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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | 4. Property, Plant and Equipment Property, plant and equipment consisted of the following at December 31:
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Land and improvements |  | $ | 401,374 |  |  | $ | 369,574 |
Buildings and improvements |  |  | 834,773 |  |  |  | 714,767 |
Machinery and equipment |  |  | 1,530,119 |  |  |  | 1,303,312 |
Information technology, furniture and fixtures |  |  | 256,095 |  |  |  | 213,066 |
Construction in progress |  |  | 141,864 |  |  |  | 207,826 |
Finance lease right-of-use assets |  |  | 3,479 |  |  |  | 7,268 |
Property, plant and equipment |  |  | 3,167,704 |  |  |  | 2,815,813 |
Less: accumulated depreciation |  |  | 1,205,973 |  |  |  | 1,011,989 |
Property, plant and equipment, net |  | $ | 1,961,731 |  |  | $ | 1,803,824 |
Depreciation expense was $256.5 million, $222.6 million and $194.6 million, of which $78.7 million, $63.5 million, and $48.7 million was included in cost of sales, for the years ended December 31, 2024, 2023 and 2022, 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 in the accompanying consolidated balance sheet as of December 31:
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Land and improvements |  | $ | 105,833 |  |  | $ | 106,163 |
Buildings and improvements |  |  | 115,020 |  |  |  | 115,970 |
Assets held under other finance obligations |  |  | 220,853 |  |  |  | 222,133 |
Less: accumulated amortization |  |  | 34,718 |  |  |  | 31,246 |
Assets held under other finance obligations, net |  | $ | 186,135 |  |  | $ | 190,887 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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