Property, Plant, and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

8. Property, Plant, and Equipment

The components of property, plant, and equipment were as follows (dollars in millions):


	June 30,			December 31,
	2024			2023
Land and land improvements	$	199.3		$	197.8
Buildings		1,125.8			1,090.4
Machinery and equipment		7,131.0			7,006.7
Construction in progress		435.4			335.8
Other		188.5			177.0
Property, plant and equipment, at cost		9,080.0			8,807.7
Less accumulated depreciation		(5,118.5	)		(4,943.9	)
Property, plant, and equipment, net	$	3,961.5		$	3,863.8

Depreciation expense for the three months ended June 30, 2024 and 2023 was $118.7 million and $117.4 million, respectively. During the six months ended June 30, 2024 and 2023, depreciation expense was $236.8 million and $236.3 million, respectively. During the six months ended June 30, 2024, we recognized $1.5 million of incremental depreciation expense as a result of Jackson mill conversion-related activities. We recognized $9.3 million of incremental depreciation expense during the six months ended June 30, 2023 as a result of corrugated products facilities and design center closures and Jackson mill conversion-related activities.

At June 30, 2024 and December 31, 2023, purchases of property, plant, and equipment included in accounts payable were $43.2 million and $24.2 million, respectively.