UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 11-K
(Mark One)
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| | ý | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2020
OR
| | | | | | | | |
| | ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 001-37702
AMGEN RETIREMENT AND SAVINGS PLAN
(Full title of the plan)
AMGEN INC.
(Name of issuer of the securities held)
| | | | | | | | |
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| One Amgen Center Drive, | | 91320-1799 |
| Thousand Oaks, California | | (Zip Code) |
| (Address of principal executive offices) | | |
Amgen Retirement and Savings Plan
Audited Financial Statements
and Supplemental Schedules
Year Ended December 31, 2020
Contents
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| Audited Financial Statements: | |
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| Supplemental Schedules: | |
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Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of Amgen Retirement and Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Amgen Retirement and Savings Plan (the Plan) as of December 31, 2020 and 2019, and the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2020 and 2019, and the changes in its net assets available for benefits for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedules
The accompanying supplemental schedules of assets (held at end of year) and loans or fixed income obligations in default or classified as uncollectible as of December 31, 2020, and schedule of assets (acquired and disposed of within year) for the year then ended, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedules is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ ERNST & YOUNG LLP
We have served as the Plan’s auditor since at least 1989, but we are unable to determine the specific year.
Los Angeles, California
June 22, 2021
Amgen Retirement and Savings Plan
Statements of Net Assets Available for Benefits
| | | | | | | | | | | | | | |
| | | December 31, |
| | | 2020 | | 2019 |
| Assets | | | | |
| Investments at fair value | | $ | 6,028,344,525 | | | $ | 5,518,634,156 | |
| Investments in fully benefit-responsive investment contracts at contract value | | 678,722,325 | | | 362,338,602 | |
| Notes receivable from participants | | 33,228,057 | | | 35,777,947 | |
| Other – principally due from broker | | 9,187,314 | | | 6,958,954 | |
| Total assets | | 6,749,482,221 | | | 5,923,709,659 | |
| Liabilities | | | | |
| Other – principally due to broker | | 8,741,768 | | | 10,564,863 | |
| Total liabilities | | 8,741,768 | | | 10,564,863 | |
| Net assets available for benefits | | $ | 6,740,740,453 | | | $ | 5,913,144,796 | |
See accompanying notes.
Amgen Retirement and Savings Plan
Statement of Changes in Net Assets Available for Benefits
| | | | | | | | | | |
| | | Year Ended December 31, |
| | | 2020 | | |
| Additions to (deductions from) net assets: | | | | |
| Employer contributions | | $ | 193,514,167 | | | |
| Participant contributions | | 167,571,223 | | | |
| Rollover contributions | | 39,189,232 | | | |
| Interest and dividend income | | 42,658,295 | | | |
| Net realized/unrealized gains | | 855,935,827 | | | |
| Interest income on notes receivable from participants | | 1,826,481 | | | |
| Benefits paid | | (463,013,407) | | | |
| Investment and administrative fees | | (10,086,161) | | | |
| Net increase | | 827,595,657 | | | |
| Net assets available for benefits at beginning of year | | 5,913,144,796 | | | |
| Net assets available for benefits at end of year | | $ | 6,740,740,453 | | | |
See accompanying notes.
Amgen Retirement and Savings Plan
Notes to Financial Statements
December 31, 2020
1. Description of the Plan
The following description of the Amgen Retirement and Savings Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
General
The Plan was established effective April 1, 1985, and was amended and restated effective January 1, 2017, and subsequently amended, with the most recent amendment adopted on October 22, 2020. The Plan is a defined contribution plan covering substantially all domestic employees of Amgen Inc. (the Company or Amgen) and participating subsidiaries. The Plan is intended to qualify under sections 401(a) and 401(k) of the Internal Revenue Code of 1986 (the Code) (see Note 4, Income Tax Status) and section 407(d)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Subject to certain limitations (as defined in the Plan), participants may elect to contribute up to 30% of their eligible compensation in pre-tax contributions, Roth contributions (in accordance with the Code), after-tax contributions or a combination of these types of contributions (together, Individual Contributions). A participant’s combined pre-tax contributions and Roth contributions (exclusive of catch-up contributions discussed below) are subject to Internal Revenue Service (IRS) and Plan limits and could not exceed a maximum of $19,500 in 2020. Participant after-tax contributions are subject to IRS and Plan limitations and could not exceed a maximum of $9,000 in 2020. Unless an employee has voluntarily enrolled in the Plan or has declined to participate in the Plan within the first 30 days of employment, all newly eligible participants are automatically enrolled in the Plan, and contributions equal to 5% of their eligible compensation are withheld and contributed to the Plan as pre-tax contributions; such contributions are automatically increased by 1% per year until their contributions reach 10% of their eligible compensation. Participants may elect to adjust, cease or resume their Individual Contributions at any time.
Participants who are at least age 50 by the close of the Plan year may also elect to make certain additional Individual Contributions, referred to as catch-up contributions, that are subject to IRS and Plan limitations and could not exceed $6,500 in 2020. Catch-up contributions may be made as pre-tax contributions, Roth contributions or a combination of these types of contributions. Participants may also contribute pre-tax, Roth and after-tax amounts representing distributions from certain other retirement plans qualified in the United States or certain individual retirement accounts (IRAs), referred to as rollover contributions (as defined in the Plan).
Each pay period, the Company makes a non-elective contribution for all eligible participants, whether or not they have elected to make Individual Contributions to the Plan, equal to 5% of each participant’s eligible compensation (Core Contributions) up to a maximum of $14,250 in 2020. In addition, the Company makes a contribution equal to amounts contributed by the participant as pre-tax contributions or Roth contributions, including such contributions designated as catch-up contributions, of up to 5% of eligible compensation (Matching Contributions) up to a maximum of $14,250 in 2020.
Also, the Company can, at its discretion, make a special contribution (Special Contribution) on behalf of a participant who is in his or her initial year of employment with the Company and who could not make the maximum participant contribution permitted under the Plan because in the same Plan year he or she previously made pre-tax salary deferrals under a prior unrelated employer’s qualified plan.
Participants select the investments in which their Individual Contributions, including their Core Contributions, Matching Contributions and Special Contributions, if any, (collectively, Company Contributions) are to be invested, electing among various alternatives, including Amgen common stock (Amgen stock). Participants may direct a maximum of 20% of contributions to be invested in Amgen stock. In addition, participants may transfer amounts among the investment options at any time, subject to certain limitations. Notwithstanding the foregoing, if 20% or more of the value of a participant’s Plan account is invested in Amgen stock, the Plan document provides that no transfers from other investment options can be made to invest in Amgen stock.
The accounts of participants who had never made an investment election are allocated to investments under a qualified default investment alternative, which is intended to be compliant with ERISA regulations. At any time, participants may elect to alter the investments in their accounts made under a qualified default investment alternative.
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
Vesting
Participants are immediately vested with respect to their Individual Contributions, Matching Contributions and Special Contributions, if any, and earnings and losses (hereafter referred to as earnings) thereon. Participants hired prior to January 1, 2020, are also immediately vested with respect to their Core Contributions and earnings thereon. Participants hired on or after January 1, 2020, vest in full with respect to their Core Contributions and earnings thereon after three years of service, as defined by the terms of the Plan, or upon reaching age 65 while employed by Amgen, if earlier. If a participant ceases to be an employee before fully vesting in their account, the non-vested portion of the participant’s account will be treated as a forfeiture, as defined by the terms of the Plan, on the earlier of (a) the date the participant incurs a five-year break in service, as defined by the terms of the Plan or, (b) the date the participant receives a distribution of the entire vested portion of their account.
