PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

The carrying value and estimated useful lives of property, plant and equipment are as follows:


(In thousands)	Estimated Useful Life	March 31, 2024		December 31, 2023
Property, plant and equipment
Land	n/a	$	4,716	$	4,716
Leasehold and building improvements	(1)	225,477		214,562
Land improvements	15 years	6,747		6,729
Buildings	30 - 40 years	290,777		290,777
Computer equipment and computer software	3 years	171,148		168,131
Machinery and equipment	3 - 10 years	303,469		290,294
Furniture and fixtures	3 - 10 years	35,994		35,756
Assets under construction	n/a	109,887		104,592
Property, plant and equipment, at cost		1,148,215		1,115,557
Accumulated depreciation		(446,174)		(417,203)
Property, plant and equipment, net		$	702,041	$	698,354

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(1)Lesser of remaining lease term, building life, or estimated useful life.

Depreciation expense for the three months ended March 31, 2024 and 2023 was $30.6 million and $26.8 million, respectively.

At March 31, 2024, the Company had $109.9 million of assets under construction, which consisted of $56.0 million in machinery and equipment, $40.5 million in capitalized costs related to software projects, $8.1 million in leasehold and building improvements, $5.2 million related to buildings, and minimal furniture and fixtures. Depreciation will begin on these assets once they are placed into service upon completion.