Pfizer Inc., balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Land	353)	368)	423)	444)	516)
Buildings	9,046)	8,832)	9,001)	9,022)	10,068)
Machinery and equipment	14,262)	12,882)	12,252)	11,153)	12,281)
Furniture, fixtures and other	5,399)	4,491)	4,457)	4,541)	4,931)
Construction in progress	5,925)	4,875)	3,822)	3,552)	2,960)
Property, plant and equipment, gross	34,985)	31,448)	29,955)	28,712)	30,756)
Accumulated depreciation	(16,045)	(15,174)	(15,073)	(14,812)	(16,789)
Property, plant and equipment, less accumulated depreciation	18,940)	16,274)	14,882)	13,900)	13,967)

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Item	Description	The company
Property, plant and equipment, gross	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Pfizer Inc. property, plant and equipment, gross increased from 2021 to 2022 and from 2022 to 2023.
Property, plant and equipment, less accumulated depreciation	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Pfizer Inc. property, plant and equipment, less accumulated depreciation increased from 2021 to 2022 and from 2022 to 2023.

Pfizer Inc., asset age ratios

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Average age ratio	46.33%	48.82%	51.04%	52.40%	55.52%

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Pfizer Inc. average age ratio of depreciable property, plant and equipment improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation	16,045)	15,174)	15,073)	14,812)	16,789)
Property, plant and equipment, gross	34,985)	31,448)	29,955)	28,712)	30,756)
Land	353)	368)	423)	444)	516)
Asset Age Ratio
Average age¹	46.33%	48.82%	51.04%	52.40%	55.52%

2023 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Property, plant and equipment, gross – Land)
= 100 × 16,045 ÷ (34,985 – 353) = 46.33%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Pfizer Inc. average age ratio of depreciable property, plant and equipment improved from 2021 to 2022 and from 2022 to 2023.

Pfizer Inc. (NYSE:PFE)

Analysis of Property, Plant and Equipment