Ingevity Corp
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Property, Plant, and Equipment, net
Note 7: Property, Plant, and Equipment, net
Property, plant, and equipment, net consist of the following:
| December 31, | ||
|---|---|---|
| In millions | 2023 | 2022 |
| Machinery and equipment | $1,244.6 | $1,162.7 |
| Buildings and leasehold improvements | 217.4 | 200.9 |
| Land and land improvements | 26.3 | 24.9 |
| Construction in progress | 92.8 | 120.9 |
| Total cost | $1,581.1 | $1,509.4 |
| Less: accumulated depreciation (1) | (818.9) | (710.8) |
| Property, plant, and equipment, net (2) | $762.2 | $798.6 |
(1) As a result of the Performance Chemicals repositioning, as further described in Note 15, we accelerated the depreciation of certain property, plant and equipment assets in 2023. This resulted in $46.3 million of additional expense in 2023, which is included in Restructuring and other (income) charges, net within the consolidated statement of operations.
(2) This includes finance leases related to machinery and equipment of $94.2 million and $94.3 million, and net carrying value of $22.7 million and $25.2 million; buildings and leasehold improvements of $39.2 million and $39.6 million, and net carrying value of $32.3 million and $34.9 million, respectively. Amortization expense associated with these finance leases is included within depreciation expense. The payments remaining under these finance lease obligations are included within Note 13.
Depreciation expense was $81.5 million, $70.9 million, and $70.6 million for the years ended December 31, 2023, 2022, and 2021, respectively.
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