UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE,
SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
| x | ANNUAL REPORT PURSUANT
TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2021
OR
| ¨ | TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from
to
Commission
File Number 001-35565
| A. | Full
title of the plan and the address of the plan, if different from that of the issuer named
below: |
ABBVIE SAVINGS PROGRAM
| B. | Name
of issuer of the securities held pursuant to the plan and the address of its principal executive
office: |
AbbVie Inc.
1 North Waukegan Road
North Chicago, IL 60064
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
WITH
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
ABBVIE SAVINGS PLAN
DECEMBER 31, 2021 AND 2020
C O N T E N T S
Report of Independent Registered Public Accounting
Firm
To the Plan Participants and the Plan Administrator
of the AbbVie Savings Plan
Opinion on the Financial Statements
We have audited
the accompanying statements of net assets available for benefits of the AbbVie Savings Plan (the Plan) as of December 31, 2021 and
2020, and the related statement of changes in net assets available for benefits for the year ended December 31, 2021, and the related
notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly,
in all material respects, the net assets available for benefits of the Plan at December 31, 2021 and 2020, and the changes in its
net assets available for benefits for the year ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent
with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit
of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over
financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedules Required by ERISA
The accompanying supplemental schedule of assets (held at end of year)
as of December 31, 2021 (referred to as the “supplemental schedule”), has been subjected to audit procedures performed
in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility
of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements
or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the
information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information,
including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material
respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor
since 2018.
Chicago, Illinois
June 23, 2022
AbbVie Savings Plan
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2021 and 2020
(Dollars
in thousands)
| |
2021 | | |
2020 | |
Assets | |
| | | |
| | |
Cash | |
$ | - | | |
$ | 225 | |
Investments, at fair value | |
| 8,147,399 | | |
| 6,927,771 | |
Employer contributions receivable | |
| 9,181 | | |
| 8,160 | |
Notes receivable from participants | |
| 40,047 | | |
| 43,029 | |
Accrued interest and dividend income | |
| - | | |
| 740 | |
Due from brokers | |
| 93 | | |
| 498 | |
Other receivable | |
| 98 | | |
| - | |
| |
| | | |
| | |
Total assets | |
| 8,196,818 | | |
| 6,980,423 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Accrued administrative expenses | |
| - | | |
| 107 | |
Due to brokers | |
| - | | |
| 401 | |
| |
| | | |
| | |
Total liabilities | |
| - | | |
| 508 | |
| |
| | | |
| | |
NET ASSETS AVAILABLE FOR BENEFITS | |
$ | 8,196,818 | | |
$ | 6,979,915 | |
The accompanying notes are an integral part of these statements.
AbbVie Savings Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2021
(Dollars
in thousands)
Additions | |
| | |
Contributions | |
| | |
Employer | |
$ | 108,281 | |
Participant | |
| 225,196 | |
Rollovers | |
| 34,426 | |
| |
| | |
Total contributions | |
| 367,903 | |
| |
| | |
Investment income | |
| | |
Net appreciation in fair value of investments | |
| 1,124,826 | |
Interest and dividends | |
| 192,668 | |
| |
| | |
Net investment income | |
| 1,317,494 | |
| |
| | |
Interest income on notes receivable from participants | |
| 2,365 | |
| |
| | |
Total additions | |
| 1,687,762 | |
| |
| | |
Deductions | |
| | |
Benefits paid to participants | |
| 469,770 | |
Other expenses | |
| 1,089 | |
| |
| | |
Total deductions | |
| 470,859 | |
| |
| | |
NET INCREASE | |
| 1,216,903 | |
| |
| | |
Net assets available for benefits | |
| | |
Beginning of year | |
| 6,979,915 | |
| |
| | |
End of year | |
$ | 8,196,818 | |
The accompanying notes are an integral part of this statement.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
and 2020
NOTE A - DESCRIPTION OF THE PLAN
The following description of the AbbVie Savings
Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description
of the Plan’s provisions.
General
In general, United States employees of AbbVie
Inc. ("AbbVie”) and selected participating subsidiaries and affiliates may, after meeting certain employment requirements,
voluntarily participate in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”),
as amended.
Through March 31, 2021, Alight Solutions
served as the recordkeeper of the Plan and The Northern Trust Company (“Northern Trust”) served as the custodian and trustee.
Effective April 1, 2021, Empower Retirement replaced Alight Solutions as the recordkeeper and Great West Trust Company, LLC (“Custodian”
and “Trustee”) replaced Northern Trust as the custodian and trustee.
Contributions and Vesting
Contributions to the Plan are paid to the AbbVie
Savings Plan Trust (“Trust”). The Trust is administered by the Trustee (Northern Trust prior to April 1, 2021) and an
investment committee comprised of AbbVie employees (the “Committee”).
