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Property, Plant and Equipment Accounting Policy

Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method. Repairs and maintenance costs are expensed as incurred. Estimated useful lives in years are generally as follows:

Description Estimated Useful Life
Buildings and improvements 20-35
Laboratory and manufacturing equipment 4-10
Office and computer equipment 3-7
Leasehold improvements Shorter of useful life or lease term

Office and computer equipment includes capitalized software. Gilead had unamortized capitalized software costs on the Consolidated Balance Sheets of $129 million as of December 31, 2017 and $141 million as of December 31, 2016. Capitalized interest on construction in-progress is included in property, plant and equipment. Interest capitalized in 2017, 2016 and 2015 was not significant.

Source: Gilead Sciences Inc., Annual Report

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Property, Plant and Equipment Disclosure

Gilead Sciences Inc., Statement of Financial Position, Property, Plant and Equipment

USD $ in millions

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Land
Buildings and improvements, including leasehold improvements
Laboratory and manufacturing equipment
Office and computer equipment
Construction in progress
Property, plant and equipment, gross
Accumulated depreciation and amortization
Property, plant and equipment, net

Source: Based on data from Gilead Sciences Inc. Annual Reports

Item Description The company
Land Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. Gilead Sciences Inc.'s land increased from 2015 to 2016 and from 2016 to 2017.
Buildings and improvements, including leasehold improvements Carrying amount as of the balance sheet date of long-lived, depreciable assets that include building structures held for productive use including any addition, improvement, or renovation to the structure, such as interior masonry, interior flooring, electrical, and plumbing. Gilead Sciences Inc.'s buildings and improvements, including leasehold improvements increased from 2015 to 2016 and from 2016 to 2017.
Construction in progress Carrying amount at the balance sheet date of long-lived asset under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service. Gilead Sciences Inc.'s construction in progress increased from 2015 to 2016 and from 2016 to 2017.
Property, plant and equipment, gross Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation. Gilead Sciences Inc.'s property, plant and equipment, gross increased from 2015 to 2016 and from 2016 to 2017.
Property, plant and equipment, net Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Gilead Sciences Inc.'s property, plant and equipment, net increased from 2015 to 2016 and from 2016 to 2017.

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Property, Plant and Equipment Ratios (Summary)

Gilead Sciences Inc., Property, Plant and Equipment Ratios

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Average age % % % % %
Estimated total useful life (years)
Estimated age, time elapsed since purchase (years)
Estimated remaining life (years)
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's fixed asset base is old or new. Newer assets are likely to be more efficient. Gilead Sciences Inc.'s average age of depreciable property, plant and equipment improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.
Estimated total useful life Over longer time periods, this ratio is a useful measure of company's depreciation policy and can be used for comparisons with competitors. Gilead Sciences Inc.'s estimated total useful life of depreciable property, plant and equipment increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.
Estimated time elapsed since purchase The approximate age in years of a company's fixed assets. Useful for comparison purposes. Gilead Sciences Inc.'s estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2015 to 2016 and from 2016 to 2017.
Estimated remaining life Gilead Sciences Inc.'s estimated remaining life of depreciable property, plant and equipment increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.

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Average Age

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Accumulated depreciation and amortization
Property, plant and equipment, gross
Land
Ratio
Average age1 % % % % %

2017 Calculations

1 Average age = 100 × Accumulated depreciation and amortization ÷ (Property, plant and equipment, gross – Land)
= 100 × ÷ () = %

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's fixed asset base is old or new. Newer assets are likely to be more efficient. Gilead Sciences Inc.'s average age of depreciable property, plant and equipment improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.

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Estimated Total Useful Life

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Property, plant and equipment, gross
Land
Depreciation expense
Ratio
Estimated total useful life (years)1

2017 Calculations

1 Estimated total useful life (years) = (Property, plant and equipment, gross – Land) ÷ Depreciation expense
= () ÷ =

Ratio Description The company
Estimated total useful life Over longer time periods, this ratio is a useful measure of company's depreciation policy and can be used for comparisons with competitors. Gilead Sciences Inc.'s estimated total useful life of depreciable property, plant and equipment increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.

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Estimated Age, Time Elapsed Since Purchase

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Accumulated depreciation and amortization
Depreciation expense
Ratio
Time elapsed since purchase (years)1

2017 Calculations

1 Time elapsed since purchase (years) = Accumulated depreciation and amortization ÷ Depreciation expense
= ÷ =

Ratio Description The company
Estimated time elapsed since purchase The approximate age in years of a company's fixed assets. Useful for comparison purposes. Gilead Sciences Inc.'s estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2015 to 2016 and from 2016 to 2017.

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Estimated Remaining Life

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Property, plant and equipment, net
Land
Depreciation expense
Ratio
Estimated remaining life (years)1

2017 Calculations

1 Estimated remaining life (years) = (Property, plant and equipment, net – Land) ÷ Depreciation expense
= () ÷ =

Ratio Description The company
Estimated remaining life Gilead Sciences Inc.'s estimated remaining life of depreciable property, plant and equipment increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.

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