Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The components of property, plant and equipment are as follows:

	December 31,
(in thousands)	2024		2023
Land	$	39,278	$	30,912
Land improvements and leasehold improvements	88,144		82,438
Buildings and storage facilities	622,771		365,744
Machinery and equipment	1,042,529		951,544
Construction in progress	39,610		36,541
	1,832,332		1,467,179
Less: accumulated depreciation	(964,181)		(773,814)
Property, plant and equipment, net	$	868,151	$	693,365

The increase in Property, plant and equipment, net from the prior year was due to the acquisition of Skyland. See Note 20 for additional information.

Depreciation expense on property, plant and equipment amounted to $105.3 million, $100.6 million, and $110.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.