Employees are eligible to make contributions
immediately following their date of hire. Eligible employees electing to participate may contribute from 2% to 50% of their eligible
earnings to the Trust. Participants who have attained age 50 before the end of the Plan year and who are making the maximum pretax contributions
are eligible to make catch-up contributions. The Plan also permits Roth 401(k) after-tax contributions and a Roth 401(k) conversion
feature. Participants may choose to make their contributions from pretax earnings, after-tax earnings or both. The pretax contributions
are a pay conversion feature, which is a salary deferral option under the provisions of Section 401(k) of the Internal Revenue
Code (“IRC”). All the contributions are subject to certain limitations of the IRC. Participant contributions may be invested
in any of the investment options offered by the Plan.
Employer contributions to the Plan are made each
payroll period based on the participating employees’ eligible earnings. The amount of the employer contribution is determined by
the Board of Directors of AbbVie and, for the year ended December 31, 2021, was 5% of the participant’s eligible earnings
if the employee elected to contribute at least 2% to the Plan. Employer contributions are invested each pay period according to the employee’s
investment elections.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021
and 2020
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
The Plan offers a variety of investment options,
including AbbVie common shares. AbbVie was established by the January 1, 2013 separation of Abbott Laboratories (“Abbott”)
into two publicly traded companies. The separation was a tax-free distribution where Abbott shareholders received one share of AbbVie
stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Effective
January 1, 2013, AbbVie participants may no longer make new contributions or transfer new money to purchase Abbott stock in the
Plan; however, they may continue to hold Abbott stock in their Plan accounts.
Cash dividends on shares of AbbVie common shares
are (1) paid in cash to the participants or beneficiaries, (2) paid to the Plan and distributed in cash to participants or
beneficiaries no later than 90 days after the close of the Plan’s year in which paid or (3) paid to the Plan and credited
to the applicable accounts in which shares are held, as elected by each participant or beneficiary in accordance with rules established
by the plan administrator.
Participants are at all times fully vested in
their own contributions and earnings thereon. Vesting in employer contributions and earnings thereon is based on the following vesting
schedule:
| |
Vesting | |
Service | |
percentage | |
Less than two years | |
| 0 | % |
Two years or more | |
| 100 | % |
Non-vested portions of employer contributions
and earnings thereon are forfeited as of an employee’s termination date. Forfeitures are used to (1) restore any forfeitures
of participants who returned to service with AbbVie within a given period of time, (2) pay Plan expenses and (3) reduce future
employer contributions if terminated participants do not return to service within the given period of time. In 2021, forfeitures reduced
AbbVie’s contributions by approximately $1.9 million and paid Plan expenses of approximately $160,000. Approximately $1.1 million
and $296,900 of forfeitures were available at the end of 2021 and 2020, respectively.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021
and 2020
NOTE A - DESCRIPTION OF THE PLAN - Continued
Distributions
Following retirement, termination or death, participants
or their beneficiaries receive distributions in cash and/or AbbVie common shares and may receive them in installments, lump sums or,
at their election, annuity insurance contracts for certain account balances, as defined (as these contracts are allocated to the respective
participants, they are not recorded as assets of the Plan), or direct rollovers, as applicable. Also, upon retirement, participants may
elect to defer distribution to a future date but, after termination of employment, distribution must be made or commence by the 1st
of April following the year the participant reaches age 72 (or 70 ½ if the participant turned 70 ½ before January 1,
2020). Interest, dividends and other earnings will continue to accrue on such deferred amounts. In-service withdrawals are available
in certain circumstances as defined by the Plan. The Plan also permits hardship withdrawals for participants who meet the criteria outlined
in the Plan document.
In response to the pandemic outbreak of a novel
coronavirus (COVID-19), the United States Congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to provide
expanded access to retirement plan accounts. In response, during 2020, the Plan implemented provisions under the CARES Act related to
distributions for those participants who qualified under the CARES Act. The Plan was formally amended for such provisions on January 1,
2022 prior to the deadline required by the CARES Act
Administrative Expenses
Participants are charged transaction fees for
loan and withdrawal processing and commissions on purchases and sales of AbbVie shares and sales of Abbott stock. Investment fees for
mutual funds, collective trusts, and managed accounts are charged against the net assets of the respective fund. AbbVie pays other record-keeping
and administration fees, where applicable. Expenses paid by AbbVie are excluded from these financial statements.
Participant Accounts
Each participant’s account is credited
with the participant’s contributions and AbbVie’s contributions and allocations of plan earnings, and is charged with any
transaction fees or commissions incurred by the participant. Plan earnings are allocated based on the participant’s share of net
earnings or losses of their respective elected investment options. The benefit to which a participant is entitled is the benefit that
can be provided from the participant’s vested account.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021
and 2020
NOTE A - DESCRIPTION OF THE PLAN - Continued
Notes Receivable from Participants
Participants may convert their pretax accounts
into one or two loans to themselves. The borrowing may not exceed the lesser of the current market value of the assets allocated to their
pretax accounts or 50% of all of their Plan accounts up to $50,000, subject to Internal Revenue Service (“IRS”) limitations
and restrictions. Participants pay interest on such borrowings at the prime rate in effect at the time the participant loan is made.
