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Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant And Equipment Property, Plant and Equipment
Property, plant and equipment consist of the following:
September 30, 2024December 31, 2023
(In thousands)
Land$212,322 $212,722 
Buildings and improvements2,166,664 2,080,589 
Machinery and equipment7,342,271 7,022,614 
Finance lease assets264,644 209,506 
Furniture, fixtures and other equipment22,658 22,655 
Software and computer equipment215,937 200,362 
Construction in progress264,460 223,332 
Total property, plant and equipment10,488,956 9,971,780 
Accumulated depreciation and amortization(6,950,115)(6,672,335)
Total property, plant and equipment, net$3,538,841 $3,299,445 

The following table summarizes our depreciation expense:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2024202320242023
 (In thousands)
Depreciation expense$150,470 $157,610 $445,074 $471,967 

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, depreciation expense was reduced by approximately $15 million and $45 million for the three and nine months ended September 30, 2024, respectively. This benefited net income by approximately $12 million and $37 million and diluted earnings per share by $0.04 and $0.15 for each period, respectively.