Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment as of December 31, 2022 and December 31, 2021, consisted of the following:

	2022		2021
Land	$	115,845	$	126,513
Buildings and leasehold improvements	834,786		873,912
Machinery, equipment and other	1,811,060		1,573,680
Property, plant and equipment, at cost	2,761,691		2,574,105
Less: accumulated depreciation	1,435,677		1,339,706
Property, plant and equipment, net	$	1,326,014	$	1,234,399

During the third quarter of 2021, we reconsidered our approach to an internally developed software project due to a change in management strategy related to advances in alternative technologies. We decided to dispose of the software project as of September 30, 2021. As a result, we recognized $61 million of selling, administrative and other expense related to the disposal of this software.

During the second quarter of 2022, we recognized a $103 million gain on the sale of real estate that had been leased to S.P. Richards Company ("SPR"). Refer to the discontinued operations section of the Acquisitions, Divestitures and Discontinued Operations Footnote for additional information regarding the divestiture of our business products group.