Amgen 2007 Annual Report Download - page 102

abilities denominated in foreign currencies but have not been designated as hedges for accounting purposes.
These contracts had no material net unrealized gains or losses as of December 31, 2007 and 2006. With regard to
these contracts, a hypothetical 10% adverse movement in foreign exchange rates compared with the U.S. dollar
relative to exchange rates on December 31, 2007 and December 31, 2006 would not have a material impact on
fair value, cash flows or income.
The analysis above does not consider the impact that hypothetical changes in foreign currency exchange
rates would have on anticipated transactions and assets and liabilities that these foreign currency sensitive
instruments were designed to offset.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The information required by this item is incorporated herein by reference to the financial statements and
schedule listed in Item 15 (a)1 and (a)2 of Part IV and included in this Form 10-K Annual Report.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURES
None.
Item 9A. CONTROLS AND PROCEDURES
We maintain “disclosure controls and procedures,” as such term is defined under Exchange Act Rule
13a-15(e), that are designed to ensure that information required to be disclosed in Amgen’s Exchange Act reports
is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms,
and that such information is accumulated and communicated to Amgen’s management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required dis-
closures. In designing and evaluating the disclosure controls and procedures, Amgen’s management recognized
that any controls and procedures, no matter how well designed and operated, can provide only reasonable assur-
ance of achieving the desired control objectives and in reaching a reasonable level of assurance Amgen’s
management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible
controls and procedures. We have carried out an evaluation under the supervision and with the participation of
our management, including Amgen’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of
the design and operation of Amgen’s disclosure controls and procedures. Based upon their evaluation and subject
to the foregoing, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls
and procedures were effective as of December 31, 2007.
Further, management determined that, as of December 31, 2007, there were no changes in our internal con-
trol over financial reporting that occurred during the fiscal quarter then ended that has materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting.
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