AbbVie 2014 Annual Report Download - page 86
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13NOV201221352027
$137 million in 2014 and $131 million in 2013 for which a liability was previously established. Additions of
$28 million related to the acquisition of product rights in 2013. The change in fair value recognized in
earnings was recognized in net foreign exchange loss and other income, net in the consolidated statements
of earnings.
In addition to the financial instruments that the company is required to recognize at fair value on the
consolidated balance sheets, the company has certain financial instruments that are recognized at historical
cost or some basis other than fair value. The carrying values and fair values of certain financial instruments
as of December 31, 2014 and 2013 are shown in the table below:
Approximate
Book values fair values
(in millions) 2014 2013 2014 2013
Assets
Investments $ 95 $ 108 $ 145 $ 129
Liabilities
Short-term borrowings 425 413 425 413
Current portion of long-term debt and lease obligations 4,021 18 4,033 18
Long-term debt and lease obligations, excluding fair value hedges 10,745 14,724 10,830 14,493
The following table summarizes the bases used to measure the approximate fair values of the financial
instruments as of December 31, 2014.
Basis of fair value measurement
Quoted prices
in active Significant
markets for other Significant
Fair value at identical observable unobservable
December 31, assets inputs inputs
(in millions) 2014 (Level 1) (Level 2) (Level 3)
Assets
Investments $ 145 $ 68 $ 13 $64
Total assets $ 145 $ 68 $ 13 $64
Liabilities
Short-term borrowings $ 425 $ — $425 $—
Current portion of long-term debt and lease obligations 4,033 4,012 21 —
Long-term debt and lease obligations, excluding fair
value hedges 10,830 10,737 93 —
Total liabilities $15,288 $14,749 $539 $—
80 2014 Form 10-K