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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-37702
Amgen Inc.
(Exact name of registrant as specified in its charter)
Delaware 95-3540776
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
One Amgen Center Drive 91320-1799
Thousand Oaks
California
(Address of principal executive offices) (Zip Code)
(805) 447-1000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par valueAMGNThe Nasdaq Stock Market LLC
1.250% Senior Notes Due 2022AMGN22The Nasdaq Stock Market LLC
2.00% Senior Notes Due 2026AMGN26The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
No 
As of April 22, 2021, the registrant had 574,553,986 shares of common stock, $0.0001 par value, outstanding.



AMGEN INC.
INDEX
  Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
i


PART I — FINANCIAL INFORMATION 

Item 1.FINANCIAL STATEMENTS
AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per-share data)
(Unaudited)

 Three months ended
March 31,
 20212020
Revenues:
Product sales$5,592 $5,894 
Other revenues309 267 
Total revenues5,901 6,161 
Operating expenses:
Cost of sales
1,490 1,513 
Research and development967 952 
Selling, general and administrative1,254 1,316 
Other61 25 
Total operating expenses3,772 3,806 
Operating income2,129 2,355 
Other income (expense):
Interest expense, net(285)(346)
Other income, net13 11 
Income before income taxes1,857 2,020 
Provision for income taxes211 195 
Net income$1,646 $1,825 
Earnings per share:
Basic$2.85 $3.09 
Diluted$2.83 $3.07 
Shares used in calculation of earnings per share:
Basic577 590 
Diluted581 594 

See accompanying notes.
1


AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)

Three months ended
March 31,
 20212020
Net income$1,646 $1,825 
Other comprehensive income (loss), net of reclassification adjustments and taxes:
Losses on foreign currency translation(39)(52)
Gains (losses) on cash flow hedges190 (61)
Losses on available-for-sale securities (19)
Other gains (losses)1 (2)
Other comprehensive income (loss), net of taxes152 (134)
Comprehensive income$1,798 $1,691 

See accompanying notes.
2


AMGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per-share data)

March 31, 2021December 31, 2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$6,112 $6,266 
Marketable securities4,454 4,381 
Trade receivables, net4,423 4,525 
Inventories4,017 3,893 
Other current assets2,293 2,079 
Total current assets21,299 21,144 
Property, plant and equipment, net4,855 4,889 
Intangible assets, net15,947 16,587 
Goodwill14,673 14,689 
Other assets5,765 5,639 
Total assets$62,539 $62,948 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$1,396 $1,421 
Accrued liabilities9,917 10,141 
Current portion of long-term debt1,556 91 
Total current liabilities12,869 11,653 
Long-term debt31,129 32,895 
Long-term tax liabilities7,037 6,968 
Other noncurrent liabilities2,170 2,023 
Contingencies and commitments
Stockholders’ equity:
Common stock and additional paid-in capital; $0.0001 par value; 2,750.0 shares authorized; outstanding—575.3 shares in 2021 and 578.3 shares in 2020
31,806 31,802 
Accumulated deficit(21,639)(21,408)
Accumulated other comprehensive loss(833)(985)
Total stockholders’ equity9,334 9,409 
Total liabilities and stockholders’ equity$62,539 $62,948 

See accompanying notes.
3


AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, except per-share data)
(Unaudited)

Number
of shares
of common
stock
Common
stock and
additional
paid-in capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance as of December 31, 2020578.3 $31,802 $(21,408)$(985)$9,409 
Net income— — 1,646 — 1,646 
Other comprehensive income, net of taxes— — — 152 152 
Dividends declared on common stock ($1.76 per share)
— — (1,012)— (1,012)
Issuance of common stock in connection with the Company’s equity award programs
0.7 6 — — 6 
Stock-based compensation expense— 57 — — 57 
Tax impact related to employee stock-based compensation expense
— (59)— — (59)
Repurchases of common stock(3.7)— (865)— (865)
Balance as of March 31, 2021575.3 $31,806 $(21,639)$(833)$9,334 


