Analysis of Debt
Total Debt (Carrying Amount)
AbbVie Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Short-term borrowings
- The short-term borrowings significantly decreased from US$34 million in 2020 to US$14 million in 2021, and further declined sharply to US$1 million in 2022. No data is reported for 2023 and 2024, suggesting either a negligible balance or unreported figures for these years.
- Current portion of long-term debt and finance lease obligations
- This component exhibited volatility across the period. It increased from US$8,468 million in 2020 to a peak of US$12,481 million in 2021, followed by a considerable drop to US$4,135 million in 2022. Subsequently, it rose again to US$7,191 million in 2023 and slightly decreased to US$6,804 million in 2024. This pattern indicates fluctuating short-term debt obligations within the long-term debt structure.
- Long-term debt and finance lease obligations, excluding current portion
- There is a notable declining trend in the long-term debt balance excluding the current portion, which decreased from US$77,554 million in 2020 to US$64,189 million in 2021, US$59,135 million in 2022, and further down to US$52,194 million in 2023. However, an increase to US$60,340 million in 2024 interrupts this downward trend, signaling possible new long-term borrowings or refinancing activities in the most recent year.
- Total debt and finance lease obligations (carrying amount)
- The total debt and finance lease obligations mirrored the movements in individual debt components, initially declining from US$86,056 million in 2020 to US$76,684 million in 2021, and further falling to US$63,271 million in 2022. A continued decline to US$59,385 million is observed in 2023, followed by an upward movement to US$67,144 million in 2024. This reflects an overall reduction in indebtedness over the earlier years, with increased borrowing or reduced repayments in the last reported period.
Total Debt (Fair Value)
| Dec 31, 2024 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | —) |
| Current portion of long-term debt and finance lease obligations, excluding fair value hedges | 6,767) |
| Long-term debt and finance lease obligations, excluding fair value hedges and financing liability | 55,836) |
| Fair value hedges and financing liability | 104) |
| Total debt and finance lease obligations (fair value) | 62,707) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.93 |
Based on: 10-K (reporting date: 2024-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt and finance lease obligations: 4.05%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.66% | 3,750) | 137) | |
| 2.09% | 3,021) | 63) | |
| 3.02% | 4,000) | 121) | |
| 3.28% | 2,000) | 66) | |
| 4.61% | 2,000) | 92) | |
| 0.86% | 778) | 7) | |
| 4.93% | 2,250) | 111) | |
| 4.38% | 1,750) | 77) | |
| 2.18% | 778) | 17) | |
| 1.20% | 519) | 6) | |
| 3.25% | 5,500) | 179) | |
| 1.19% | 570) | 7) | |
| 4.91% | 2,500) | 123) | |
| 1.30% | 674) | 9) | |
| 5.02% | 2,000) | 100) | |
| 5.13% | 3,000) | 154) | |
| 3.52% | 1,789) | 63) | |
| 4.58% | 2,500) | 115) | |
| 4.37% | 1,000) | 44) | |
| 4.11% | 4,000) | 164) | |
| 4.46% | 2,600) | 116) | |
| 4.00% | 457) | 18) | |
| 4.11% | 1,074) | 44) | |
| 5.39% | 750) | 40) | |
| 4.73% | 2,700) | 128) | |
| 4.20% | 881) | 37) | |
| 4.50% | 2,000) | 90) | |
| 4.94% | 1,750) | 86) | |
| 4.29% | 5,750) | 247) | |
| 5.44% | 3,000) | 163) | |
| 5.53% | 1,500) | 83) | |
| 4.20% | 40) | 2) | |
| Total | 66,881) | 2,708) | |
| 4.05% | |||
Based on: 10-K (reporting date: 2024-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 2,708 ÷ 66,881 = 4.05%