Pfizzel Inc. reported the following information in its property, plant, and equipment note to the 1999 financial statements (dollars in millions):

1999 1998 1997 Land $ 85.2 $ 81.8 $ 71.7 Buildings 1,218.6 1,093.8 953.9 Machinery and equipment 2,108.4 1,897.8 1,706.9 Furniture, fixtures, and other 940.2 812.8 698.3 Construction in progress 640.5 414.5 385.6 Total PPE 4,992.9 4,300.7 3,816.4 Less accumulated depreciation 1,919.7 1,668.2 1,511.3 Book value PPE $3,073.2 $2,632.5 $2,305.1 Required Part I

a. Identify and describe each term in this note.

b. During which year(s) did Pfizzel acquire substantial fixed assets? How can you tell?

c. During which year(s) did Pfizzel sell some fixed assets? How can you tell?

d. Did Pfizzel’s construction change markedly during these three years? What evidence supports your conclusion?

e. Calculate the percentage of PPE depreciated for each year. Discuss the meaning and implications of your results.