Property, Plant and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

The major components of property, plant and equipment were as follows:


(dollars in millions)	March 31, 2021		December 31, 2020
Land and leasehold improvements	$	52.3	$	53.2
Buildings and improvements	138.1		139.5
Machinery, equipment, fixtures and software	256.2		245.8
Construction in process	24.5		22.3
Total property, plant and equipment	471.1		460.8
Accumulated depreciation	(235.8)		(220.4)
Property, plant and equipment, net	$	235.3	$	240.4

For the three months ended March 31, 2021 and 2020, the Company recorded depreciation expense of $9.4 million and $10.5 million, respectively.

During the third quarter of 2020, the Company met the requirements to classify a dormant facility in New Jersey, included in its Electronics business segment, as held for sale. The sale of the facility was completed in January 2021 and the Company recognized a gain of $3.9 million in "Selling, technical, general and administrative" in the Condensed Consolidated Statements of Operations. The Company had received initial deposits of $4.6 million in the second half of 2020 and received the remaining cash of $19.0 million associated with sale during the first quarter of 2021. Cash flows associated with the sale of this facility are included in "Other, net" in the Condensed Consolidated Statements of Cash Flows as a cash inflow from investing activities.