v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Investment, Fair Value and NAV [Line Items]  
Fair Value Measurements 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, 2025, 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$417,689,989 $— $— $417,689,989 
Cash and cash equivalents5,471,574 — — 5,471,574 
Collective trust funds— 6,275,138,481 — 6,275,138,481 
Common and preferred stocks92,034,453 — — 92,034,453 
Debt securities— 2,685 — 2,685 
Mutual funds255,411,543 — — 255,411,543 
Self-directed brokerage accounts1,117,018,349 2,742,408 — 1,119,760,757 
Total investments at fair value$1,887,625,908 $6,277,883,574 $— $8,165,509,482 
 
Fair value measurements at December 31, 2024, 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$344,055,715 $— $— $344,055,715 
Cash and cash equivalents3,466,558 — — 3,466,558 
Collective trust funds— 5,003,198,779 — 5,003,198,779 
Common and preferred stocks533,256,711 — — 533,256,711 
Debt securities— 2,979 — 2,979 
Mutual funds148,845,846 — — 148,845,846 
Self-directed brokerage accounts996,397,298 3,319,375 — 999,716,673 
Total investments at fair value$2,026,022,128 $5,006,521,133 $— $7,032,543,261 
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.