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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 June 30, 2020
 
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
 
ABBVIEIMAGE1A50.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 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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
ABBV
 
New York Stock Exchange
 
 
 
 
Chicago Stock Exchange
1.375% Senior Notes due 2024
 
ABBV24
 
New York Stock Exchange
0.750% Senior Notes due 2027
 
ABBV27
 
New York Stock Exchange
2.125% Senior Notes due 2028
 
ABBV28
 
New York Stock Exchange
1.250% Senior Notes due 2031
 
ABBV31
 
New York Stock Exchange
As of July 28, 2020, AbbVie Inc. had 1,764,833,246 shares of common stock at $0.01 par value outstanding.




AbbVie Inc. and Subsidiaries
Table of Contents



2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
1




PART I. FINANCIAL INFORMATION

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

 
 
Three months ended
June 30,
 
Six months ended
June 30,
(in millions, except per share data)
 
2020
 
2019
 
2020
 
2019
Net revenues
 
$
10,425

 
$
8,255

 
$
19,044

 
$
16,083

 
 
 
 
 
 
 
 
 
Cost of products sold
 
3,711

 
1,819

 
5,653

 
3,513

Selling, general and administrative
 
3,527

 
1,654

 
5,222

 
3,334

Research and development
 
1,582

 
1,291

 
2,961

 
2,580

Acquired in-process research and development
 
853

 
91

 
853

 
246

Total operating costs and expenses
 
9,673

 
4,855

 
14,689

 
9,673

Operating earnings
 
752

 
3,400

 
4,355

 
6,410

 
 
 
 
 
 
 
 
 
Interest expense, net
 
614

 
309

 
1,042

 
634

Net foreign exchange loss
 
29

 
6

 
34

 
12

Other expense, net
 
802

 
2,278

 
874

 
2,413

Earnings (loss) before income tax expense
 
(693
)
 
807

 
2,405

 
3,351

Income tax expense
 
46

 
66

 
134

 
154

Net earnings (loss)
 
(739
)
 
741

 
2,271

 
3,197

Net loss attributable to noncontrolling interest
 
(1
)
 

 
(1
)
 

Net earnings (loss) attributable to AbbVie Inc.
 
$
(738
)
 
$
741

 
$
2,272

 
$
3,197

 
 
 
 
 
 
 
 
 
Per share data
 
 
 
 
 
 
 
 
Basic earnings (loss) per share attributable to AbbVie Inc.
 
$
(0.46
)
 
$
0.49

 
$
1.44

 
$
2.15

Diluted earnings (loss) per share attributable to AbbVie Inc.
 
$
(0.46
)
 
$
0.49

 
$
1.43

 
$
2.14

 
 
 
 
 
 
 
 
 
Weighted-average basic shares outstanding
 
1,647

 
1,480

 
1,564

 
1,480

Weighted-average diluted shares outstanding
 
1,647

 
1,484

 
1,568

 
1,483


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

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
2




AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)

 
Three months ended
June 30,
 
Six months ended
June 30,
(in millions)
2020
 
2019
 
2020
 
2019
Net earnings (loss)
$
(739
)
 
$
741

 
$
2,271

 
$
3,197

 
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of tax expense (benefit) of $4 for the three months and $(4) for the six months ended June 30, 2020 and $5 for the three months and $6 for the six months ended June 30, 2019
441

 
71

 
214

 
(32
)
Net investment hedging activities, net of tax expense (benefit) of $(60) for the three months and $(40) for the six months ended June 30, 2020 and $(11) for the three months and $8 for the six months ended June 30, 2019
(213
)
 
(37
)
 
(141
)
 
28

Pension and post-employment benefits, net of tax expense (benefit) of $12 for the three months and $27 for the six months ended June 30, 2020 and $6 for the three months and $12 for the six months ended June 30, 2019
43

 
20

 
99

 
45

Marketable security activities, net of tax expense (benefit) of $— for the three months and $— for the six months ended June 30, 2020 and $— for the three months and $— for the six months ended June 30, 2019

 
4

 

 
11

Cash flow hedging activities, net of tax expense (benefit) of $(2) for the three months and $(4) for the six months ended June 30, 2020 and $(2) for the three months and $(9) for the six months ended June 30, 2019
(9
)
 
(33
)
 
(11
)
 
(63
)
Other comprehensive income (loss)
262

 
25

 
161

 
(11
)
Comprehensive income (loss)
(477
)
 
