v3.25.2
Property, Plant, and Equipment
6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment

8. Property, Plant, and Equipment

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

 

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Land and land improvements

 

$

216.4

 

 

$

203.4

 

Buildings

 

 

1,234.3

 

 

 

1,140.0

 

Machinery and equipment

 

 

7,547.0

 

 

 

7,368.8

 

Construction in progress

 

 

350.9

 

 

 

397.2

 

Other

 

 

200.2

 

 

 

195.8

 

Property, plant and equipment, at cost

 

 

9,548.8

 

 

 

9,305.2

 

Less accumulated depreciation

 

 

(5,432.9

)

 

 

(5,266.2

)

Property, plant, and equipment, net

 

$

4,115.9

 

 

$

4,039.0

 

Depreciation expense for the three months ended June 30, 2025 and 2024 was $130.8 million and $118.7 million, respectively. During the six months ended June 30, 2025 and 2024, depreciation expense was $258.9 million and $236.8 million, respectively. During the six months ended June 30, 2025, we recognized $3.6 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 six months ended June 30, 2024 as a result of Jackson mill conversion-related activities.

At June 30, 2025 and December 31, 2024, purchases of property, plant, and equipment included in accounts payable were $64.8 million and $33.8 million, respectively.