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Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
AbbVie Inc., income tax expense (benefit), continuing operations
US$ in millions
12 months ended: | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||||||
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Domestic | |||||||||||
Foreign | |||||||||||
Current taxes | |||||||||||
Domestic | |||||||||||
Foreign | |||||||||||
Deferred taxes | |||||||||||
Income tax expense (benefit) |
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
Item | Description | The company |
---|---|---|
Current taxes | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | AbbVie Inc.’s current taxes decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
Deferred taxes | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | AbbVie Inc.’s deferred taxes increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. |
Income tax expense (benefit) | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | AbbVie Inc.’s income tax expense (benefit) increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. |
Effective Income Tax Rate (EITR)
AbbVie Inc., effective income tax rate (EITR) reconciliation
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
Item | Description | The company |
---|---|---|
Effective tax rate, before impacts related to U.S. tax reform | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | AbbVie Inc.’s effective tax rate, before impacts related to U.S. tax reform increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. |
Components of Deferred Tax Assets and Liabilities
AbbVie Inc., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
Item | Description | The company |
---|---|---|
Deferred tax assets | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | AbbVie Inc.’s deferred tax assets increased from 2018 to 2019 and from 2019 to 2020. |
Net deferred tax assets | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | AbbVie Inc.’s net deferred tax assets increased from 2018 to 2019 and from 2019 to 2020. |
Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | AbbVie Inc.’s net deferred tax assets (liabilities) increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. |
Deferred Tax Assets and Liabilities, Classification
AbbVie Inc., deferred tax assets and liabilities, classification
US$ in millions
Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
---|---|---|---|---|---|---|
Deferred tax assets | ||||||
Deferred tax liabilities |
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
Item | Description | The company |
---|---|---|
Deferred tax assets | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | AbbVie Inc.’s deferred tax assets increased from 2018 to 2019 and from 2019 to 2020. |
Deferred tax liabilities | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | AbbVie Inc.’s deferred tax liabilities increased from 2018 to 2019 and from 2019 to 2020. |
Adjustments to Financial Statements: Removal of Deferred Taxes
AbbVie Inc., adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
AbbVie Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
AbbVie Inc., adjusted financial ratios
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
Financial ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | AbbVie Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | AbbVie Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | AbbVie Inc.’s adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
AbbVie Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
2020 Calculations
1 Net profit margin = 100 × Net earnings attributable to AbbVie Inc. ÷ Net revenues
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net earnings attributable to AbbVie Inc. ÷ Net revenues
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | AbbVie Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
2020 Calculations
1 Total asset turnover = Net revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | AbbVie Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
2020 Calculations
1 Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit)
= ÷ =
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
2020 Calculations
1 ROE = 100 × Net earnings attributable to AbbVie Inc. ÷ Stockholders’ equity (deficit)
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net earnings attributable to AbbVie Inc. ÷ Adjusted stockholders’ equity (deficit)
= 100 × ÷ =
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2021-02-19), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).
2020 Calculations
1 ROA = 100 × Net earnings attributable to AbbVie Inc. ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net earnings attributable to AbbVie Inc. ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | AbbVie Inc.’s adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |