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, 2023
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)
| | | | | | | | |
| | |
| 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 Schedule
Year Ended December 31, 2023
Contents
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| Audited Financial Statements: | |
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| Supplemental Schedule: | |
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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, 2023 and 2022, and the related statement of changes in net assets available for benefits for the year ended December 31, 2023, 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, 2023 and 2022, and the changes in its net assets available for benefits for the year ended December 31, 2023, 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 Schedule Required by ERISA
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2023, (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule 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 schedule. 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 20, 2024
Amgen Retirement and Savings Plan
Statements of Net Assets Available for Benefits
| | | | | | | | | | | | | | |
| | | December 31, |
| | | 2023 | | 2022 |
| Assets | | | | |
| Investments at fair value | | $ | 6,270,169,496 | | | $ | 5,377,700,230 | |
| Investments in fully benefit-responsive investment contracts at contract value | | 638,250,657 | | | 652,003,057 | |
| Notes receivable from participants | | 31,248,315 | | | 30,480,124 | |
| Other – principally due from broker | | 4,776,528 | | | 4,090,891 | |
| Total assets | | 6,944,444,996 | | | 6,064,274,302 | |
| Liabilities | | | | |
| Other – principally due to broker | | 5,497,298 | | | 7,264,329 | |
| Total liabilities | | 5,497,298 | | | 7,264,329 | |
| Net assets available for benefits | | $ | 6,938,947,698 | | | $ | 6,057,009,973 | |
See accompanying notes.
Amgen Retirement and Savings Plan
Statement of Changes in Net Assets Available for Benefits
| | | | | | | | | | |
| | | Year Ended December 31, |
| | | 2023 | | |
| Additions to (deductions from) net assets: | | | | |
| Employer contributions | | $ | 210,497,095 | | | |
| Participant contributions | | 192,800,615 | | | |
| Rollover contributions | | 27,199,838 | | | |
| Interest and dividend income | | 48,017,627 | | | |
| Net realized/unrealized gains | | 941,461,719 | | | |
| Interest income on notes receivable from participants | | 1,707,330 | | | |
| Benefits paid | | (529,561,234) | | | |
| Investment and administrative fees | | (10,185,265) | | | |
| Net increase | | 881,937,725 | | | |
| Net assets available for benefits at beginning of year | | 6,057,009,973 | | | |
| Net assets available for benefits at end of year | | $ | 6,938,947,698 | | | |
See accompanying notes.
Amgen Retirement and Savings Plan
Notes to Financial Statements
December 31, 2023
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 December 18, 2023. 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 $22,500 in 2023. Participant after-tax contributions are subject to IRS and Plan limitations and could not exceed a maximum of $10,500 in 2023. 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 $7,500 in 2023. 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 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 $16,500 in 2023. 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 $16,500 in 2023.
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
Plan participants can invest in seven different asset classes as well as Amgen stock or can actively manage their account under a self-directed brokerage arrangement in which a wider array of investment options are available. 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, 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.
No withdrawals may be made from the Plan while a participant continues to be employed by the Company except in certain circumstances including, but not limited to, financial hardship, disability and attainment of age 59 1/2.
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.
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 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
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
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 become fully vested in Core Contributions and 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, 2023 and 2022, 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 was 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:
| | | | | | | | | | | |
| December 31, |
| 2023 | | 2022 |
| Synthetic investment contracts | $ | 638,250,657 | | | $ | 520,899,132 | |
| Insurance separate accounts contract | — | | | 131,103,925 | |
| Total fully benefit-responsive investment contracts | $ | 638,250,657 | | | $ | 652,003,057 | |
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
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.
Risks and Uncertainties
The Plan provides for investment options representing varied combinations of equities (including Amgen stock), fixed income, and other investments. Investments, in general, particularly in securities, are exposed to various risks, such as interest rate, inflation, market and credit risks, among others. Market risk includes global events which could impact the value of investments, including securities, such as a pandemic or international conflict. Due to the level of risk associated with certain investments, including securities, it is at least reasonably possible that changes in the values of the Plan’s investments, including securities, will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the Plan’s financial statements.
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
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.
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, 2023, 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 | | $ | 397,307,694 | | | $ | — | | | $ | — | | | $ | 397,307,694 | |
| Cash and cash equivalents | | 5,271,619 | | | — | | | — | | | 5,271,619 | |
| Collective trust funds | | — | | | 4,193,149,196 | | | — | | | 4,193,149,196 | |
| Common and preferred stocks | | 763,525,683 | | | — | | | — | | | 763,525,683 | |
| Debt securities | | — | | | 3,008 | | | — | | | 3,008 | |
| Mutual funds | | 105,092,597 | | | — | | | — | | | 105,092,597 | |
| Self-directed brokerage accounts | | 801,100,962 | | | 4,718,737 | | | — | | | 805,819,699 | |
| | | | | | | | |
| Total investments at fair value | | $ | 2,072,298,555 | | | $ | 4,197,870,941 | | | $ | — | | | $ | 6,270,169,496 | |
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair value measurements at December 31, 2022, 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 | | $ | 371,583,932 | | | $ | — | | | $ | — | | | $ | 371,583,932 | |
| Cash and cash equivalents | | 1,864,522 | | | — | | | — | | | 1,864,522 | |
| Collective trust funds | | — | | | 3,186,188,526 | | | — | | | 3,186,188,526 | |
| Common and preferred stocks | | 1,087,736,640 | | | — | | | — | | | 1,087,736,640 | |
| Debt securities | | — | | | 3,011 | | | — | | | 3,011 | |
| Mutual funds | | 86,858,925 | | | — | | | — | | | 86,858,925 | |
| Self-directed brokerage accounts | | 641,127,619 | | | 2,337,055 | | | — | | | 643,464,674 | |
| Total investments at fair value | | $ | 2,189,171,638 | | | $ | 3,188,528,592 | | | $ | — | | | $ | 5,377,700,230 | |
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.