766

 
2,432

 
3,186

Comprehensive loss attributable to noncontrolling interest, net of tax
(1
)
 

 
(1
)
 

Comprehensive income (loss) attributable to AbbVie Inc.
$
(476
)
 
$
766

 
$
2,433

 
$
3,186


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





2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
3




AbbVie Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

(in millions, except share data)
June 30,
2020
 
December 31,
2019
 
(unaudited)
 
 
Assets
 
 
 
Current assets
 
 
 
Cash and equivalents
$
6,017

 
$
39,924

Short-term investments
23

 

Accounts receivable, net
8,354

 
5,428

Inventories
4,059

 
1,813

Prepaid expenses and other
2,803

 
2,354

Total current assets
21,256

 
49,519

 
 
 
 
Investments
225

 
93

Property and equipment, net
4,908

 
2,962

Intangible assets, net
76,463

 
18,649

Goodwill
42,669

 
15,604

Other assets
4,009

 
2,288

Total assets
$
149,530

 
$
89,115

 
 
 
 
Liabilities and Equity
 
 
 
Current liabilities
 
 
 
Short-term borrowings
$
64

 
$

Current portion of long-term debt and finance lease obligations
5,307

 
3,753

Accounts payable and accrued liabilities
19,275

 
11,832

Total current liabilities
24,646

 
15,585

 
 
 
 
Long-term debt and finance lease obligations
82,061

 
62,975

Deferred income taxes
4,785

 
1,130

Other long-term liabilities
23,306

 
17,597

 
 
 
 
Commitments and contingencies


 


 
 
 
 
Stockholders’ equity (deficit)
 
 
 
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,788,423,670 shares issued as of June 30, 2020 and 1,781,582,608 as of December 31, 2019
18

 
18

Common stock held in treasury, at cost, 24,140,541 shares as of June 30, 2020 and 302,671,146 as of December 31, 2019
(1,958
)
 
(24,504
)
Additional paid-in capital
16,953

 
15,193

Retained earnings
3,130

 
4,717

Accumulated other comprehensive loss
(3,435
)
 
(3,596
)
Total stockholders’ equity (deficit)
14,708

 
(8,172
)
Noncontrolling interest
24

 

Total equity (deficit)
14,732

 
(8,172
)
 
 
 
 
Total liabilities and equity
$
149,530

 
$
89,115

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

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
4




AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (unaudited)

(in millions)
Common shares outstanding
 
Common stock
 
Treasury stock
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive loss
 
Noncontrolling interest
 
Total
Balance at March 31, 2019
1,478

 
$
18

 
$
(24,502
)
 
$
14,940

 
$
4,234

 
$
(2,516
)
 
$

 
$
(7,826
)
Net earnings attributable to AbbVie Inc.

 

 

 

 
741

 

 

 
741

Other comprehensive income, net of tax

 

 

 

 

 
25

 

 
25

Dividends declared

 

 

 

 
(1,591
)
 

 

 
(1,591
)
Purchases of treasury stock

 

 
(3
)
 

 

 

 

 
(3
)
Stock-based compensation plans and other

 

 

 
88

 

 

 

 
88

Balance at June 30, 2019
1,478

 
$
18

 
$
(24,505
)
 
$
15,028

 
$
3,384

 
$
(2,491
)
 
$

 
$
(8,566
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2020
1,477

 
$
18

 
$
(25,110
)
 
$
15,401

 
$
5,973

 
$
(3,697
)
 
$

 
$
(7,415
)
Net loss attributable to AbbVie Inc.

 

 

 

 
(738
)
 

 

 
(738
)
Other comprehensive income, net of tax

 

 

 

 

 
262

 

 
262

Dividends declared

 

 

 

 
(2,105
)
 

 

 
(2,105
)
Common shares and equity awards issued for acquisition of Allergan plc
286

 

 
23,166

 
1,243

 


 

 

 
24,409

Purchases of treasury stock

 

 
(19
)
 

 

 

 

 
(19
)
Stock-based compensation plans and other
1

 

 
5

 
309

 

 

 

 
314

Change in noncontrolling interest

 

 

 

 

 

 
24

 
24

Balance at June 30, 2020
1,764

 
$
18


$
(1,958
)
 
$
16,953

 
$
3,130

 
$
(3,435
)
 
$
24

 
$
14,732

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
1,479

 
$
18

 
$
(24,108
)
 
$
14,756

 
$
3,368

 
$
(2,480
)
 
$

 
$
(8,446
)
Net earnings attributable to AbbVie Inc.