Participant Accounts
Each participant’s account is credited with: (a) the participant’s Individual Contributions; (b) an allocation of Company Contributions; and (c) earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
Plan Investments
From January 1 to November 20, 2020, Plan participants could invest in 16 different asset classes as well as Amgen stock or could actively manage their account under a self-directed brokerage arrangement in which a wider array of investment options are available. Effective beginning Monday, November 23, 2020, the investment options available to Plan participants were streamlined from 16 to seven different asset classes, and existing participant account balances and future contributions were allocated among these seven asset classes. In addition, participants could continue to invest in Amgen stock or actively manage their account under the self-directed brokerage arrangement. The value of an investment in an asset class is determined by its underlying investment vehicles, which may include one or more of the following: mutual funds, collective trust funds and portfolios which are separately managed exclusively for the benefit of Plan participants and their beneficiaries (separately managed portfolios). The separately managed portfolios invest in various types of assets, including publicly traded common and preferred stocks, fixed income securities, collective trust funds and investment contracts. The asset classes are designed to provide participants with choices among a variety of investment objectives.
Payments of Benefits
Subject to Plan limitations, upon termination of employment, including termination due to disability (as defined in the Plan) or retirement, participants may elect to receive a full or partial distribution of their account balance in: (a) a single payment in cash; (b) a single distribution in full shares of Amgen stock (with any fractional shares paid in cash); (c) a single distribution paid in a combination of cash and full shares of Amgen stock; (d) cash installments over 10 years; or (e) a rollover distribution to an eligible retirement plan.
Participants may also elect to maintain their account balance in the Plan subsequent to termination of employment, provided that their account balance is greater than $1,000.
If a participant dies before receiving the value of his or her account balance, the participant’s beneficiary may elect to receive the distribution of remaining funds from among the alternatives described above, subject to certain Plan limitations.
Certain restrictions apply to withdrawals from the Plan while a participant continues to be employed by the Company, including coronavirus-related withdrawals, which were permitted under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) enacted on March 27, 2020. In response to the CARES Act, the Plan voluntarily made a number of modifications related to withdrawals. The Plan adopted only those provisions of the CARES Act that (a) permitted participants who turned 70½ or older in 2019 to waive the requirement to take a minimum distribution in 2020 and (b) allowed qualified participants to take tax-favored distributions of up to $100,000, repayable if desired by the participant in three years, for qualifying coronavirus-related reasons through December 30, 2020.
Amgen Stock Dividends
Participants that invest in Amgen stock may elect to receive distributions of cash with respect to dividends the Company pays on Amgen stock or reinvest such dividends to acquire additional shares of Amgen stock.
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
Notes Receivable from Participants
Subject to certain restrictions, a participant can have up to two loans outstanding at any one time from his or her Plan account with a combined maximum loan amount that may not exceed the lesser of: (a) 50% of the participant’s account balance (exclusive of amounts related to Roth contributions and earnings thereon) or (b) $50,000 less certain adjustments, as applicable (as defined in the Plan). A participant’s loan is secured by his or her Plan account balance. Loans made prior to July 1, 2003, bear interest at fixed rates based on the average borrowing rates of certain major banks. Loans made on or after July 1, 2003, bear interest at fixed rates which, until changed by the Company, are based on the prime rate plus one percentage point as published in The Wall Street Journal, determined as of the last day of the calendar quarter preceding origination or such other rate as may be required by law. Loans are generally payable in installments over periods of up to five years, unless the loan is used to acquire a principal residence for which the term of the loan may be up to 20 years. Principal and interest payments are allocated to the participant’s account.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of ERISA. Upon termination, participants would receive distributions of their account balances.
Trustees and Custodians
Bank of America, N.A. is the Plan’s trustee and custodian with respect to the self-directed brokerage arrangement and the Amgen Common Stock fund. The Northern Trust Company, NA (Northern) is the Plan’s trustee and custodian with respect to the asset classes.
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements are prepared on the accrual basis of accounting. Benefits to participants are recorded when paid.
Fair Value Measurement
The investments of the Plan are reported at fair value, except for fully benefit-responsive investment contracts, discussed below. Fair value is generally defined as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date (see Note 3, Fair Value Measurements).
Investment Income and Losses
Dividend income is recognized on the ex-dividend date, and interest income is recorded on an accrual basis. Unrealized gains and losses on investments are measured by the change in the difference between the fair value and cost of the securities held at the beginning of the year (or date purchased if acquired during the Plan year) and the end of the year. Realized gains and losses from security transactions are recorded based on the weighted-average cost of securities sold.
Fully Benefit-Responsive Investment Contracts
As of December 31, 2020 and 2019, the Plan had fully benefit-responsive investment contracts, including synthetic investment contracts and an insurance separate accounts contract (collectively, security-backed contracts). The synthetic investment contracts are comprised of wrapper contracts issued by insurance companies backed by the Plan’s ownership in collective trust funds that invest in fixed income securities. The insurance separate accounts contract is a contract issued by an insurance company backed by specified separate accounts of the issuer which are comprised of fixed income securities. Contract value is the relevant measurement attribute for security-backed contracts because this is the amount participants would receive if they were to initiate qualified transactions related to these investments. The issuers of the Plan’s security-backed contracts credit the Plan with stated rates of interest, and the issuers guarantee that all qualified participant withdrawals related to the contracts will be at contract value, except as discussed below. The crediting rates provide for realized and unrealized gains and losses on the underlying assets to be amortized over the expected duration of the underlying investments through adjustments to the future interest crediting rates rather than being reflected immediately in the net assets of the Plan. The contract values of the Plan’s security-backed contracts were as follows:
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
| | | | | | | | | | | |
| December 31, |
| 2020 | | 2019 |
| Synthetic investment contracts | $ | 501,806,073 | | | $ | 271,487,681 | |
| Insurance separate accounts contract | 176,916,252 | | | 90,850,921 | |
| Total fully benefit-responsive investment contracts | $ | 678,722,325 | | | $ | 362,338,602 | |
The security-backed contracts provide for withdrawals at other than contract value associated with certain events which are not in the ordinary course of Plan operations. These withdrawals are made at contract value, modified by a market value adjustment as defined in the contract. Circumstances which may trigger a market value adjustment are generally defined as any event that, in the reasonable determination of the issuer, has or will have a material adverse effect on the issuer’s interest under the contract. Such events may include, but are not limited to: (a) material amendments to the Plan’s structure or administration; (b) changes in or the creation of competing investment options; (c) complete or partial termination of the Plan; (d) removal of a specifically identifiable group of employees from coverage under the Plan; (e) a change in law, regulation, ruling, administrative position, or accounting standard applicable to the Plan; or (f) communication to Plan participants designed to influence a participant not to invest in the asset class that contains these contracts. The Company does not believe that the occurrence of any such event, which would limit the Plan’s ability to transact at contract value with participants, is probable.
These security-backed contracts are evergreen contracts with no maturity dates, but do contain termination provisions. The issuer is obligated to pay the excess contract value when the fair value of the underlying investments equals zero. In addition, if the Plan defaults in its obligations under the security-backed contract and such default is not corrected within the time permitted by the contract, then the contract may be terminated by the issuer and the Plan will receive the fair value of the underlying investments as of the date of termination.
Notes Receivable from Participants
Notes receivable from participants are carried at their unpaid balance plus accrued but unpaid interest, as applicable.
Due from/to Brokers
Purchases and sales of investments are recorded on a trade-date basis. Amounts due from and due to brokers arise from unsettled sale and purchase transactions, respectively.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
3. Fair Value Measurements
The Plan uses various valuation approaches in determining the fair value of investments 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 investment based on market data obtained from independent sources. Unobservable inputs are inputs that reflect assumptions about the inputs that market participants would use in pricing the investment 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 investments that the Plan 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.
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
The availability of observable inputs can vary among the various types of investments. 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.