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 seven 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 invests 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.
Amgen Retirement and Savings Plan
Notes to Financial Statements (continued)
6. Reconciliation of Financial Statements to the Form 5500
The reconciliation of net assets available for benefits per the financial statements to the Form 5500 consisted of the following:
| | | | | | | | | | | | | | |
| | | December 31, |
| | | 2023 | | 2022 |
| Net assets available for benefits per the financial statements | | $ | 6,938,947,698 | | | $ | 6,057,009,973 | |
| Adjustment to fair value for fully benefit-responsive investment contracts | | (42,589,104) | | | (58,471,009) | |
| Amounts allocated to withdrawing participants | | (2,426,100) | | | (1,385,506) | |
| Deemed loans | | (433,392) | | | (428,469) | |
| Net assets per the Form 5500 | | $ | 6,893,499,102 | | | $ | 5,996,724,989 | |
The following is a reconciliation of the net investment gain per the financial statements to the Form 5500:
| | | | | | | | |
| | | Year Ended
December 31,
2023 |
| Interest and dividend income | | $ | 48,017,627 | |
| Net realized/unrealized gains | | 941,461,719 | |
| Net investment gain per the financial statements | | 989,479,346 | |
| Adjustment from fair value to contract value for fully benefit-responsive investment contracts: | | |
| Prior-year adjustment | | 58,471,009 | |
| Current-year adjustment | | (42,589,104) | |
| Total net investment gain per the Form 5500 | | $ | 1,005,361,251 | |
The following is a reconciliation of expenses per the financial statements to the Form 5500:
| | | | | | | | |
| | | Year Ended
December 31,
2023 |
| Benefits paid | | $ | (529,561,234) | |
| Investment and administrative fees | | (10,185,265) | |
| Total expenses per the financial statements | | (539,746,499) | |
| Amounts allocated to withdrawing participants at December 31, 2022 | | 1,385,506 | |
| Amounts allocated to withdrawing participants at December 31, 2023 | | (2,426,100) | |
| Deemed loans at December 31, 2022 | | 428,469 | |
| Deemed loans at December 31, 2023 | | (433,392) | |
| Total expenses per the Form 5500 | | $ | (540,792,016) | |
Supplemental Schedule
Amgen Retirement and Savings Plan
EIN: 95-3540776 Plan: #001
As of December 31, 2023
Schedule H, line 4i – Schedule of Assets (Held at End of Year)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| | | | | | |
| Amgen stock* | | Employer Securities 1,414,803 shares | | $ | 397,307,694 | | |
| | | | | | $ | 397,307,694 | |
| | | | | | |
| Capital Preservation Asset Class: | | | | | |
| Galliard Intermediate Core Fund L* | | Collective Trust Fund 24,801,236 units | | 346,185,569 | | |
| Galliard Short Core Fund F* | | Collective Trust Fund 15,803,322 units | | 249,475,985 | | |
| Short-Term Investment Fund II* | | Collective Trust Fund 33,731,066 units | | 33,731,066 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 37,350,196 units | | 37,350,196 | | |
| Wrapper Contracts | | | | — | | |
| Total Capital Preservation Asset Class | | | | | 666,742,816 | |
| | | | | | |
| Fixed Income Active Asset Class: | | | | | |
| Wellington Core Bond Plus Portfolio Collective Investment Trust II* | | Collective Trust Fund 6,228,783 units | | 70,758,978 | | |
| Metlife Core Plus Collective Fund* | | Collective Trust Fund 7,094,114 units | | 69,947,965 | | |
| Schroder Global Strategic Bond Trust Class W* | | Collective Trust Fund 2,401,270 units | | 25,357,406 | | |
| NT Collective Aggregate Bond Index Fund / Non Lending* | | Collective Trust Fund 121,379 units | | 18,004,123 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 207,327 units | | 207,327 | | |
| Banc America Alternative Loan Trust Series 2004-6 Class 4A 15.0% Due 10-25-2048* | | Corporate Bond 2,329 units | | 1,909 | | |
| GMAC Mortgage Loan Trust 2003/J10 4.75% Due 01/25/2019 | | Corporate Bond 1,132 units | | 1,099 | | |
| Total Fixed Income Active Asset Class | | | | | 184,278,807 | |
| | | | | | |
| Fixed Income Index Asset Class: | | | | | |
| NT Collective Aggregate Bond Index Fund / Non Lending* | | Collective Trust Fund 7,501,937 units | | 1,112,762,320 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 48 units | | 48 | | |
| Total Fixed Income Index Asset Class | | | | | 1,112,762,368 | |
| | | | | | |
| U.S. Equity Active Asset Class: | | | | | |
| NT Collective Russell 1000 Value Index Fund / Non Lending* | | Collective Trust Fund 295,676 units | | 164,894,801 | | |
| NT Collective Russell 3000 Index Fund / Non Lending* | | Collective Trust Fund 557,228 units | | 41,792,646 | | |
| Amazon.com, Inc. | | Common and Preferred Stock 141,662 shares | | 21,524,124 | | |
