Amgen 2009 Annual Report Download - page 91
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Financial Condition, Liquidity and Capital Resources
The following table summarizes selected financial data. The amounts reflect the adoption of a new account-
ing standard which changed the method of accounting for our convertible debt (see Note 2, “Change in method
of accounting for convertible debt instruments” to the Consolidated Financial Statements for further discussion
of our adoption of this new accounting standard, effective January 1, 2009) (in millions):
December 31,
2009 2008
Cash, cash equivalents and marketable securities ................................... $13,442 $ 9,552
Total assets ................................................................ 39,629 36,427
Current debt ................................................................ — 1,000
Non-current debt ............................................................ 10,601 8,352
Stockholders’ equity ......................................................... 22,667 20,885
We believe that existing funds, cash generated from operations and existing sources of and access to financ-
ing are adequate to satisfy our working capital, capital expenditure and debt service requirements for the
foreseeable future. In addition, we plan to opportunistically pursue our stock repurchase program and other busi-
ness initiatives, including acquisitions and licensing activities. We anticipate that our liquidity needs can be met
through a variety of sources, including: cash provided by operating activities, sale of marketable securities, bor-
rowings through commercial paper and/or our syndicated credit facility and access to other debt markets and
equity markets. (See “Item 1A. Risk Factors — Current economic conditions may magnify certain risks that af-
fect our business.”)
Cash, cash equivalents and marketable securities
Of the total cash, cash equivalents and marketable securities at December 31, 2009, approximately $12.1 bil-
lion was generated from operations in foreign tax jurisdictions and is intended for use in our foreign operations.
If these funds were repatriated for use in our U.S. operations, we would be required to pay additional U.S. federal
and state income taxes at the applicable marginal tax rates.
The primary objectives for our marketable security investment portfolio are liquidity and safety of principal.
Investments are made with the objective of achieving the highest rate of return, consistent with these two ob-
jectives. Our investment policy limits investments to certain types of debt and money market instruments issued
by institutions primarily with investment grade credit ratings and places restrictions on maturities and concen-
tration by type and issuer.
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