Bristol-Myers Squibb Co., 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	162)	162)	169)	189)	187)
Buildings	6,495)	5,920)	5,897)	5,732)	6,336)
Machinery, equipment and fixtures	3,717)	3,284)	3,252)	3,063)	3,157)
Construction in progress	1,075)	1,053)	764)	487)	527)
Gross property, plant and equipment	11,449)	10,419)	10,082)	9,471)	10,207)
Accumulated depreciation	(4,803)	(4,164)	(4,033)	(3,585)	(3,955)
Property, plant and equipment, net	6,646)	6,255)	6,049)	5,886)	6,252)

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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.	Bristol-Myers Squibb Co. gross property, plant and equipment increased from 2021 to 2022 and from 2022 to 2023.
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.	Bristol-Myers Squibb Co. property, plant and equipment, net increased from 2021 to 2022 and from 2022 to 2023.

Bristol-Myers Squibb Co., asset age ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Average age ratio	42.55%	40.60%	40.68%	38.62%	39.47%
Estimated total useful life (years)	18	17	18	16	18
Estimated age, time elapsed since purchase (years)	8	7	7	6	7
Estimated remaining life (years)	11	10	11	10	11

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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.	Bristol-Myers Squibb Co. average age ratio of depreciable property, plant and equipment improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Bristol-Myers Squibb Co. estimated total useful life of depreciable property, plant and equipment decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Bristol-Myers Squibb Co. estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Estimated remaining life		Bristol-Myers Squibb Co. estimated remaining life of depreciable property, plant and equipment decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation	4,803)	4,164)	4,033)	3,585)	3,955)
Gross property, plant and equipment	11,449)	10,419)	10,082)	9,471)	10,207)
Land	162)	162)	169)	189)	187)
Asset Age Ratio
Average age¹	42.55%	40.60%	40.68%	38.62%	39.47%

2023 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Gross property, plant and equipment – Land)
= 100 × 4,803 ÷ (11,449 – 162) = 42.55%

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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.	Bristol-Myers Squibb Co. average age ratio of depreciable property, plant and equipment improved from 2021 to 2022 but then deteriorated significantly 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)
Gross property, plant and equipment	11,449)	10,419)	10,082)	9,471)	10,207)
Land	162)	162)	169)	189)	187)
Depreciation expense	611)	587)	559)	586)	554)
Asset Age Ratio (Years)
Estimated total useful life¹	18	17	18	16	18

2023 Calculations

¹ Estimated total useful life = (Gross property, plant and equipment – Land) ÷ Depreciation expense
= (11,449 – 162) ÷ 611 = 18

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Asset age ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Bristol-Myers Squibb Co. estimated total useful life of depreciable property, plant and equipment decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation	4,803)	4,164)	4,033)	3,585)	3,955)
Depreciation expense	611)	587)	559)	586)	554)
Asset Age Ratio (Years)
Time elapsed since purchase¹	8	7	7	6	7

2023 Calculations

¹ Time elapsed since purchase = Accumulated depreciation ÷ Depreciation expense
= 4,803 ÷ 611 = 8

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Asset age ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Bristol-Myers Squibb Co. estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2021 to 2022 but then deteriorated significantly 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)
Property, plant and equipment, net	6,646)	6,255)	6,049)	5,886)	6,252)
Land	162)	162)	169)	189)	187)
Depreciation expense	611)	587)	559)	586)	554)
Asset Age Ratio (Years)
Estimated remaining life¹	11	10	11	10	11

2023 Calculations

¹ Estimated remaining life = (Property, plant and equipment, net – Land) ÷ Depreciation expense
= (6,646 – 162) ÷ 611 = 11

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Asset age ratio	Description	The company
Estimated remaining life		Bristol-Myers Squibb Co. estimated remaining life of depreciable property, plant and equipment decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Bristol-Myers Squibb Co. (NYSE:BMY)

Analysis of Property, Plant and Equipment