Amgen 2013 Annual Report Download - page 112
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Other
In addition to common stock, our authorized capital includes 5 million shares of preferred stock, $0.0001 par value. As of December 31, 2013 and
2012, no shares of preferred stock were issued or outstanding.
To estimate the fair value of our financial assets and liabilities we use valuation approaches within a hierarchy that maximizes the use of observable
inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market
participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are
inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on
the best information available in the circumstances. The fair value hierarchy is divided into three levels based on the source of inputs as follows:
Level 1 —Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access
Level 2 —Valuations for which all significant inputs are observable, either directly or indirectly, other than level 1 inputs
Level 3 —Valuations based on inputs that are unobservable and significant to the overall fair value measurement
The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on
models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs
used for measuring fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in
the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level of input used that is significant to the overall fair
value measurement.
F-36