 

 

 

 
3,197

 

 

 
3,197

Other comprehensive loss, net of tax

 

 

 

 

 
(11
)
 

 
(11
)
Dividends declared

 

 

 

 
(3,181
)
 

 

 
(3,181
)
Purchases of treasury stock
(5
)
 

 
(422
)
 

 

 

 

 
(422
)
Stock-based compensation plans and other
4

 

 
25

 
272

 

 

 

 
297

Balance at June 30, 2019
1,478

 
$
18

 
$
(24,505
)
 
$
15,028

 
$
3,384

 
$
(2,491
)
 
$

 
$
(8,566
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
1,479

 
$
18

 
$
(24,504
)
 
$
15,193

 
$
4,717

 
$
(3,596
)
 
$

 
$
(8,172
)
Net earnings attributable to AbbVie Inc.

 

 

 

 
2,272

 

 

 
2,272

Other comprehensive income, net of tax

 

 

 

 

 
161

 

 
161

Dividends declared

 

 

 

 
(3,859
)
 

 

 
(3,859
)
Common shares and equity awards issued for acquisition of Allergan plc
286

 

 
23,166

 
1,243

 


 

 

 
24,409

Purchases of treasury stock
(7
)
 

 
(662
)
 

 

 

 

 
(662
)
Stock-based compensation plans and other
6

 

 
42

 
517

 

 

 

 
559

Change in noncontrolling interest

 

 

 

 

 

 
24

 
24

Balance at June 30, 2020
1,764

 
$
18

 
$
(1,958
)
 
$
16,953

 
$
3,130

 
$
(3,435
)
 
$
24

 
$
14,732


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

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
5




AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
 
Six months ended
June 30,
(in millions) (brackets denote cash outflows)
2020
 
2019
Cash flows from operating activities
 
 
 
Net earnings
$
2,271

 
$
3,197

Adjustments to reconcile net earnings to net cash from operating activities:
 
 
 
Depreciation
264

 
232

Amortization of intangible assets
1,850

 
773

Deferred income taxes
(257
)
 
72

Change in fair value of contingent consideration liabilities
881

 
2,473

Stock-based compensation
455

 
276

Upfront costs and milestones related to collaborations
943

 
321

Other, net
434

 
(10
)
Changes in operating assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable
(543
)
 
(96
)
Inventories
(304
)
 
(288
)
Prepaid expenses and other assets
240

 
(270
)
Accounts payable and other liabilities
466

 
(366
)
Income tax assets and liabilities, net
204

 
(820
)
Cash flows from operating activities
6,904

 
5,494

 
 
 
 
Cash flows from investing activities
 
 
 
Acquisition of businesses, net of cash acquired
(38,138
)
 

Other acquisitions and investments
(192
)
 
(440
)
Acquisitions of property and equipment
(302
)
 
(235
)
Purchases of investment securities
(32
)
 
(558
)
Sales and maturities of investment securities
1,429

 
1,066

Other, net
1,454

 

Cash flows from investing activities
(35,781
)
 
(167
)
 
 
 
 
Cash flows from financing activities
 
 
 
Net change in commercial paper borrowings

 
(393
)
Repayments of other short-term borrowings

 
(3,000
)
Proceeds from issuance of long-term debt
3,000

 

Repayments of long-term debt and finance lease obligations
(3,763
)
 
(4
)
Debt issuance costs
(20
)
 
(171
)
Dividends paid
(3,515
)
 
(3,180
)
Purchases of treasury stock
(662
)
 
(623
)
Proceeds from the exercise of stock options
77

 
5

Payments of contingent consideration liabilities
(129
)
 
(108
)
Other, net
20

 
21

Cash flows from financing activities
(4,992
)
 
(7,453
)
Effect of exchange rate changes on cash and equivalents
(38
)
 
9

Net change in cash and equivalents
(33,907
)
 
(2,117
)
Cash and equivalents, beginning of period
39,924

 
7,289

 
 
 
 
Cash and equivalents, end of period
$
6,017

 
$
5,172

 
 
 
 
Supplemental schedule of non-cash investing and financing activities
 
 
 
