Amgen 2013 Annual Report Download - page 114
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Available-for-sale investments:
U.S. Treasury securities
$ 4,458
$ —
$ —
$ 4,458
Other government-related debt securities:
U.S.
—
1,030
—
1,030
Foreign and other
—
1,608
—
1,608
Corporate debt securities:
Financial
—
3,361
—
3,361
Industrial
—
4,380
—
4,380
Other
—
452
—
452
Residential mortgage-backed securities
—
1,829
—
1,829
Other mortgage- and asset-backed securities
—
1,767
—
1,767
Money market mutual funds
2,620
—
—
2,620
Other short-term interest-bearing securities
—
2,186
—
2,186
Equity securities
54
—
—
54
Derivatives:
Foreign currency contracts
—
46
—
46
Cross-currency swap contracts
—
65
—
65
Total assets
$ 7,132
$16,724
$ —
$23,856
Derivatives:
Foreign currency contracts
$ —
$59
$ —
$59
Cross-currency swap contracts
—
6
—
6
Contingent consideration obligations in connection with a
business combination
—
—
221
221
Total liabilities
$ —
$65
$ 221
$286
The fair values of our U.S. Treasury securities, money market mutual funds and equity securities are based on quoted market prices in active markets
with no valuation adjustment.
Most of our other government-related and corporate debt securities are investment grade with maturity dates of five years or less from the balance sheet
date. Our other government-related debt securities portfolio is composed of securities with weighted-average credit ratings of A+ by S&P, Moody's or Fitch, Inc.
(Fitch); and our corporate debt securities portfolio has a weighted-average credit rating of A- or equivalent by S&P or Fitch and BBB+ by Moody's. We
estimate the fair values of these securities by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize
industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or
indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads;
benchmark securities; and other observable inputs.
Our residential mortgage-, other mortgage- and asset-backed securities portfolio is composed entirely of senior tranches, with credit ratings of AAA by
S&P, Moody's or Fitch. We estimate the fair values of these securities by taking into consideration valuations obtained from third-party pricing services. The
pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are
observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar
securities; issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.
We value our other short-term interest-bearing securities at amortized cost, which approximates fair value given their near term maturity dates.
F-38