Amgen 2001 Annual Report Download - page 45

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Information regarding the income tax effects for
items of other comprehensive income/(loss) is as follows
(in millions):
Before-tax Tax benefit/ After-tax
amount (expense) amount
For the year ended
December 31, 1999:
Unrealized gains on
available-for-sale securities $ 12.0 $ (5.3) $ 6.7
Less: Reclassification
adjustments for losses
realized in net income (1.0) 0.4 (0.6)
Net unrealized gains on
available-for-sale securities 13.0 (5.7) 7.3
Foreign currency translation
adjustments (18.1) —(18.1)
Other comprehensive loss $ (5.1) $ (5.7) $ (10.8)
For the year ended
December 31, 2000:
Unrealized gains on
available-for-sale securities $193.0 $(75.8) $117.2
Less: Reclassification
adjustments for gains
realized in net income 30.0 (11.8) 18.2
Net unrealized gains on
available-for-sale securities 163.0 (64.0) 99.0
Foreign currency translation
adjustments (21.6) —(21.6)
Other comprehensive income $141.4 $(64.0) $ 77.4
For the year ended
December 31, 2001:
Unrealized losses on
available-for-sale securities $ (18.4) $ 7.0 $ (11.4)
Less: Reclassification
adjustments for losses
realized in net income (8.0) 3.3 (4.7)
Net unrealized losses on
available-for-sale securities (10.4) 3.7 (6.7)
Foreign currency translation
adjustments 0.4 — 0.4
Other comprehensive loss $ (10.0) $ 3.7 $ (6.3)
stock of the acquiring company having a market value of
two times the exercise price of one Right. The Company
may redeem the Rights at $0.00025 per Right at any
time prior to the public announcement that a 10%
position has been acquired.
Stock repurchase program
The Company has a stock repurchase program primarily
to reduce the dilutive effect of its employee stock option
and stock purchase plans. Stock repurchased under the
program is intended to be retired. The amount the
Company spends on and the number of shares repur-
chased varies based on a variety of factors, including the
stock price and blackout periods in which the Company
is restricted from repurchasing shares. In December
2000, the Board of Directors authorized the Company
to repurchase up to $2 billion of common stock between
January 1, 2001 and December 31, 2002. As of
December 31, 2001, $1,262.5 million was available for
stock repurchases through December 31, 2002.
Other comprehensive income/(loss)
SFAS No. 130, “Reporting Comprehensive Income”,
requires unrealized gains and losses on the Company’s
available-for-sale securities and foreign currency forward
contracts which qualify and are designated as cash flow
hedges, and foreign currency translation adjustments to
be included in other comprehensive income.
Information regarding the components of accumu-
lated other comprehensive income/(loss) are as follows
(in millions):
Accumulated
Unrealized Foreign other
gains on currency comprehensive
securities translation income
Balance at
December 31, 2000 $114.3 $(51.7) $62.6
Current year other
comprehensive
(loss)/income (6.7) 0.4 (6.3)
Balance at
December 31, 2001 $107.6 $(51.3) $56.3
AMGEN 2001 ANNUAL REPORT
43