Issuance of common shares associated with acquisitions of businesses
$
23,979

 
$

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

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
6




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, 2019.
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 reclassifications were made to conform the prior period interim condensed consolidated financial statements to the current period presentation.
On May 8, 2020, AbbVie completed its previously announced acquisition of Allergan plc (Allergan). Refer to Note 4 for additional information regarding this acquisition.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
ASU No. 2016-13
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326). The standard changes how credit losses are measured for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, the standard requires the use of a new forward-looking "expected credit loss" model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, the standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. AbbVie adopted the standard in the first quarter of 2020. The adoption did not have a material impact on the company's consolidated financial statements.
Upon adoption of the standard, accounts receivable are stated at amortized cost less allowance for credit losses. The allowance for credit losses reflects the best estimate of future losses over the contractual life of outstanding accounts receivable and is determined on the basis of historical experience, specific allowances for known troubled accounts, other currently available information including customer financial condition, and both current and forecasted economic conditions. There were no significant changes in credit loss risk factors that impacted the company's recorded allowance during the six months ended June 30, 2020.
Recent Accounting Pronouncements Not Yet Adopted
ASU No. 2019-12
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740). The standard includes simplifications related to accounting for income taxes including removing certain exceptions related to the approach for intraperiod tax allocation and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard will be effective for AbbVie starting with the first quarter of 2021. AbbVie is currently assessing the impact of this guidance on its consolidated financial statements.

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
7




Note 2    Supplemental Financial Information
 
Interest Expense, Net
 
 
Three months ended
June 30,
 
Six months ended
June 30,
(in millions)
 
2020
 
2019
 
2020
 
2019
Interest expense
 
$
632

 
$
358

 
$
1,195

 
$
745

Interest income
 
(18
)
 
(49
)
 
(153
)
 
(111
)
Interest expense, net
 
$
614

 
$
309

 
$
1,042

 
$
634


Inventories
(in millions)
June 30, 2020
 
December 31, 2019
Finished goods
$
1,968

 
$
485

Work-in-process
1,363

 
942

Raw materials
728

 
386

Inventories
$
4,059

 
$
1,813


Property and Equipment
(in millions)
June 30, 2020
 
December 31, 2019
Property and equipment, gross
$
10,327

 
$
8,188

Accumulated depreciation
(5,419
)
 
(5,226
)
Property and equipment, net
$
4,908

 
$
2,962


Depreciation expense was $149 million for the three months and $264 million for the six months ended June 30, 2020 and $114 million for the three months and $232 million for the six months ended June 30, 2019.

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
8




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
June 30,
 
Six months ended
June 30,
(in millions, except per share data)
 
2020
 
2019
 
2020
 
2019
Basic EPS
 
 
 
 
 
 
 
 
Net earnings (loss) attributable to AbbVie Inc.
 
$
(738
)
 
$
741

 
$
2,272

 
$
3,197

Earnings allocated to participating securities
 
18

 
8

 
28

 
17

Earnings available to common shareholders
 
$
(756
)
 
$
733

 
$
2,244

 
$
3,180

Weighted-average basic shares outstanding
 
1,647

 
1,480

 
1,564

 
1,480

Basic earnings (loss) per share attributable to AbbVie Inc.
 
$
(0.46
)
 
$
0.49

 
$
1.44

 
$
2.15

 
 
 
 
 
 
 
 
 
Diluted EPS
 
 
 
 
 
 
 
 
Net earnings (loss) attributable to AbbVie Inc.
 
$
(738
)
 
$
741

 
$
2,272

 
$
3,197

Earnings allocated to participating securities
 
18

 
8

 
28

 
17

Earnings available to common shareholders
 
$
(756
)
 
$
733

 
$
2,244

 
$
3,180

Weighted-average shares of common stock outstanding
 
1,647

 
1,480

 
1,564

 
1,480

Effect of dilutive securities
 

 
4

 
4

 
3

Weighted-average diluted shares outstanding
 
1,647

 
1,484

 
1,568

 
1,483

Diluted earnings (loss) per share attributable to AbbVie Inc.
 
$
(0.46
)
 
$
0.49

 
$
1.43

 
$
2.14


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
 

Acquisition of Allergan
On May 8, 2020, AbbVie completed its previously announced acquisition of all outstanding equity interests in Allergan in a cash and stock transaction. Allergan is a global pharmaceutical leader focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world. The combination creates a diverse entity with leadership positions across immunology, hematologic oncology, aesthetics, neuroscience, eye care and women's health. AbbVie's existing product portfolio and pipeline is enhanced with numerous Allergan assets and Allergan's product portfolio benefits from AbbVie's commercial strength, expertise and international infrastructure. Under the terms of the acquisition, each ordinary share of Allergan common stock was converted into the right to receive (i) $120.30 in cash and (ii) 0.8660 of a share of AbbVie common stock.

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
9




Total consideration for the acquisition of Allergan is summarized as follows:
(in millions)
 
Cash consideration paid to Allergan shareholders (a)
$
39,675

Fair value of AbbVie common stock issued to Allergan shareholders (b)
23,979

Fair value of AbbVie equity awards issued to Allergan equity award holders (c)
430

Total consideration
$
64,084

(a)
Represents cash consideration transferred of $120.30 per outstanding Allergan ordinary share based on 330 million Allergan ordinary shares outstanding at closing.
(b)
Represents the acquisition date fair value of 286 million shares of AbbVie common stock issued to Allergan shareholders based on the exchange ratio of 0.8660 AbbVie shares for each outstanding Allergan ordinary share at the May 8, 2020 closing price of $83.96 per share.
(c)
Represents the pre-acquisition service portion of the fair value of 11 million AbbVie stock options and 8 million RSUs issued to Allergan equity award holders.
The acquisition of Allergan has been accounted for as a business combination using the acquisition method of accounting. The acquisition method requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. The valuation of assets acquired and liabilities assumed has not yet been finalized as of June 30, 2020. As a result, AbbVie recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date. Finalization of the valuation during the measurement period could result in a change in the amounts recorded for the acquisition date fair value of intangible assets, goodwill, property and equipment, inventories and income taxes among other items. The completion of the valuation will occur no later than one year from the acquisition date.
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date:
(in millions)
 
Assets acquired and liabilities assumed
 
Cash and equivalents
$
1,537

Short-term investments
1,421

Accounts receivable
2,423

Inventories
2,370

Prepaid expenses and other current assets
1,984

Investments
137

Property and equipment
1,912

Intangible assets
 
Developed product rights
58,280

In-process research and development
1,040

Other noncurrent assets
1,532

Short-term borrowings
(60
)
Current portion of long-term debt and finance lease obligations
(1,899
)
Accounts payable and accrued liabilities
(5,850
)
Long-term debt and finance lease obligations
(18,937
)
Deferred income taxes
(4,078
)
Other long-term liabilities
(4,772
)
Total identifiable net assets
37,040

Goodwill
27,044

Total assets acquired and liabilities assumed
$
64,084


The fair value step-up adjustment to inventories of $1.2 billion is being amortized to cost of products sold when the inventory is sold to customers, which is expected to be within approximately one year from the acquisition date.

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
10




Intangible assets relate to $58.3 billion of developed product rights and $1.0 billion of in-process research and development (IPR&D). The acquired definite-lived intangible assets are being amortized over a weighted-average estimated useful life of approximately   9 years using the estimated pattern of economic benefit. The estimated fair values of identifiable intangible assets were determined using the "income approach" which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. Some of the more significant assumptions inherent in the development of these asset valuations include the estimated net cash flows for each year for each asset or product (including net revenues, cost of products sold, research and development (R&D) costs, selling and marketing costs and contributory asset charges), the appropriate discount rate necessary to measure the risk inherent in each future cash flow stream, the life cycle of each asset, the potential regulatory and commercial success risk, competitive trends impacting the asset and each cash flow stream, as well as other factors.
The fair value of long-term debt was determined by quoted market prices as of the acquisition date and the total purchase price adjustment of $1.3 billion is being amortized as a reduction to interest expense, net over the lives of the related debt.
Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from the other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recognized from the acquisition of Allergan represents the value of additional growth platforms and an expanded revenue base as well as anticipated operational synergies and cost savings from the creation of a single combined global organization. The goodwill is not deductible for tax purposes.
Following the acquisition date, the operating results of Allergan have been included in the condensed consolidated financial statements. For the period from the acquisition date through June 30, 2020, net revenues attributable to Allergan were $2.0 billion and operating losses attributable to Allergan were $909 million, inclusive of $961 million of intangible asset amortization and $431 million of inventory fair value step-up amortization.
Acquisition-related expenses, which were comprised primarily of regulatory, financial advisory and legal fees, totaled $777 million for the three months and $781 million for the six months ended June 30, 2020 and $24 million for the three and six months ended June 30, 2019 and were included in selling, general and administrative (SG&A) expenses in the condensed consolidated statements of earnings.
Pro Forma Financial Information
The following table presents the unaudited pro forma combined results of AbbVie and Allergan for the three and six months ended June 30, 2020 and 2019 as if the acquisition of Allergan had occurred on January 1, 2019:
 
