Is Peter Pan in the public domain?

Excuse me, I was wondering if you could clarify something for me? I've been hearing a lot of debate about whether Peter Pan, the classic tale by J.M. Barrie, is now considered to be in the public domain. Could you please explain what that means, and if indeed, the story of Peter Pan and Neverland has entered the realm of public domain? I'm quite curious about the legal implications of this and how it affects the use and distribution of the work. Thank you for your time and consideration.