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Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net, is comprised of the following (in millions):
June 30, 2024December 31, 2023
Land$67 $75 
Buildings and improvements643 678 
Machinery and equipment2,479 2,517 
3,189 3,270 
Less: Accumulated depreciation(2,036)(2,058)
$1,153 $1,212 

Depreciation expense was $44 million and $51 million for the three months ended June 30, 2024 and 2023, respectively, and $95 million and $105 million for the six months ended June 30, 2024 and 2023, respectively.

In June 2024, the Company entered into an agreement for a right of use operating lease, for its Corporate headquarters in Atlanta, Georgia, with an initial lease term of 14.5 years. The Company has not yet taken possession of the facility; therefore it has not reflected the right of use asset and lease liability in the Condensed Consolidated Balance Sheet at June 30, 2024. The gross minimum contractual aggregate lease payments are approximately $106 million. See Footnote 3 for additional information.