 
Three months ended
June 30,
 
Six months ended
June 30,
(in millions)
 
2020
 
2019
 
2020
 
2019
Net revenues
 
$
11,542

 
$
12,267

 
$
23,761

 
$
23,657

Net earnings (loss)
 
53

 
(1,735
)
 
3,312

 
(3,726
)

The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting and was based on the historical financial information of AbbVie and Allergan. In order to reflect the occurrence of the acquisition on January 1, 2019 as required, the unaudited pro forma financial information includes adjustments to reflect incremental amortization expense to be incurred based on the current preliminary fair values of the identifiable intangible assets acquired; the incremental cost of products sold related to the fair value adjustments associated with acquisition date inventory; the additional interest expense associated with the issuance of debt to finance the acquisition; and the reclassification of acquisition-related costs incurred during the three and six months ended June 30, 2020 to the six months ended June 30, 2019. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on January 1, 2019. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition.
Other Licensing & Acquisitions Activity
Cash outflows related to other acquisitions and investments totaled $192 million for the six months ended June 30, 2020 and $440 million for the six months ended June 30, 2019. AbbVie recorded acquired IPR&D charges of $853 million for the three months and six months ended June 30, 2020 and recorded acquired IPR&D charges of $91 million for the three months and $246 million for the six months ended June 30, 2019.

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
11




Genmab A/S
In June 2020, AbbVie and Genmab A/S (Genmab) entered into a collaboration agreement to jointly develop and commercialize three of Genmab's early-stage investigational bispecific antibody therapeutics and entered into a discovery research collaboration for future differentiated antibody therapeutics for the treatment of cancer. Under the terms of the agreement, Genmab granted to AbbVie an exclusive license to its epcoritamab (DuoBody-CD3xCD20), DuoHexaBody-CD37 and DuoBody-CD3x5T4 programs. For epcoritamab, the companies will share commercial responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization. Genmab will record net revenues in the U.S. and Japan, and the parties will share equally in pre-tax profits from these sales. Genmab will receive tiered royalties on remaining global sales. For the discovery research partnership, Genmab will conduct Phase 1 studies for these programs and AbbVie retains the right to opt-in to program development. AbbVie made an upfront payment of $750 million, which was recorded to IPR&D in the three months ended June 30, 2020. AbbVie could make additional payments of up to $3.2 billion upon the achievement of certain development, regulatory and commercial milestones for all programs.
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 June 30, 2020 and 2019. As a result of the significant growth in Venclexta during the three and six months ended June 30, 2020 compared to the prior year, the details of the collaboration with Genentech, Inc. are disclosed below.
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 (BTK) 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
June 30,
 
Six months ended
June 30,
(in millions)
 
2020
 
2019
 
2020
 
2019
United States - Janssen's share of profits (included in cost of products sold)
 
$
493

 
$
422

 
$
943

 
$
808

International - AbbVie's share of profits (included in net revenues)
 
233

 
213

 
499

 
406

Global - AbbVie's share of other costs (included in respective line items)
 
67

 
77

 
137

 
149



2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
12




AbbVie’s receivable from Janssen, included in accounts receivable, net, was $258 million at June 30, 2020 and $235 million at December 31, 2019. AbbVie’s payable to Janssen, included in accounts payable and accrued liabilities, was $483 million at June 30, 2020 and $455 million at December 31, 2019.
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 sales 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 SG&A expenses and global development costs as part of R&D expenses, net of Genentech’s share. Royalties paid for Venclexta sales outside the United States are also included in AbbVie’s cost of products sold.
The following table shows the profit and cost sharing relationship between Genentech and AbbVie:
 
 
Three months ended
June 30,
 
Six months ended
June 30,
(in millions)
 
2020
 
2019
 
2020
 
2019
Genentech's share of profits, including royalties (included in cost of products sold)
 
$
123

 
$
69

 
$
251

 
$
131

AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)
 
11

 
10

 
25

 
18

AbbVie's share of development costs (included in R&D)
 
36

 
30

 
61

 
62


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, 2019
$
15,604

Additions(a)
27,044

Foreign currency translation adjustments
21

Balance as of June 30, 2020
$
42,669


(a) Goodwill additions related to the acquisition of Allergan in the second quarter of 2020 (see Note 4).
The company performs its annual goodwill impairment assessment in the third quarter, or earlier if impairment indicators exist. As of June 30, 2020, there were no accumulated goodwill impairment losses.

