Property, plant and equipment at December 31, 2025 and 2024 consists of the following:
(In millions)20252024Estimated
useful lives in
years
Land$79.9 $47.2 
Buildings and improvements1,041.0 849.8 
5-35
Manufacturing equipment877.5 799.6 
5-10
Canisters and cylinders218.5 204.0 
3-12
Molds90.4 85.4 
3-5
Office furniture and lab equipment372.1 338.2 
3-8
Construction in progress175.9 356.1 
Total property, plant and equipment2,855.3 2,680.3 
Less accumulated depreciation1,219.2 1,057.4 
Property, plant and equipment, net$1,636.1 $1,622.9 

The table below sets forth the depreciation expense for the years ended December 31, 2025, 2024 and 2023:

(In millions)202520242023
Depreciation expense$205.3 $188.1 $172.7 

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 12, 2025
2023Feb 15, 2024
2022Feb 23, 2023
2021Feb 4, 2022
2020Feb 5, 2021
2019Feb 7, 2020
2018Feb 11, 2019
2017Feb 15, 2018
2016Feb 17, 2017
2015Feb 29, 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.