Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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