| Microsoft Corporation | | Common and Preferred Stock 57,054 shares | | 21,454,586 | | |
| Visa Inc. Class A | | Common and Preferred Stock 57,061 shares | | 14,855,831 | | |
| ServiceNow, Inc. | | Common and Preferred Stock 20,519 shares | | 14,496,468 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 11,544,235 units | | 11,544,235 | | |
| Nvidia Corporation | | Common and Preferred Stock 23,030 shares | | 11,404,917 | | |
| Netflix, Inc. | | Common and Preferred Stock 20,414 shares | | 9,939,168 | | |
| DEX Inc. | | Common and Preferred Stock 70,124 shares | | 8,701,687 | | |
| UnitedHealth Group Inc. | | Common and Preferred Stock 15,909 shares | | 8,375,611 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Entegris Inc. | | Common and Preferred Stock 67,446 shares | | 8,081,380 | | |
| Danaher Corporation | | Common and Preferred Stock 33,744 shares | | 7,806,337 | | |
| S&P Global Inc | | Common and Preferred Stock 17,592 shares | | 7,749,628 | | |
| SS&C Technologies Holdings Inc. | | Common and Preferred Stock 122,935 shares | | 7,512,558 | | |
| Citigroup Inc. | | Common and Preferred Stock 139,387 shares | | 7,170,067 | | |
| Dow Inc. | | Common and Preferred Stock 128,454 shares | | 7,044,417 | | |
| Canadian Pacific Kansas City Limited | | Common and Preferred Stock 86,226 shares | | 6,817,028 | | |
| Intuit | | Common and Preferred Stock 10,508 shares | | 6,567,815 | | |
| Ecolab Inc. | | Common and Preferred Stock 33,054 shares | | 6,556,261 | | |
| Wells Fargo & Company* | | Common and Preferred Stock 129,745 shares | | 6,386,049 | | |
| Facebook, Inc. | | Common and Preferred Stock 17,871 shares | | 6,325,619 | | |
| Equinix Inc. | | Common and Preferred Stock 7,744 shares | | 6,236,940 | | |
| Workday Inc. Class A | | Common and Preferred Stock 22,470 shares | | 6,203,068 | | |
| Autodesk Inc. | | Common and Preferred Stock 25,447 shares | | 6,195,836 | | |
| MSCI Inc. | | Common and Preferred Stock 10,917 shares | | 6,175,201 | | |
| Yum! Brands Inc. | | Common and Preferred Stock 46,911 shares | | 6,129,391 | | |
| Baxter International Inc. | | Common and Preferred Stock 156,616 shares | | 6,054,775 | | |
| Thermo Fisher Corporation | | Common and Preferred Stock 11,241 shares | | 5,966,610 | | |
| Snowflake Inc. Class A | | Common and Preferred Stock 29,950 shares | | 5,960,050 | | |
| Capital One Financial Corporation | | Common and Preferred Stock 44,807 shares | | 5,875,094 | | |
| Aon PLC | | Common and Preferred Stock 19,583 shares | | 5,699,045 | | |
| Alphabet Inc. Class C | | Common and Preferred Stock 40,395 shares | | 5,692,867 | | |
| Novo Nordisk A/S | | Common and Preferred Stock 54,112 shares | | 5,597,886 | | |
| STERIS plc | | Common and Preferred Stock 25,030 shares | | 5,502,846 | | |
| salesforce.com, inc. | | Common and Preferred Stock 20,626 shares | | 5,427,526 | | |
| Block, Inc. | | Common and Preferred Stock 69,975 shares | | 5,412,566 | | |
| MetLife Inc.* | | Common and Preferred Stock 81,025 shares | | 5,358,183 | | |
| Lear Corporation | | Common and Preferred Stock 37,278 shares | | 5,264,026 | | |
| Euronet Worldwide Inc. | | Common and Preferred Stock 51,253 shares | | 5,201,667 | | |
| Atlassian Corporation | | Common and Preferred Stock 21,614 shares | | 5,141,106 | | |
| Cognizant Technology Solutions Corporation Class A | | Common and Preferred Stock 66,375 shares | | 5,013,304 | | |
| American Express Company | | Common and Preferred Stock 26,741 shares | | 5,009,659 | | |
| Clean Harbors Inc. | | Common and Preferred Stock 28,541 shares | | 4,980,690 | | |
| Starbucks Corporation | | Common and Preferred Stock 51,733 shares | | 4,966,885 | | |
| Magna International Inc. | | Common and Preferred Stock 83,740 shares | | 4,947,359 | | |
| Datadog Inc. | | Common and Preferred Stock 40,369 shares | | 4,899,989 | | |
| The Sherwin-Williams Company | | Common and Preferred Stock 15,707 shares | | 4,899,013 | | |
| Iqvia Holdings Inc. | | Common and Preferred Stock 21,066 shares | | 4,874,251 | | |
| RB Global Inc. | | Common and Preferred Stock 72,470 shares | | 4,847,518 | | |
| Ball Corporation | | Common and Preferred Stock 83,220 shares | | 4,786,814 | | |
| Equitable Holdings Inc. | | Common and Preferred Stock 141,584 shares | | 4,714,747 | | |
| Synopsys Inc. | | Common and Preferred Stock 9,084 shares | | 4,677,442 | | |
| Alight Inc. Class A | | Common and Preferred Stock 526,792 shares | | 4,493,536 | | |
| Fresenius Medical Care | | Common and Preferred Stock 215,055 shares | | 4,479,596 | | |
| FleetCor Technologies, Inc. | | Common and Preferred Stock 15,726 shares | | 4,444,325 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Bank of America Corporation* | | Common and Preferred Stock 130,152 shares | | 4,382,218 | | |