Loans must be repaid within five years (or by the employee’s anticipated retirement date, if sooner) unless the loan is used for
the purchase of the primary residence of the employee, in which case the repayment period can be extended to a period of fifteen years
(or until the employee’s anticipated retirement date, if sooner). Repayment is made through periodic payroll deductions but a loan
may be repaid in a lump sum at any time. For employees terminating employment with AbbVie during the repayment period, the balance of
the outstanding loan is netted from their Plan distribution.
During 2020, the Plan implemented provisions
under the CARES Act related to deferred loan repayments for those participants who qualified under the CARES Act. The Plan was formally
amended for such provisions on January 1, 2022 prior to the deadline required by the CARES Act
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of Accounting
The financial statements have been prepared using
the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual
results may differ from those estimates.
Investment Valuation
Investments are reported at fair value. Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The Plan uses the following methods and significant assumptions to estimate the fair value of investments:
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021
and 2020
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation – Continued
Common stock, mutual funds and collective
trust funds - Valued at the published net asset value (“NAV”) or market price per share.
Certificates of deposit - Valued at amortized
cost, which approximates fair value given the instruments’ short duration of less than 130 days.
U.S. government securities and corporate debt
- Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields
currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical
or similar bonds, the bond is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields
of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or
a broker quote if available.
Self-directed brokerage accounts –
Include various securities which are valued at the closing price reported in the active market in which the securities are traded.
The fair value hierarchy under the accounting
standard for fair value measurements 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. |
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021
and 2020
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES - Continued
Investment Valuation – Continued
The following tables set forth the fair value
hierarchy levels of the Plan’s assets at fair value at December 31, (dollars in thousands):
| |
Basis of Fair Value Measurement | | |
| |
2021 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Common stock | |
$ | 2,302,391 | | |
$ | - | | |
$ | - | | |
$ | 2,302,391 | |
Mutual funds | |
| 1,414,262 | | |
| - | | |
| - | | |
| 1,414,262 | |
Collective trust funds | |
| 4,407,773 | | |
| - | | |
| - | | |
| 4,407,773 | |
Self-directed brokerage accounts | |
| 22,973 | | |
| - | | |
| - | | |
| 22,973 | |
Total assets at fair value | |
$ | 8,147,399 | | |
$ | - | | |
$ | - | | |
| 8,147,399 | |
| |
Basis of Fair Value Measurement | | |
| |
2020 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Common stock | |
$ | 1,893,533 | | |
$ | - | | |
$ | - | | |
$ | 1,893,533 | |
Mutual funds | |
| 1,870,976 | | |
| - | | |
| - | | |
| 1,870,976 | |
Collective trust funds | |
| 2,814,034 | | |
| - | | |
| - | | |
| 2,814,034 | |
Certificates of deposit | |
| - | | |
| 4,000 | | |
| - | | |
| 4,000 | |
U.S. government securities | |
| - | | |
| 163,963 | | |
| - | | |
| 163,963 | |
Corporate debt | |
| - | | |
| 181,265 | | |
| - | | |
| 181,265 | |
Total assets at fair value | |
$ | 6,578,543 | | |
$ | 349,228 | | |
$ | - | | |
| 6,927,771 | |
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid balance
plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the terms of the Plan. No allowance
for credit losses has been recorded as of December 31, 2021 and 2020.
Investment Income Recognition
Purchases and sales of securities are recorded
on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net realized
and unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as
net appreciation in fair value of investments.
Payment of Benefits
Benefits are recorded when paid.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021
and 2020
NOTE C – INVESTMENTS
A summary of AbbVie common share data as of December 31,
is presented below:
| |
2021 | | |
2020 | |
AbbVie common shares, 12,352,161 and 12,683,760 shares, respectively, (dollars in thousands) | |
$ | 1,672,483 | | |
$ | 1,359,065 | |
Market value per share | |
$ | 135.40 | | |
$ | 107.15 | |
In general, the investments provided by the Plan
are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated
with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near
term and that such changes could materially affect participant accounts and the amounts reported in the statements of net assets available
for benefits.
NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST
TRANSACTIONS
The Plan held units of a collective trust fund
managed by Northern Trust, the former trustee for the Plan. The Plan also invests in the common stock of AbbVie. These transactions qualify
as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA. During 2021, the
Plan received $65.9 million in common stock dividends from AbbVie.
Participants pay fees to the recordkeeper for
loan and withdrawal transaction processing and also pay commissions on purchases and sales of AbbVie shares and sales of Abbott stock.
These transactions qualify as permitted party-in-interest transactions.
NOTE E - PLAN TERMINATION
The Plan may be terminated at any time by AbbVie
upon written notice to the Trustee and Board of Review, and will be terminated if AbbVie completely discontinues its contributions under
the Plan. All participants’ account balances are fully vested upon Plan termination. Upon termination of the Plan, distributions
of each participant’s share in the Trust, as determined by the terms of the Plan, will be made to each participant. At the present
time, AbbVie has no intention of terminating the Plan.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021
and 2020
NOTE F - TAX STATUS
The Plan has received a determination letter
from the IRS dated August 20, 2018, stating that the Plan is qualified under Section 401(a) of the IRC, and, therefore,
the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended and restated. Once qualified,
the Plan is required to operate in conformity with the IRC to maintain its qualified status. The plan administrator believes the Plan
is being operated in compliance with the applicable requirements of the IRC and, therefore, believes the Plan, as amended and restated,
is qualified and the related trust is tax-exempt.
