Proceeds from issuance of long-term debt

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

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|  | Three months endedMarch 31, |
| (in millions) (brackets denote cash outflows) | 2022 |  | 2021 |
| Cash flows from operating activities |  |  |  |
| Net earnings | $ | 4,493  |  |  | $ | 3,555  |  |
| Adjustments to reconcile net earnings to net cash from operating activities: |  |  |  |
| Depreciation | 198  |  |  | 206  |  |
| Amortization of intangible assets | 1,855  |  |  | 2,009  |  |
| Deferred income taxes | (194) |  |  | (28) |  |
| Change in fair value of contingent consideration liabilities | (748) |  |  | (343) |  |
| Stock-based compensation | 306  |  |  | 269  |  |
| Acquired IPR&D and milestones | 145  |  |  | 185  |  |
|  |  |  |  |
|  |  |  |  |
|  |  |  |  |
| Other, net | 128  |  |  | (20) |  |
| Changes in operating assets and liabilities, net of acquisitions: |  |  |  |
| Accounts receivable | (785) |  |  | (866) |  |
| Inventories | (385) |  |  | (187) |  |
| Prepaid expenses and other assets | (285) |  |  | (330) |  |
| Accounts payable and other liabilities | (258) |  |  | 236  |  |
| Income tax assets and liabilities, net | 438  |  |  | 191  |  |
| Cash flows from operating activities | 4,908  |  |  | 4,877  |  |
|  |  |  |  |
| Cash flows from investing activities |  |  |  |
|  |  |  |  |
| Acquisitions and investments | (185) |  |  | (198) |  |
| Acquisitions of property and equipment | (162) |  |  | (188) |  |
| Purchases of investment securities | (1,406) |  |  | (16) |  |
| Sales and maturities of investment securities | 8  |  |  | 11  |  |
|  |  |  |  |
| Other, net | 154  |  |  | 49  |  |
| Cash flows from investing activities | (1,591) |  |  | (342) |  |
|  |  |  |  |
| Cash flows from financing activities |  |  |  |
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| Proceeds from issuance of long-term debt | 2,000  |  |  | —  |  |
| Repayments of long-term debt and finance lease obligations | (4,879) |  |  | —  |  |
|  |  |  |  |
| Dividends paid | (2,526) |  |  | (2,322) |  |
| Purchases of treasury stock | (1,470) |  |  | (787) |  |
| Proceeds from the exercise of stock options | 128  |  |  | 71  |  |
| Payments of contingent consideration liabilities | (246) |  |  | (132) |  |
| Other, net | 21  |  |  | (4) |  |
| Cash flows from financing activities | (6,972) |  |  | (3,174) |  |
| Effect of exchange rate changes on cash and equivalents | 7  |  |  | (55) |  |
| Net change in cash and equivalents | (3,648) |  |  | 1,306  |  |
| Cash and equivalents, beginning of period | 9,746  |  |  | 8,449  |  |
|  |  |  |  |
| Cash and equivalents, end of period | $ | 6,098  |  |  | $ | 9,755  |  |
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The accompanying notes are an integral part of these condensed consolidated financial statements.

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| 2022 Form 10-Q | abbv-20220331_g2.gif | 5 |