Number
of shares
of common
stock
Common
stock and
additional
paid-in capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance as of December 31, 2019
591.4 $31,531 $(21,330)$(528)$9,673 
Cumulative effect of changes in accounting principles, net of taxes
— — (2)— (2)
Net income— — 1,825 — 1,825 
Other comprehensive loss, net of taxes— — — (134)(134)
Dividends declared on common stock ($1.60 per share)
— — (938)— (938)
Issuance of common stock in connection with the Company’s equity award programs
0.9 10 — — 10 
Stock-based compensation expense— 52 — — 52 
Tax impact related to employee stock-based compensation expense
— (68)— — (68)
Repurchases of common stock(4.3)— (933)— (933)
Balance as of March 31, 2020
588.0 $31,525 $(21,378)$(662)$9,485 

See accompanying notes.

4


AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

 Three months ended
March 31,
 20212020
Cash flows from operating activities:
Net income$1,646 $1,825 
Depreciation, amortization and other841 897 
Deferred income taxes(91)(84)
Other items, net79 107 
Changes in operating assets and liabilities, net of acquisition:
Trade receivables, net91 (955)
Inventories(126)(113)
Other assets(146)319 
Accounts payable(29)(25)
Accrued income taxes, net52 137 
Long-term tax liabilities69 74 
Other liabilities(282)(48)
Net cash provided by operating activities2,104 2,134 
Cash flows from investing activities:
Purchases of marketable securities(7,597)(129)
Proceeds from sales of marketable securities3,999 2,574 
Proceeds from maturities of marketable securities3,524 113 
Purchases of property, plant and equipment(166)(142)
Purchases of equity method investments (2,645)
Other(79)(1)
Net cash used in investing activities(319)(230)
Cash flows from financing activities:
Net proceeds from issuance of debt 4,963 
Repayment of debt (3,250)
Repurchases of common stock(871)(961)
Dividends paid(1,016)(945)
Other(52)(61)
Net cash used in financing activities(1,939)(254)
(Decrease) increase in cash and cash equivalents(154)1,650 
Cash and cash equivalents at beginning of period6,266 6,037 
Cash and cash equivalents at end of period$6,112 $7,687 

See accompanying notes.
5


AMGEN INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(Unaudited)

1. Summary of significant accounting policies
Business
Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate in one business segment: human therapeutics.
Basis of presentation
The financial information for the three months ended March 31, 2021 and 2020, is unaudited but includes all adjustments (consisting of only normal, recurring adjustments unless otherwise indicated), which Amgen considers necessary for a fair presentation of its condensed consolidated results of operations for those periods. Interim results are not necessarily indicative of results for the full fiscal year.
The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2020.
Principles of consolidation
The condensed consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. We do not have any significant interests in any variable interest entities. All material intercompany transactions and balances have been eliminated in consolidation.
Use of estimates
The preparation of condensed consolidated 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 condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Property, plant and equipment, net
Property, plant and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $9.1 billion and $9.0 billion as of March 31, 2021 and December 31, 2020, respectively.
Recent accounting pronouncements
In March 2020, the Financial Accounting Standards Board (FASB) issued a new accounting standard to ease the financial reporting burdens caused by the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, commonly referred to as reference rate reform. The new standard provides temporary optional expedients and exceptions to current GAAP guidance on contract modifications and hedge accounting. Specifically, a modification to transition to an alternative reference rate is treated as an event that does not require contract remeasurement or reassessment of a previous accounting treatment. Moreover, for all types of hedging relationships, an entity is permitted to change the reference rate without having to dedesignate the hedging relationship. The standard is generally effective for all contract modifications made and hedging relationships evaluated through December 31, 2022. In January 2021, the FASB issued a new accounting standard to expand on the scope of the original March 2020 standard to include derivative instruments on discounting transactions. We are currently evaluating the impact that both standards will have on our condensed consolidated financial statements.