The following fair value hierarchy tables present information about each major class/category of the Plan’s investments measured at fair value:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair value measurements at December 31, 2020, using |
| | | Quoted prices in active markets for identical assets
(Level 1) | | Significant
other observable
inputs
(Level 2) | | Significant
unobservable
inputs
(Level 3) | | Total |
| Amgen stock | | $ | 352,404,662 | | | $ | — | | | $ | — | | | $ | 352,404,662 | |
| Cash and cash equivalents | | 32,090,680 | | | — | | | — | | | 32,090,680 | |
| Collective trust funds | | — | | | 3,654,353,052 | | | — | | | 3,654,353,052 | |
| Common and preferred stocks | | 1,259,896,607 | | | — | | | — | | | 1,259,896,607 | |
| Debt securities | | 59 | | | 4,969 | | | — | | | 5,028 | |
| Mutual funds | | 92,035,145 | | | — | | | — | | | 92,035,145 | |
| Self-directed brokerage accounts | | 636,454,755 | | | 1,104,596 | | | — | | | 637,559,351 | |
| | | | | | | | |
| Total investments at fair value | | $ | 2,372,881,908 | | | $ | 3,655,462,617 | | | $ | — | | | $ | 6,028,344,525 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair value measurements at December 31, 2019, using |
| | | Quoted prices in active markets for identical assets
(Level 1) | | Significant
other observable
inputs
(Level 2) | | Significant
unobservable
inputs
(Level 3) | | Total |
| Amgen stock | | $ | 377,734,377 | | | $ | — | | | $ | — | | | $ | 377,734,377 | |
| Cash and cash equivalents | | 22,222,565 | | | — | | | — | | | 22,222,565 | |
| Collective trust funds | | — | | | 3,237,602,155 | | | — | | | 3,237,602,155 | |
| Common and preferred stocks | | 1,132,119,265 | | | 3,468,599 | | | — | | | 1,135,587,864 | |
| Debt securities | | — | | | 27,907 | | | — | | | 27,907 | |
| Mutual funds | | 316,496,761 | | | — | | | — | | | 316,496,761 | |
| Self-directed brokerage accounts | | 427,464,488 | | | 1,498,039 | | | — | | | 428,962,527 | |
| Total investments at fair value | | $ | 2,276,037,456 | | | $ | 3,242,596,700 | | | $ | — | | | $ | 5,518,634,156 | |
The fair values of substantially all common stocks (including Amgen stock), preferred stocks, publicly traded mutual funds and underlying investments of self-directed brokerage accounts are valued using quoted market prices in active markets with no valuation adjustment.
Collective trust funds represent interests in pooled investment vehicles designed typically for collective investment of employee benefit trusts. The fair values of these investments are determined by reference to the net asset value per unit provided by the fund managers as the basis for current transactions.
Debt securities are valued by taking into consideration valuations obtained from third-party pricing services. The pricing services use industry-standard valuation models, including both income- and market-based approaches, for which all significant
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
inputs are observable either directly or indirectly to estimate fair value. The inputs include reported trades of and broker-dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs.
4. Income Tax Status
The Plan received a determination letter from the IRS dated February 22, 2018, stating that, conditioned on the adoption of proposed Plan amendments submitted to the IRS on February 15, 2018, the Plan is qualified, in form, under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. There have been four subsequent amendments to the Plan, including amendments to satisfy the conditions in the determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Company believes the Plan is currently being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt. The Company has indicated that it currently intends to continue to take the necessary steps, if any, to maintain the Plan’s compliance with the applicable requirements of the Code.
5. Party-in-Interest Transactions
Parties-in-Interest are certain entities defined under Department of Labor regulations, including Amgen, and other parties that provide services to the Plan, such as the trustees, custodians and investment managers. The Plan pays the trustees certain administrative and investment management fees, and the Company pays certain administrative fees on behalf of the Plan. The Plan makes investments in collective trust funds managed by Northern, certain of the Plan’s investment managers and other third parties and may invest in securities of entities that are parties-in-interest. The Plan also invests in shares of common stock of Amgen and receives dividends on those shares. Notes receivable from participants are also considered party-in-interest transactions. In addition, Northern enters into security-backed contracts with certain insurance companies on behalf of the Plan.
6. Reconciliation of Financial Statements to Form 5500
The reconciliation of net assets available for benefits per the financial statements to the Form 5500 consisted of the following:
| | | | | | | | | | | | | | |
| | | December 31, |
| | | 2020 | | 2019 |
| Net assets available for benefits per the financial statements | | $ | 6,740,740,453 | | | $ | 5,913,144,796 | |
| Adjustment to fair value for fully benefit-responsive investment contracts | | 17,810,584 | | | 6,420,299 | |
| Amounts allocated to withdrawing participants | | (2,432,934) | | | (3,099,317) | |
| Deemed loans | | (337,488) | | | (286,100) | |
| Net assets per the Form 5500 | | $ | 6,755,780,615 | | | $ | 5,916,179,678 | |
The following is a reconciliation of the net investment gain per the financial statements to the Form 5500:
| | | | | | | | |
| | | Year Ended
December 31,
2020 |
| Interest and dividend income | | $ | 42,658,295 | |
| Net realized/unrealized gains | | 855,935,827 | |
| Net investment income per the financial statements | | 898,594,122 | |
| Adjustment from fair value to contract value for fully benefit-responsive investment contracts: | | |
| Less prior-year adjustment | | (6,420,299) | |
| Add current-year adjustment | | 17,810,584 | |
| Total net investment gain per the Form 5500 | | $ | 909,984,407 | |
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
The following is a reconciliation of expenses per the financial statements to the Form 5500:
| | | | | | | | |
| | | Year Ended
December 31,
2020 |
| Benefits paid | | $ | (463,013,407) | |
| Investment and administrative fees | | (10,086,161) | |
| Total expenses per the financial statements | | (473,099,568) | |
| Amounts allocated to withdrawing participants at December 31, 2019 | | 3,099,317 | |
| Amounts allocated to withdrawing participants at December 31, 2020 | | (2,432,934) | |
| Deemed loans at December 31, 2019 | | 286,100 | |
| Deemed loans at December 31, 2020 | | (337,488) | |
| Total expenses per the Form 5500 | | $ | (472,484,573) | |
Supplemental Schedule
Amgen Retirement and Savings Plan
EIN: 95-3540776 Plan: #001
As of December 31, 2020
