Amgen 2011 Annual Report Download - page 151
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AMGEN INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The primary objective of our investment portfolio is to enhance overall returns in an efficient manner while
maintaining safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy
limits debt security investments to certain types of debt and money market instruments issued by institutions with
primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class
and issuer.
We review our available-for-sale investments for other-than-temporary declines in fair value below our cost
basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may
not be recoverable. This evaluation is based on a number of factors including, the length of time and the extent to
which the fair value has been below our cost basis and adverse conditions related specifically to the security,
including any changes to the credit rating of the security. As of December 31, 2011 and 2010, we believe the cost
bases for our available-for-sale investments were recoverable in all material respects.
10. Inventories
Inventories consisted of the following as of December 31, 2011 and 2010 (in millions):
2011 2010
Raw materials ................................................................ $ 158 $ 128
Work in process ............................................................... 1,802 1,382
Finished goods ................................................................ 524 512
Total inventories ............................................................ $2,484 $2,022
11. Property, plant and equipment
Property, plant and equipment consisted of the following as of December 31, 2011 and 2010 (dollar
amounts in millions):
Useful life (in years) 2011 2010
Land ..................................................... — $ 366 $ 361
Buildings and improvements .................................. 10-40 3,463 3,392
Manufacturing equipment .................................... 8-12 1,897 1,802
Laboratory equipment ....................................... 8-12 1,016 955
Other ..................................................... 3-15 3,745 3,547
Construction in progress ...................................... — 744 631
Property, plant and equipment, gross .......................... 11,231 10,688
Less accumulated depreciation and amortization ................... (5,811) (5,166)
Property, plant and equipment, net ............................ $ 5,420 $ 5,522
During the years ended December 31, 2011, 2010 and 2009, we recognized depreciation and amortization
charges associated with our property, plant and equipment of $679 million, $594 million and $624 million,
respectively.
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