Accounting principles generally accepted in the
United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan
has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS or other applicable taxing
authorities. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that there are no uncertain positions
taken or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits
for any tax periods in progress.
NOTE G - Reconciliation
of Financial Statements to the Form 5500
The following is a reconciliation of the December 31,
2021 net assets available for benefits per the financial statements to the Form 5500 (dollars in thousands):
Net assets available for benefits per the financial statements | |
$ | 8,196,818 | |
Contract value to fair value adjustment for stable value funds reported at fair value on Form 5500 | |
| 9,075 | |
Transfer from Legacy Allergan, Inc. Retirement 401(k) Plan | |
| 3,468,591 | |
Net assets available for benefits per Form 5500 | |
$ | 11,674,484 | |
The following is a reconciliation of net increase
in net assets available for benefits for the year ending December 31, 2021 per the financial statements to the Form 5500:
Net increase in net assets available for benefits per the financial statements | |
$ | 1,216,903 | |
Contract value to fair value adjustment for stable value funds reported at fair value on Form 5500 | |
| 9,075 | |
Transfer from Legacy Allergan, Inc. Retirement 401(k) Plan | |
| 3,468,591 | |
Net increase in net assets available for benefits per Form 5500 | |
$ | 4,694,569 | |
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021
and 2020
NOTE H – SUBSEQUENT EVENTS
AbbVie has evaluated subsequent events and other
than disclosed below, there were no subsequent events that require recognition or additional disclosure in these financial statements.
Effective January 1, 2022, the Legacy Allergan, Inc.
Retirement 401(k) Plan (“Legacy Allergan Plan”) merged with and into the Plan. Net assets totaling approximately $3.47
billion were transferred from the Legacy Allergan Plan to the Plan.
Also effective January 1, 2022, the Plan
was amended and restated. Any eligible employee who begins employment or re-employment on or after January 1, 2022, and any eligible
employee who first becomes eligible to participate in the Plan on or after January 1, 2022, shall be covered by the AbbVie Savings
Plan Plus (“ASP+”) provisions set forth in the Plan document. The ASP+ provisions provide for automatic enrollment into the
Plan and matching contribution and annual company contribution formulas that differ from those that apply to participants who joined
the Plan before January 1, 2022.
SUPPLEMENTAL SCHEDULE
AbbVie Savings Plan
EIN: 320375147, Plan Number: 001
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2021
(Dollars in thousands)
Identity of party involved/ | |
| | |
Current | |
description of asset/ rate/ maturity | |
Cost (a) | | |
value | |
*AbbVie Inc., common shares | |
| | | |
$ | 1,827,392 | (b) |
| |
| | | |
| | |
Abbott Laboratories, common shares | |
| | | |
| 629,909 | |
| |
| | | |
| | |
Money market fund | |
| | | |
| | |
Vanguard Federal Money Market | |
| | | |
| 1,080 | |
| |
| | | |
| | |
Mutual funds | |
| | | |
| | |
American Funds EuroPacific Growth Fund, Class R6 | |
| | | |
| 332,406 | (b) |
American Funds Growth Fund of America, Class R6 | |
| | | |
| 734,479 | |
American Funds Washington Mutual Investors Fund, Class R6 | |
| | | |
| 235,308 | |
Diamond Hill Small/Mid-Cap Fund | |
| | | |
| 145,220 | |
| |
| | | |
| | |
Collective trust funds | |
| | | |
| | |
State Street Target Retirement 2020 Securities Lending Series Fund Class IV | |
| | | |
| 114,805 | |
State Street Target Retirement 2025 Securities Lending Series Fund Class IV | |
| | | |
| 264,370 | |
State Street Target Retirement 2030 Securities Lending Series Fund Class IV | |
| | | |
| 295,056 | |
State Street Target Retirement 2035 Securities Lending Series Fund Class IV | |
| | | |
| 227,253 | |
State Street Target Retirement 2040 Securities Lending Series Fund Class IV | |
| | | |
| 188,207 | |
State Street Target Retirement 2045 Securities Lending Series Fund Class IV | |
| | | |
| 129,863 | |
State Street Target Retirement 2050 Securities Lending Series Fund Class IV | |
| | | |
| 86,405 | |
State Street Target Retirement 2055 Securities Lending Series Fund Class IV | |
| | | |
| 35,953 | |
State Street Target Retirement 2060 Securities Lending Series Fund Class IV | |
| | | |
| 20,878 | |
State Street Target Retirement 2065 Securities Lending Series Fund Class IV | |
| | | |
| 2,776 | |
State Street Target Retirement Income Securities Lending Series Fund Class IV | |
| | | |
| 55,229 | |
State Street Global Allcap Equity Ex-US Index Securities Lending Series Fund Class II | |
| | | |
| 435,174 | |
State Street Russell Small/Mid Index Securities Lending Series Fund Class II | |
| | | |
| 583,264 | |
State Street S&P 500 Index Securities Lending Series Fund Class II | |
| | | |
| 1,241,948 | |
State Street US Bond Index Securities Lending Series Fund Class XIV | |
| | | |
| 4,158 | |
TCW Metwest Total Return Bond Fund Class A | |
| | | |
| 385,915 | |
Wells Fargo Stable Value Fund W | |
| | | |
| 343,923 | |
Wells Fargo Synthetic Stable Value Fund | |
| | | |
| 99,139 | (b) |
| |
| | | |
| | |
Self-directed brokerage accounts | |
| | | |
| 53,460 | (b) |
| |
| | | |
| | |
*Loans to participants, 3.25% to 9.25% | |
| | | |
| 58,656 | (b) |
| |
| | | |
| | |
| |
| | | |
| | |
| |
| | | |
$ | 8,532,226 | |
*Represents a party-in-interest transaction.
