Property, plant, and equipment, net.
December 31,
 20252024
Land, buildings, and improvements$246,389 $211,129 
Transportation equipment839 905 
Machinery and equipment299,783 280,783 
Construction in progress47,887 69,897 
Property, plant, and equipment, at cost594,898 562,714 
Less accumulated depreciation and amortization(266,911)(246,042)
Property, plant, and equipment, net$327,987 $316,672 
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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.