AbbVie 2013 Annual Report Download - page 84
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The following table summarizes the bases used to measure the approximate fair values of the financial
instruments as of December 31, 2013.
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) 2013 (Level 1) (Level 2) (Level 3)
Assets
Investments $ 129 $ 39 $ 30 $60
Total assets $ 129 $ 39 $ 30 $60
Liabilities
Short-term borrowings $ 413 $ — $413 $—
Current portion of long-term debt and lease
obligations 18 — 18 —
Long-term debt and lease obligations, excluding fair
value hedges 14,493 14,413 80 —
Total liabilities $14,924 $14,413 $511 $—
The following table summarizes the bases used to measure the approximate fair values of the financial
instruments as of December 31, 2012.
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) 2012 (Level 1) (Level 2) (Level 3)
Assets
Investments $ 104 $— $ 32 $72
Total assets $ 104 $— $ 32 $72
Liabilities
Short-term borrowings $ 1,020 $— $ 1,020 $—
Current portion of long-term debt and lease
obligations 22 — 22 —
Long-term debt and lease obligations, excluding fair
value hedges 15,066 — 15,066 —
Total liabilities $16,108 $— $16,108 $—
Investments consist of cost method investments and held-to-maturity debt securities. Cost method
investments include certain investments for which the fair value is determined by using the published
market price per unit multiplied by the number of units held, without consideration of transaction
costs. To determine the fair value of other cost method investments, the company takes into
consideration recent transactions, as well as the financial information of the investee, which represents
a Level 3 basis of fair value measurement. The fair value of held-to-maturity debt securities was
estimated based upon the quoted market prices for the same or similar debt instruments. The fair
values of short-term and current borrowings approximate the carrying values due to the short maturities
of these instruments. For 2013, the fair value of long-term debt, excluding fair value hedges, was
determined by using the published market price for the debt instruments, without consideration of
80