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)

 

xANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2022

 

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, 2022 AND 2021

 

 

 

 

C O N T E N T S

 

  Page
   
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1
   
FINANCIAL STATEMENTS  
   
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS 3
   
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS 4
   
NOTES TO FINANCIAL STATEMENTS 5
   
SUPPLEMENTAL SCHEDULE  
   
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR) 15

 

 

 

 

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, 2022 and 2021, and the related statement of changes in net assets available for benefits for the year ended December 31, 2022, 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, 2022 and 2021, and the changes in its net assets available for benefits for the year ended December 31, 2022, 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.

 

 1 

 

 

Supplemental Schedule Required by ERISA

 

The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2022 (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 28, 2023

 

 2 

 

 

AbbVie Savings Plan      
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS    
December 31, 2022 and 2021      
(Dollars in thousands)      
       

 

   2022   2021 
         
Assets          
Investments, at fair value  $10,147,797   $8,147,399 
Employer contributions receivable   89,335    9,181 
Notes receivable from participants   65,136    40,047 
Transactions pending investment   3,182    - 
Due from brokers   -    93 
Other receivable   -    98 
           
Total assets   10,305,450    8,196,818 
           
Liabilities          
Accrued investment management fees   115    - 
Excess contributions payable   8    - 
           
Total liabilities   123    - 
           
NET ASSETS AVAILABLE FOR BENEFITS  $10,305,327   $8,196,818 

 

The accompanying notes are an integral part of these statements.

 

 3 

 

 

AbbVie Savings Plan  
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2022  
(Dollars in thousands)  
   

 

Additions     
Contributions     
Employer  $271,578 
Participant   376,885 
Rollovers   47,306 
      
Total contributions   695,769 
      
Investment income (loss)     
Net depreciation in fair value of investments   (1,484,722)
Interest and dividends   145,955 
      
Net investment loss   (1,338,767)
      
Interest income on notes receivable from participants   2,594 
      
Total additions   (640,404)
      
Deductions     
Benefits paid to participants   716,781 
Other expenses   2,897 
      
Total deductions   719,678 
      
Net decrease before transfers   (1,360,082)
      
Transfer into Plan   3,468,591 
      
NET INCREASE   2,108,509 
      
Net assets available for benefits     
Beginning of year   8,196,818 
      
End of year  $10,305,327 

 

The accompanying notes are an integral part of this statement.

 

 4 

 

 

AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS

December 31, 2022 and 2021

 

 

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.

 

Empower Retirement serves as the recordkeeper and Empower Trust Company, LLC (f/k/a Great West Trust Company, LLC) (“Custodian” and “Trustee”) serves as the custodian and trustee.

 

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.

 

Contributions and Vesting

 

Contributions to the Plan are paid to the AbbVie Savings Plan Trust (“Trust”). The Trust is administered by the Trustee 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 choose to make their contributions from pretax earnings, after-tax earnings or both. 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. 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.

 

 5 

 

 

AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Contributions and Vesting - Continued

 

Eligible employees who are not covered by ASP+ and who elect to participate in the Plan may contribute from 2% to 50% of their eligible earnings to the Trust. Eligible employees covered by ASP+ and who elect to participate in the Plan may contribute from 1% to 50% of their eligible earnings to the Trust. Following the 30-day period from an employee’s hire or eligibility date, employees covered by ASP+ who have not affirmatively enrolled in the Plan and elected a specified contribution type and percentage or who have not opted out of automatic contributions, will be automatically enrolled in the Plan to contribute 3% of their pretax earnings.

 

Employer matching contributions to the Plan are made each payroll period based on the participating employees’ eligible earnings. Catch-up contributions are not eligible for matching contributions. The amount of the employer matching contribution for participants not covered by ASP+ is determined by the Board of Directors of AbbVie and, for the year ended December 31, 2022, was 5% of the participant’s eligible earnings if the employee elected to contribute at least 2% to the Plan. For participants covered by ASP+, contributions are matched dollar for dollar up to 6% of the participant’s eligible earnings.