| Waste Connections Inc. | | Common and Preferred Stock 29,286 shares | | 4,371,521 | | |
| Shopify Inc | | Common and Preferred Stock 55,641 shares | | 4,334,434 | | |
| J2 Global Inc. | | Common and Preferred Stock 63,994 shares | | 4,299,757 | | |
| Sensata Technologies BV Holding | | Common and Preferred Stock 114,144 shares | | 4,288,390 | | |
| Edison International | | Common and Preferred Stock 59,934 shares | | 4,284,682 | | |
| Merit Medical Systems Inc. | | Common and Preferred Stock 56,240 shares | | 4,271,990 | | |
| Lam Resh Corporation | | Common and Preferred Stock 5,263 shares | | 4,122,297 | | |
| CarGurus Inc. Class A | | Common and Preferred Stock 165,637 shares | | 4,001,790 | | |
| Voya Financial Inc. | | Common and Preferred Stock 54,575 shares | | 3,981,792 | | |
| Charles River Laboratories International Inc. | | Common and Preferred Stock 16,768 shares | | 3,963,955 | | |
| Ametek Inc. | | Common and Preferred Stock 23,531 shares | | 3,880,027 | | |
| Global Payments Inc. | | Common and Preferred Stock 30,407 shares | | 3,861,689 | | |
| PVH Corporation | | Common and Preferred Stock 31,615 shares | | 3,860,824 | | |
| Trimble Inc. | | Common and Preferred Stock 71,756 shares | | 3,817,419 | | |
| JP Morgan Chase & Company | | Common and Preferred Stock 22,326 shares | | 3,797,653 | | |
| Uber Technologies Inc. | | Common and Preferred Stock 61,547 shares | | 3,789,449 | | |
| Wabtec Corporation | | Common and Preferred Stock 29,783 shares | | 3,779,463 | | |
| QuidelOrtho Corporation | | Common and Preferred Stock 50,575 shares | | 3,727,378 | | |
| Halozyme Therapeutics Inc. | | Common and Preferred Stock 100,321 shares | | 3,707,864 | | |
| Bio-Techne Corporation | | Common and Preferred Stock 47,938 shares | | 3,698,896 | | |
| Newell Brands Inc. | | Common and Preferred Stock 421,575 shares | | 3,659,271 | | |
| Amphenol Corporation Class A | | Common and Preferred Stock 36,806 shares | | 3,648,579 | | |
| Charter Communications Inc. | | Common and Preferred Stock 9,293 shares | | 3,612,003 | | |
| Medtronic PLC | | Common and Preferred Stock 43,476 shares | | 3,581,553 | | |
| Henry Schein Inc. | | Common and Preferred Stock 47,286 shares | | 3,580,023 | | |
| Bristol Myers Squibb | | Common and Preferred Stock 69,308 shares | | 3,556,193 | | |
| BWX Technologies Inc. | | Common and Preferred Stock 45,754 shares | | 3,510,704 | | |
| Shell plc | | Common and Preferred Stock 53,030 shares | | 3,489,374 | | |
| Matson Inc. | | Common and Preferred Stock 30,375 shares | | 3,329,100 | | |
| Nu Holdings Limited | | Common and Preferred Stock 371,931 shares | | 3,098,185 | | |
| Churchill Downs Inc. | | Common and Preferred Stock 22,894 shares | | 3,089,087 | | |
| Floor & Decor Holdings Inc. | | Common and Preferred Stock 26,924 shares | | 3,003,641 | | |
| LKQ Corporation | | Common and Preferred Stock 61,772 shares | | 2,952,084 | | |
| Goldman Sachs Group Inc. | | Common and Preferred Stock 7,580 shares | | 2,924,137 | | |
| Tyson Foods Inc. | | Common and Preferred Stock 54,223 shares | | 2,914,486 | | |
| Walt Disney Company | | Common and Preferred Stock 32,145 shares | | 2,902,372 | | |
| Gildan Activewear Inc. | | Common and Preferred Stock 87,141 shares | | 2,880,881 | | |
| Ingredion Inc. | | Common and Preferred Stock 26,415 shares | | 2,866,820 | | |
| TE Connectivity Limited | | Common and Preferred Stock 20,254 shares | | 2,845,687 | | |
| Amdocs Limited | | Common and Preferred Stock 32,188 shares | | 2,829,003 | | |
| Okta Inc. Class A | | Common and Preferred Stock 31,236 shares | | 2,827,795 | | |
| Edwards Lifesciences Corporation | | Common and Preferred Stock 36,745 shares | | 2,801,806 | | |
| ACV Auctions Inc. Class A | | Common and Preferred Stock 184,748 shares | | 2,798,932 | | |
| DoorDash Inc. Class A | | Common and Preferred Stock 28,198 shares | | 2,788,500 | | |
| Heico Corporation Class A | | Common and Preferred Stock 19,297 shares | | 2,748,665 | | |
| CoStar Group Inc. | | Common and Preferred Stock 31,411 shares | | 2,745,007 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| NOV Inc. | | Common and Preferred Stock 133,325 shares | | 2,703,831 | | |
| HealthEquity Inc. | | Common and Preferred Stock 40,744 shares | | 2,701,327 | | |
| Cooper Companies Inc. | | Common and Preferred Stock 7,136 shares | | 2,700,548 | | |
| Skyworks Solutions Inc | | Common and Preferred Stock 23,527 shares | | 2,644,905 | | |
| UBS Group AG | | Common and Preferred Stock 83,117 shares | | 2,568,315 | | |
| Brown & Brown Inc. | | Common and Preferred Stock 35,497 shares | | 2,524,192 | | |