(a) Cost information omitted as all investments are fully participant directed.
(b) Current value includes assets transferred from Legacy Allergan, Inc. Retirement 401(k) Plan
AbbVie Puerto Rico Savings Plan
Financial Statements and
Supplemental Schedule
December 31, 2021 and 2020 and for the Year Ended December 31,
2021
With Report of Independent Registered Public Accounting Firm
AbbVie Puerto Rico Savings Plan
C O N T E N T S
December 31, 2021 and 2020 and for the Year Ended December 31,
2021
Report of Independent Registered Public Accounting
Firm
To the Plan Participants and the Plan Administrator
of the AbbVie Puerto Rico Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of the AbbVie Puerto Rico Savings Plan (the Plan) as of December 31, 2021 and 2020, and the related statement of changes
in net assets available for benefits for the year ended December 31, 2021, and the related notes (collectively referred to as the “financial
statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits
of the Plan at December 31, 2021 and 2020, and the changes in its net assets available for benefits for the year ended December 31, 2021,
in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent
with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit
of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over
financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedules Required by ERISA
The accompanying supplemental schedule of assets (held at end of year)
as of December 31, 2021, (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in
conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility
of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements
or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the
information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information,
including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material
respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor
since 2018.
Chicago, Illinois
June 23, 2022
AbbVie
Puerto Rico Savings Plan
STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
December
31, 2021 and 2020
(Dollars
in thousands)
| |
2021 | | |
2020 | |
Assets | |
| | | |
| | |
Cash | |
$ | 447 | | |
$ | 3 | |
Investments, at fair value | |
| 496,860 | | |
| 411,369 | |
Employer contributions receivable | |
| 12 | | |
| 74 | |
Notes receivable from participants | |
| 4,938 | | |
| 5,353 | |
Accrued interest and dividend income | |
| - | | |
| 4 | |
Due from brokers | |
| 2 | | |
| 118 | |
| |
| | | |
| | |
Total assets | |
| 502,259 | | |
| 416,921 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Due to brokers | |
| - | | |
| 1 | |
| |
| | | |
| | |
Total liabilities | |
| - | | |
| 1 | |
| |
| | | |
| | |
NET ASSETS AVAILABLE FOR BENEFITS | |
$ | 502,259 | | |
$ | 416,920 | |
The accompanying notes are an integral part of these statements.
AbbVie
Puerto Rico Savings Plan
STATEMENT
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year
ended December 31, 2021
(Dollars
in thousands)
Additions | |
| |
Contributions | |
| |
Employer | |
$ | 3,897 | |
Participant | |
| 9,893 | |
Rollovers | |
| 239 | |
| |
| | |
Total contributions | |
| 14,029 | |
| |
| | |
Investment income | |
| | |
Net appreciation in fair value of investments | |
| 76,489 | |
Interest and dividends | |
| 11,834 | |
| |
| | |
Net investment income | |
| 88,323 | |
| |
| | |
Interest income
on notes receivable from participants | |
| 301 | |
| |
| | |
Total additions | |
| 102,653 | |
| |
| | |
Deductions | |
| | |
Benefits paid to participants | |
| 17,130 | |
Other expenses | |
| 184 | |
| |
| | |
Total deductions | |
| 17,314 | |
| |
| | |
NET INCREASE | |
| 85,339 | |
| |
| | |
Net assets available for benefits | |
| | |
Beginning of year | |
| 416,920 | |
| |
| | |
End of year | |
$ | 502,259 | |
The accompanying notes are an integral part of this statement.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2021 and 2020
NOTE A - DESCRIPTION OF THE PLAN
The following description of the AbbVie Puerto
Rico Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more
complete description of the Plan’s provisions.
General
Employees of AbbVie Inc.’s ("AbbVie")
selected subsidiaries and affiliates in Puerto Rico (the “Company”) may, after meeting certain employment requirements, voluntarily
participate in the Plan. The Plan’s sponsor is AbbVie Ltd. The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (“ERISA”), as amended.
Effective April 1, 2021, Empower Retirement
began serving as the recordkeeper of the Plan and Great West Trust Company, LLC (“Custodian”) began serving as the custodian.