6


2. Revenues
We operate in one business segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. The majority of rest-of-world (ROW) revenues relates to products sold in Europe.
Revenues were as follows (in millions):
Three months ended March 31,
20212020
U.S.ROWTotalU.S.ROWTotal
Enbrel® (etanercept)
$894 $30 $924 $1,117 $36 $1,153 
Prolia® (denosumab)
501 257 758 422 232 654 
Neulasta® (pegfilgrastim)
421 61 482 534 75 609 
Otezla® (apremilast)
366 110 476 377 102 479 
XGEVA® (denosumab)
334 134 468 355 126 481 
Aranesp® (darbepoetin alfa)
125 230 355 175 247 422 
Repatha® (evolocumab)
139 147 286 124 105 229 
KYPROLIS® (carfilzomib)
159 92 251 187 93 280 
Other products964 628 1,592 988 599 1,587 
Total product sales(1)
$3,903 $1,689 5,592 $4,279 $1,615 5,894 
Other revenues309 267 
Total revenues$5,901 $6,161 
____________
(1)    Hedging gains and losses, which are included in product sales, were not material for the three months ended March 31, 2021 and 2020.

3. Income taxes
The effective tax rates for the three months ended March 31, 2021 and 2020, were 11.4% and 9.7%, respectively.
The increase in our effective tax rate for the three months ended March 31, 2021 was primarily due to changes in the jurisdictional mix of earnings. The effective tax rates differ from the federal statutory rate primarily as a result of foreign earnings from the Company’s operations conducted in Puerto Rico, a territory of the United States that is treated as a foreign jurisdiction for U.S. tax purposes, and are subject to a tax incentive grant through 2035. In addition, the Company’s operations conducted in Singapore are subject to a tax incentive grant through 2034. These earnings are also subject to U.S. tax at a reduced rate of 10.5%.
The U.S. territory of Puerto Rico imposes an excise tax on the gross intercompany purchase price of goods and services from our manufacturer in Puerto Rico. The rate of 4% is effective through December 31, 2027. We account for the excise tax as a manufacturing cost that is capitalized in inventory and expensed in cost of sales when the related products are sold. For U.S. income tax purposes, the excise tax results in foreign tax credits that are generally recognized in our provision for income taxes when the excise tax is incurred.
7


One or more of our legal entities file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and certain foreign jurisdictions. Our income tax returns are routinely examined by tax authorities in those jurisdictions. Significant disputes may arise with tax authorities involving issues regarding the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws, regulations and relevant facts. In 2017, we received a Revenue Agent Report (RAR) and a modified RAR from the Internal Revenue Service (IRS) for the years 2010, 2011 and 2012 proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. We disagree with the proposed adjustments and calculations and have been pursuing resolution with the IRS administrative appeals office. However, we have been unable to reach resolution at the administrative appeals level. We anticipate that we will receive a Notice of Deficiency which we will vigorously contest through the judicial process. In addition, in 2020, we received an RAR and a modified RAR from the IRS for the years 2013, 2014 and 2015 also proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico, similar to those proposed for the years 2010, 2011 and 2012. We disagree with the proposed adjustments and calculations and are pursuing resolution with the IRS administrative appeals office. We are currently under examination by the IRS for the years 2016, 2017 and 2018. We are also currently under examination by a number of other state and foreign tax jurisdictions.
Final resolution of these complex matters is not likely within the next 12 months. We believe our accrual for income tax liabilities is appropriate based on past experience, interpretations of tax law, application of the tax law to our facts and judgments about potential actions by tax authorities; however, due to the complexity of the provision for income taxes and uncertain resolution of these matters, the ultimate outcome of any tax matters may result in payments substantially greater than amounts accrued and could have a material adverse impact on our consolidated financial statements. We are no longer subject to U.S. federal income tax examinations for the years ended on or before December 31, 2009.
During the three months ended March 31, 2021, the gross amounts of our unrecognized tax benefits (UTBs) increased $60 million as a result of tax positions taken during the current year. Substantially all of the UTBs as of March 31, 2021, if recognized, would affect our effective tax rate.