| Cabot Corporation | | Common and Preferred Stock 29,955 shares | | 2,501,243 | | |
| Cloudflare Inc. | | Common and Preferred Stock 29,783 shares | | 2,479,733 | | |
| Teleflex Inc. | | Common and Preferred Stock 9,770 shares | | 2,436,052 | | |
| GlobalFoundries Inc. | | Common and Preferred Stock 40,170 shares | | 2,434,302 | | |
| Huntington Bancshares Inc. | | Common and Preferred Stock 189,082 shares | | 2,405,123 | | |
| Dynatrace Inc. | | Common and Preferred Stock 43,138 shares | | 2,359,217 | | |
| IDEX Corporation | | Common and Preferred Stock 10,837 shares | | 2,352,821 | | |
| Okta Inc. | | Common and Preferred Stock 25,831 shares | | 2,338,480 | | |
| American International Group Inc.* | | Common and Preferred Stock 33,731 shares | | 2,285,275 | | |
| FTI Consulting Inc. | | Common and Preferred Stock 11,409 shares | | 2,272,102 | | |
| AerCap Holdings N.V. | | Common and Preferred Stock 30,223 shares | | 2,246,173 | | |
| LPL Financial Holdings Inc. | | Common and Preferred Stock 9,778 shares | | 2,225,668 | | |
| Acadia Healthcare Company Inc. | | Common and Preferred Stock 28,401 shares | | 2,208,462 | | |
| Generac Holdings Inc. | | Common and Preferred Stock 17,025 shares | | 2,200,311 | | |
| MACOM Technology Solutions Holdings Inc. | | Common and Preferred Stock 23,573 shares | | 2,191,110 | | |
| Kirby Corporation | | Common and Preferred Stock 27,702 shares | | 2,174,053 | | |
| Gartner Inc. | | Common and Preferred Stock 4,803 shares | | 2,166,681 | | |
| Graphic Packaging Holding Company | | Common and Preferred Stock 86,452 shares | | 2,131,042 | | |
| ZipRecruiter Inc. Class A | | Common and Preferred Stock 152,341 shares | | 2,117,540 | | |
| Cimpress plc | | Common and Preferred Stock 26,320 shares | | 2,106,916 | | |
| Huron Consulting Group Inc. | | Common and Preferred Stock 20,177 shares | | 2,074,196 | | |
| Skechers USA Inc. Class A | | Common and Preferred Stock 33,175 shares | | 2,068,130 | | |
| Tenable Holdings Inc. | | Common and Preferred Stock 44,822 shares | | 2,064,501 | | |
| National Retail Properties Inc. | | Common and Preferred Stock 47,573 shares | | 2,050,396 | | |
| Dolby Laboratories Inc. | | Common and Preferred Stock 23,571 shares | | 2,031,349 | | |
| Doximity Inc. | | Common and Preferred Stock 70,907 shares | | 1,988,232 | | |
| Smartsheet Inc. Class A | | Common and Preferred Stock 41,053 shares | | 1,963,154 | | |
| 10X Genomics Inc. Class A | | Common and Preferred Stock 34,911 shares | | 1,953,620 | | |
| Ultragenyx Pharmaceutical Inc. | | Common and Preferred Stock 39,812 shares | | 1,903,810 | | |
| Advanced Energy Industries Inc. | | Common and Preferred Stock 17,478 shares | | 1,903,704 | | |
| Chemed Corporation | | Common and Preferred Stock 3,225 shares | | 1,885,819 | | |
| Prosperity Bancshares Inc. | | Common and Preferred Stock 27,811 shares | | 1,883,639 | | |
| WisdomTree Investments Inc. | | Common and Preferred Stock 265,576 shares | | 1,840,442 | | |
| ASGN Inc. | | Common and Preferred Stock 18,777 shares | | 1,805,784 | | |
| Airbnb Inc. Class A | | Common and Preferred Stock 13,254 shares | | 1,804,400 | | |
| Carlisle Companies Inc. | | Common and Preferred Stock 5,762 shares | | 1,800,222 | | |
| UGI Corporation | | Common and Preferred Stock 72,808 shares | | 1,791,077 | | |
| Dycom Industries Inc. | | Common and Preferred Stock 15,534 shares | | 1,787,808 | | |
| Itron Inc. | | Common and Preferred Stock 23,651 shares | | 1,785,887 | | |
| Pool Corporation | | Common and Preferred Stock 4,453 shares | | 1,775,456 | | |
| FMC Corporation | | Common and Preferred Stock 27,970 shares | | 1,763,509 | | |
| Woodward Inc. | | Common and Preferred Stock 12,895 shares | | 1,755,396 | | |
| Match Group Inc. | | Common and Preferred Stock 47,782 shares | | 1,744,043 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Range Resources Corporation | | Common and Preferred Stock 54,424 shares | | 1,656,667 | | |
| Copart Inc. | | Common and Preferred Stock 33,512 shares | | 1,642,088 | | |
| On Semiconductor Corporation | | Common and Preferred Stock 19,612 shares | | 1,638,190 | | |
| Belden Inc. | | Common and Preferred Stock 21,105 shares | | 1,630,361 | | |
| Albany International Corporation Class A | | Common and Preferred Stock 16,458 shares | | 1,616,505 | | |
| BankUnited Inc. | | Common and Preferred Stock 49,271 shares | | 1,597,859 | | |
| ALLETE Inc. | | Common and Preferred Stock 25,507 shares | | 1,560,008 | | |
| Align Technology, Inc. | | Common and Preferred Stock 5,573 shares | | 1,527,002 | | |
| General Electric | | Common and Preferred Stock 11,723 shares | | 1,496,206 | | |
| Azekpany Inc. | | Common and Preferred Stock 38,984 shares | | 1,491,138 | | |
