AbbVie 2012 Annual Report Download - page 89
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AbbVie Sponsored Plans
AbbVie is the sole sponsor for certain other defined benefit pension and other post-employment plans,
which have been reflected in the combined balance sheets as of December 31, 2012 and 2011. During
2012, in preparation for the separation from Abbott, certain pension and other post-employment
benefit plans were assumed by AbbVie and have been reflected in the December 31, 2012 combined
balance sheet. AbbVie made voluntary contributions to the AbbVie sponsored pension plans of
$46 million, $64 million and $50 million in 2012, 2011 and 2010, respectively. In the first quarter of
2013, AbbVie made a voluntary contribution of $145 million to its main domestic defined benefit
pension plan, which was assumed in 2013.
The benefit plan information in the table below pertains to the AbbVie sponsored pension and other
post-employment plans.
Other
Defined post-employment
benefit plans plans
as of and for the years ended December 31 (in millions) 2012 2011 2012
Projected benefit obligations
Beginning of period $ 649 $ 636 $ —
Service cost 21 18 —
Interest cost 38 32 —
Assumption of plan liabilities 797 — 231
Actuarial loss (gain) 182 (1) —
Benefits paid (40) (35) —
Other, primarily foreign currency translation loss (gain) 22 (1) —
End of period $1,669 $ 649 $ 231
Fair value of plan assets
Beginning of period $ 230 $ 201 $ —
Actual return on plans assets 42 ——
Company contributions 46 64 —
Assumption of plan assets 620 ——
Benefits paid (40) (35) —
End of period 898 230 —
Funded status at December 31 $ (771) $(419) $(231)
Amounts recognized in combined balance sheets
Other assets $ 11 $ — $ —
Current liabilities (27) (22) (7)
Long-term liabilities (755) (397) (224)
Net liability at December 31 $ (771) $(419) $(231)
Actuarial losses, net $ 526 $ 97 $ 69
Prior service cost 10 1 (1)
AOCI at December 31 $ 536 $ 98 $ 68
The projected benefit obligations (PBO) in the table above included $1.1 billion and $405 million at
December 31, 2012 and 2011, respectively, related to international defined benefit pension plans which
are generally not funded, in accordance with local regulations. Benefit payments for those plans are
funded from company assets.
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