Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 11: Property, Plant and Equipment

Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Components of property, plant and equipment, net are summarized as follows:

	As of December 31,
(In millions)	2025		2024
Land	$	216.7	$	202.4
Buildings	2,140.3		1,963.7
Leasehold improvements	143.5		137.8
Machinery and equipment	2,167.4		2,109.8
Computer software and hardware	1,093.5		1,070.5
Furniture and fixtures	62.1		59.5
Construction in progress	163.1		308.4
Total cost(1)	5,986.6		5,852.1
Less: accumulated depreciation	(2,931.2)		(2,670.8)
Total property, plant and equipment, net	$	3,055.4	$	3,181.3

(1) During the first quarter of 2024 the second manufacturing suite at our Solothurn, Switzerland facility become operational, resulting in approximately $717.3 million of fixed assets being placed into service.

Depreciation expense totaled $272.8 million, $286.7 million and $254.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

For the years ended December 31, 2025, 2024 and 2023, we capitalized interest costs related to construction in progress totaling approximately $3.4 million, $3.2 million and $21.7 million, respectively.