Moderna, Inc. PP&E Disclosure
| Estimated Useful Life | ||||||||
Land and permanent land improvements | Not depreciated | |||||||
Limited-life land improvements | Determined on a project-by-project basis | |||||||
Buildings and building improvements | Up to 40 years | |||||||
| Manufacturing and laboratory equipment | 5-12 years | |||||||
Leasehold improvements | Lesser of estimated useful life of improvement or remaining life of related lease | |||||||
Computer equipment and software | 3 to 5 years | |||||||
Furniture, fixtures and other | 5 years | |||||||
| Right-of-use asset, financing | Lease term | |||||||
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Land and land improvements | $ | 78 | $ | 59 | ||||||||||
| Building and building improvements | 1,183 | 743 | ||||||||||||
| Manufacturing and laboratory equipment | 542 | 344 | ||||||||||||
| Leasehold improvements | 403 | 207 | ||||||||||||
Furniture, fixtures and other | 39 | 31 | ||||||||||||
Computer equipment and software | 196 | 150 | ||||||||||||
Construction in progress | 298 | 1,057 | ||||||||||||
| 132 | 132 | |||||||||||||
Total | 2,871 | 2,723 | ||||||||||||
Less: Accumulated depreciation | (737) | (527) | ||||||||||||
| Property, plant and equipment, net | $ | 2,134 | $ | 2,196 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.