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Microsoft Excel LibreOffice Calc

Intuitive Surgical Inc. (ISRG)


Analysis of Property, Plant and Equipment

High level of difficulty


Accounting Policy on Property, Plant and Equipment

Property, plant, and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets generally as follows:

Useful Lives
Building Up to 30 years
Building improvements Up to 15 years
Leasehold improvements Lesser of useful life or term of lease
Equipment and furniture 5 years
Operating lease assets Greater of lease term or 1 to 5 years
Computer and office equipment 3 years
Enterprise-wide software 5 years
Purchased software Lesser of 3 years or life of license

Depreciation expense for the years ended December 31, 2018, 2017, and 2016, was $105.9 million, $82.1 million, and $70.7 million, respectively.

Source: 10-K (filing date: 2019-02-04).


Property, Plant and Equipment Disclosure

Intuitive Surgical Inc., balance sheet: property, plant and equipment

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Land hidden hidden hidden hidden hidden
Building and building/leasehold improvements hidden hidden hidden hidden hidden
Machinery and equipment hidden hidden hidden hidden hidden
Operating lease assets hidden hidden hidden hidden hidden
Computer and office equipment hidden hidden hidden hidden hidden
Capitalized software hidden hidden hidden hidden hidden
Construction-in-process hidden hidden hidden hidden hidden
Gross property, plant, and equipment hidden hidden hidden hidden hidden
Accumulated depreciation hidden hidden hidden hidden hidden
Property, plant, and equipment, net hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).

Item Description The company
Gross property, plant, and equipment 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. Intuitive Surgical Inc.’s gross property, plant, and equipment increased from 2016 to 2017 and from 2017 to 2018.
Property, plant, and equipment, net 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. Intuitive Surgical Inc.’s property, plant, and equipment, net increased from 2016 to 2017 and from 2017 to 2018.

Property, Plant and Equipment Ratios (Summary)

Intuitive Surgical Inc., Property, Plant and Equipment Ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Average age hidden hidden hidden hidden hidden
Estimated total useful life (years) hidden hidden hidden hidden hidden
Estimated age, time elapsed since purchase (years) hidden hidden hidden hidden hidden
Estimated remaining life (years) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).

Financial 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. Intuitive Surgical Inc.’s average age of depreciable property, plant and equipment improved from 2016 to 2017 and from 2017 to 2018.
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. Intuitive Surgical Inc.’s estimated total useful life of depreciable property, plant and equipment increased from 2016 to 2017 and from 2017 to 2018.
Estimated time elapsed since purchase The approximate age in years of a company’s fixed assets. Useful for comparison purposes. Intuitive Surgical Inc.’s estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2016 to 2017 and from 2017 to 2018.
Estimated remaining life Intuitive Surgical Inc.’s estimated remaining life of depreciable property, plant and equipment increased from 2016 to 2017 and from 2017 to 2018.

Average Age

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Accumulated depreciation hidden hidden hidden hidden hidden
Gross property, plant, and equipment hidden hidden hidden hidden hidden
Land hidden hidden hidden hidden hidden
Ratio
Average age1 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).

2018 Calculations

1 Average age = 100 × Accumulated depreciation ÷ (Gross property, plant, and equipment – Land)
= 100 × hidden ÷ (hiddenhidden) = hidden

Financial 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. Intuitive Surgical Inc.’s average age of depreciable property, plant and equipment improved from 2016 to 2017 and from 2017 to 2018.

Estimated Total Useful Life

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Gross property, plant, and equipment hidden hidden hidden hidden hidden
Land hidden hidden hidden hidden hidden
Depreciation expense hidden hidden hidden hidden hidden
Ratio
Estimated total useful life (years)1 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).

2018 Calculations

1 Estimated total useful life (years) = (Gross property, plant, and equipment – Land) ÷ Depreciation expense
= (hiddenhidden) ÷ hidden = hidden

Financial 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. Intuitive Surgical Inc.’s estimated total useful life of depreciable property, plant and equipment increased from 2016 to 2017 and from 2017 to 2018.

Estimated Age, Time Elapsed since Purchase

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Accumulated depreciation hidden hidden hidden hidden hidden
Depreciation expense hidden hidden hidden hidden hidden
Ratio
Time elapsed since purchase (years)1 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).

2018 Calculations

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

Financial ratio Description The company
Estimated time elapsed since purchase The approximate age in years of a company’s fixed assets. Useful for comparison purposes. Intuitive Surgical Inc.’s estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2016 to 2017 and from 2017 to 2018.

Estimated Remaining Life

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Property, plant, and equipment, net hidden hidden hidden hidden hidden
Land hidden hidden hidden hidden hidden
Depreciation expense hidden hidden hidden hidden hidden
Ratio
Estimated remaining life (years)1 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).

2018 Calculations

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

Financial ratio Description The company
Estimated remaining life Intuitive Surgical Inc.’s estimated remaining life of depreciable property, plant and equipment increased from 2016 to 2017 and from 2017 to 2018.