| Certara Inc. | | Common and Preferred Stock 83,428 shares | | 1,467,499 | | |
| Alamos Gold Inc. Class A | | Common and Preferred Stock 108,854 shares | | 1,466,263 | | |
| Diamondback Energy Inc. | | Common and Preferred Stock 9,423 shares | | 1,461,319 | | |
| First American Financial Corporation | | Common and Preferred Stock 22,302 shares | | 1,437,141 | | |
| National Bank Holdings Corporation Class A | | Common and Preferred Stock 38,471 shares | | 1,430,736 | | |
| Graco Inc. | | Common and Preferred Stock 16,332 shares | | 1,416,964 | | |
| Sea Limited | | Common and Preferred Stock 34,985 shares | | 1,416,893 | | |
| Cohen & Steers Inc. | | Common and Preferred Stock 18,568 shares | | 1,406,155 | | |
| Applied Industrial Technologies Inc. | | Common and Preferred Stock 8,131 shares | | 1,404,142 | | |
| Coherent Corporation | | Common and Preferred Stock 32,140 shares | | 1,399,054 | | |
| Nasdaq Inc. | | Common and Preferred Stock 23,974 shares | | 1,393,848 | | |
| Keysight Technologies Inc. | | Common and Preferred Stock 8,604 shares | | 1,368,810 | | |
| KAR Auction Services Inc. | | Common and Preferred Stock 91,919 shares | | 1,361,320 | | |
| AptarGroup Inc. | | Common and Preferred Stock 10,940 shares | | 1,352,403 | | |
| Sotera Health Company | | Common and Preferred Stock 80,221 shares | | 1,351,724 | | |
| ACI Worldwide Inc. | | Common and Preferred Stock 43,961 shares | | 1,345,207 | | |
| Oceaneering International Inc. | | Common and Preferred Stock 62,976 shares | | 1,340,129 | | |
| Summit Materials Inc. | | Common and Preferred Stock 34,832 shares | | 1,339,639 | | |
| IAC Inc. | | Common and Preferred Stock 25,476 shares | | 1,334,433 | | |
| Cardinal Health, Inc. | | Common and Preferred Stock 13,233 shares | | 1,333,886 | | |
| Under Armour Inc. Class C | | Common and Preferred Stock 159,424 shares | | 1,331,190 | | |
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | | Common and Preferred Stock 47,847 shares | | 1,319,620 | | |
| Legend Biotech Corporation | | Common and Preferred Stock 21,850 shares | | 1,314,715 | | |
| Carter Inc. | | Common and Preferred Stock 17,217 shares | | 1,289,381 | | |
| Iridium Communications Inc. | | Common and Preferred Stock 31,301 shares | | 1,288,349 | | |
| BRP Group Inc. Class A | | Common and Preferred Stock 53,003 shares | | 1,273,132 | | |
| KBR, Inc. | | Common and Preferred Stock 22,779 shares | | 1,262,184 | | |
| Viper Energy Inc. | | Common and Preferred Stock 39,483 shares | | 1,238,977 | | |
| Encompass Health Corporation | | Common and Preferred Stock 18,332 shares | | 1,223,111 | | |
| Veracyte Inc. | | Common and Preferred Stock 43,579 shares | | 1,198,858 | | |
| National Vision Holdings Inc. | | Common and Preferred Stock 56,975 shares | | 1,192,487 | | |
| Prestige Consumer Healthcare Inc. | | Common and Preferred Stock 19,371 shares | | 1,185,893 | | |
| Matthews International Corporation Class A | | Common and Preferred Stock 31,942 shares | | 1,170,674 | | |
| Box Inc. Class A | | Common and Preferred Stock 45,435 shares | | 1,163,590 | | |
| Pfizer Inc. | | Common and Preferred Stock 40,383 shares | | 1,162,627 | | |
| Hexcel Corporation | | Common and Preferred Stock 15,679 shares | | 1,156,326 | | |
| Teledyne Technologies Inc. | | Common and Preferred Stock 2,581 shares | | 1,151,874 | | |
| Middleby Corporation | | Common and Preferred Stock 7,751 shares | | 1,140,715 | | |
| Tandem Diabetes Care Inc. | | Common and Preferred Stock 38,289 shares | | 1,132,589 | | |
| KB Home | | Common and Preferred Stock 18,054 shares | | 1,127,653 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| Supernus Pharmaceuticals Inc. | | Common and Preferred Stock 38,950 shares | | 1,127,213 | | |
| Knowles Corporation | | Common and Preferred Stock 62,618 shares | | 1,121,488 | | |
| Arvinas Inc. | | Common and Preferred Stock 27,098 shares | | 1,115,354 | | |
| Knight-Swift Transportation Holdings Inc. Class A | | Common and Preferred Stock 19,144 shares | | 1,103,652 | | |
| WillScot Mobile Mini Holdings Corporation | | Common and Preferred Stock 24,680 shares | | 1,098,260 | | |
| Helen Trustoy Limited | | Common and Preferred Stock 9,046 shares | | 1,092,847 | | |
| N-Able Technologies International Inc. | | Common and Preferred Stock 82,118 shares | | 1,088,064 | | |
| SpringWorks Therapeutics Inc. | | Common and Preferred Stock 29,264 shares | | 1,068,136 | | |
| Tronox Holdings PLC | | Common and Preferred Stock 75,259 shares | | 1,065,667 | | |
| 8X8 Inc. | | Common and Preferred Stock 280,967 shares | | 1,062,055 | | |
| Sally Beauty Holdings Inc. | | Common and Preferred Stock 79,943 shares | | 1,061,643 | | |