 

In addition, ASP+ participants receive an annual employer contribution if the ASP+ participant is employed by the Company on the last day of the Plan year or separated from employment during the Plan year due to death or retirement. The annual employer contribution is equal to a percentage of eligible compensation based on each eligible ASP+ participant’s age plus years of credited service according to the following schedule:

 

Age + Years of Credited Service (whole years)  Contribution Percentage 
Less than 30   2%
30-39   3%
40-49   4%
50-59   5%
60-69   6%
70 or more   7%

 

Employer contributions are invested each pay period according to the employee’s investment elections.

 

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.

 

 6 

 

 

AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Contributions and Vesting - Continued

 

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 matching contributions and earnings thereon is based on the following vesting schedule:

 

Years of Credited Service  Vesting
Percentage
 
Less than 2 years   0%
2 years or more   100%

 

Vesting in the annual employer contribution for ASP+ participants is based on the following vesting schedule:

 

Years of Credited Service  Vested
Percentage
 
Less than 1   0%
1   20%
2   40%
3   60%
4   80%
5 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 2022, forfeitures reduced AbbVie’s contributions by approximately $2.6 million and none were used to pay Plan expenses. Approximately $1.2 million and $1.1 million of forfeitures were available at the end of 2022 and 2021, respectively.

 

 7 

 

 

AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

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. 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.

 

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.

 

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.

 

 8 

 

 

AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

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:

 

Common stock, mutual funds and collective trust funds - Valued at the published net asset value (“NAV”) or market price per share.

 

Self-directed brokerage accounts – Include various securities, mainly consisting of cash and cash equivalents, common stock, exchange-traded funds, and mutual funds, 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.

 

 9 

 

 

AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

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     
2022  Level 1   Level 2   Level 3   Total 
Common stock  $2,499,671   $-   $-   $2,499,671 
Mutual funds   1,430,377    -    -    1,430,377 
Collective trust funds   6,158,718    -    -    6,158,718 
Self-directed brokerage accounts   59,031    -    -    59,031 
Total assets at fair value  $10,147,797   $-   $-    10,147,797 

 

   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 

 

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, 2022 and 2021.

 

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 depreciation in fair value of investments.

 

Payment of Benefits

 

Benefits are recorded when paid.

 

 10 

 

 

AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

NOTE C – INVESTMENTS

 

A summary of AbbVie common share data as of December 31, is presented below:

 

   2022   2021 
AbbVie common shares, 12,673,358 and 12,352,161 shares, respectively, (dollars in thousands)  $2,048,141   $1,672,483 
Market value per share  $161.61   $135.40 

 

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 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 2022, the Plan received $74.3 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.

 

 11 

 

 

AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

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, 2022 and 2021 net assets available for benefits per the financial statements to the Form 5500 (dollars in thousands):

 

   2022   2021 
Net assets available for benefits per the financial statements  $10,305,327   $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  $10,305,327   $11,674,484 

 

The following is a reconciliation of net increase in net assets available for benefits for the year ending December 31, 2022 per the financial statements to the Form 5500:

 

Net increase in net assets available for benefits per the financial statements  $2,108,509 
2021 contract value to fair value adjustment for stable value fund reported at fair value on Form 5500   (9,075)
Transfer from Legacy Allergan, Inc. Retirement 401(k) Plan   (3,468,591)
Net decrease in net assets available for benefits per Form 5500  $(1,369,157)

 

 12 

 

 

AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

NOTE H – SUBSEQUENT EVENTS

 

The Securing a Strong Retirement Act of 2022 (“Secure Act 2.0”) was signed into law December 29, 2022. The Secure Act 2.0 includes reforms that expand retirement coverage and savings and will require several policy changes for retirement plans. The act’s provisions have a variety of effective dates primarily beginning in 2023 or later years, which AbbVie is currently evaluating and working to incorporate into the Plan’s policies.

 

AbbVie has evaluated subsequent events and there were no additional subsequent events that require recognition or additional disclosure in these financial statements.