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
13




Intangible Assets, Net
The following table summarizes intangible assets:
 
June 30, 2020
 
December 31, 2019
(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
$
78,142

 
$
(7,944
)
 
$
70,198

 
$
19,547

 
$
(6,405
)
 
$
13,142

License agreements
7,828

 
(2,603
)
 
5,225

 
7,798

 
(2,291
)
 
5,507

Total definite-lived intangible assets
$
85,970

 
$
(10,547
)
 
$
75,423

 
$
27,345

 
$
(8,696
)
 
$
18,649

Indefinite-lived research and development
1,040

 

 
1,040

 

 

 

Total intangible assets, net
$
87,010

 
$
(10,547
)
 
$
76,463

 
$
27,345

 
$
(8,696
)
 
$
18,649


Definite-Lived Intangible Assets
The increase in definite-lived intangible assets during 2020 was primarily due to the acquisition of Allergan in the second quarter of 2020. The intangible assets will be amortized using the estimated pattern of economic benefit. Refer to Note 4 for additional information regarding this acquisition.
Amortization expense was $1.4 billion for the three months and $1.9 billion for the six months ended June 30, 2020 and $388 million for the three months and $773 million for the six months ended June 30, 2019. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings. No definite-lived intangible asset impairment charges were recorded for the six months ended June 30, 2020 and 2019.
Indefinite-Lived Intangible Assets
Indefinite-lived intangible assets represents IPR&D associated with products that have not yet received regulatory approval. The increase in indefinite-lived research and development assets during 2020 was due to the acquisition of Allergan in the second quarter of 2020. Refer to Note 4 for additional information regarding this acquisition.
The company performs its annual impairment assessment of indefinite-lived intangible assets in the third quarter, or earlier if impairment indicators exist. No indefinite-lived intangible asset impairment charges were recorded for the six months ended June 30, 2020 and 2019.

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
14




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. The integration plan is expected to realize more than $2 billion of expected annual cost synergies over a three-year period, with approximately 50% realized in R&D, 40% in SG&A and 10% in cost of products sold.
To achieve these integration objectives, AbbVie expects to incur approximately $2 billion of charges through 2022. These costs will 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 associated with the Allergan acquisition integration plan for the three and six months ended June 30, 2020:
 
Three months ended
June 30,
 
Six months ended
June 30,
 
2020
 
2020
(in millions)
Severance and employee benefits
Other integration
 
Severance and employee benefits
Other integration
Cost of products sold
$
33

$
1

 
$
33

$
1

Research and development
132

44

 
132

44

Selling, general and administrative
318

60

 
318

98

Total charges
$
483

$
105

 
$
483

$
143


The following table summarizes the cash activity in the recorded liability associated with the integration plan:
 
Three months ended
June 30,
 
Six months ended
June 30,
 
2020
 
2020
(in millions)
Severance and employee benefits
Other integration
 
Severance and employee benefits
Other integration
Charges
$
394

$
105

 
$
394

$
143

Payments and other adjustments
(46
)
(98
)
 
(46
)
(136
)
Accrued balance as of June 30, 2020
$
348

$
7

 
$
348

$
7


Other Restructuring
AbbVie recorded restructuring charges of $14 million for the three months and $31 million for the six months ended June 30, 2020 and $19 million for the three months and $186 million for the six months ended June 30, 2019.
The following table summarizes the cash activity in the restructuring reserve for the six months ended June 30, 2020:
(in millions)
 
Accrued balance as of December 31, 2019
$
140

Restructuring charges
29

Payments and other adjustments
(67
)
Accrued balance as of June 30, 2020
$
102



2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
15




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, 2019 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 $1.5 billion at June 30, 2020 and $957 million at December 31, 2019, 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 June 30, 2020 are reclassified from accumulated other comprehensive income (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 income (loss). This gain is reclassified to interest expense, net over the term of the related debt.
In the fourth quarter of 2019, the company entered into interest rate swap contracts with notional amounts totaling $2.3 billion at June 30, 2020 and December 31, 2019. 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. The contracts were designated as cash flow hedges and are recorded at fair value. 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 June 30, 2020 and $7.1 billion at December 31, 2019.
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 with notional amounts totaling €971 million, £204 million and CHF62 million at June 30, 2020 and December 31, 2019. The company also had an aggregate principal amount of senior Euro notes designated as net investment hedges of €7.3 billion at June 30, 2020 and €3.6 billion at December 31, 2019. 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.
AbbVie is a party to interest rate swap contracts designated as fair value hedges with notional amounts totaling $4.8 billion at June 30, 2020 and $10.8 billion at December 31, 2019. 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.