| Toro Company | | Common and Preferred Stock 11,056 shares | | 1,061,265 | | |
| Jacobs Solutions Inc. | | Common and Preferred Stock 8,082 shares | | 1,049,044 | | |
| Transmedics Group Inc. | | Common and Preferred Stock 13,153 shares | | 1,038,166 | | |
| Barnes Group Inc. | | Common and Preferred Stock 31,043 shares | | 1,012,938 | | |
| TKO Group Holdings Inc. | | Common and Preferred Stock 12,397 shares | | 1,011,347 | | |
| AZZ Inc. | | Common and Preferred Stock 16,789 shares | | 975,273 | | |
| Markel Corporation Holding Company | | Common and Preferred Stock 686 shares | | 974,051 | | |
| Texas Capital Bancshares Inc. | | Common and Preferred Stock 15,038 shares | | 971,906 | | |
| J & J Snack Foods Corporation | | Common and Preferred Stock 5,798 shares | | 969,078 | | |
| Sportradar Group | | Common and Preferred Stock 85,698 shares | | 946,963 | | |
| Nevro Corporation | | Common and Preferred Stock 43,956 shares | | 945,933 | | |
| Aspen Technology Inc. | | Common and Preferred Stock 4,271 shares | | 940,261 | | |
| Catalent Inc. | | Common and Preferred Stock 20,337 shares | | 913,741 | | |
| Agios Pharmaceuticals Inc. | | Common and Preferred Stock 40,943 shares | | 911,801 | | |
| SLR Investment Corporation | | Common and Preferred Stock 59,001 shares | | 886,785 | | |
| TreeHouse Foods Inc. | | Common and Preferred Stock 21,315 shares | | 883,507 | | |
| Align Technology Inc. | | Common and Preferred Stock 3,108 shares | | 851,592 | | |
| Harsco Corporation | | Common and Preferred Stock 94,515 shares | | 850,635 | | |
| Ciena Corporation | | Common and Preferred Stock 18,838 shares | | 847,898 | | |
| Masimo Corporation | | Common and Preferred Stock 7,108 shares | | 833,129 | | |
| Flowserve Corporation | | Common and Preferred Stock 20,120 shares | | 829,346 | | |
| Consensus Cloud Solutions Inc. | | Common and Preferred Stock 30,766 shares | | 806,377 | | |
| Pacific Premier Bancorp Inc. | | Common and Preferred Stock 27,626 shares | | 804,193 | | |
| United Community Bank Blairsville Georgia | | Common and Preferred Stock 27,016 shares | | 790,488 | | |
| Haemonetics Corporation | | Common and Preferred Stock 9,196 shares | | 786,350 | | |
| iShares Russell Mid-Cap ETF | | Mutual Fund 10,104 shares | | 785,383 | | |
| PetIQ Inc. Class A | | Common and Preferred Stock 39,090 shares | | 772,028 | | |
| Curtiss Wright Corporation | | Common and Preferred Stock 3,404 shares | | 758,377 | | |
| JBG SMITH Properties | | Common and Preferred Stock 44,286 shares | | 753,305 | | |
| BJs Wholesale Club Holdings Inc. | | Common and Preferred Stock 10,900 shares | | 726,594 | | |
| Elastic N.V. | | Common and Preferred Stock 6,425 shares | | 724,098 | | |
| Heartland Express Inc. | | Common and Preferred Stock 49,353 shares | | 703,774 | | |
| Monro Inc. | | Common and Preferred Stock 23,895 shares | | 701,079 | | |
| IPG Photonics Corporation | | Common and Preferred Stock 6,321 shares | | 686,081 | | |
| Relay Therapeutics Inc. | | Common and Preferred Stock 59,787 shares | | 658,255 | | |
| Grand Canyon Education Inc. | | Common and Preferred Stock 4,980 shares | | 657,559 | | |
| GXO Logistics Inc. | | Common and Preferred Stock 10,583 shares | | 647,256 | | |
| Banner Corporation | | Common and Preferred Stock 12,021 shares | | 643,845 | | |
| 1-800-FLOWERS.COM Inc. Class A | | Common and Preferred Stock 59,563 shares | | 642,089 | | |
| STAG Industrial Inc. | | Common and Preferred Stock 15,866 shares | | 622,899 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| NCR Corporation | | Common and Preferred Stock 36,780 shares | | 621,950 | | |
| iShares Core S&P Small-Cap ETF | | Mutual Fund 5,676 shares | | 614,427 | | |
| NorthWestern Corp | | Common and Preferred Stock 11,281 shares | | 574,090 | | |
| Herbalife Nutrition Limited | | Common and Preferred Stock 37,617 shares | | 574,035 | | |
| Silgan Holdings Inc. | | Common and Preferred Stock 12,641 shares | | 572,005 | | |
| Fox Factory Holding Corporation | | Common and Preferred Stock 7,997 shares | | 539,638 | | |
| Sonos Inc. | | Common and Preferred Stock 31,157 shares | | 534,031 | | |
| Axogen Inc. | | Common and Preferred Stock 76,896 shares | | 525,200 | | |
| Patterson-UTI Energy Inc. | | Common and Preferred Stock 48,435 shares | | 523,098 | | |
| Mid-American Apartment Communities Inc. | | Common and Preferred Stock 3,840 shares | | 516,326 | | |
| WSFS Financial Corporation | | Common and Preferred Stock 11,168 shares | | 512,946 | | |
| Boston Properties Inc. | | Common and Preferred Stock 7,218 shares | | 506,487 | | |
| Wolverine World Wide Inc. | | Common and Preferred Stock 56,420 shares | | 501,574 | | |