 

 13 

 

 

SUPPLEMENTAL SCHEDULE

 

   

 

 

AbbVie Savings Plan        
EIN: 320375147, Plan Number: 001        
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)        
December 31, 2022        
(Dollars in thousands)        
         

 

Identity of party involved/      Current 
description of asset/ rate/ maturity  Cost (a)   value 
         
*AbbVie Inc., common shares      $2,048,141 
           
Abbott Laboratories, common shares        451,530 
           
Money market fund          
Vanguard Federal Money Market        1,955 
           
Mutual funds          
American Funds EuroPacific Growth Fund, Class R6        251,693 
American Funds Growth Fund of America, Class R6        644,324 
American Funds Washington Mutual Investors Fund, Class R6        329,718 
Diamond Hill Small/Mid-Cap Fund        202,687 
           
Collective trust funds          
State Street Target Retirement 2020 Securities Lending Series Fund Class IV        162,792 
State Street Target Retirement 2025 Securities Lending Series Fund Class IV        372,502 
State Street Target Retirement 2030 Securities Lending Series Fund Class IV        475,955 
State Street Target Retirement 2035 Securities Lending Series Fund Class IV        489,753 
State Street Target Retirement 2040 Securities Lending Series Fund Class IV        466,289 
State Street Target Retirement 2045 Securities Lending Series Fund Class IV        354,289 
State Street Target Retirement 2050 Securities Lending Series Fund Class IV        221,400 
State Street Target Retirement 2055 Securities Lending Series Fund Class IV        125,845 
State Street Target Retirement 2060 Securities Lending Series Fund Class IV        56,629 
State Street Target Retirement 2065 Securities Lending Series Fund Class IV        10,982 
State Street Target Retirement Income Securities Lending Series Fund Class IV        83,704 
State Street Global Allcap Equity Ex-US Index Securities Lending Series Fund Class II        489,023 
State Street Russell Small/Mid Index Securities Lending Series Fund Class II        540,390 
State Street S&P 500 Index Securities Lending Series Fund Class II        1,335,899 
State Street US Bond Index Securities Lending Series Fund Class XIV        116,121 
TCW Metwest Total Return Bond Fund Class A        353,619 
Galliard Stable Return Fund W        392,634 
Galliard Managed Income Fund Core        110,892 
           
Self-directed brokerage accounts        59,031 
           
*Loans to participants, 3.25% to 7.25%        65,136 
           
        $10,212,933 

 

*Represents a party-in-interest transaction.

 

(a) Cost information omitted as all investments are fully participant directed.

 

 15 

 

 

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE WITH

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

ABBVIE PUERTO RICO SAVINGS PLAN

DECEMBER 31, 2022 AND 2021

 

   

 

 

AbbVie Puerto Rico Savings Plan

 

C O N T E N T S

 

   Page 
     
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM   1 
      
FINANCIAL STATEMENTS     
      
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS   3 
      
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS   4 
      
NOTES TO FINANCIAL STATEMENTS   5 
      
SUPPLEMENTAL SCHEDULE     
      
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)   15 

 

 

 

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, 2022 and 2021, and the related statement of changes in net assets available for benefits for the year ended December 31, 2022, 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, 2022 and 2021, and the changes in its net assets available for benefits for the year ended December 31, 2022, 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.

 

 1 

 

 

Supplemental Schedule Required by ERISA

 

The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2022, (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 28, 2023

 

 2 

 

 

AbbVie Puerto Rico Savings Plan      
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS    
December 31, 2022 and 2021      
(Dollars in thousands)      
       

 

   2022   2021 
Assets          
Cash  $918   $447 
Investments, at fair value   468,717    496,860 
Employer contributions receivable   512    12 
Notes receivable from participants   4,597    4,938 
Due from brokers   -    2 
           
Total assets   474,744    502,259 
           
Liabilities          
Excess contributions payable   2    - 
           
Total liabilities   2    - 
           
NET ASSETS AVAILABLE FOR BENEFITS  $474,742   $502,259 

 

The accompanying notes are an integral part of these statements.

 

 3 

 

 

AbbVie Puerto Rico Savings Plan  
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2022  
(Dollars in thousands)  
   

 

Additions     
Contributions     
Employer  $4,840 
Participant   10,837 
Rollovers   135 
      
Total contributions   15,812 
      
Investment income (loss)     
Net depreciation in fair value of investments   (21,760)
Interest and dividends   9,512 
      
Net investment loss   (12,248)
      
Interest income on notes receivable from participants   202 
      
Total additions   3,766 
      
Deductions     
Benefits paid to participants   30,902 
Other expenses   381 
      
Total deductions   31,283 
      
NET DECREASE   (27,517)
      
Net assets available for benefits     
Beginning of year   502,259 
      
End of year  $474,742 

 

The accompanying notes are an integral part of this statement.