Schedule H, line 4i – Schedule of Assets (Held at End of Year)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Amgen stock* | | Employer Securities 1,532,727 shares | | $ | 352,404,662 | | |
| | | | | | 352,404,662 | |
| | | | | | |
| Capital Preservation Asset Class: | | | | | |
| Wells Fargo Fixed Income Fund L* | | Collective Trust Fund 20,849,074 units | | 306,137,374 | | |
| Wells Fargo Fixed Income Fund F* | | Collective Trust Fund 13,405,175 units | | 209,040,298 | | |
| Metropolitan Life Contract* | | Insurance Separate Accounts Investment Contract 1,442,305 units | | 181,355,236 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 36,949,915 units | | 36,949,915 | | |
| Wells Fargo BlackRock Short Term Investment Fund S* | | Collective Trust Fund 36,548,161 units | | 36,556,232 | | |
| Wrapper Contracts | | | | — | | |
| Total Capital Preservation Asset Class | | | | | 770,039,055 | |
| | | | | | |
| Fixed Income Active Asset Class: | | | | | |
| Wellington Core Bond Plus Portfolio Collective Investment Trust II* | | Collective Trust Fund 22,947,421 units | | 314,838,622 | | |
| MetLife Core Plus Collective Fund* | | Collective Trust Fund 28,837,909 units | | 314,044,826 | | |
| Putnam Absolute Return Fixed Income Fund* | | Collective Trust Fund 1,141,881 units | | 87,673,604 | | |
| Schroder Global Strategic Bond Trust Class W* | | Collective Trust Fund 8,452,322 units | | 86,467,254 | | |
| NT Collective Aggregate Bond Index Fund / Non Lending* | | Collective Trust Fund 376,977 units | | 61,873,207 | | |
| Banc America Alternative Loan Trust Series 2004-6 Class 4A 15.0% Due 10/25/2048* | | Corporate Bond 2,495 units | | 2,553 | | |
| GMAC Mortgage Loan Trust 2003/J10 4.75% Due 01/25/2019 | | Corporate Bond 1,396 units | | 1,392 | | |
| Kaupthing Bank HF 02/28/2020 In Default | | Corporate Bond 310,000 units | | 775 | | |
| Residential Accredit Loans Inc. Mortgage Pass Thru 2004-QS3 Class CB 5 Due 03-25-2019 Reg | | Corporate Bond 170 units | | 162 | | |
| Interest-Only Federal Home Loan Mortgage Company Multiclass Series 3219 Class DI 6 04/15/2036 | | Government Bond 161 units | | 34 | | |
| Interest-Only Federal National Mortgage Association Preassign 00470 06/25/2033 | | Government Bond 118 units | | 25 | | |
| Morgan Stanley Capital I Trust Due 02/12/2044 | | Corporate Bond 72,197 units | | 9 | | |
| Total Fixed Income Active Asset Class | | | | | 864,902,463 | |
| | | | | | |
| Fixed Income Index Asset Class: | | | | | |
| NT Collective Aggregate Bond Index Fund / Non Lending* | | Collective Trust Fund 3,602,090 units | | 591,211,063 | | |
| Total Fixed Income Index Asset Class | | | | | 591,211,063 | |
| | | | | | |
| U.S. Equity Active Asset Class: | | | | | |
| NT Collective Russell 3000 Index Fund / Non Lending* | | Collective Trust Fund 1,885,618 units | | 110,495,339 | | |
| Amazon Inc. | | Common and Preferred Stock 7,283 shares | | 34,780,755 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Visa Inc. Class A | | Common and Preferred Stock 156,621 shares | | 34,257,711 | | |
| Interest Bearing Cash | | Cash and Cash Equivalents 29,646,042 units | | 29,646,042 | | |
| Facebook, Inc. | | Common and Preferred Stock 69,684 shares | | 26,345,736 | | |
| General Electric Company | | Common and Preferred Stock 1,090,615 shares | | 21,133,375 | | |
| Anthem Inc. | | Common and Preferred Stock 73,916 shares | | 19,446,082 | | |
| Hilton Worldwide Holdings Inc. | | Common and Preferred Stock 95,567 shares | | 18,560,542 | | |
| Sea Limited | | Common and Preferred Stock 85,200 shares | | 16,959,060 | | |
| Alphabet Inc. | | Common and Preferred Stock 9,582 shares | | 16,786,514 | | |
| Salesforce.com Inc. | | Common and Preferred Stock 73,624 shares | | 16,383,549 | | |
| Mastercard Inc. Class A | | Common and Preferred Stock 45,017 shares | | 16,068,368 | | |
| TransDigm Group Inc. | | Common and Preferred Stock 23,554 shares | | 14,576,393 | | |
| Match Group Inc. | | Common and Preferred Stock 28,416 shares | | 14,514,694 | | |
| Netflix, Inc. | | Common and Preferred Stock 25,616 shares | | 13,851,340 | | |
| Square Inc. Class A | | Common and Preferred Stock 61,800 shares | | 13,450,152 | | |
| The Carlyle Group Inc. | | Common and Preferred Stock 374,942 shares | | 11,788,176 | | |
| ServiceNow, Inc. | | Common and Preferred Stock 21,362 shares | | 11,758,286 | | |
| Jones Lang LaSalle Inc. | | Common and Preferred Stock 79,214 shares | | 11,752,981 | | |
| Intuit | | Common and Preferred Stock 12,211 shares | | 11,245,839 | | |
| KKR & Company Inc. Class A | | Common and Preferred Stock 277,565 shares | | 11,238,607 | | |
| Qorvo, Inc. | | Common and Preferred Stock 66,797 shares | | 11,106,337 | | |
| Microsoft Corporation | | Common and Preferred Stock 49,526 shares | | 11,015,573 | | |
| Illumina, Inc. | | Common and Preferred Stock 17,531 shares | | 10,536,120 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 10,524,567 units | | 10,524,567 | | |
| Heico Corporation Class A | | Common and Preferred Stock 54,734 shares | | 10,522,523 | | |
| Skyworks Solutions Inc | | Common and Preferred Stock 66,243 shares | | 10,127,230 | | |
| UnitedHealth Group Inc. | | Common and Preferred Stock 28,526 shares | | 10,003,498 | | |
| Uber Technologies Inc. | | Common and Preferred Stock 192,600 shares | | 9,822,600 | | |
| Paypal Holdings Inc. | | Common and Preferred Stock 41,254 shares | | 9,661,687 | | |
| FleetCor Technologies, Inc. | | Common and Preferred Stock 32,786 shares | | 8,945,004 | | |
| Abbott Lab | | Common and Preferred Stock 80,856 shares | | 8,852,923 | | |
| Yum! Brands Inc. | | Common and Preferred Stock 80,902 shares | | 8,782,721 | | |
| SS&C Technologies Holdings Inc. | | Common and Preferred Stock 106,800 shares | | 8,737,057 | | |
| Wayfair Inc. Class A | | Common and Preferred Stock 37,233 shares | | 8,407,584 | | |
| Citigroup Inc. | | Common and Preferred Stock 135,646 shares | | 8,363,932 | | |
| Workday Inc. Class A | | Common and Preferred Stock 34,853 shares | | 8,351,127 | | |
| Wells Fargo & Company* | | Common and Preferred Stock 274,560 shares | | 8,286,221 | | |
| Entegris Inc. | | Common and Preferred Stock 85,340 shares | | 8,201,174 | | |
| Autodesk Inc. | | Common and Preferred Stock 26,804 shares | | 8,184,333 | | |
| American International Group Inc.* | | Common and Preferred Stock 215,364 shares | | 8,153,681 | | |
| Charles River Laboratories International Inc. | | Common and Preferred Stock 18,928 shares | | 7,803,628 | | |
| Adobe Systems Inc. | | Common and Preferred Stock 15,592 shares | | 7,797,871 | | |
| Nike, Inc. Class B | | Common and Preferred Stock 54,777 shares | | 7,749,302 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Twilio Inc. Class A | | Common and Preferred Stock 22,808 shares | | 7,720,508 | | |
| STERIS plc | | Common and Preferred Stock 24,733 shares | | 7,711,056 | | |
| Capital One Financial Corporation | | Common and Preferred Stock 77,154 shares | | 7,626,673 | | |
