Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

8. Property, Plant, and Equipment

The components of property, plant, and equipment were as follows (dollars in millions):


	March 31,			December 31,
	2024			2023
Land and land improvements	$	199.1		$	197.8
Buildings		1,091.3			1,090.4
Machinery and equipment		7,021.3			7,006.7
Construction in progress		395.9			335.8
Other		178.6			177.0
Property, plant and equipment, at cost		8,886.2			8,807.7
Less accumulated depreciation		(5,021.7	)		(4,943.9	)
Property, plant, and equipment, net	$	3,864.5		$	3,863.8

Depreciation expense for the three months ended March 31, 2024 and 2023 was $118.1 million and $118.8 million, respectively. During the three months ended March 31, 2024, we recognized $1.5 million of incremental depreciation expense as a result of Jackson mill conversion-related activities. We recognized $6.3 million of incremental depreciation expense during the three months ended March 31, 2023 as a result of corrugated products facilities and design center closures and Jackson mill conversion-related activities.

At March 31, 2024 and December 31, 2023, purchases of property, plant, and equipment included in accounts payable were $69.9 million and $24.2 million, respectively.