Through March 31, 2021, Alight Solutions served as the recordkeeper of the Plan and The Northern Trust Company (“Northern
Trust”) served as the custodian. Banco Popular de Puerto Rico serves as trustee (“Trustee”) of the Plan.
Contributions and Vesting
Contributions to the Plan are paid to the AbbVie
Puerto Rico Savings Plan Trust (“Trust”). The Trust is administered by the Trustee, the Custodian (Northern Trust prior to
April 1, 2021), and an investment committee comprised of AbbVie employees (the “Committee”).
Employees are eligible to make contributions
immediately following their date of hire. Eligible employees electing to participate may contribute from 2% to 50% of their eligible
earnings to the Trust. Participants may choose to make their contributions from either pretax earnings or after-tax earnings or both,
subject to certain limitations. Participants who have attained age 50 before the end of the Plan year and who are making the maximum
pretax contribution are eligible to make catch-up contributions. Participants’ pretax contributions are a pay conversion feature,
which is a salary deferral option under the provisions of Section 1081.01(d) of the Puerto Rico Internal Revenue Code of 2011
(“Puerto Rico Code”), as amended. All the contributions are subject to certain limitations of the Puerto Rico Code. Participant
contributions may be invested in any of the investment options offered by the Plan.
Employer contributions to the Plan are made each
payroll period based on the participating employees’ eligible earnings. The amount of the employer contribution is determined by
the Board of Directors of AbbVie and for the year ended December 31, 2021, was 5% of the participant’s eligible earnings if
the employee elected to contribute at least 2% to the Plan. Employer contributions are invested each pay period according to the employee’s
investment elections.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021 and 2020
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
The Plan offers a variety of investment options,
including AbbVie common shares. AbbVie was established by the January 1, 2013 separation of Abbott Laboratories (“Abbott”)
into two publicly traded companies. The separation was a tax-free distribution where Abbott shareholders received one share of AbbVie
stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Effective
January 1, 2013, AbbVie participants may no longer make new contributions or transfer new money to purchase Abbott stock in the
Plan; however, they may continue to hold Abbott stock in their Plan accounts.
Participants are at all times fully vested in
their own contributions and earnings thereon. Vesting in employer contributions and earnings thereon is based on the following vesting
schedule:
| |
Vesting | |
Service | |
percentage | |
Less than two years | |
| 0 | % |
Two years or more | |
| 100 | % |
Non-vested portions of employer contributions
and earnings thereon are forfeited as of an employee’s termination date. Forfeitures are used to (1) restore any forfeitures
of participants who returned to service with the Company within a given period of time, (2) pay Plan expenses and (3) reduce
future employer contributions if terminated participants do not return to service within the given period of time. In 2021, approximately
$25,400 of forfeitures were used to reduce AbbVie’s contributions. As of December 31, 2021 and 2020, approximately $5,300
and $4,700, respectively, of forfeitures were available.
Distributions
Following retirement, termination or death, participants
or their beneficiaries receive a distribution in cash, AbbVie common shares or direct rollovers, as applicable. Also, upon retirement,
participants may elect to defer distribution to a future date, but distribution must be made or commence by the 1st of April following
the year the participant reaches age 72 (or 70 ½ if the participant turned 70 ½ before January 1, 2020). Interest,
dividends and other earnings will continue to accrue on such deferred amounts. Prior to separation of service, participants are permitted
to withdraw their rollover contributions and their after-tax contributions in shares or in cash, subject to certain limitations. In-service
withdrawals are available in certain circumstances as defined by the Plan. The Plan also permits hardship withdrawals for participants
who meet the criteria outlined in the Plan document.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021 and 2020
NOTE A - DESCRIPTION OF THE PLAN - Continued
Administrative Expenses
Participants are charged transaction fees for
loan and withdrawal processing and commissions on purchases and sales of AbbVie shares and sales of Abbott stock. Investment fees for
mutual funds and collective trusts are charged against the net assets of the respective fund. The Company pays other record-keeping and
administration fees and Trustee fees, where applicable. Expenses paid by the Company are excluded from these financial statements.
Participant Accounts
Each participant’s account is credited
with the participant’s contributions and employer contributions and allocations of plan earnings, and is charged with any transaction
fees or commissions incurred by the participant. Plan earnings are allocated based on the participant’s share of net earnings or
losses of their respective elected investment options. The benefit to which a participant is entitled is the benefit that can be provided
from the participant’s vested account.
Notes Receivable from Participants
Participants may convert their pretax accounts
to one or two loans to themselves. The borrowing may not exceed the lesser of the current market value of the assets allocated to their
pretax accounts or 50% of all of their Plan accounts up to $50,000, subject to the Puerto Rico Code limitations and restrictions. Participants
pay interest on such borrowings at the prime rate in effect at the time the participant loan is made. Loans must be repaid within five
years (or by the employee’s anticipated retirement date, if sooner) unless the loan is used for the purchase of the primary residence
of the employee, in which case the repayment period can be extended to a period of fifteen years (or until the employee’s anticipated
retirement date, if sooner). Repayment is generally made through periodic payroll deductions but a loan may be repaid in a lump sum at
any time. For employees terminating employment with AbbVie during the repayment period, the balance of the outstanding loan is netted
from their Plan distribution.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of Accounting
The financial statements have been prepared using
the accrual basis of accounting.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021 and 2020
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual
results may differ from those estimates.
