PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

The carrying value and estimated useful lives of property, plant and equipment are as follows:

(In thousands)	Estimated Useful Life	September 30, 2023		December 31, 2022
Property, plant and equipment
Land	n/a	$	4,716	$	4,716
Leasehold and building improvements	(1)	214,447		200,588
Land improvements	15 years	6,694		6,417
Buildings	30 - 40 years	291,035		288,941
Computer equipment and computer software	3 years	161,406		142,896
Machinery and equipment	3 - 10 years	269,240		246,344
Furniture and fixtures	3 - 10 years	36,390		34,047
Assets under construction	n/a	96,815		68,398
Property, plant and equipment, at cost		1,080,743		992,347
Accumulated depreciation		(388,339)		(307,591)
Property, plant and equipment, net		$	692,404	$	684,756

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(1)Lesser of remaining lease term, building life, or estimated useful life.

Depreciation expense for the three months ended September 30, 2023 and 2022 was $29.3 million and $25.0 million, respectively. Depreciation expense for the nine months ended September 30, 2023 and 2022 was $83.6 million and $73.5 million, respectively.

At September 30, 2023, the Company had $96.8 million of assets under construction, which consisted of $61.9 million in machinery and equipment, $20.5 million in capitalized costs related to software projects, $8.3 million in leasehold and building improvements, and $6.1 million related to buildings. Depreciation will begin on these assets once they are placed into service upon completion.