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Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant And Equipment Property, Plant and Equipment
Property, plant and equipment consist of the following:
March 31, 2024December 31, 2023
(In thousands)
Land$211,211 $212,722 
Buildings and improvements2,149,095 2,080,589 
Machinery and equipment7,104,414 7,022,614 
Finance lease assets224,983 209,506 
Furniture, fixtures and other equipment22,460 22,655 
Software and computer equipment206,633 200,362 
Construction in progress198,263 223,332 
Total property, plant and equipment10,117,059 9,971,780 
Accumulated depreciation and amortization(6,749,625)(6,672,335)
Total property, plant and equipment, net$3,367,434 $3,299,445 

The following table summarizes our depreciation expense:
For the Three Months Ended March 31,
 20242023
 (In thousands)
Depreciation expense$144,787 $156,614 

We periodically assess the estimated useful lives of our property, plant and equipment. Based on our assessment of test equipment and its increased interchangeability enabling broader and longer use, we extended the estimated useful lives of test equipment from five years to seven years as of January 1, 2024. As a result, the reduction in depreciation expense of approximately $15 million benefited net income and diluted earnings per share by approximately $13 million and $0.05 for the first quarter of 2024, respectively.