| Union Pacific Corporation | | Common and Preferred Stock 36,554 shares | | 7,611,274 | | |
| Catalent Inc. | | Common and Preferred Stock 45,636 shares | | 7,543,098 | | |
| Clean Harbors Inc. | | Common and Preferred Stock 35,043 shares | | 7,453,082 | | |
| Ball Corporation | | Common and Preferred Stock 79,288 shares | | 7,388,056 | | |
| Gildan Activewear Inc. | | Common and Preferred Stock 246,477 shares | | 6,903,821 | | |
| Merit Medical Systems Inc. | | Common and Preferred Stock 76,996 shares | | 6,836,612 | | |
| Lear Corporation | | Common and Preferred Stock 42,464 shares | | 6,753,050 | | |
| Baker Hughes Company | | Common and Preferred Stock 318,361 shares | | 6,637,827 | | |
| IHS Markit Limited | | Common and Preferred Stock 73,603 shares | | 6,611,757 | | |
| Equinix Inc. | | Common and Preferred Stock 9,233 shares | | 6,594,024 | | |
| Newell Brands Inc. | | Common and Preferred Stock 57,954 shares | | 6,576,884 | | |
| Align Technology, Inc. | | Common and Preferred Stock 12,196 shares | | 6,517,298 | | |
| Synopsys Inc. | | Common and Preferred Stock 24,967 shares | | 6,472,445 | | |
| Halozyme Therapeutics Inc. | | Common and Preferred Stock 151,183 shares | | 6,457,026 | | |
| Danaher Corporation | | Common and Preferred Stock 28,940 shares | | 6,428,732 | | |
| Thermo Fisher Corporation | | Common and Preferred Stock 13,781 shares | | 6,418,914 | | |
| PVH Corporation | | Common and Preferred Stock 67,895 shares | | 6,374,662 | | |
| Compass Group PLC | | Common and Preferred Stock 336,608 shares | | 6,271,522 | | |
| Halliburton Company | | Common and Preferred Stock 331,657 shares | | 6,268,317 | | |
| NRG Energy Inc. | | Common and Preferred Stock 162,712 shares | | 6,109,836 | | |
| Goldman Sachs Group Inc. | | Common and Preferred Stock 23,057 shares | | 6,080,361 | | |
| J2 Global Inc. | | Common and Preferred Stock 61,517 shares | | 6,009,596 | | |
| Intuitive Surgical, Inc. | | Common and Preferred Stock 7,202 shares | | 5,891,956 | | |
| Waste Connections Inc. | | Common and Preferred Stock 56,785 shares | | 5,824,437 | | |
| Zoetis Inc. Class A | | Common and Preferred Stock 34,806 shares | | 5,760,393 | | |
| CoStar Group Inc. | | Common and Preferred Stock 6,195 shares | | 5,725,915 | | |
| Wabtec Corporation | | Common and Preferred Stock 5,309 shares | | 5,632,813 | | |
| Regeneron Pharmaceuticals, Inc. | | Common and Preferred Stock 11,498 shares | | 5,554,799 | | |
| Woodward Inc. | | Common and Preferred Stock 12,085 shares | | 5,543,591 | | |
| Ritchie Bros. Auctioneers Inc. | | Common and Preferred Stock 79,418 shares | | 5,523,522 | | |
| Linde PLC | | Common and Preferred Stock 20,916 shares | | 5,511,575 | | |
| Skechers USA Inc. Class A | | Common and Preferred Stock 153,079 shares | | 5,501,659 | | |
| Charter Communications, Inc. Class A | | Common and Preferred Stock 8,241 shares | | 5,451,834 | | |
| FMC Corporation | | Common and Preferred Stock 47,150 shares | | 5,418,950 | | |
| Equitable Holdings Inc. | | Common and Preferred Stock 208,516 shares | | 5,335,924 | | |
| MetLife Inc.* | | Common and Preferred Stock 111,393 shares | | 5,229,901 | | |
| Sensata Technologies BV Holding | | Common and Preferred Stock 99,011 shares | | 5,221,840 | | |
| Euronet Worldwide Inc. | | Common and Preferred Stock 22,649 shares | | 5,183,209 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Ford Motor Company | | Common and Preferred Stock 582,661 shares | | 5,121,590 | | |
| On Semiconductor Corporation | | Common and Preferred Stock 153,767 shares | | 5,032,794 | | |
| Zillow Group Inc. Class C | | Common and Preferred Stock 38,600 shares | | 5,010,280 | | |
| MSCI Inc. | | Common and Preferred Stock 10,958 shares | | 4,893,076 | | |
| Ametek Inc. | | Common and Preferred Stock 40,369 shares | | 4,882,227 | | |
| National Oilwell Varco, Inc. | | Common and Preferred Stock 354,888 shares | | 4,872,612 | | |
| Hewlett Packard Enterprise Company | | Common and Preferred Stock 401,961 shares | | 4,763,238 | | |
| Warner Music Group Corporation Class A | | Common and Preferred Stock 124,241 shares | | 4,719,916 | | |
| Biotelemetry Inc. | | Common and Preferred Stock 65,417 shares | | 4,715,257 | | |
| Mohawk Industries Inc. | | Common and Preferred Stock 33,092 shares | | 4,664,317 | | |
| Amphenol Corporation Class A | | Common and Preferred Stock 35,635 shares | | 4,659,989 | | |
| Walt Disney Company | | Common and Preferred Stock 25,180 shares | | 4,562,112 | | |
| CVS Health Corporation | | Common and Preferred Stock 66,464 shares | | 4,539,491 | | |
| Textron Inc. | | Common and Preferred Stock 93,375 shares | | 4,512,814 | | |
| UGI Corporation | | Common and Preferred Stock 127,308 shares | | 4,450,688 | | |
| Voya Financial Inc. | | Common and Preferred Stock 14,579 shares | | 4,441,449 | | |
| Proofpoint Inc. | | Common and Preferred Stock 26,217 shares | | 4,421,457 | | |
| Dow Inc. | | Common and Preferred Stock 79,230 shares | | 4,397,265 | | |
| American Express Company | | Common and Preferred Stock 36,022 shares | | 4,355,420 | | |
| Floor & Decor Holdings Inc. | | Common and Preferred Stock 46,879 shares | | 4,352,715 | | |
| Hanesbrands Inc. | | Common and Preferred Stock 297,149 shares | | 4,332,432 | | |
| Axis Capital Holdings Limited | | Common and Preferred Stock 83,815 shares | | 4,223,438 | | |
| KAR Auction Services Inc. | | Common and Preferred Stock 226,377 shares | | 4,212,876 | | |
| TCF Financial Corporation | | Common and Preferred Stock 78,734 shares | | 4,191,367 | | |
| Sally Beauty Holdings Inc. | | Common and Preferred Stock 314,139 shares | | 4,096,373 | | |
| McKesson Corporation | | Common and Preferred Stock 23,265 shares | | 4,046,249 | | |
| Trinet Group Inc. | | Common and Preferred Stock 49,788 shares | | 4,012,913 | | |
| IDEX Corporation | | Common and Preferred Stock 11,935 shares | | 4,001,330 | | |
| Gartner Inc. | | Common and Preferred Stock 16,600 shares | | 3,994,498 | | |
| Belden Inc. | | Common and Preferred Stock 59,083 shares | | 3,912,622 | | |
| 2U Inc. | | Common and Preferred Stock 96,986 shares | | 3,880,410 | | |
| Helen Trustoy Limited | | Common and Preferred Stock 17,138 shares | | 3,807,892 | | |
| ABM Industrials Inc. | | Common and Preferred Stock 99,778 shares | | 3,775,600 | | |
| Bank of America Corporation* | | Common and Preferred Stock 123,941 shares | | 3,756,652 | | |
| JP Morgan Chase & Company* | | Common and Preferred Stock 29,141 shares | | 3,702,947 | | |
| Copart Inc. | | Common and Preferred Stock 28,894 shares | | 3,676,762 | | |
| HealthEquity Inc. | | Common and Preferred Stock 36,787 shares | | 3,617,322 | | |
| Cognizant Technology Solutions Corporation Class A | | Common and Preferred Stock 43,937 shares | | 3,600,637 | | |
| Edison International | | Common and Preferred Stock 57,246 shares | | 3,596,194 | | |
