Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

The table below sets forth the components of property, plant and equipment as of December 31, 2023 and 2022:


(in thousands)	2023		2022		Estimated useful life
Land and land improvements	$	29,654	$	14,059	25 years for improvements
Buildings	302,086		247,136		15 to 40 years

Machinery and equipment	1,207,504		1,053,700		5 to 15 years
Furniture and fixtures	11,409		8,158		5 years
Computer and other equipment	24,120		21,570		3 to 10 years
Software	69,191		66,794		5 to 8 years
Capital expenditures in progress	90,759		92,620
Property, plant and equipment, gross	1,734,723		1,504,037
Accumulated depreciation and amortization	(1,132,734)		(1,058,379)
Property, plant and equipment, net	$	601,989	$	445,658

On August 31, 2023, the Company completed the acquisition of Heimbach. Included in the fair value of assets acquired was $125.1 million of property, plant and equipment. See Note 24, Business Combination, of the Notes to the Consolidated Financial Statements for additional information.

Depreciation expense was $70.4 million in 2023, $62.5 million in 2022, and $65.1 million in 2021. Software amortization is recorded in Selling, general, and administrative expense and was $1.9 million in 2023, $1.7 million in 2022, and $1.9 million in 2021.

Capital expenditures, including purchased software, were $84.4 million in 2023, $96.3 million in 2022, and $53.7 million in 2021. Unamortized software cost was $6.6 million, $5.9 million, and $3.9 million in each of the years ended December 31, 2023, 2022, and 2021, respectively. Expenditures for maintenance and repairs are charged to income as incurred and amounted to $22.4 million in 2023, $20.7 million in 2022, and $19.3 million in 2021.