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13NOV201221352027
AbbVie Inc. and Subsidiaries
Consolidated Statements of Cash Flows
years ended December 31 (in millions) (brackets denote cash outflows) 2014 2013 2012
Cash flows from operating activities
Net earnings $ 1,774 $ 4,128 $ 5,275
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation 383 388 525
Amortization of intangible assets 403 509 625
Stock-based compensation 241 212 187
Upfront costs related to collaborations and acquired in-process research and
development 1,102 338 288
Other, net 434 34 66
Changes in operating assets and liabilities, net of acquisitions:
Accounts and other receivables (172) 681 223
Inventories (203) (56) (203)
Prepaid expenses and other assets (220) 459 90
Accounts payable and other liabilities (193) (426) (731)
Cash flows from operating activities 3,549(a) 6,267 6,345
Cash flows from investing activities
Acquisitions and investments, net of cash acquired (622) (405) (688)
Acquisitions of property and equipment (612) (491) (333)
Purchases of investment securities (1,169) (930) (2,550)
Sales and maturities of investment securities 1,477 2,705 1,153
Cash flows from investing activities (926) 879 (2,418)
Cash flows from financing activities
Net change in short-term borrowings 12 (601) 1,000
Dividends paid (2,661) (2,555) —
Purchases of treasury stock (652) (320) —
Proceeds from the exercise of stock options 225 347 —
Proceeds from issuance of long-term debt — — 14,586
Net transactions with Abbott Laboratories, excluding noncash items — (247) (13,504)
Other, net (217) (66) (151)
Cash flows from financing activities (3,293) (3,442) 1,931
Effect of exchange rate changes on cash and equivalents (577) (10) 16
Net (decrease) increase in cash and equivalents (1,247) 3,694 5,874
Cash and equivalents, beginning of year 9,595 5,901 27
Cash and equivalents, end of year $ 8,348 $ 9,595 $ 5,901
Other supplemental information
Interest paid, net of portion capitalized $ 419 $ 283 $ 61
Income taxes paid $ 498 $ 1,305 $ —
(a) Cash flows from operating activities included the impact of transaction and financing-related and other
costs incurred in connection with the terminated proposed combination with Shire. Refer to Note 4 for
additional information.
The accompanying notes are an integral part of these consolidated financial statements.
2014 Form 10-K 61