Property, Plant, and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

8. Property, Plant, and Equipment

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


	September 30,			December 31,
	2024			2023
Land and land improvements	$	199.6		$	197.8
Buildings		1,132.7			1,090.4
Machinery and equipment		7,249.2			7,006.7
Construction in progress		401.7			335.8
Other		196.9			177.0
Property, plant and equipment, at cost		9,180.1			8,807.7
Less accumulated depreciation		(5,197.8	)		(4,943.9	)
Property, plant, and equipment, net	$	3,982.3		$	3,863.8

Depreciation expense for the three months ended September 30, 2024 and 2023 was $122.7 million and $118.6 million, respectively. During the nine months ended September 30, 2024 and 2023, depreciation expense was $359.5 million and $354.9 million, respectively. During the nine months ended September 30, 2024, we recognized $1.7 million of incremental depreciation expense as a result of Jackson mill conversion-related activities and closure costs related to corrugated products facilities. We recognized $11.9 million of incremental depreciation expense during the nine months ended September 30, 2023 as a result of Jackson mill conversion-related activities and closure costs related to corrugated products facilities and design centers.

At September 30, 2024 and December 31, 2023, purchases of property, plant, and equipment included in accounts payable were $45.7 million and $24.2 million, respectively.