| Carter Inc. | | Common and Preferred Stock 15,157 shares | | 3,545,310 | | |
| Atlassian Corporation PLC Class A | | Common and Preferred Stock 15,145 shares | | 3,541,961 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Western Alliance Bancorporation | | Common and Preferred Stock 58,643 shares | | 3,515,648 | | |
| Generac Holdings Inc. | | Common and Preferred Stock 15,445 shares | | 3,512,347 | | |
| BWX Technologies Inc. | | Common and Preferred Stock 57,938 shares | | 3,492,503 | | |
| Whitbread PLC | | Common and Preferred Stock 81,579 shares | | 3,456,946 | | |
| Pluralsight Inc. Class A | | Common and Preferred Stock 162,330 shares | | 3,402,437 | | |
| Edwards Lifesciences Corporation | | Common and Preferred Stock 37,073 shares | | 3,382,170 | | |
| Quidel Corporation | | Common and Preferred Stock 15,093 shares | | 3,374,725 | | |
| Matson Inc. | | Common and Preferred Stock 54,438 shares | | 3,101,333 | | |
| Dollar Tree Inc. | | Common and Preferred Stock 28,627 shares | | 3,092,861 | | |
| Henry Schein Inc. | | Common and Preferred Stock 46,257 shares | | 3,092,743 | | |
| Syneos Health Inc. | | Common and Preferred Stock 44,018 shares | | 2,998,946 | | |
| LKQ Corporation | | Common and Preferred Stock 82,756 shares | | 2,916,321 | | |
| Fiverr International Limited | | Common and Preferred Stock 14,580 shares | | 2,844,558 | | |
| Keysight Technologies Inc. | | Common and Preferred Stock 21,335 shares | | 2,818,140 | | |
| Frontdoor Inc. | | Common and Preferred Stock 56,049 shares | | 2,814,220 | | |
| Mednax Inc. | | Common and Preferred Stock 77,089 shares | | 2,788,308 | | |
| Grocery Outlet Holding Corporation | | Common and Preferred Stock 70,743 shares | | 2,776,663 | | |
| Itron Inc. | | Common and Preferred Stock 28,851 shares | | 2,766,811 | | |
| Kirby Corporation | | Common and Preferred Stock 52,563 shares | | 2,724,340 | | |
| Royal Dutch Shell PLC | | Common and Preferred Stock 77,220 shares | | 2,713,511 | | |
| HMS Holdings Corporation | | Common and Preferred Stock 71,035 shares | | 2,610,536 | | |
| MACOM Technology Solutions Holdings Inc. | | Common and Preferred Stock 46,837 shares | | 2,577,908 | | |
| Advanced Energy Industries Inc. | | Common and Preferred Stock 26,380 shares | | 2,558,069 | | |
| UBS Group AG | | Common and Preferred Stock 179,784 shares | | 2,540,348 | | |
| Ingredion Inc. | | Common and Preferred Stock 32,251 shares | | 2,537,186 | | |
| Hologic Inc. | | Common and Preferred Stock 34,653 shares | | 2,523,778 | | |
| Nuance Communications Inc. | | Common and Preferred Stock 57,083 shares | | 2,516,789 | | |
| Trimble Inc. | | Common and Preferred Stock 37,506 shares | | 2,504,276 | | |
| Solarwinds Corporation | | Common and Preferred Stock 167,084 shares | | 2,497,906 | | |
| IAA Spinco Inc. | | Common and Preferred Stock 38,361 shares | | 2,492,698 | | |
| Coupa Software Inc. | | Common and Preferred Stock 7,250 shares | | 2,457,098 | | |
| Tennant Company | | Common and Preferred Stock 35,011 shares | | 2,456,722 | | |
| Airbnb Inc. Class A | | Common and Preferred Stock 16,495 shares | | 2,421,466 | | |
| Morgan Stanley | | Common and Preferred Stock 35,231 shares | | 2,414,380 | | |
| Bottomline Technologies Inc. | | Common and Preferred Stock 45,135 shares | | 2,380,420 | | |
| Middleby Corporation | | Common and Preferred Stock 18,369 shares | | 2,368,131 | | |
| Bio-Techne Corporation | | Common and Preferred Stock 7,414 shares | | 2,354,316 | | |
| Cardinal Health, Inc. | | Common and Preferred Stock 43,846 shares | | 2,348,392 | | |
| QTS Realty Trust Inc. Class A | | Common and Preferred Stock 37,885 shares | | 2,344,324 | | |
| Dycom Industries Inc. | | Common and Preferred Stock 31,031 shares | | 2,343,461 | | |
| C.H. Robinson Worldwide Inc. | | Common and Preferred Stock 24,663 shares | | 2,315,116 | | |
| Chemed Corporation | | Common and Preferred Stock 4,339 shares | | 2,310,995 | | |
| LPL Financial Holdings Inc. | | Common and Preferred Stock 22,165 shares | | 2,310,036 | | |
| Graco Inc. | | Common and Preferred Stock 31,649 shares | | 2,289,805 | | |
| Cenovus Energy Inc. | | Common and Preferred Stock 378,966 shares | | 2,288,955 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| ASGN Inc. | | Common and Preferred Stock 27,194 shares | | 2,271,515 | | |
| Vroom Inc. | | Common and Preferred Stock 55,056 shares | | 2,255,644 | | |
| FTI Consulting Inc. | | Common and Preferred Stock 19,943 shares | | 2,228,032 | | |
| 8X8 Inc. | | Common and Preferred Stock 63,510 shares | | 2,189,190 | | |
| Acadia Healthcare Company Inc. | | Common and Preferred Stock 43,359 shares | | 2,179,223 | | |
| DEX Inc. | | Common and Preferred Stock 5,800 shares | | 2,144,376 | | |
| ACI Worldwide Inc. | | Common and Preferred Stock 54,349 shares | | 2,088,632 | | |
| Prosperity Bancshares Inc. | | Common and Preferred Stock 29,903 shares | | 2,074,072 | | |
| DoorDash Inc. Class A | | Common and Preferred Stock 14,513 shares | | 2,071,731 | | |
| John Bean Technologies Corporation | | Common and Preferred Stock 18,191 shares | | 2,071,409 | | |
| Harsco Corporation | | Common and Preferred Stock 114,483 shares | | 2,058,404 | | |
| Viatris Inc. | | Common and Preferred Stock 109,141 shares | | 2,045,302 | | |
| AMN Healthcare Services Inc. | | Common and Preferred Stock 29,880 shares | | 2,039,310 | | |
| Pacific Premier Bancorp Inc. | | Common and Preferred Stock 64,842 shares | | 2,031,500 | | |
| Kodiak Sciences Inc. | | Common and Preferred Stock 13,766 shares | | 2,022,363 | | |
| Shutterstock Inc. | | Common and Preferred Stock 28,061 shares | | 2,011,974 | | |
| ALLETE Inc. | | Common and Preferred Stock 32,293 shares | | 2,000,228 | | |
| Altra Industrial Motion Corporation | | Common and Preferred Stock 35,259 shares | | 1,954,406 | | |
| First American Financial Corporation | | Common and Preferred Stock 37,139 shares | | 1,917,487 | | |
| Snowflake Inc. Class A | | Common and Preferred Stock 6,802 shares | | 1,914,083 | | |
| Cohen & Steers Inc. | | Common and Preferred Stock 25,420 shares | | 1,888,706 | | |
| Cooper Companies Inc. | | Common and Preferred Stock 5,162 shares | | 1,875,458 | | |
| Wolverine World Wide Inc. | | Common and Preferred Stock 59,918 shares | | 1,872,438 | | |
| Mid-American Apartment Communities Inc. | | Common and Preferred Stock 14,573 shares | | 1,846,253 | | |
| Exxon Mobil Corporation | | Common and Preferred Stock 44,789 shares | | 1,846,203 | | |
| NCR Corporation | | Common and Preferred Stock 49,093 shares | | 1,844,424 | | |
| Forward Air Corporation | | Common and Preferred Stock 23,585 shares | | 1,812,271 | | |
| FLIR Systems Inc. | | Common and Preferred Stock 41,319 shares | | 1,811,012 | | |
| Cabot Corporation | | Common and Preferred Stock 40,349 shares | | 1,810,863 | | |
| AptarGroup Inc. | | Common and Preferred Stock 13,218 shares | | 1,809,412 | | |
| Omnicell Inc. | | Common and Preferred Stock 15,070 shares | | 1,808,701 | | |
