Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

The following table provides details on the useful lives and proportion of our machinery and equipment (“M&E”) in each useful life category.


Percent of M&E Cost	Depreciable Life in Years	Types of Assets
27	5 to 10	Production control system equipment and hardware, laboratory testing equipment
13	15	Control systems, instrumentation, metering equipment
37	20	Production vessels and kilns, storage tanks, piping
6	25 to 30	Blending equipment, storage tanks, piping, shipping equipment and platforms, safety equipment
2	40	Machinery & equipment support structures and foundations
15	Various	Various


	December 31,
In millions	2024		2023
Machinery and equipment	$	1,296.4	$	1,244.6
Buildings and leasehold improvements	224.3		217.4
Land and land improvements	26.2		26.3
Construction in progress	68.9		92.8
Total cost	$	1,615.8	$	1,581.1
Less: accumulated depreciation (1)	(956.9)		(818.9)
Property, plant, and equipment, net (2)	$	658.9	$	762.2

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(1) As a result of the Performance Chemicals repositioning, as further described in Note 15, we accelerated the depreciation of certain property, plant, and equipment assets in 2024 and 2023. This resulted in $92.6 million and $46.3 million of additional expense for the years ended December 31, 2024 and 2023, respectively, which is included in Restructuring and other (income) charges, net within the consolidated statement of operations.

(2) Includes finance leases related to machinery and equipment of $93.7 million and $94.2 million, and net carrying value of $20.3 million and $22.7 million; buildings and leasehold improvements of $39.2 million and $39.2 million, and net carrying value of $29.9 million and $32.3 million, respectively. Amortization expense associated with these finance leases is included within depreciation expense. The payments remaining under these finance lease obligations are included within Note 13.