AbbVie 2014 Annual Report Download - page 88

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United States are to these three wholesalers. In addition, net governmental receivables outstanding in
Greece, Portugal, Italy and Spain totaled $446 million at December 31, 2014 and $781 million at
December 31, 2013.
HUMIRA is AbbVie’s single largest product and accounted for approximately 63 percent, 57 percent and
50 percent of AbbVie’s total net sales in 2014, 2013 and 2012, respectively.
Note 11 Post-Employment Benefits
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AbbVie sponsors various pension and other post-employment benefit plans, including defined benefit,
defined contribution and termination indemnity plans, which cover most employees worldwide. In addition,
AbbVie provides medical benefits, primarily to eligible U.S. retirees, through other post-retirement benefit
plans. Net obligations for these plans have been reflected in the consolidated balance sheets as of
December 31, 2014 and 2013.
Abbott Sponsored Plans
Prior to separation, AbbVie employees participated in certain U.S. and international defined benefit
pension and other post-employment benefit (OPEB) plans sponsored by Abbott. These plans included
participants of Abbott’s other businesses and were accounted for as multiemployer benefit plans in
AbbVie’s combined financial statements as of and for the year ended December 31, 2012. As a result, no
asset or liability was recorded by AbbVie in the historical combined balance sheets through December 31,
2012 to recognize the funded status of these plans. Effective January 1, 2013, in connection with the
separation of AbbVie from Abbott, these plans were separated and AbbVie assumed net benefit plan
obligations that were previously provided by Abbott. For Abbott-sponsored defined benefit and
post-employment benefit plans, AbbVie recorded expenses of $200 million in 2012. Abbott made voluntary
contributions to its defined benefit pension plans that AbbVie accounted for as multiemployer benefit plans
totaling $310 million in 2012.
AbbVie Sponsored Plans
Prior to the separation, AbbVie employees participated in the Abbott Laboratories Annuity Retirement
Plan, which was Abbott’s principal domestic defined benefit pension plan. In connection with the
separation, AbbVie established the AbbVie Pension Plan, which is AbbVie’s principal domestic defined
benefit pension plan, with substantially the same terms as the Abbott Laboratories Annuity Retirement
Plan. AbbVie employees who were eligible to participate in the Abbott Laboratories Annuity Retirement
Plan on December 31, 2012 automatically became eligible for the AbbVie Pension Plan. During the first
quarter of 2013, the AbbVie Pension Plan assumed the obligations and related assets for its employees
from the Abbott Laboratories Annuity Retirement Plan. AbbVie made voluntary contributions of
$370 million and $145 million in 2014 and 2013, respectively, to this plan. AbbVie also made a voluntary
contribution of $150 million to this plan subsequent to December 31, 2014.
82 2014 Form 10-K