Long-term debt obligations, gross

  
The book values, approximate fair values and bases used to measure the approximate fair values of certain financial instruments as of December 31, 2021 are shown in the table below:

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|  |  |  |  | Basis of fair value measurement |
| (in millions) | Book value | Approximate fair value |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |
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| Liabilities |  |  |  |  |  |  |  |  |
| Short-term borrowings | $ | 14  |  | $ | 14  |  |  | $ | —  |  |  | $ | 14  |  |  | $ | —  |  |
| Current portion of long-term debt and finance lease obligations, excluding fair value hedges | 12,455  |  | 11,830  |  |  | 11,329  |  |  | 501  |  |  | —  |  |
| Long-term debt and finance lease obligations, excluding fair value hedges | 64,113  |  | 71,810  |  |  | 70,757  |  |  | 1,053  |  |  | —  |  |
| Total liabilities | $ | 76,582  |  | $ | 83,654  |  |  | $ | 82,086  |  |  | $ | 1,568  |  |  | $ | —  |  |

AbbVie also holds investments in equity securities that do not have readily determinable fair values. The company records these investments at cost and remeasures them to fair value based on certain observable price changes or impairment events as they occur. The carrying amount of these investments was $147 million as of March 31, 2022 and $149 million as of December 31, 2021. No significant cumulative upward or downward adjustments have been recorded for these investments as of March 31, 2022.Concentrations of RiskOf total net accounts receivable, three U.S. wholesalers accounted for 74% as of March 31, 2022 and 75% as of December 31, 2021, and substantially all of AbbVie’s pharmaceutical product net revenues in the United States were to these three wholesalers.Humira (adalimumab) is AbbVie’s single largest product and accounted for approximately 35% of AbbVie’s total net revenues for the three months ended March 31, 2022 and 37% for the three months ended March 31, 2021.Debt and Credit FacilitiesIn January 2022, the company repaid $2.9 billion aggregate principal amount of 3.45% senior notes that were scheduled to mature in March 2022. This repayment was made by exercising, under the terms of the notes, 60-day early redemption at 100% of the principal amount.In February 2022, the company refinanced its $2.0 billion floating rate five-year term loan. As part of the refinancing, the company repaid the existing $2.0 billion term loan due May 2025 and borrowed $2.0 billion under a new term loan at a lower floating rate. All other significant terms of the loan, including the maturity date, remained unchanged after the refinancing.Note 9 Post-Employment Benefits

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The following table summarizes net periodic benefit cost relating to the company’s defined benefit and other post-employment plans:

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|  |  |  |  |  | Defined benefit plans |  | Other post- employment plans |
|  |  |  | Three months endedMarch 31, |  | Three months endedMarch 31, |  |  |
| (in millions) |  |  |  |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |  |
| Service cost |  |  |  |  | $ | 116  |  |  | $ | 112  |  |  | $ | 12  |  |  | $ | 12  |  |  |  |  |  |
| Interest cost |  |  |  |  | 74  |  |  | 58  |  |  | 6  |  |  | 5  |  |  |  |  |  |
| Expected return on plan assets |  |  |  |  | (180) |  |  | (166) |  |  | —  |  |  | —  |  |  |  |  |  |
| Amortization of prior service cost (credit) |  |  |  |  | 1  |  |  | 1  |  |  | (10) |  |  | (10) |  |  |  |  |  |
| Amortization of actuarial loss |  |  |  |  | 57  |  |  | 70  |  |  | 7  |  |  | 8  |  |  |  |  |  |
| Net periodic benefit cost |  |  |  |  | $ | 68  |  |  | $ | 75  |  |  | $ | 15  |  |  | $ | 15  |  |  |  |  |  |

The components of net periodic benefit cost other than service cost are included in other income, net in the condensed consolidated statements of earnings.

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| 2022 Form 10-Q | abbv-20220331_g2.gif | 15 |


