Property, Plant, and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

. Property, Plant, and Equipment

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


	September 30,			December 31,
	2025			2024
Land and land improvements	$	247.9		$	203.4
Buildings		1,339.8			1,140.0
Machinery and equipment		8,315.8			7,368.8
Construction in progress		483.2			397.2
Other		203.5			195.8
Property, plant and equipment, at cost		10,590.2			9,305.2
Less accumulated depreciation		(5,546.9	)		(5,266.2	)
Property, plant, and equipment, net	$	5,043.3		$	4,039.0

Depreciation expense for the three months ended September 30, 2025 and 2024 was $139.4 million and $122.7 million, respectively. During the nine months ended September 30, 2025 and 2024, depreciation expense was $398.3 million and $359.5 million, respectively. During the nine months ended September 30, 2025, we recognized $3.6 million of incremental depreciation expense as a result of closure costs related to corrugated products facilities. We recognized $1.7 million of incremental depreciation expense during the nine months ended September 30, 2024 as a result of Jackson mill conversion-related activities and closure costs related to corrugated products facilities.

At September 30, 2025 and December 31, 2024, purchases of property, plant, and equipment included in accounts payable were $75.7 million and $33.8 million, respectively.