Amgen 2000 Annual Report Download - page 39

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Note 8
Balance Sheet Accounts
Property, plant and equipment consisted of the following
(in millions):
December 31, 2000 1999
Land $ 120.0 $ 110.1
Buildings and building improvements 901.7 841.4
Manufacturing equipment 287.6 251.8
Laboratory equipment 338.1 306.3
Furniture and office equipment 672.6 577.8
Leasehold improvements 53.7 50.8
Construction in progress 345.5 177.0
2,719.2 2,315.2
Less accumulated depreciation
and amortization (937.7) (761.6)
$ 1,781.5 $ 1,553.6
Accrued liabilities consisted of the following (in millions):
December 31, 2000 1999
Employee compensation
and benefits $ 151.9 $ 149.1
Income taxes 116.7 87.5
Sales incentives, royalties
and allowances 107.6 135.7
Due to affiliated companies
and corporate partners 92.8 160.8
Clinical development costs 50.5 35.4
Other 99.7 79.7
$ 619.2 $ 648.2
Note 9
Fair Values of Financial Instruments
The carrying amounts of cash, cash equivalents, marketable secu-
rities and marketable equity investments approximated their fair
values. Fair values of cash equivalents, marketable securities and
marketable equity investments are based on quoted market prices.
The carrying amount of commercial paper approximated its fair
value as of December 31, 2000 and 1999. The fair values of long-
term debt at December 31, 2000 and 1999 totaled approximately
$222.0 million and $216.6 million, respectively. The fair values of
commercial paper and long-term debt were estimated based on
quoted market rates for instruments with similar terms and
remaining maturities.
The fair values of the foreign currency forward contracts and pur-
chased foreign currency option contracts were not significant
based on the estimated amounts at which the contracts could be
settled taking into account current market exchange rates.
42
Notes to Consolidated Financial Statements