Investment Valuation
Investments are reported at fair value. Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The Plan uses the following methods and significant assumptions to estimate the fair value of investments:
Common stock, mutual funds and collective
trust funds - Valued at the published net asset value (“NAV”) or market price per share.
The fair value hierarchy under the accounting
standard for fair value measurements 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. |
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021 and 2020
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES - Continued
Investment Valuation - Continued
The following tables set forth the fair value
hierarchy levels of the Plan’s assets at fair value at December 31, (dollars in thousands):
| |
Basis of Fair Value Measurement | | |
| |
2021 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Common stock | |
$ | 256,868 | | |
$ | - | | |
$ | - | | |
$ | 256,868 | |
Mutual funds | |
| 37,032 | | |
| - | | |
| - | | |
| 37,032 | |
Collective trust funds | |
| 202,960 | | |
| - | | |
| - | | |
| 202,960 | |
Total assets at fair value | |
$ | 496,860 | | |
$ | - | | |
$ | - | | |
$ | 496,860 | |
| |
Basis of Fair Value Measurement | | |
| |
2020 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Common stock | |
$ | 208,757 | | |
$ | - | | |
$ | - | | |
$ | 208,757 | |
Mutual funds | |
| 110,336 | | |
| - | | |
| - | | |
| 110,336 | |
Collective trust funds | |
| 92,276 | | |
| - | | |
| - | | |
| 92,276 | |
Total assets at fair value | |
$ | 411,369 | | |
$ | - | | |
$ | - | | |
$ | 411,369 | |
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid balance
plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the terms of the Plan. No allowance
for credit losses has been recorded as of December 31, 2021 and 2020.
Investment Income Recognition
Purchases and sales of securities are recorded
on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net realized
and unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as
net appreciation in fair value of investments.
Payment of Benefits
Benefits are recorded when paid.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021 and 2020
NOTE C - INVESTMENTS
A summary of AbbVie common share data as of December 31,
is presented below:
| |
2021 | | |
2020 | |
AbbVie common shares, 1,334,710 and 1,350,430, respectively (dollars in thousands) | |
$ | 180,720 | | |
$ | 144,699 | |
Market value per share | |
$ | 135.40 | | |
$ | 107.15 | |
In general, the investments provided by the Plan
are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated
with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near
term and that such changes could materially affect participant accounts and the amounts reported in the statements of net assets available
for benefits.
NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST
TRANSACTIONS
The Plan held units of a collective trust fund
managed by the Northern Trust for the Plan. The Plan also invests in the common stock of AbbVie. These transactions qualify as party-in-interest
transactions; however, they are exempt from the prohibited transaction rules under ERISA. During 2021, the Plan received $7.1 million
in common stock dividends from AbbVie.
Participants pay fees to the recordkeeper for
loan and withdrawal transaction processing and also pay commissions on purchases and sales of AbbVie shares and sales of Abbott stock.
These transactions qualify as permitted party-in-interest transactions.
NOTE E - PLAN TERMINATION
The Plan may be terminated at any time by AbbVie
upon written notice to the Trustee and Committee, and will be terminated if AbbVie completely discontinues its contributions under the
Plan. All participants’ account balances are fully vested upon Plan termination. Upon termination of the Plan, distributions of
each participant’s share in the Trust, as determined by the terms of the Plan, will be made to each participant. At the present
time, AbbVie has no intention of terminating the Plan.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021 and 2020
NOTE F - TAX STATUS
The Plan has received a determination letter
from the Commonwealth of Puerto Rico’s Department of Treasury (“Treasury”) dated August 12, 2020, stating that
the Plan is qualified under Section 1081.01 of the Puerto Rico Code, and, therefore, the related trust is exempt from taxation.
Subsequent to this determination by the Treasury, the Plan was amended and restated. Once qualified, the Plan is required to operate
in conformity with the Puerto Rico Code to maintain its qualification. The plan administrator believes the Plan is being operated in
compliance with the applicable requirements of the Puerto Rico Code and, therefore, believes that the Plan, as amended and restated,
is qualified and the related trust is tax-exempt.
Accounting principles generally accepted in the
United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization
has taken an uncertain position that more likely than not would not be sustained upon examination by the applicable taxing authorities.
The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that there are no uncertain positions taken
or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any
tax periods in progress.
