Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

A summary of gross property, plant and equipment at December 31 is presented in the following table:

($ in millions)	Expected useful lives (years)	2023		2022
Land		$	33.7	$	29.0
Buildings and improvements	15-35	771.5		663.6
Machinery and equipment	5-12	1,136.5		1,039.7
Molds and dies	4-7	164.5		154.5
Computer hardware and software	3-10	216.6		193.9
Construction in progress		415.2		305.9
		$	2,738.0	$	2,386.6

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $133.7 million, $116.9 million and $116.9 million, respectively.

We capitalize interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. Capitalized interest for the years ended December 31, 2023, 2022 and 2021 was $5.8 million, $3.7 million and $2.0 million, respectively.