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
16




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 caption
June 30,
2020
December 31, 2019
 
Balance sheet caption
June 30,
2020
December 31, 2019
Foreign currency forward exchange contracts
 
 
 
 
 
 
 
Designated as cash flow hedges
Prepaid expenses and other
$
20

$
3

 
Accounts payable and accrued liabilities
$
2

$
14

Designated as cash flow hedges
Other assets
2


 
Other long-term liabilities
1


Designated as net investment hedges
Prepaid expenses and other
14


 
Accounts payable and accrued liabilities
16

24

Not designated as hedges
Prepaid expenses and other
17

19

 
Accounts payable and accrued liabilities
11

18

Interest rate swap contracts
 
 
 
 
 
 
 
Designated as cash flow hedges
Prepaid expenses and other


 
Accounts payable and accrued liabilities
9


Designated as cash flow hedges
Other assets

3

 
Other long-term liabilities
38


Designated as fair value hedges
Prepaid expenses and other
14


 
Accounts payable and accrued liabilities

2

Designated as fair value hedges
Other assets
156

28

 
Other long-term liabilities

74

Total derivatives
 
$
223

$
53

 
 
$
77

$
132

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 income (loss):
 
 
Three months ended
June 30,
 
Six months ended
June 30,
(in millions)
 
2020
 
2019
 
2020
 
2019
Foreign currency forward exchange contracts
 
 
 
 
 
 
 
 
Designated as cash flow hedges
 
$
(2
)
 
$
2

 
$
47

 
$
5

Designated as net investment hedges
 
(16
)
 
10

 
24

 
10

Interest rate swap contracts designated as cash flow hedges
 
(6
)
 

 
(52
)
 


Assuming market rates remain constant through contract maturities, the company expects to reclassify pre-tax gains of $33 million into cost of products sold for foreign currency cash flow hedges, pre-tax losses of $28 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 income (loss) pre-tax loss of $252 million for the three months and pre-tax loss of $192 million for the six months ended June 30, 2020 and recognized pre-tax loss of $49 million for the three months and pre-tax gain of $35 million for the six months ended June 30, 2019.

2020 Form 10-Q | ABBVIEIMAGE2A19.GIF
17




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
June 30,
 
Six months ended
June 30,
(in millions)
Statement of earnings caption
 
2020
 
2019
 
2020
 
2019
Foreign currency forward exchange contracts
 
 
 
 
 
 
 
 
 
Designated as cash flow hedges
Cost of products sold
 
$

 
$
37

 
$

 
$
77

Designated as net investment hedges
Interest expense, net
 
5

 
9

 
13

 
9

Not designated as hedges
Net foreign exchange loss
 
3

 
(25
)
 
5

 
(40
)
Treasury rate lock agreements designated as cash flow hedges
Interest expense, net
 
6

 

 
12

 

Interest rate swap contracts
 
 
 
 
 
 
 
 
 
Designated as cash flow hedges
Interest expense, net
 
(3
)
 

 
(2
)
 

Designated as fair value hedges
Interest expense, net
 
37

 
253

 
397

 
365

Debt designated as hedged item in fair value hedges
Interest expense, net
 
(37
)
 
(253
)
 
(397
)
 
(365
)

Fair Value Measures
The fair value hierarchy consists of the following three levels:
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets that the company has the ability to access;
Level 2 – Valuations based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations in which all significant inputs are observable in the market; and
Level 3 – Valuations using significant inputs that are unobservable in the market and include the use of judgment by the company’s management about the assumptions market participants would use in pricing the asset or liability.
The following table summarizes the bases used to measure certain assets and liabilities carried at fair value on a recurring basis on the condensed consolidated balance sheet as of June 30, 2020:
 
 
 
Basis of fair value measurement
(in millions)
Total
 
Quoted prices in active markets for
identical assets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Assets