Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment, net

We generally depreciate or amortize the cost of our property, plant and equipment using the straight-line method over the estimated useful lives of the respective assets, which are summarized as follows:

Asset Category	Useful Lives
Land	Not depreciated
Buildings	15 to 40 years
Leasehold Improvements	Lesser of the useful life or the term of the respective lease
Furniture and Fixtures	5 to 7 years
Machinery and Equipment	5 to 20 years
Computer Software and Hardware	3 to 5 years

Components of property, plant and equipment, net are summarized as follows:

	As of December 31,
(In millions)	2023		2022
Land	$	202.4	$	202.4
Buildings	1,601.3		1,592.9
Leasehold improvements	135.7		107.7
Machinery and equipment	1,703.8		1,611.5
Computer software and hardware	1,032.1		999.9
Furniture and fixtures	61.5		61.1
Construction in progress	975.4		888.8
Total cost	5,712.2		5,464.3
Less: accumulated depreciation	(2,402.5)		(2,165.7)
Total property, plant and equipment, net	$	3,309.7	$	3,298.6