NOTE G - Reconciliation
of Financial Statements to the Form 5500
The following is a reconciliation of the December 31,
2021 net assets available for benefits per the financial statements to the Form 5500 (dollars in thousands):
Net assets available for benefits per the financial statements | |
$ | 502,259 | |
Contract value to fair value adjustment for stable value fund reported at fair value on Form 5500 | |
| 645 | |
Net assets available for benefits per Form 5500 | |
$ | 502,904 | |
The following is a reconciliation of net increase in net assets available
for benefits for the year ending December 31, 2021 per the financial statements to the Form 5500:
Net increase in net assets available for benefits per the financial statements | |
$ | 85,339 | |
Contract value to fair value adjustment for stable value fund reported at fair value on Form 5500 | |
| 645 | |
Net increase in net assets available for benefits per Form 5500 | |
$ | 85,984 | |
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2021 and 2020
NOTE H – SUBSEQUENT EVENTS
The Company has evaluated subsequent events and
other than disclosed below, there were no subsequent events that require recognition or additional disclosure in these financial statements.
Effective January 1, 2022, the Plan was
amended and restated. Any eligible employee who begins employment or re-employment on or after January 1, 2022, and any eligible
employee who first becomes eligible to participate in the Plan on or after January 1, 2022, shall be covered by the AbbVie Savings
Plan Plus (“ASP+”) provisions set forth in the Plan document. The ASP+ provisions provide for automatic enrollment into the
Plan and matching contribution and annual company contribution formulas that differ from those that apply to participants who joined
the Plan before January 1, 2022.
SUPPLEMENTAL SCHEDULE
AbbVie Puerto Rico Savings Plan
EIN: 980429860, Plan Number: 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
December 31, 2021
(Dollars in thousands)
Identity of party involved/ | |
| | |
Current | |
description of asset | |
Cost (a) | | |
value | |
*AbbVie Inc., common stock | |
| | | |
$ | 180,720 | |
| |
| | | |
| | |
Abbott Laboratories, common stock | |
| | | |
| 76,148 | |
| |
| | | |
| | |
Money market fund | |
| | | |
| | |
Vanguard Federal Money Market Fund | |
| | | |
| 5 | |
| |
| | | |
| | |
Mutual funds | |
| | | |
| | |
American Funds EuroPacific Growth Fund, Class R6 | |
| | | |
| 7,244 | |
American Funds Growth Fund of America, Class R6 | |
| | | |
| 21,867 | |
American Funds Washington Mutual Investors Fund, Class R6 | |
| | | |
| 5,070 | |
Diamond Hill Small/Mid-Cap Fund | |
| | | |
| 2,845 | |
Vanguard Total International Stock Index Fund | |
| | | |
| 1 | |
| |
| | | |
| | |
Collective trust fund | |
| | | |
| | |
SSGA Target Retirement 2020 Non-Lending Series Fund Class M | |
| | | |
| 22 | |
State Street Target Retirement 2020 Securities Lending Series
Fund Clas IV | |
| | | |
| 11,624 | |
State Street Target Retirement 2025 Securities Lending Series
Fund Clas IV | |
| | | |
| 16,314 | |
State Street Target Retirement 2030 Securities Lending Series
Fund Clas IV | |
| | | |
| 15,777 | |
State Street Target Retirement 2035 Securities Lending Series
Fund Clas IV | |
| | | |
| 8,548 | |
State Street Target Retirement 2040 Securities Lending Series
Fund Clas IV | |
| | | |
| 5,716 | |
State Street Target Retirement 2045 Securities Lending Series
Fund Clas IV | |
| | | |
| 3,197 | |
State Street Target Retirement 2050 Securities Lending Series
Fund Clas IV | |
| | | |
| 1,213 | |
State Street Target Retirement 2055 Securities Lending Series
Fund Clas IV | |
| | | |
| 1,295 | |
State Street Target Retirement 2060 Securities Lending Series
Fund Clas IV | |
| | | |
| 866 | |
State Street Target Retirement 2065 Securities Lending Series
Fund Clas IV | |
| | | |
| 212 | |
State Street Target Retirement Income Securities Lending Series
Fund Clas IV | |
| | | |
| 4,146 | |
State Street Global Allcap Equity Ex-US Index Securities Lending
Series Fund Class II | |
| | | |
| 26,370 | |
State Street Russell Small/Mid Index Securities Lending Series
Fund Class II | |
| | | |
| 18,374 | |
State Street S&P 500 Index Securities Lending Series Fund
Class II | |
| | | |
| 37,902 | |
State Street US Bond Index Securities Lending Series Fund Class
XIV | |
| | | |
| 435 | |
TCW Metwest Total Return Bond Fund Class A | |
| | | |
| 21,661 | |
Vanguard Institutional 500 Index Trust Fund | |
| | | |
| 3 | |
Wells Fargo Stable Value Fund Class X | |
| | | |
| 29,930 | |
| |
| | | |
| | |
*Loans to participants, 3.25% to 5.50% | |
| | | |
| 4,938 | |
| |
| | | |
| | |
| |
| | | |
$ | 502,443 | |
*Represents a party-in-interest
transaction.
(a) Cost information omitted
as all investments are fully participant directed.
EXHIBIT INDEX
SIGNATURE
The
Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the
employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
ABBVIE SAVINGS PROGRAM |
|
|
|
|
|
Date: June 23, 2022 |
By: |
/s/
Michael J. Thomas |
|
|
Michael J. Thomas |
|
|
Plan Administrator |
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