and affiliates. The company had foreign currency forward exchange contracts designated as net investment hedges with notional amounts totaling €4.3 billion at March 31, 2022 and December 31, 2021. The company also had an aggregate principal amount of senior Euro notes designated as net investment hedges of €5.9 billion at March 31, 2022 and December 31, 2021. The company uses the spot method of assessing hedge effectiveness for derivative instruments designated as net investment hedges. Realized and unrealized gains and losses from these hedges are included in AOCI and the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in interest expense, net over the life of the hedging instrument.
The company is a party to interest rate swap contracts designated as fair value hedges with notional amounts totaling $4.5 billion at March 31, 2022 and December 31, 2021. The effect of the hedge contracts is to change a fixed-rate interest obligation to a floating rate for that portion of the debt. AbbVie records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.
No amounts are excluded from the assessment of effectiveness for cash flow hedges or fair value hedges.
The following table summarizes the amounts and location of AbbVie’s derivative instruments on the condensed consolidated balance sheets:
Fair value –
Derivatives in asset position
Fair value –
Derivatives in liability position
(in millions)Balance sheet captionMarch 31, 2022December 31, 2021Balance sheet captionMarch 31, 2022December 31, 2021
Foreign currency forward exchange contracts
Designated as cash flow hedgesPrepaid expenses and other$28 $51 Accounts payable and accrued liabilities$6 $2 
Designated as net investment hedgesPrepaid expenses and other48 149 Accounts payable and accrued liabilities  
Designated as net investment hedgesOther assets47 15 Other long-term liabilities4  
Not designated as hedgesPrepaid expenses and other63 26 Accounts payable and accrued liabilities29 13 
Interest rate swap contracts
Designated as cash flow hedgesPrepaid expenses and other  Accounts payable and accrued liabilities1 7 
Designated as fair value hedgesOther assets 26 Other long-term liabilities173 15 
Total derivatives$186 $267 $213 $37 
While certain derivatives are subject to netting arrangements with the company’s counterparties, the company does not offset derivative assets and liabilities within the condensed consolidated balance sheets.
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The following table presents the pre-tax amounts of gains (losses) from derivative instruments recognized in other comprehensive loss:
Three months ended
March 31,
(in millions)20222021
Foreign currency forward exchange contracts
Designated as cash flow hedges$(6)$35 
Designated as net investment hedges82 99 
Interest rate swap contracts designated as cash flow hedges4 1 
Assuming market rates remain constant through contract maturities, the company expects to reclassify pre-tax gains of $52 million into cost of products sold for foreign currency cash flow hedges, pre-tax losses of $1 million into interest expense, net for interest rate swap cash flow hedges and pre-tax gains of $24 million into interest expense, net for treasury rate lock agreement cash flow hedges during the next 12 months.
Related to AbbVie’s non-derivative, foreign currency denominated debt designated as net investment hedges, the company recognized in other comprehensive loss pre-tax gains of $99 million for the three months ended March 31, 2022 and pre-tax gains of $382 million for the three months ended March 31, 2021.
The following table summarizes the pre-tax amounts and location of derivative instrument net gains (losses) recognized in the condensed consolidated statements of earnings, including the net gains (losses) reclassified out of AOCI into net earnings. See Note 10 for the amount of net gains (losses) reclassified out of AOCI.
Three months ended
March 31,
(in millions)Statement of earnings caption20222021
Foreign currency forward exchange contracts
Designated as cash flow hedgesCost of products sold$8 $(12)
Designated as net investment hedgesInterest expense, net14 4 
Not designated as hedgesNet foreign exchange loss(41)(25)
Treasury rate lock agreements designated as cash flow hedgesInterest expense, net6 6 
Interest rate swap contracts
Designated as cash flow hedgesInterest expense, net(2)(7)
Designated as fair value hedgesInterest expense, net(184)