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: 2013 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 21, 2014) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net sales | $ 18,790 | 18,380 | 17,444 |
| Cost of products sold | 4,581 | 4,508 | 4,639 |
| Selling, general and administrative | 5,352 | 4,989 | 5,894 |
| Research and development | 2,855 | 2,778 | 2,618 |
| Acquired in-process research and development | 338 | 288 | 673 |
| Total operating costs and expenses | 13,126 | 12,563 | 13,824 |
| Operating earnings | 5,664 | 5,817 | 3,620 |
| Interest expense (income), net | 278 | 84 | (20) |
| Net foreign exchange loss (gain) | 55 | 17 | (30) |
| Other (income) expense, net | (1) | (9) | 2 |
| Earnings before income tax expense | 5,332 | 5,725 | 3,668 |
| Income tax expense | 1,204 | 450 | 235 |
| Net earnings | 4,128 | 5,275 | 3,433 |
| Basic earnings per share (in dollars per share) | 2.58 | 3.35 | 2.18 |
| Diluted earnings per share (in dollars per share) | 2.56 | 3.35 | 2.18 |
| Cash dividends declared per common share (in dollars per share) | 2.00 [1] | 0.40 | |
| Weighted-average basic shares outstanding (in shares) | 1,589 | 1,577 [2] | 1,577 |
| Weighted-average diluted shares outstanding (in shares) | 1,604 | 1,577 | 1,577 |
| [1] On January 4, 2013, the board of directors declared a cash dividend of $0.40 per share of common stock. This dividend was declared from pre-separation earnings and was recorded as a reduction of additional paid-in capital. In addition, AbbVie declared regular quarterly cash dividends in 2013 aggregating $1.60 per share of common stock. Refer to Note 11 for information regarding cash dividends declared in 2013. | |||
| [2] 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 4 for information regarding the calculation of basic and diluted earnings per common share for the year ended December 31, 2013. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2013 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 21, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net earnings | $ 4,128 | 5,275 | 3,433 |
| Foreign currency translation gain (loss) adjustments, net of tax expense of $71 in 2013 | 48 | 173 | (295) |
| Pension and post-employment benefits, net of tax expense (benefit) of $309 in 2013, $(24) in 2012 and $(12) in 2011 | 598 | (150) | (7) |
| Unrealized gains (losses) on marketable equity securities, net of tax expense (benefit) of $- in 2013, $(15) in 2012 and $10 in 2011 | 1 | (25) | 17 |
| Hedging activities, net of tax (benefit) of $- in 2013, $(8) in 2012 and $(8) in 2011 | (77) | (27) | (28) |
| Other comprehensive income (loss) | 570 | (29) | (313) |
| Comprehensive income | 4,698 | 5,246 | 3,120 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2013 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 21, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Cash flows from operating activities | |||
| Net earnings | $ 4,128 | 5,275 | 3,433 |
| Adjustments to reconcile net earnings to net cash from operating activities: | |||
| Depreciation | 388 | 525 | 508 |
| Amortization of intangible assets | 509 | 625 | 764 |
| Stock-based compensation | 212 | 187 | 163 |
| Acquired in-process research and development | 338 | 288 | 673 |
| Other, net | 34 | 66 | |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts and other receivables | 681 | 223 | (498) |
| Inventories | (56) | (203) | (87) |
| Prepaid expenses and other assets | 459 | 90 | (206) |
| Accounts payable and other liabilities | (426) | (731) | 1,497 |
| Cash flows from operating activities | 6,267 | 6,345 | 6,247 |
| Cash flows from investing activities | |||
| Acquisitions and investments, net of cash acquired | (405) | (688) | (273) |
| Acquisitions of property and equipment | (491) | (333) | (356) |
| Release of restricted funds | 1,870 | ||
| Purchases of investment securities | (930) | (2,550) | (1,943) |
| Sales and maturities of investment securities | 2,705 | 1,153 | 1,255 |
| Cash flows from investing activities | 879 | (2,418) | 553 |
| Cash flows from financing activities | |||
| Net change in short-term borrowings | (601) | 1,000 | |
| Dividends paid | (2,555) | ||
| Purchases of treasury stock | (320) | ||
| Proceeds from the exercise of stock options | 347 | ||
| Proceeds from issuance of long-term debt | 14,586 | ||
| Net transactions with Abbott Laboratories, excluding noncash items | (247) | (13,504) | (6,762) |
| Other, net | (66) | (151) | (21) |
| Cash flows from financing activities | (3,442) | 1,931 | (6,783) |
| Effect of exchange rate changes on cash and equivalents | (10) | 16 | |
| Net increase in cash and equivalents | 3,694 | 5,874 | 17 |
| Cash and equivalents, beginning of year | 5,901 | 27 | |
| Cash and equivalents, end of year | 9,595 | 5,901 | 27 |
| Other supplemental information | |||
| Interest paid, net of portion capitalized | 283 | 61 | |
| Income taxes paid | 1,305 | ||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ABBVIE INC. | ||
Ticker: ABBV Fiscal Year: 2013 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 21, 2014) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Current assets | ||
| Cash and equivalents | $ 9,595 | 5,901 |
| Short-term investments | 300 | 2,075 |
| Accounts and other receivables, net | 3,854 | 4,298 |
| Inventories, net | 1,150 | 1,091 |
| Income tax receivable | 949 | |
| Deferred income taxes | 766 | 669 |
| Prepaid expenses and other | 1,234 | 1,320 |
| Total current assets | 17,848 | 15,354 |
| Investments | 118 | 119 |
| Property and equipment, net | 2,298 | 2,247 |
| Intangible assets, net of amortization | 1,890 | 2,323 |
| Goodwill | 6,277 | 6,130 |
| Other assets | 767 | 835 |
| Total assets | 29,198 | 27,008 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Short-term borrowings | 413 | 1,020 |
| Current portion of long-term debt and lease obligations | 18 | 22 |
| Accounts payable and accrued liabilities | 6,448 | 5,734 |
| Total current liabilities | 6,879 | 6,776 |
| Long-term liabilities | 3,535 | 2,239 |
| Long-term debt and lease obligations | 14,292 | 14,630 |
| Commitments and contingencies | ||
| Equity | ||
| Net parent company investment in AbbVie Inc., prior to separation | 3,713 | |
| Stockholders' equity | ||
| Common stock, $0.01 par value, authorized 4,000,000,000 shares, issued 1,594,260,996 shares in 2013 | 16 | |
| Common stock held in treasury, at cost, 6,900,434 shares in 2013 | (320) | |
| Additional paid-in-capital | 3,671 | |
| Retained earnings | 1,567 | |
| Accumulated other comprehensive loss | (442) | (350) |
| Total stockholders' equity | 4,492 | (350) |
| Total equity | 4,492 | 3,363 |
| Total liabilities and equity | 29,198 | 27,008 |
| External Links | |
| ABBVIE INC. (ABBV) Fiscal Year 2013 | |
| 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 |