4. Earnings per share
The computation of basic earnings per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.
The computations for basic and diluted EPS were as follows (in millions, except per-share data):
 Three months ended
March 31,
 20212020
Income (Numerator):
Net income for basic and diluted EPS$1,646 $1,825 
Shares (Denominator):
Weighted-average shares for basic EPS577 590 
Effect of dilutive securities4 4 
Weighted-average shares for diluted EPS581 594 
Basic EPS$2.85 $3.09 
Diluted EPS$2.83 $3.07 

For the three months ended March 31, 2021 and 2020, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.
8


5. Investments
Available-for-sale investments
The amortized cost, gross unrealized gains, gross unrealized losses and fair values of interest-bearing securities, which are considered available-for-sale, by type of security were as follows (in millions):
Types of securities as of March 31, 2021Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
values
U.S. Treasury notes$103 $1 $ $104 
U.S. Treasury bills4,949   4,949 
Money market mutual funds4,668   4,668 
Other short-term interest-bearing securities    
Total interest-bearing securities$9,720 $1 $ $9,721 

Types of securities as of December 31, 2020Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
values
U.S. Treasury notes$129 $1 $ $130 
U.S. Treasury bills4,948   4,948 
Money market mutual funds4,765   4,765 
Other short-term interest-bearing securities2   2 
Total interest-bearing securities$9,844 $1 $ $9,845 

The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):
Condensed Consolidated Balance Sheets locationsMarch 31, 2021December 31, 2020
Cash and cash equivalents$5,267 $5,464 
Marketable securities4,454 4,381 
Total interest-bearing securities$9,721 $9,845 

Cash and cash equivalents in the above table excludes bank account cash of $845 million and $802 million as of March 31, 2021 and December 31, 2020, respectively.
The fair values of available-for-sale investments by contractual maturity were as follows (in millions):
Contractual maturitiesMarch 31, 2021December 31, 2020
Maturing in one year or less$9,705 $9,795 
Maturing after one year through three years16 50 
Total available-for-sale investments $9,721 $9,845 

For the three months ended March 31, 2021, realized gains and losses on interest-bearing securities were not material. For the three months ended March 31, 2020, realized gains and losses on interest-bearing securities were $37 million and $4 million, respectively. Realized gains and losses on interest-bearing securities are recorded in Other income, net, in the Condensed Consolidated Statements of Income. The cost of securities sold is based on the specific-identification method.
The primary objective of our investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments primarily issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.
9


Equity securities
We held investments in equity securities with readily determinable fair values (publicly traded securities) of $394 million and $477 million as of March 31, 2021 and December 31, 2020, respectively, which are included in Other assets in the Condensed Consolidated Balance Sheets. For the three months ended March 31, 2021 and 2020, net unrealized losses on publicly traded securities were $56 million and $76 million, respectively. Realized gains and losses on publicly traded securities for the three months ended March 31, 2021 and 2020, were not material.
We held investments of $204 million and $203 million in equity securities without readily determinable fair values as of March 31, 2021 and December 31, 2020, respectively, which are included in Other assets in the Condensed Consolidated Balance Sheets. Gains and losses recognized on these securities, including adjustments to the carrying values of these securities, were not material for the three months ended March 31, 2021 and 2020.
Equity method investments
Limited partnerships
We held limited partnership investments of $676 million and $496 million as of March 31, 2021 and December 31, 2020, respectively, which are included in Other assets in the Condensed Consolidated Balance Sheets. These investments, primarily investment funds of early-stage biotechnology companies, are accounted for by using the equity method of accounting and are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships as a practical expedient. These investments are typically redeemable only through distributions upon liquidation of the underlying assets. As of March 31, 2021, unfunded additional commitments to be made for these investments during the next several years were not material. For the three months ended March 31, 2021 and 2020, net gains recognized from our limited partnership investments were $208 million and $20 million, respectively.
BeiGene
As of March 31, 2021, we had an ownership interest of approximately 20.4% in BeiGene, which is included in Other assets in the Condensed Consolidated Balance Sheets and accounted for under the equity method of accounting. We amortize the difference between the fair value of equity securities acquired and our proportionate share of the carrying value of the underlying net assets of BeiGene over the useful lives of the assets that gave rise to this basis difference. This amortization, as well as our share of the results of operations of BeiGene, are included in Other income, net, in the Condensed Consolidated Statements of Income one quarter in arrears, which began in the second quarter of 2020.
During the three months ended March 31, 2021, the carrying value of our equity investment was reduced by our share of BeiGene’s net losses of $97 million and amortization of the basis difference of $42 million. In addition, during the three months ended March 31, 2021, the carrying value increased by $17 million from the impact of BeiGene ownership transactions. As of March 31, 2021, the carrying value and fair value of our investment in BeiGene totaled $2.8 billion and $6.5 billion, respectively. As of March 31, 2021, we believe the carrying value of our equity investment in BeiGene is fully recoverable.

6. Inventories
Inventories consisted of the following (in millions):
March 31, 2021December 31, 2020
Raw materials$605 $486 
Work in process2,463 2,437 
Finished goods949 970 
Total inventories$4,017 $3,893 
10




7. Goodwill and other intangible assets
Goodwill
The change in the carrying amount of goodwill was as follows (in millions):
Three months ended
March 31, 2021
Beginning balance$14,689 
Currency translation adjustment(16)
Ending balance$14,673 

Other intangible assets
Other intangible assets consisted of the following (in millions):
 March 31, 2021December 31, 2020
 Gross
carrying
amounts
Accumulated
amortization
Other intangible
assets, net
Gross
carrying
amounts
Accumulated
amortization
Other intangible
assets, net
Finite-lived intangible assets:
Developed-product-technology rights$25,578 $(11,114)$14,464 $25,591 $(10,564)$15,027 
Licensing rights3,766 (2,842)924 3,743 (2,791)952 
Marketing-related rights1,364 (1,059)305 1,367 (1,041)326 
Research and development technology rights1,301 (1,077)224 1,317 (1,065)252 
Total finite-lived intangible assets
32,009 (16,092)15,917 32,018 (15,461)16,557 
Indefinite-lived intangible assets:
In-process research and development
30 — 30 30 — 30 
Total other intangible assets$32,039 $(16,092)$15,947 $32,048 $(15,461)$16,587 



Developed-product-technology rights consists of rights related to marketed products. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and up-front payments associated with royalty obligations for marketed products. Marketing-related rights primarily consists of rights related to the sale and distribution of marketed products. Research and development (R&D) technology rights pertains to technologies used in R&D that have alternative future uses.
In-process research and development (IPR&D) consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval.
During the three months ended March 31, 2021 and 2020, we recognized amortization associated with our finite-lived intangible assets of $654 million and $709 million, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. The total estimated amortization for our finite-lived intangible assets for the remaining nine months ending December 31, 2021, and the years ending December 31, 2022, 2023, 2024, 2025 and 2026, are $1.9 billion, $2.5 billion, $2.4 billion, $2.4 billion, $2.2 billion and $1.8 billion, respectively.


