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Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following:
| March 31, 2024 |  | December 31, 2023
| (In thousands)
Land | $ | 211,211 |  |  | $ | 212,722 |
Buildings and improvements | 2,149,095 |  |  | 2,080,589 |
Machinery and equipment | 7,104,414 |  |  | 7,022,614 |
Finance lease assets | 224,983 |  |  | 209,506 |
Furniture, fixtures and other equipment | 22,460 |  |  | 22,655 |
Software and computer equipment | 206,633 |  |  | 200,362 |
Construction in progress | 198,263 |  |  | 223,332 |
Total property, plant and equipment | 10,117,059 |  |  | 9,971,780 |
Accumulated depreciation and amortization | (6,749,625) |  |  | (6,672,335) |
Total property, plant and equipment, net | $ | 3,367,434 |  |  | $ | 3,299,445 |
The following table summarizes our depreciation expense:
| For the Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (In thousands)
Depreciation expense | $ | 144,787 |  |  | $ | 156,614 |  |  |  |  |
We periodically assess the estimated useful lives of our property, plant and equipment. Based on our assessment of test equipment and its increased interchangeability enabling broader and longer use, we extended the estimated useful lives of test equipment from five years to seven years as of January 1, 2024. As a result, the reduction in depreciation expense of approximately $15 million benefited net income and diluted earnings per share by approximately $13 million and $0.05 for the first quarter of 2024, respectively.

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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//1943274/2147480321/958-360-50-6 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//1943274/2147480321/958-360-50-1 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//1943274/2147480321/958-360-50-7 + Details
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