Property, Plant and Equipment

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

5. Property, Plant and Equipment

Property, plant and equipment consisted of the following:

	March 31, 2021		December 31, 2020
	(In thousands)
Land	$	330,701	$	206,321
Buildings and improvements		543,756		386,922
Machinery and equipment		812,919		517,543
Furniture, fixtures and computer equipment		124,427		102,309
Construction in progress		34,745		16,568
Finance lease right-of-use assets		7,934		43,256
Property, plant and equipment		1,854,482		1,272,919
Less: accumulated depreciation		556,726		523,789
Property, plant and equipment, net	$	1,297,756	$	749,130

Depreciation expense was $45.7 million and $23.7 million, of which $10.3 million and $5.0 million was included in cost of sales, for the three months ended March 31, 2021 and 2020, respectively.

Included in property, plant and equipment are certain assets held under other finance obligations. These assets are recorded at the present value of the lease payments and include land, buildings and equipment. Amortization charges associated with assets held under other finance obligations are included in depreciation expense.

The following balances held under other finance obligations are included on the accompanying consolidated balance sheets:

	March 31, 2021		December 31, 2020
	(In thousands)
Land	$	114,938	$	116,638
Buildings and improvements		126,110		131,390
Assets held under other finance obligations		241,048		248,028
Less: accumulated amortization		23,597		25,015
Assets held under other finance obligations, net	$	217,451	$	223,013