Property, Plant and Equipment Disclosure
Asset Age Ratios (Summary)
Average Age

Monsanto Co., balance sheet: property, plant and equipment

US$ in millions

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Land and improvements	677)	645)	643)	611)	577)	536)
Buildings and improvements	2,358)	2,225)	2,143)	2,122)	1,979)	1,919)
Machinery and equipment	6,210)	5,871)	5,653)	5,676)	5,357)	5,057)
Computer software	1,166)	1,008)	893)	779)	705)	643)
Construction in progress and other	1,820)	1,367)	1,096)	1,169)	873)	680)
Property, plant and equipment, gross	12,231)	11,116)	10,428)	10,357)	9,491)	8,835)
Accumulated depreciation	(6,301)	(5,885)	(5,455)	(5,275)	(4,837)	(4,470)
Property, plant and equipment, net	5,930)	5,231)	4,973)	5,082)	4,654)	4,365)

Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31).

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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.	Monsanto Co. property, plant and equipment, gross increased from 2015 to 2016 and from 2016 to 2017.
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.	Monsanto Co. property, plant and equipment, net increased from 2015 to 2016 and from 2016 to 2017.

Monsanto Co., asset age ratios

		Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
	Average age ratio	54.54%	56.20%	55.75%	54.12%	54.26%	53.86%

Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31).

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.	Monsanto Co. average age ratio of depreciable property, plant and equipment deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Selected Financial Data (US$ in millions)
Accumulated depreciation	6,301)	5,885)	5,455)	5,275)	4,837)	4,470)
Property, plant and equipment, gross	12,231)	11,116)	10,428)	10,357)	9,491)	8,835)
Land and improvements	677)	645)	643)	611)	577)	536)
Asset Age Ratio
Average age¹	54.54%	56.20%	55.75%	54.12%	54.26%	53.86%

Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31).

2017 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Property, plant and equipment, gross – Land and improvements)
= 100 × 6,301 ÷ (12,231 – 677) = 54.54%

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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.	Monsanto Co. average age ratio of depreciable property, plant and equipment deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

Monsanto Co. (NYSE:MON)

Analysis of Property, Plant and Equipment

Property, Plant and Equipment Disclosure

Asset Age Ratios (Summary)

Average Age