 

 4 

 

 

AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS

December 31, 2022 and 2021

 

 

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.

 

Empower Retirement serves as the recordkeeper of the Plan and Empower Trust Company, LLC (f/k/a/Great West Trust Company, LLC) (“Custodian”) serves as the custodian. Banco Popular de Puerto Rico serves as trustee (“Trustee”) of the Plan.

 

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 Puerto Rico 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 employer contribution formulas that differ from those that apply to participants who joined the Plan before January 1, 2022.

 

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, 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 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.

 

 5 

 

 

AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Contributions and Vesting - Continued

 

Eligible employees who are not covered by ASP+ and who elect to participate in the Plan may contribute from 2% to 50% of their eligible earnings to the Trust. Eligible employees covered by ASP+ and who elect to participate in the Plan may contribute from 1% to 50% of their eligible earnings to the Trust. Following the 30-day period from an employee’s hire or eligibility date, employees covered by ASP+ who have not affirmatively enrolled in the Plan and elected a specified contribution type and percentage or who have not opted out of automatic contributions, will be automatically enrolled in the Plan to contribute 3% of their pretax earnings.

 

Employer matching contributions to the Plan are made each payroll period based on the participating employees’ eligible earnings. Catch-up contributions are not eligible for matching contributions. The amount of the employer matching contribution for participants not covered by ASP+ is determined by the Board of Directors of AbbVie and for the year ended December 31, 2022, was 5% of the participant’s eligible earnings if the employee elected to contribute at least 2% to the Plan. For participants covered by ASP+, contributions are matched dollar for dollar up to 6% of the participant’s eligible earnings.

 

In addition, ASP+ participants receive an annual employer contribution if the ASP+ participant is employed by the Company on the last day of the Plan year or separated from employment during the Plan year due to death or retirement. The annual employer contribution is equal to a percentage of eligible compensation based on each eligible ASP+ participant’s age plus years of credited service according to the following schedule:

 

Age + Years of Credited Service (whole years)  Contribution Percentage 
Less than 30   2%
30-39   3%
40-49   4%
50-59   5%
60-69   6%
70 or more   7%

 

Employer contributions are invested each pay period according to the employee’s investment elections.

 

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.

 

 6 

 

 

AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Contributions and Vesting - Continued

 

Participants are at all times fully vested in their own contributions and earnings thereon. Vesting in employer matching contributions and earnings thereon is based on the following vesting schedule:

 

 

Years of Credited Service

  Vesting
Percentage
 
Less than 2 years   0%
2 years or more   100%

 

Vesting in the annual employer contribution for ASP+ participants is based on the following vesting schedule:

 

 

Years of Credited Service

  Vested
Percentage
 
Less than 1   0%
1   20%
2   40%
3   60%
4   80%
5 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 2022, approximately $33,400 of forfeitures were used to reduce AbbVie’s contributions. As of December 31, 2022 and 2021, approximately $13,300 and $5,300, 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. 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

 

 7 

 

 

AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

NOTE A - DESCRIPTION OF THE PLAN - Continued

 

Distributions - Continued

 

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.

 

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.

 

 8 

 

 

AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

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:

 

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.

 

 9 

 

 

AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

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     
2022  Level 1   Level 2   Level 3   Total 
Common stock  $258,093   $-   $-   $258,093 
Mutual funds   27,950    -    -    27,950 
Collective trust funds   182,674    -    -    182,674 
Total assets at fair value  $468,717   $-   $-   $468,717 

 

   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 

 

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, 2022 and 2021.

 

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 depreciation in fair value of investments.

 

Payment of Benefits

 

Benefits are recorded when paid.

 

 10 

 

 

AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

NOTE C - INVESTMENTS

 

A summary of AbbVie common share data as of December 31, is presented below:

 

   2022   2021 
AbbVie common shares, 1,275,259 and 1,334,710, respectively (dollars in thousands)  $206,094   $180,720 
Market value per share  $161.61   $135.40 

 

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 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 2022, the Plan received $7.4 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.