| Booking Holdings Inc. | | Common and Preferred Stock 810 shares | | 1,804,089 | | |
| Rogers Corporation | | Common and Preferred Stock 11,490 shares | | 1,784,282 | | |
| Albany International Corporation Class A | | Common and Preferred Stock 24,108 shares | | 1,770,009 | | |
| AerCap Holdings N.V. | | Common and Preferred Stock 38,739 shares | | 1,765,724 | | |
| Evercore Inc. | | Common and Preferred Stock 15,973 shares | | 1,751,280 | | |
| National Bank Holdings Corporation Class A | | Common and Preferred Stock 52,888 shares | | 1,732,611 | | |
| WisdomTree Investments Inc. | | Common and Preferred Stock 322,537 shares | | 1,725,573 | | |
| Heron Therapeutics Inc. | | Common and Preferred Stock 81,441 shares | | 1,723,699 | | |
| Axogen Inc. | | Common and Preferred Stock 93,014 shares | | 1,664,951 | | |
| Atmos Energy Corporation | | Common and Preferred Stock 17,394 shares | | 1,659,909 | | |
| Herbalife Nutrition Limited | | Common and Preferred Stock 34,534 shares | | 1,659,359 | | |
| IPG Photonics Corporation | | Common and Preferred Stock 7,410 shares | | 1,658,284 | | |
| Cimpress plc | | Common and Preferred Stock 18,538 shares | | 1,626,524 | | |
| BankUnited Inc. | | Common and Preferred Stock 46,213 shares | | 1,607,288 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Aspen Technology Inc. | | Common and Preferred Stock 12,330 shares | | 1,605,983 | | |
| Monro Inc. | | Common and Preferred Stock 30,008 shares | | 1,599,426 | | |
| New Relic Inc. | | Common and Preferred Stock 24,084 shares | | 1,575,094 | | |
| Nasdaq Inc. | | Common and Preferred Stock 11,830 shares | | 1,570,314 | | |
| Knowles Corporation | | Common and Preferred Stock 84,196 shares | | 1,551,732 | | |
| FireEye Inc. | | Common and Preferred Stock 66,935 shares | | 1,543,521 | | |
| National Retail Properties Inc. | | Common and Preferred Stock 37,645 shares | | 1,540,433 | | |
| Hexcel Corporation | | Common and Preferred Stock 30,876 shares | | 1,497,177 | | |
| iShares Russell Mid-Cap ETF | | Mutual Fund 21,817 units | | 1,495,555 | | |
| Revance Therapeutics Inc. | | Common and Preferred Stock 52,706 shares | | 1,493,688 | | |
| iShares Russell 2000 ETF | | Mutual Fund 7,584 units | | 1,486,919 | | |
| Abiomed Inc. | | Common and Preferred Stock 4,517 shares | | 1,464,411 | | |
| Exact Sciences Corporation | | Common and Preferred Stock 10,862 shares | | 1,439,106 | | |
| Signature Bank | | Common and Preferred Stock 10,340 shares | | 1,398,899 | | |
| Graphic Packaging Holding Company | | Common and Preferred Stock 81,825 shares | | 1,386,116 | | |
| Tronox Holdings PLC | | Common and Preferred Stock 94,395 shares | | 1,380,051 | | |
| Alleghany Corporation | | Common and Preferred Stock 2,274 shares | | 1,372,791 | | |
| Integra Lifesciences Holding Corporation | | Common and Preferred Stock 20,475 shares | | 1,329,237 | | |
| JBG SMITH Properties | | Common and Preferred Stock 42,145 shares | | 1,317,874 | | |
| Sarepta Therapeutics Inc. | | Common and Preferred Stock 7,627 shares | | 1,300,327 | | |
| SLR Investment Corporation | | Common and Preferred Stock 73,988 shares | | 1,295,530 | | |
| CarGurus Inc. Class A | | Common and Preferred Stock 39,887 shares | | 1,265,615 | | |
| Kraton Corporation | | Common and Preferred Stock 45,507 shares | | 1,264,640 | | |
| Grand Canyon Education Inc. | | Common and Preferred Stock 13,417 shares | | 1,249,257 | | |
| Alamos Gold Inc. Class A | | Common and Preferred Stock 140,943 shares | | 1,233,251 | | |
| Polaris Inc. | | Common and Preferred Stock 12,767 shares | | 1,216,440 | | |
| Fox Factory Holding Corporation | | Common and Preferred Stock 11,335 shares | | 1,198,223 | | |
| Neurocrine Biosciences Inc. | | Common and Preferred Stock 12,302 shares | | 1,179,147 | | |
| Matthews International Corporation Class A | | Common and Preferred Stock 39,584 shares | | 1,163,770 | | |
| Huron Consulting Group Inc. | | Common and Preferred Stock 19,561 shares | | 1,153,121 | | |
| Agios Pharmaceuticals Inc. | | Common and Preferred Stock 26,442 shares | | 1,145,732 | | |
| Deciphera Pharmaceuticals Inc. | | Common and Preferred Stock 19,916 shares | | 1,136,606 | | |
| Bank Ozk | | Common and Preferred Stock 36,313 shares | | 1,135,508 | | |
| TreeHouse Foods Inc. | | Common and Preferred Stock 26,369 shares | | 1,120,419 | | |
| Markel Corporation Holding Company | | Common and Preferred Stock 1,070 shares | | 1,105,631 | | |
| Ontrak Inc. | | Common and Preferred Stock 17,315 shares | | 1,069,894 | | |
| Carlisle Companies Inc. | | Common and Preferred Stock 6,846 shares | | 1,069,208 | | |
| KBR, Inc. | | Common and Preferred Stock 34,371 shares | | 1,063,095 | | |
| Masimo Corporation | | Common and Preferred Stock 3,952 shares | | 1,060,638 | | |
| Barnes Group Inc. | | Common and Preferred Stock 20,016 shares | | 1,014,611 | | |
| Knight-Swift Transportation Holdings Inc. Class A | | Common and Preferred Stock 23,969 shares | | 1,002,384 | | |
| AZZ Inc. | | Common and Preferred Stock 21,029 shares | | 997,616 | | |
| 1-800-FLOWERS.COM Inc. Class A | | Common and Preferred Stock 37,998 shares | | 987,948 | | |
| Coherus BioSciences Inc. | | Common and Preferred Stock 56,627 shares | | 984,177 | | |
| Nu Skin Enterprises Inc. Class A | | Common and Preferred Stock 18,011 shares | | 983,941 | | |
| Encompass Health Corporation | | Common and Preferred Stock 11,653 shares | | 963,587 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| WillScot Mobile Mini Holdings Corporation | | Common and Preferred Stock 40,796 shares | | 945,243 | | |
| Allakos Inc. | | Common and Preferred Stock 6,693 shares | | 937,020 | | |
| Kennametal Inc. Capital | | Common and Preferred Stock 25,828 shares | | 936,007 | | |
| SpringWorks Therapeutics Inc. | | Common and Preferred Stock 12,772 shares | | 926,225 | | |
| Flowserve Corporation | | Common and Preferred Stock 24,970 shares | | 920,145 | | |
| Albemarle Corporation | | Common and Preferred Stock 6,223 shares | | 918,017 | | |
| Texas Capital Bancshares Inc. | | Common and Preferred Stock 15,114 shares | | 899,283 | | |
| Nevro Corporation | | Common and Preferred Stock 5,189 shares | | 898,216 | | |
| WSFS Financial Corporation | | Common and Preferred Stock 19,886 shares | | 892,484 | | |
| CalAmp Corporation | | Common and Preferred Stock 89,563 shares | | 888,465 | | |
| Supernus Pharmaceuticals Inc. | | Common and Preferred Stock 35,311 shares | | 888,425 | | |
| World Wrestling Entertainment | | Common and Preferred Stock 18,100 shares | | 869,705 | | |
| Haemonetics Corporation | | Common and Preferred Stock 7,310 shares | | 868,063 | | |
| PacWest Bancorp | | Common and Preferred Stock 33,783 shares | | 858,088 | | |
| BRP Group Inc. Class A | | Common and Preferred Stock 10,524,567 shares | | 842,307 | | |
| Ciena Corporation | | Common and Preferred Stock 15,896 shares | | 840,104 | | |
| Heartland Express Inc. | | Common and Preferred Stock 45,509 shares | | 823,713 | | |
