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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, 2023
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
abbvieimage1a54.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 Chicago, Illinois 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 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 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 25, 2023, AbbVie Inc. had 1,764,289,680 shares of common stock at $0.01 par value outstanding.


AbbVie Inc. and Subsidiaries
Table of Contents

Page



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)20232022
Net revenues$12,225 $13,538 
Cost of products sold3,986 4,052 
Selling, general and administrative3,039 3,127 
Research and development2,292 1,497 
Acquired IPR&D and milestones150 145 
Other operating income(10)— 
Total operating costs and expenses9,457 8,821 
Operating earnings2,768 4,717 
Interest expense, net454 539 
Net foreign exchange loss35 25 
Other expense (income), net1,804 (776)
Earnings before income tax expense475 4,929 
Income tax expense234 436 
Net earnings241 4,493 
Net earnings attributable to noncontrolling interest2 3 
Net earnings attributable to AbbVie Inc.$239 $4,490 
Per share data
Basic earnings per share attributable to AbbVie Inc.$0.13 $2.52 
Diluted earnings per share attributable to AbbVie Inc.$0.13 $2.51 
Weighted-average basic shares outstanding1,770 1,771 
Weighted-average diluted shares outstanding1,776 1,778 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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1

AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
Three months ended
March 31,
(in millions)20232022
Net earnings$241 $4,493 
Foreign currency translation adjustments, net of tax expense (benefit) of $12 for the three months ended March 31, 2023 and $(7) for the three months ended March 31, 2022
194 (231)
Net investment hedging activities, net of tax expense (benefit) of $(60) for the three months ended March 31, 2023 and $37 for the three months ended March 31, 2022
(224)130 
Pension and post-employment benefits, net of tax expense (benefit) of $14 for the three months ended March 31, 2023 and $10 for the three months ended March 31, 2022
38 28 
Cash flow hedging activities, net of tax expense (benefit) of $(4) for the three months ended March 31, 2023 and $(2) for the three months ended March 31, 2022
(41)(12)
Other comprehensive loss(33)(85)
Comprehensive income208 4,408 
Comprehensive income attributable to noncontrolling interest2 3 
Comprehensive income attributable to AbbVie Inc.$206 $4,405 

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




2023 Form 10-Q | abbvieimage2a21.gif
2

AbbVie Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions, except share data)March 31,
2023		December 31,
2022
(unaudited)
Assets
Current assets
Cash and equivalents$6,711 $9,201 
Short-term investments11 28 
Accounts receivable, net11,473 11,254 
Inventories3,833 3,579 
Prepaid expenses and other4,460 4,401 
Total current assets26,488 28,463 
Investments257 241 
Property and equipment, net4,931 4,935 
Intangible assets, net64,848 67,439 
Goodwill32,220 32,156 
Other assets5,800 5,571 
Total assets$134,544 $138,805 
Liabilities and Equity
Current liabilities
Short-term borrowings$1 $1 
Current portion of long-term debt and finance lease obligations2,800 4,135 
Accounts payable and accrued liabilities24,789 25,402 
Total current liabilities27,590 29,538 
Long-term debt and finance lease obligations59,292 59,135 
Deferred income taxes2,110 2,190 
Other long-term liabilities32,249 30,655 
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,821,082,016 shares issued as of March 31, 2023 and 1,813,770,294 as of December 31, 2022
18 18 
Common stock held in treasury, at cost, 57,113,024 shares as of March 31, 2023 and 44,589,000 as of December 31, 2022
(6,524)(4,594)
Additional paid-in capital19,619 19,245 
Retained earnings2,393 4,784 
Accumulated other comprehensive loss(2,232)(2,199)
Total stockholders' equity13,274 17,254 
Noncontrolling interest29 33 
Total equity13,303 17,287 
Total liabilities and equity$134,544 $138,805 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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3

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, 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 
Balance at December 31, 20221,769 $18 $(4,594)$19,245 $4,784 $(2,199)$33 $17,287 
Net earnings attributable to AbbVie Inc.— — — — 239 — — 239 
Other comprehensive loss, net of tax— — — — — (33)— (33)
Dividends declared— — — — (2,630)— — (2,630)
Purchases of treasury stock(12)— (1,955)— — — — (1,955)
Stock-based compensation plans and other7 — 25 374 — — — 399 
Change in noncontrolling interest— — — — — — (4)(4)
Balance at March 31, 20231,764 $18 $(6,524)$19,619 $2,393 $(2,232)$29 $13,303 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2023 Form 10-Q | abbvieimage2a21.gif
4

AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
Three months ended
March 31,
(in millions) (brackets denote cash outflows)20232022
Cash flows from operating activities
Net earnings$241 $4,493 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation179 198 
Amortization of intangible assets1,948 1,855 
Deferred income taxes(267)(194)
Change in fair value of contingent consideration liabilities1,872 (748)
Stock-based compensation313 306 
Acquired IPR&D and milestones150 145 
Impairment of intangible assets710 — 
Other, net(128)128 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(195)(785)
Inventories(185)(385)
Prepaid expenses and other assets(167)(285)
Accounts payable and other liabilities(465)(258)
Income tax assets and liabilities, net187 438 
Cash flows from operating activities4,193 4,908 
Cash flows from investing activities
Acquisitions and investments(353)(185)
Acquisitions of property and equipment(175)(162)
Purchases of investment securities(19)(1,406)
Sales and maturities of investment securities22 8 
Other, net26 154 
Cash flows from investing activities(499)(1,591)
Cash flows from financing activities
Proceeds from issuance of long-term debt— 2,000 
Repayments of long-term debt and finance lease obligations(1,351)(4,879)
Dividends paid(2,661)(2,526)
Purchases of treasury stock(1,955)(1,470)
Proceeds from the exercise of stock options65 128 
Payments of contingent consideration liabilities(311)(246)
Other, net21 21 
Cash flows from financing activities(6,192)(6,972)
Effect of exchange rate changes on cash and equivalents8 7 
Net change in cash and equivalents(2,490)(3,648)
Cash and equivalents, beginning of period9,201 9,746 
Cash and equivalents, end of period$6,711 $6,098 
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, 2022.
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 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)20232022
Interest expense$553 $548 
Interest income(99)(9)
Interest expense, net$454 $539 
Inventories
(in millions)March 31,
2023		December 31,
2022
Finished goods$1,319 $1,162 
Work-in-process1,312 1,417 
Raw materials1,202 1,000 
Inventories$3,833 $3,579 
Property and Equipment, Net
(in millions)March 31,
2023		December 31,
2022
Property and equipment, gross$11,142 $10,986 
Accumulated depreciation(6,211)(6,051)
Property and equipment, net$4,931 $4,935 
Depreciation expense was $179 million for the three months ended March 31, 2023 and $198 million for the three months ended March 31, 2022.
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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)20232022
Basic EPS
Net earnings attributable to AbbVie Inc.$239 $4,490 
Earnings allocated to participating securities11 22 
Earnings available to common shareholders$228 $4,468 
Weighted-average basic shares outstanding1,770 1,771 
Basic earnings per share attributable to AbbVie Inc.$0.13 $2.52 
Diluted EPS
Net earnings attributable to AbbVie Inc.$239 $4,490 
Earnings allocated to participating securities11 22 
Earnings available to common shareholders$228 $4,468 
Weighted-average shares of common stock outstanding1,770 1,771 
Effect of dilutive securities6 7 
Weighted-average diluted shares outstanding1,776 1,778 
Diluted earnings per share attributable to AbbVie Inc.$0.13 $2.51 
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
Other Licensing & Acquisitions Activity
Cash outflows related to acquisitions and investments totaled $353 million for the three months ended March 31, 2023 and $185 million for the three months ended March 31, 2022. AbbVie recorded acquired IPR&D and milestones expense of $150 million for the three months ended March 31, 2023 and $145 million for the three months ended March 31, 2022.
Syndesi Therapeutics SA
In February 2022, AbbVie acquired Syndesi Therapeutics SA and its portfolio of novel modulators of the synaptic vesicle protein 2A, 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.
Other Arrangements
AbbVie entered into several other arrangements resulting in charges related to upfront payments of $132 million for the three months ended March 31, 2023. Acquired IPR&D and milestones expense also included development milestones of $18 million for the three months ended March 31, 2023 and $15 million for the three months ended March 31, 2022.
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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, 2023 and 2022.
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)20232022
United States - Janssen's share of profits (included in cost of products sold)$297 $408 
International - AbbVie's share of profits (included in net revenues)240 299 
Global - AbbVie's share of other costs (included in respective line items)55 64 
AbbVie’s receivable from Janssen, included in accounts receivable, net, was $267 million at March 31, 2023 and $295 million at December 31, 2022. AbbVie’s payable to Janssen, included in accounts payable and accrued liabilities, was $293 million at March 31, 2023 and $379 million at December 31, 2022.
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)20232022
Genentech's share of profits, including royalties (included in cost of products sold)$202 $178 
AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)11 12 
AbbVie's share of development costs (included in R&D)28 27 
    