 

 11 

 

 

AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

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, 2022 and 2021 net assets available for benefits per the financial statements to the Form 5500 (dollars in thousands):

 

   2022   2021 
Net assets available for benefits per the financial statements  $474,742   $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  $474,742   $502,904 

 

The following is a reconciliation of net decrease in net assets available for benefits for the year ending December 31, 2022 per the financial statements to the Form 5500:

 

Net decrease in net assets available for benefits per the financial statements  $(27,517)
2021 contract value to fair value adjustment for stable value fund reported at fair value on Form 5500   (645)
Net decrease in net assets available for benefits per Form 5500  $(28,162)

  

 12 

 

 

AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2022 and 2021

 

 

NOTE H – SUBSEQUENT EVENTS

 

The Securing a Strong Retirement Act of 2022 (“Secure Act 2.0”) was signed into law December 29, 2022. The Secure Act 2.0 includes reforms that expand retirement coverage and savings and will require several policy changes for retirement plans. The act’s provisions have a variety of effective dates primarily beginning in 2023 or later years, which AbbVie is currently evaluating and working to incorporate into the Plan’s policies.

 

The Company has evaluated subsequent events and there were no subsequent events that require recognition or additional disclosure in these financial statements.

 

 13 

 

 

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, 2022          
(Dollars in thousands)          
           

 

Identity of party involved/      Current 
description of asset  Cost (a)   value 
*AbbVie Inc., common stock      $206,094 
           
Abbott Laboratories, common stock        51,999 
           
Money market fund          
Vanguard Federal Money Market Fund        13 
           
Mutual funds          
American Funds EuroPacific Growth Fund, Class R6        5,329 
American Funds Growth Fund of America, Class R6        15,109 
American Funds Washington Mutual Investors Fund, Class R6        4,926 
Diamond Hill Small/Mid-Cap Fund        2,573 
           
Collective trust fund          
State Street Target Retirement 2020 Securities Lending Series Fund Clas IV        8,705 
State Street Target Retirement 2025 Securities Lending Series Fund Clas IV        11,906 
State Street Target Retirement 2030 Securities Lending Series Fund Clas IV        12,386 
State Street Target Retirement 2035 Securities Lending Series Fund Clas IV        7,677 
State Street Target Retirement 2040 Securities Lending Series Fund Clas IV        5,514 
State Street Target Retirement 2045 Securities Lending Series Fund Clas IV        3,352 
State Street Target Retirement 2050 Securities Lending Series Fund Clas IV        1,341 
State Street Target Retirement 2055 Securities Lending Series Fund Clas IV        1,307 
State Street Target Retirement 2060 Securities Lending Series Fund Clas IV        917 
State Street Target Retirement 2065 Securities Lending Series Fund Clas IV        275 
State Street Target Retirement Income Securities Lending Series Fund Clas IV        3,200 
State Street Global Allcap Equity Ex-US Index Securities Lending Series Fund Class II        20,532 
State Street Russell Small/Mid Index Securities Lending Series Fund Class II        12,431 
State Street S&P 500 Index Securities Lending Series Fund Class II        30,982 
State Street US Bond Index Securities Lending Series Fund Class XIV        3,560 
TCW Metwest Total Return Bond Fund Class A        15,959 
Galliard Stable Return Fund Class X        42,630 
           
*Loans to participants, 3.25% to 7.00%        4,597 
           
        $473,314 

 

*Represents a party-in-interest transaction.

 

(a) Cost information omitted as all investments are fully participant directed.

 

 15 

 

 

EXHIBIT INDEX

 

Exhibit No.   Exhibit
     
23.1   Consent of Independent Registered Public Accounting Firm — AbbVie Savings Plan
     
23.2   Consent of Independent Registered Public Accounting Firm — AbbVie Puerto Rico Savings Plan

 

 

 

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 28, 2023 By: /s/ Demetris Crum
    Demetris Crum
    Plan Administrator

 

 

 

Exhibit 23.1

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-185564) pertaining to the AbbVie Savings Program of AbbVie Inc. of our report dated June 28, 2023, with respect to the financial statements and schedule of the AbbVie Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2022.

 

/s/ Ernst & Young LLP

 

Chicago, Illinois

June 28, 2023

 

 

 

Exhibit 23.2

 

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-185564) pertaining to the AbbVie Savings Program of AbbVie Inc. of our report dated June 28, 2023, with respect to the financial statements and schedule of the AbbVie Puerto Rico Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2022.

 

/s/ Ernst & Young LLP

 

Chicago, Illinois

June 28, 2023