PP&E consist of the following:
(In thousands)Estimated
Useful Lives
December 31
2025
December 31
2024
Land and improvements
5-20 years
$95,324 $94,551 
Buildings and improvements (a)
10-30 years
250,452 225,688 
Machinery and equipment (b)
3-20 years
1,731,009 1,576,298 
Uncompleted construction47,837 53,441 
Gross property, plant and equipment 2,124,622 1,949,978 
Less: Accumulated depreciation (1,424,958)(1,285,686)
Property, plant and equipment, net $699,664 $664,292 
(a) Buildings and improvements include leasehold improvements that are amortized over the shorter of their useful lives or the term of the lease.
(b) Includes information technology hardware and software.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 20, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2021Feb 24, 2022
2020Feb 25, 2021
2019Feb 21, 2020
2018Feb 21, 2019
2017Feb 22, 2018
2016Feb 24, 2017
2015Feb 26, 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.