Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

8. Property, Plant, and Equipment

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


	March 31,			December 31,
	2025			2024
Land and land improvements	$	215.8		$	203.4
Buildings		1,222.1			1,140.0
Machinery and equipment		7,515.4			7,368.8
Construction in progress		287.5			397.2
Other		201.4			195.8
Property, plant and equipment, at cost		9,442.2			9,305.2
Less accumulated depreciation		(5,362.7	)		(5,266.2	)
Property, plant, and equipment, net	$	4,079.5		$	4,039.0

Depreciation expense for the three months ended March 31, 2025 and 2024 was $128.1 million and $118.1 million, respectively. During the three months ended March 31, 2025, we recognized $3.1 million of incremental depreciation expense as a result of closure costs related to corrugated products facilities. We recognized $1.5 million of incremental depreciation expense during the three months ended March 31, 2024 as a result of Jackson mill conversion-related activities.

At March 31, 2025 and December 31, 2024, purchases of property, plant, and equipment included in accounts payable were $57.6 million and $33.8 million, respectively.