Amgen 2002 Annual Report Download - page 43

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Page 41
AMGEN 2002 ANNUAL REPORT
Interest Rate Sensitivity
Principal Amount by Expected Maturity as of December 31, 2002
(Dollars in millions) Fair value
Average Interest Rate 2003 2004 2005 2006 2007 Thereafter Total 12/31/02
Available-for-sale debt
securities $2,171.3 $1,072.8 $1,009.9 $164.9 $ 29.6 $ 3.0 $4,451.5 $4,534.7
Interest rate 1.1% 4.8% 5.4% 5.1% 4.3% 6.8%
Commercial paper obligations $ 100.0—————$100.0 $ 100.0
Interest rate 1.4%—————
Medium and long-term notes $ 23.0———$100.0 $100.0 $ 223.0 $ 273.6
Interest rate 6.2%———6.5% 8.1%
Convertible Notes
(1)
——$2,917.8———$2,917.8 $2,913.5
Interest rate ——1.125%———
Interest rate swaps related to
available-for-sale debt securities:
Pay fixed/receive variable $128.2 $ 80.7 $ 120.0 $ 40.0 — — $ 368.9 $ (14.9)
Average pay rate 2.9% 3.9% 4.2% 4.5% — —
Average receive rate 1.4% 1.4% 1.4% 1.4% — —
(1)
Holders of the Convertible Notes may require the Company to purchase all or a portion of the notes on specific dates as early as March 1, 2005 at the original issuance price
plus accrued original issue discount (“accreted value”) through the purchase date. The amount above represents the accreted value on March 1, 2005. The accreted value
based on the 30-year contractual maturity is $3,950.0 million. In the event the Company is required to repurchase the notes, it may choose to pay the purchase price in
cash and/or shares of common stock.
Interest Rate Sensitivity
Principal Amount by Expected Maturity as of December 31, 2001
(Dollars in millions) Fair value
Average Interest Rate 2002 2003 2004 2005 2006 Thereafter Total 12/31/01
Available-for-sale debt
securities $1,466.9 $362.9 $390.6 $163.9 $115.0 — $2,499.3 $2,568.0
Interest rate 4.4% 6.6% 5.8% 7.0% 5.1% —
Commercial paper obligations $ 100.0—————$100.0 $ 100.0
Interest rate 1.9%—————
Medium and long-term notes — $ 23.0———$200.0 $ 223.0 $ 244.9
Interest rate — 6.2%———7.3%
Interest rate swaps related to
available-for-sale debt securities:
Pay fixed/receive variable — $153.7 $144.2 $120.0 $ 40.0 — $ 457.9 $ 1.4
Average pay rate — 2.9% 3.8% 4.2% 4.5% —
Average receive rate — 2.0% 2.0% 2.0% 2.0% —