Property, Plant and Equipment

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

5. Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):

	September 30, 2021		December 31, 2020
Land	$	326,337	$	206,321
Buildings and improvements		545,417		386,922
Machinery and equipment		872,534		517,543
Furniture, fixtures and information technology		129,653		102,309
Construction in progress		84,386		16,568
Finance lease right-of-use assets		6,054		43,256
Property, plant and equipment		1,964,381		1,272,919
Less: accumulated depreciation		627,491		523,789
Property, plant and equipment, net	$	1,336,890	$	749,130

Depreciation expense was $47.7 million and $24.0 million, of which $11.0 million and $5.3 million was included in cost of sales, for the three months ended September 30, 2021 and 2020, respectively. Depreciation expense was $139.9 million and $70.6 million, of which $31.9 million and $15.3 million was included in cost of sales, for the nine months ended September 30, 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 condensed consolidated balance sheets (in thousands):

	September 30, 2021		December 31, 2020
Land	$	110,953	$	116,638
Buildings and improvements		119,660		131,390
Assets held under other finance obligations		230,613		248,028
Less: accumulated amortization		23,649		25,015
Assets held under other finance obligations, net	$	206,964	$	223,013