10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2014 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 20, 2015) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net sales | $ 19,960 | 18,790 | 18,380 |
| Cost of products sold | 4,426 | 4,581 | 4,508 |
| Selling, general and administrative | 7,724 | 5,352 | 4,989 |
| Research and development | 3,297 | 2,855 | 2,778 |
| Acquired in-process research and development | 352 | 338 | 288 |
| Other expense | 750 | ||
| Total operating costs and expenses | 16,549 | 13,126 | 12,563 |
| Operating earnings | 3,411 | 5,664 | 5,817 |
| Interest expense, net | 391 | 278 | 84 |
| Net foreign exchange loss | 678 | 55 | 17 |
| Other income, net | (27) | (1) | (9) |
| Earnings before income tax expense | 2,369 | 5,332 | 5,725 |
| Income tax expense | 595 | 1,204 | 450 |
| Net earnings | 1,774 | 4,128 | 5,275 |
| Per share data | |||
| Basic earnings per share (in dollars per share) | 1.11 | 2.58 | 3.35 |
| Diluted earnings per share (in dollars per share) | 1.10 | 2.56 | 3.35 |
| Cash dividends declared per common share (in dollars per share) | 1.75 | 2.00 | 0.40 |
| Weighted-average basic shares outstanding (in shares) | 1,595 | 1,589 | 1,577 |
| Weighted-average diluted shares outstanding (in shares) | 1,610 | 1,604 | 1,577 [1] |
| [1] On January 1, 2013, Abbott Laboratories distributed 1,577 million shares of AbbVie common stock. For periods prior to the separation, the weighted-average basic and diluted shares outstanding was based on the number of shares of AbbVie common stock outstanding on the distribution date. Refer to Note 5 for information regarding the calculation of basic and diluted earnings per common share for the years ended December 31, 2014 and 2013. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 20, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net earnings | $ 1,774 | 4,128 | 5,275 |
| Foreign currency translation adjustments, net of tax (benefit) expense of $(158) in 2014 and $71 in 2013 | (1,073) | 48 | 173 |
| Pension and post-employment benefits, net of tax (benefit) expense of $(351) in 2014, $309 in 2013 and $(24) in 2012 | (781) | 598 | (150) |
| Unrealized (losses) gains on marketable equity securities, net of tax expense (benefit) of $1 in 2014, $- in 2013, and $(15) in 2012 | 1 | 1 | (25) |
| Hedging activities, net of tax expense (benefit) of $8 in 2014, $- in 2013, and $(8) in 2012 | 264 | (77) | (27) |
| Other comprehensive income (loss) | (1,589) | 570 | (29) |
| Comprehensive income | 185 | 4,698 | 5,246 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 20, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Cash flows from operating activities | |||
| Net earnings | $ 1,774 | 4,128 | 5,275 |
| Adjustments to reconcile net earnings to net cash from operating activities: | |||
| Depreciation | 383 | 388 | 525 |
| Amortization of intangible assets | 403 | 509 | 625 |
| Stock-based compensation | 241 | 212 | 187 |
| Upfront costs related to collaborations and acquired in-process research and development | 1,102 | 338 | 288 |
| Other, net | 434 | 34 | 66 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts and other receivables | (172) | 681 | 223 |
| Inventories | (203) | (56) | (203) |
| Prepaid expenses and other assets | (220) | 459 | 90 |
| Accounts payable and other liabilities | (193) | (426) | (731) |
| Cash flows from operating activities | 3,549 [1] | 6,267 | 6,345 |
| Cash flows from investing activities | |||
| Acquisitions and investments, net of cash acquired | (622) | (405) | (688) |
| Acquisitions of property and equipment | (612) | (491) | (333) |
| Purchases of investment securities | (1,169) | (930) | (2,550) |
| Sales and maturities of investment securities | 1,477 | 2,705 | 1,153 |
| Cash flows from investing activities | (926) | 879 | (2,418) |
| Cash flows from financing activities | |||
| Net change in short-term borrowings | 12 | (601) | 1,000 |
| Dividends paid | (2,661) | (2,555) | |
| Purchases of treasury stock | (652) | (320) | |
| Proceeds from the exercise of stock options | 225 | 347 | |
| Proceeds from issuance of long-term debt | 14,586 | ||
| Net transactions with Abbott Laboratories, excluding noncash items | (247) | (13,504) | |
| Other, net | (217) | (66) | (151) |
| Cash flows from financing activities | (3,293) | (3,442) | 1,931 |
| Effect of exchange rate changes on cash and equivalents | (577) | (10) | 16 |
| Net (decrease) increase in cash and equivalents | (1,247) | 3,694 | 5,874 |
| Cash and equivalents, beginning of period | 9,595 | 5,901 | |
| Cash and equivalents, end of period | 8,348 | 9,595 | 5,901 |
| Other supplemental information | |||
| Interest paid, net of portion capitalized | 419 | 283 | 61 |
| Income taxes paid | 498 | 1,305 | |
| [1] Cash flows from operating activities included the impact of transaction and financing-related and other costs incurred in connection with the terminated proposed combination with Shire. Refer to Note 4 for additional information. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ABBVIE INC. | ||
Ticker: ABBV Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 20, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Current assets | ||
| Cash and equivalents | $ 8,348 | 9,595 |
| Short-term investments | 26 | 300 |
| Accounts and other receivables, net | 3,735 | 3,854 |
| Inventories, net | 1,124 | 1,150 |
| Income tax receivable | 556 | 949 |
| Deferred income taxes | 896 | 766 |
| Prepaid expenses and other | 1,403 | 1,234 |
| Total current assets | 16,088 | 17,848 |
| Investments | 92 | 118 |
| Property and equipment, net | 2,485 | 2,298 |
| Intangible assets, net of amortization | 1,513 | 1,890 |
| Goodwill | 5,862 | 6,277 |
| Other assets | 1,507 | 767 |
| Total assets | 27,547 | 29,198 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Short-term borrowings | 425 | 413 |
| Current portion of long-term debt and lease obligations | 4,021 | 18 |
| Accounts payable and accrued liabilities | 6,954 | 6,448 |
| Total current liabilities | 11,400 | 6,879 |
| Long-term liabilities | 3,840 | 3,535 |
| Long-term debt and lease obligations | 10,565 | 14,292 |
| Commitments and contingencies | ||
| Stockholders' equity | ||
| Common stock, $0.01 par value, authorized 4,000,000,000 shares, issued 1,609,519,046 and 1,594,260,996 shares as of December 31, 2014 and 2013, respectively | 16 | 16 |
| Common stock held in treasury, at cost, 18,129,715 and 6,900,434 shares as of December 31, 2014 and 2013, respectively | (972) | (320) |
| Additional paid-in-capital | 4,194 | 3,671 |
| Retained earnings | 535 | 1,567 |
| Accumulated other comprehensive loss | (2,031) | (442) |
| Total stockholders' equity | 1,742 | 4,492 |
| Total liabilities and equity | 27,547 | 29,198 |
| External Links | |
| ABBVIE INC. (ABBV) Fiscal Year 2014 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |