Amgen 2015 Annual Report Download - page 104
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F-26
Less than 12 months 12 months or greater
Type of security as of December 31, 2014 Fair value Unrealized losses Fair value Unrealized losses
U.S. Treasury securities $ 1,770 $ (7) $ 171 $ (1)
Other government-related debt securities:
U.S. 160 — 178 (3)
Foreign and other 514 (14) 159 (10)
Corporate debt securities:
Financial 3,150 (14) 158 (2)
Industrial 3,931 (62) 222 (4)
Other 354 (4)5—
Residential mortgage-backed securities 614 (4) 413 (6)
Other mortgage- and asset-backed securities 1,071 (8) 561 (33)
Equity securities 78 (2)— —
Total $ 11,642 $ (115) $ 1,867 $ (59)
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 interest-bearing 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, and the intent
to sell, or whether we will more likely than not be required to sell, the security before recovery of its amortized cost basis. Our
assessment of whether a security is other-than-temporarily impaired could change in the future due to new developments or changes
in assumptions related to any particular security. As of December 31, 2015 and 2014, we believe the costs basis for our available-
for-sale investments were recoverable in all material aspects.
10. Inventories
Inventories consisted of the following (in millions):
December 31,
2015 2014
Raw materials $ 201 $ 198
Work in process 1,529 1,551
Finished goods 705 898
Total inventories $ 2,435 $ 2,647