| Northern Oil & Gas Inc. | | Common and Preferred Stock 13,374 shares | | 495,774 | | |
| Mercury Systems Inc. | | Common and Preferred Stock 12,345 shares | | 451,457 | | |
| Infinera Corporation | | Common and Preferred Stock 92,738 shares | | 440,506 | | |
| Designer Brands Inc. Class A | | Common and Preferred Stock 49,716 shares | | 439,987 | | |
| Nu Skin Enterprises Inc. Class A | | Common and Preferred Stock 22,256 shares | | 432,212 | | |
| Omnicell Inc. | | Common and Preferred Stock 11,146 shares | | 419,424 | | |
| Rogers Corporation | | Common and Preferred Stock 3,037 shares | | 401,097 | | |
| iShares Russell 2000 ETF | | Mutual Fund 1,622 shares | | 325,552 | | |
| Berkshire Hills Bancorp Inc. | | Common and Preferred Stock 12,971 shares | | 322,070 | | |
| Mednax Inc. | | Common and Preferred Stock 26,423 shares | | 245,734 | | |
| John Bean Technologies Corporation | | Common and Preferred Stock 2,163 shares | | 215,110 | | |
| eHealth Inc. | | Common and Preferred Stock 20,043 shares | | 174,775 | | |
| Safehold Inc. | | Common and Preferred Stock 7,445 shares | | 174,213 | | |
| Remitly Global Inc. | | Common and Preferred Stock 7,736 shares | | 150,233 | | |
| Enhabit Inc. | | Common and Preferred Stock 1,613 shares | | 16,695 | | |
| Total U.S. Equity Active Asset Class | | | | | 983,445,664 | |
| | | | | | |
| U.S. Equity Index Asset Class: | | | | | |
| NT Collective Russell 3000 Index Fund / Non Lending* | | Collective Trust Fund 20,555,023 units | | 1,541,647,306 | | |
| Gaming & Leisure Properties Inc. | | Common and Preferred Stock 155 shares | | 7,649 | | |
| CTO Realty Growth Inc. | | Common and Preferred Stock 256 shares | | 4,436 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 1,135 units | | 1,135 | | |
| Interest Bearing Cash | | Cash and Cash Equivalents | | 113 | | |
| Total U.S. Equity Index Asset Class | | | | | 1,541,660,639 | |
| | | | | | |
| International Equity Active Class: | | | | | |
| Polaris Capital Management Collective Investment Trust International Value Collective Fund* | | Collective Trust Fund 15,105,644 units | | 182,371,950 | | |
| Mawer International Equity Collective Investment Trust Class B* | | Collective Trust Fund 10,557,567 units | | 176,043,214 | | |
| Reliance Trust Instituitional Retirement Trust GQG Partners International Equity Fund Series 11 Class C* | | Collective Trust Fund 10,071,732 units | | 150,572,399 | | |
| Dodge & Cox International Fund | | Mutual Fund 2,102,670 shares | | 103,367,235 | | |
| Wilmington Trust Collective Investment Trust / Jennison International Equity Opportunities CIT Class J* | | Collective Trust Fund 10,653,332 units | | 99,075,989 | | |
| NT Collective MSCI All Country World Index (ACWI) ex/US Index Fund / Non Lending* | | Collective Trust Fund 211,727 units | | 45,265,945 | | |
Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Identity of Issue | | Description of Investment | | Current Value |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 98,778 units | | 98,778 | | |
| Total International Equity Active Asset Class | | | | | 756,795,510 | |
| | | | | | |
| International Equity Index Asset Class: | | | | | |
| NT Collective All Country World Index (ACWI) Ex/US Fund / Non Lending* | | Collective Trust Fund 2,107,105 units | | 411,264,660 | | |
| Blackrock FTSE RAFI Emerging Index Non Lendable Fund F* | | Collective Trust Fund 21,268 units | | 117,939 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 71 units | | 71 | | |
| Total International Equity Index Asset Class | | | | | 411,382,670 | |
| | | | | | |
| Participant Self-Directed Accounts | | Various Investments | | 805,819,699 | | |
| | | | | | 805,819,699 | |
| | | | | | |
| Notes Receivable from Participants* | | Interest Rate 4.25% - 9.50% | | 30,814,923 | | |
| | | | | | 30,814,923 | |
| | | | | | |
| Other: | | | | | |
| ML Vanguard Federal Money Market Forfeiture / Settlement* | | Cash and Cash Equivalents | | 2,844,608 | | |
| BIF Money Fund* | | Cash and Cash Equivalents | | 2,426,200 | | |
| NT Collective Short Term Investment Fund* | | Collective Trust Fund 338,698 units | | 338,698 | | |
| Exide Technologies | | Common and Preferred Stock 35,683 shares | | 24,978 | | |
| Interest Bearing Cash | | Cash and Cash Equivalents | | 698 | | |
| Total Other | | | | | 5,635,182 | |
| | | | | | |
| Grand Total | | | | | $ | 6,896,645,972 | |
| | | | | | | | | | | | | | |
| | | | |
| * Indicates party-in-interest | | | | |
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 20, 2024 | | | By: | | /s/ PETER H. GRIFFITH |
| | | | | | Peter H. Griffith |
| | | | | | Executive Vice President and |
| | | | | | Chief Financial Officer |
| | | | | | Amgen Inc. |
