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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 | Property, Plant and Equipment Property, plant and equipment consist of the following:
| December 31,
| 2024 |  | 2023
| (In thousands)
Land | $ | 246,953 |  |  | $ | 212,722 |
Buildings and improvements | 2,239,481 |  |  | 2,080,589 |
Machinery and equipment | 7,389,787 |  |  | 7,022,614 |
Finance lease assets | 274,302 |  |  | 209,506 |
Furniture, fixtures and other equipment | 18,652 |  |  | 22,655 |
Software and computer equipment | 215,031 |  |  | 200,362 |
Construction in progress | 185,351 |  |  | 223,332 |
Total property, plant and equipment | 10,569,557 |  |  | 9,971,780 |
Accumulated depreciation and amortization | (6,993,409) |  |  | (6,672,335) |
Total property, plant and equipment, net | $ | 3,576,148 |  |  | $ | 3,299,445 |
During 2024, we acquired land for the Arizona Facility with a total fair market value of $36.9 million. We anticipate beginning construction of the new facility in the second half of 2025. The following table summarizes our depreciation expense:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Depreciation expense | $ | 594,141 |  |  | $ | 630,941 |  |  | $ | 612,105 |
The extension in the estimated useful lives of test equipment (Note 1) reduced depreciation expense by approximately $59 million in 2024. This benefited net income by approximately $49 million and diluted earnings per share by $0.20.

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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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