11


8. Financing arrangements
Our borrowings consisted of the following (in millions):
 March 31, 2021December 31, 2020
1.25% €1,250 million notes due 2022 (1.25% 2022 euro Notes)
$1,466 $1,527 
2.70% notes due 2022 (2.70% 2022 Notes)
500 500 
2.65% notes due 2022 (2.65% 2022 Notes)
1,500 1,500 
3.625% notes due 2022 (3.625% 2022 Notes)
750 750 
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds)
742 791 
2.25% notes due 2023 (2.25% 2023 Notes)
750 750 
3.625% notes due 2024 (3.625% 2024 Notes)
1,400 1,400 
1.90% notes due 2025 (1.90% 2025 Notes)
500 500 
3.125% notes due 2025 (3.125% 2025 Notes)
1,000 1,000 
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)
880 916 
2.60% notes due 2026 (2.60% 2026 Notes)
1,250 1,250 
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)
655 649 
2.20% notes due 2027 (2.20% 2027 Notes)
1,750 1,750 
3.20% notes due 2027 (3.20% 2027 Notes)
1,000 1,000 
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)
965 957 
2.45% notes due 2030 (2.45% 2030 Notes)
1,250 1,250 
2.30% notes due 2031 (2.30% 2031 Notes)
1,250 1,250 
6.375% notes due 2037 (6.375% 2037 Notes)
478 478 
6.90% notes due 2038 (6.90% 2038 Notes)
254 254 
6.40% notes due 2039 (6.40% 2039 Notes)
333 333 
3.15% notes due 2040 (3.15% 2040 Notes)
2,000 2,000 
5.75% notes due 2040 (5.75% 2040 Notes)
373 373 
4.95% notes due 2041 (4.95% 2041 Notes)
600 600 
5.15% notes due 2041 (5.15% 2041 Notes)
729 729 
5.65% notes due 2042 (5.65% 2042 Notes)
415 415 
5.375% notes due 2043 (5.375% 2043 Notes)
185 185 
4.40% notes due 2045 (4.40% 2045 Notes)
2,250 2,250 
4.563% notes due 2048 (4.563% 2048 Notes)
1,415 1,415 
3.375% notes due 2050 (3.375% 2050 Notes)
2,250 2,250 
4.663% notes due 2051 (4.663% 2051 Notes)
3,541 3,541 
2.77% notes due 2053 (2.77% 2053 Notes)
940 940 
Other notes due 2097100 100 
Unamortized bond discounts, premiums and issuance costs, net(1,182)(1,188)
Fair value adjustments391 566 
Other5 5 
Total carrying value of debt32,685 32,986 
Less current portion(1,556)(91)
Total long-term debt$31,129 $32,895 
There are no material differences between the effective interest rates and coupon rates of any of our borrowings, except for the 4.563% 2048 Notes, the 4.663% 2051 Notes and the 2.77% 2053 Notes, which have effective interest rates of 6.3%, 5.6% and 5.2%, respectively.
12


9. Stockholders’ equity
Stock repurchase program
Activity under our stock repurchase program, on a trade date basis, was as follows (in millions):
20212020
 SharesDollars SharesDollars
First quarter3.7 $865 4.3 $933 

In March 2021, our Board of Directors increased the amount authorized under our stock repurchase program by an additional $3.4 billion. As of March 31, 2021, $5.5 billion of authorization remained available under our stock repurchase program.
Dividends
In March 2021, the Board of Directors declared a quarterly cash dividend of $1.76 per share, which will be paid in June 2021. In December 2020, the Board of Directors declared a quarterly cash dividend of $1.76 per share, which was paid in March 2021.
Accumulated other comprehensive income (loss)
The components of Accumulated other comprehensive income (loss) (AOCI) were as follows (in millions):
Foreign
currency
translation
Cash flow
hedges
Available-for-sale
securities
OtherAOCI
Balance as of December 31, 2020$(709)$(263)$1 $(14)$(985)
Foreign currency translation adjustments(39)— — — (39)
Unrealized gains— 108   108 
Reclassification adjustments to income— 133  — 133 
Other— — — 1 1 
Income taxes (51) — (51)
Balance as of March 31, 2021
$(748)$(73)$1 $(13)$(833)
Reclassifications out of AOCI and into earnings, including the related income tax expenses, were as follows (in millions):
Three months ended March 31,
Components of AOCI20212020Condensed Consolidated
Statements of Income locations
Cash flow hedges:
Foreign currency contract (losses) gains$(1)$49 Product sales
Cross-currency swap contract losses(132)(133)Other income, net
(133)(84)Income before income taxes
28 18 Provision for income taxes
$(105)$(66)Net income
Available-for-sale securities:
Net realized gains$ $33 Other income, net
 (7)Provision for income taxes
$ $26 Net income