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, 2022$32,156 
Foreign currency translation adjustments64 
Balance as of March 31, 2023$32,220 
The company performs its annual goodwill impairment assessment in the third quarter, or earlier if impairment indicators exist. As of March 31, 2023, there were no accumulated goodwill impairment losses.
Intangible Assets, Net
The following table summarizes intangible assets:
March 31, 2023December 31, 2022
(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$87,622 $(26,635)$60,987 $87,698 $(25,003)$62,695 
License agreements8,474 (4,902)3,572 8,474 (4,642)3,832 
Total definite-lived intangible assets96,096 (31,537)64,559 96,172 (29,645)66,527 
Indefinite-lived intangible assets289 — 289 912 — 912 
Total intangible assets, net$96,385 $(31,537)$64,848 $97,084 $(29,645)$67,439 
Definite-Lived Intangible Assets
Amortization expense was $1.9 billion for the three months ended March 31, 2023 and 2022. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings.
The company monitors intangible assets for impairment on a quarterly basis. The definite-lived intangible asset related to Imbruvica in the United States has a carrying value of $4.8 billion as of March 31, 2023. Estimated future cash flows are not significantly higher than the intangible asset’s carrying value, reflecting the company’s current expectations of the impact of the Inflation Reduction Act of 2022. Future changes to the company’s estimates of the impact of the Inflation Reduction Act and the potential of government selection for price negotiations as well as regulatory, market and competitive developments could unfavorably impact the company’s ability to recover the carrying value of the related intangible asset. It is reasonably possible that an intangible asset impairment may occur in future periods, which may have a material effect on AbbVie’s results of operations.
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Indefinite-Lived Intangible Assets
Indefinite-lived intangible assets represent acquired IPR&D 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.
During the first quarter of 2023, the company made a decision to revise the research and development plan for AGN-151607, a novel investigational neurotoxin for the prevention of postoperative atrial fibrillation in cardiac surgery patients. This decision contributed to a delay in the estimated timing of regulatory approval as well as a significant decrease in estimated future cash flows of the product and represented a triggering event which required the company to evaluate the underlying indefinite-lived intangible asset for impairment. The company utilized a discounted cash flow analysis to estimate the fair value which was below the carrying value of the intangible asset. Based on the revised cash flows, the company recorded a pre-tax impairment charge of $630 million to research and development expense in the condensed consolidated statement of earnings for the first quarter of 2023.
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 and incurred total cumulative charges of $2.3 billion through March 31, 2023. 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.
The following table summarizes the charges (benefits) associated with the Allergan acquisition integration plan:
Three months ended
March 31,
(in millions)20232022
Cost of products sold$14 $31 
Research and development— 9 
Selling, general and administrative44 70 
Total charges$58 $110 
The following table summarizes the cash activity in the recorded liability associated with the Allergan integration plan for the three months ended March 31, 2023:
(in millions)
Accrued balance as of December 31, 2022
$107 
Charges58 
Payments and other adjustments(69)
Accrued balance as of March 31, 2023$96 
Other Restructuring
AbbVie recorded restructuring charges of $27 million for the three months ended March 31, 2023 and $57 million for the three months ended March 31, 2022.
The following table summarizes the cash activity in the restructuring reserve for the three months ended March 31, 2023:
(in millions)
Accrued balance as of December 31, 2022$176 
Restructuring charges17 
Payments and other adjustments(24)
Accrued balance as of March 31, 2023$169 
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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, 2022 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 $1.7 billion at March 31, 2023 and December 31, 2022, 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, 2023 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 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 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.
The company was a party to interest rate swap contracts designated as cash flow hedges that matured in November 2022. The effect of the hedge contracts was 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 were 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 $7.8 billion at March 31, 2023 and $6.5 billion at December 31, 2022.
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 an aggregate principal amount of senior Euro notes designated as net investment hedges of €5.9 billion at March 31, 2023 and December 31, 2022. In addition, the company had foreign currency forward exchange contracts designated as net investment hedges with notional amounts totaling €4.3 billion, SEK2.2 billion, CAD750 million and CHF70 million at March 31, 2023 and €4.3 billion, SEK2.0 billion, CAD750 million and CHF90 million at December 31, 2022. 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 $6.0 billion at March 31, 2023 and $4.5 billion at December 31, 2022. 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.
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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, 2023December 31, 2022Balance sheet captionMarch 31, 2023December 31, 2022
Foreign currency forward exchange contracts
Designated as cash flow hedgesPrepaid expenses and other$32 $49 Accounts payable and accrued liabilities$12 $8 
Designated as cash flow hedgesOther assets1 1 Other long-term liabilities1 — 
Designated as net investment hedgesPrepaid expenses and other3 6 Accounts payable and accrued liabilities78 36 
Designated as net investment hedgesOther assets37 74 Other long-term liabilities57 47 
Not designated as hedgesPrepaid expenses and other77 33 Accounts payable and accrued liabilities28 41 
Interest rate swap contracts
Designated as fair value hedgesPrepaid expenses and other— — Accounts payable and accrued liabilities17 17 
Designated as fair value hedgesOther assets11 — Other long-term liabilities351 375 
Total derivatives$161 $163 $544 $524 
While certain derivatives are subject to netting arrangements with the company’s counterparties, the company does not offset derivative assets and liabilities within the condensed consolidated balance sheets.
The following table presents the pre-tax amounts of gains (losses) from derivative instruments recognized in other comprehensive loss:
Three months ended
March 31,
(in millions)20232022
Foreign currency forward exchange contracts
Designated as cash flow hedges$(9)$(6)
Designated as net investment hedges(94)82 
Interest rate swap contracts designated as cash flow hedges— 4 
Assuming market rates remain constant through contract maturities, the company expects to reclassify pre-tax gains of $46 million into cost of products sold for foreign currency 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 losses of $162 million for the three months ended March 31, 2023 and pre-tax gains of $99 million for the three months ended March 31, 2022.
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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 caption20232022
Foreign currency forward exchange contracts
Designated as cash flow hedgesCost of products sold$30 $8 
Designated as net investment hedgesInterest expense, net28 14 
Not designated as hedgesNet foreign exchange loss30 (41)
Treasury rate lock agreements designated as cash flow hedgesInterest expense, net