| Cal/Maine Foods Inc. | | Common and Preferred Stock 21,914 shares | | 822,652 | | |
| Prestige Consumer Healthcare Inc. | | Common and Preferred Stock 23,407 shares | | 816,202 | | |
| NorthWestern Corp | | Common and Preferred Stock 13,857 shares | | 808,002 | | |
| Viking Therapeutics Inc. | | Common and Preferred Stock 141,422 shares | | 796,206 | | |
| Team Inc. | | Common and Preferred Stock 71,458 shares | | 778,892 | | |
| Wix.com Limited | | Common and Preferred Stock 2,914 shares | | 728,383 | | |
| iShares Core S&P Small-Cap ETF | | Mutual Fund 7,852 units | | 721,599 | | |
| Boston Properties Inc. | | Common and Preferred Stock 7,616 shares | | 719,940 | | |
| Infinera Corporation | | Common and Preferred Stock 63,978 shares | | 670,489 | | |
| Mirati Therapeutics Inc. | | Common and Preferred Stock 3,035 shares | | 666,607 | | |
| Sumo Logic Inc. | | Common and Preferred Stock 23,120 shares | | 660,770 | | |
| Xperi Holding Corporation | | Common and Preferred Stock 30,870 shares | | 645,183 | | |
| Sotera Health Company | | Common and Preferred Stock 20,325 shares | | 557,718 | | |
| Silgan Holdings Inc. | | Common and Preferred Stock 14,989 shares | | 555,792 | | |
| Berkshire Hills Bancorp Inc. | | Common and Preferred Stock 31,036 shares | | 531,336 | | |
| John Wiley & Sons Inc. Class A | | Common and Preferred Stock 11,420 shares | | 521,437 | | |
| Range Resources Corporation | | Common and Preferred Stock 75,111 shares | | 503,244 | | |
| Banner Corporation | | Common and Preferred Stock 10,344 shares | | 481,927 | | |
| Arvinas Inc. | | Common and Preferred Stock 5,409 shares | | 459,386 | | |
| Fulton Financial Corporation | | Common and Preferred Stock 34,274 shares | | 435,965 | | |
| Designer Brands Inc. Class A | | Common and Preferred Stock 49,552 shares | | 379,073 | | |
| Amdocs Limited | | Common and Preferred Stock 5,296 shares | | 375,645 | | |
| STAG Industrial Inc. | | Common and Preferred Stock 11,083 shares | | 347,120 | | |
| NexTier Oilfield Solutions Inc. | | Common and Preferred Stock 91,692 shares | | 315,420 | | |
| Oceaneering International Inc. | | Common and Preferred Stock 38,874 shares | | 309,048 | | |
| QEP Resources Inc. | | Common and Preferred Stock 123,262 shares | | 294,596 | | |
| RPC Inc. | | Common and Preferred Stock 41,584 shares | | 130,990 | | |
| Total U.S. Equity Active Asset Class | | | | | 1,414,230,096 | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| U.S. Equity Index Asset Class: | | | | | |
| NT Collective Russell 3000 Index Fund / Non Lending* | | Collective Trust Fund 18,358,114 units | | 1,075,767,094 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 22,975 units | | 22,975 | | |
| Interest Bearing Cash | | Cash and Cash Equivalents 10,025 units | | 10,025 | | |
| Gaming & Leisure Properties Inc. | | Common and Preferred Stock 156 shares | | 6,596 | | |
| CTO Realty Growth Inc. | | Common and Preferred Stock 79 shares | | 3,331 | | |
| Total U.S. Equity Index Asset Class | | | | | 1,075,810,021 | |
| | | | | | |
| International Equity Active Class: | | | | | |
| Polaris Capital Management Collective Investment Trust International Value Collective Fund* | | Collective Trust Fund 12,901,941 units | | 139,174,533 | | |
| Mawer International Equity Collective Investment Trust Class B* | | Collective Trust Fund 8,134,360 units | | 133,040,703 | | |
| Reliance Trust Institutional Retirement Trust GQG Partners International Equity Fund Series 11 Class C* | | Collective Trust Fund 8,878,616 units | | 109,118,193 | | |
| Dodge & Cox International Fund | | Mutual Fund 2,021,306 units | | 88,331,072 | | |
| Wilmington Trust Collective Investment Trust / Jennison International Equity Opportunities CIT Class J* | | Collective Trust Fund 7,464,594 units | | 80,020,451 | | |
| NT Collective MSCI All Country World Index (ACWI) ex/US Index Fund / Non Lending* | | Collective Trust Fund 126,142 units | | 25,600,853 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 1,654 units | | 1,654 | | |
| Total International Equity Active Asset Class | | | | | 575,287,459 | |
| | | | | | |
| International Equity Index Asset Class: | | | | | |
| NT Collective All Country World Index (ACWI) Ex/US Fund / Non Lending* | | Collective Trust Fund 2,378,230 units | | 440,709,736 | | |
| BlackRock FTSE RAFI Emerging Index Non Lendable Fund F* | | Collective Trust Fund 21,268 units | | 99,199 | | |
| Total International Equity Index Asset Class | | | | | 440,808,935 | |
| | | | | | |
| Participant Self-Directed Accounts | | Various Investments | | 637,559,351 | | |
| | | | | | 637,559,351 | |
| | | | | | |
| Notes Receivable from Participants* | | Interest Rate 3.50% - 9.74% | | 32,890,569 | | |
| | | | | | 32,890,569 | |
| | | | | | |
| Other: | | | | | |
| BIF Money Fund* | | Cash and Cash Equivalents 2,432,959 units | | 2,432,959 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 164,688 units | | 164,689 | | |
| Exide Technologies | | Common and Preferred Stock 37,308 shares | | 26,603 | | |
| Exide Technologies 144A 11.0% Due 05/24/2017 | | Corporate Bond 9,077 units | | 78 | | |
| Total Other | | | | | 2,624,329 | |
| | | | | | |
| Grand Total | | | | | $ | 6,757,768,003 | |
| | | | | | | | | | | | | | |
| | | | |
| * Indicates party-in-interest | | | | |
Supplemental Schedule
Amgen Retirement and Savings Plan
EIN: 95-3540776 Plan: #001
Year Ended December 31, 2020
Schedule H, line 4i – Schedule of Assets (Acquired and Disposed of Within Year)
| | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Proceeds from Dispositions |
| Participant Self-Directed Brokerage Accounts | | Various Investments | | 284,291 | |
Supplemental Schedule
Amgen Retirement and Savings Plan
EIN: 95-3540776 Plan Number: #001
As of December 31, 2020
Schedule G, Part 1 – Schedule of Loans or Fixed Income Obligations
in Default or Classified as Uncollectible
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Identity of obligor | | Original
amount of
loan
(cost of
security) | | Unpaid balance
at end of year
(fair value of
security) | | Detailed description of loan including dates of making and maturity, interest rate, the type and value of collateral, any renegotiation of the loan and the terms of the renegotiation and other
material items (description of fixed income obligation) | | Amount of
principal
overdue | | Amount of
interest
overdue |
| Kaupthing Bank | | $ | 183,033 | | | $ | 775 | | | Corporate Bonds 310,000 units due 2/28/2020 | | $ | 310,000 | | | $ | — | |
AMGEN RETIREMENT AND SAVINGS PLAN
INDEX TO EXHIBIT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | | | | | | | | | | |
| | | | Amgen Retirement and Savings Plan (Name of Plan) |
| | | | | | |
| Date: | June 22, 2021 | | | By: | | /s/ PETER H. GRIFFITH |
| | | | | | Peter H. Griffith |
| | | | | | Executive Vice President and |
| | | | | | Chief Financial Officer |
| | | | | | Amgen Inc. |
