Depreciation is calculated by the straight-line method over the estimated useful lives of depreciable assets which are as follows:
Buildings and improvements
10 to 40 years
Machinery and equipment
2 to 7 years
Software and computer equipment
3 to 5 years
Furniture, fixtures and other equipment
4 to 10 years
Property, plant and equipment consist of the following:
December 31,
20252024
(In thousands)
Land$247,450 $246,953 
Buildings and improvements2,353,344 2,239,481 
Machinery and equipment7,946,040 7,389,787 
Finance lease assets217,855 274,302 
Furniture, fixtures and other equipment18,820 18,652 
Software and computer equipment229,769 215,031 
Construction in progress250,152 185,351 
Total property, plant and equipment11,263,430 10,569,557 
Accumulated depreciation and amortization(7,392,622)(6,993,409)
Total property, plant and equipment, net$3,870,808 $3,576,148 
The following table summarizes our depreciation expense:
For the Year Ended December 31,
 202520242023
 (In thousands)
Depreciation expense$641,521 $594,141 $630,941 

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 21, 2025
2023Feb 16, 2024
2022Feb 22, 2023
2021Feb 18, 2022
2020Feb 19, 2021
2019Feb 19, 2020
2018Feb 22, 2019
2017Feb 23, 2018
2016Feb 24, 2017
2015Feb 22, 2016

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.