Property, Plant and Equipment

9 Months Ended

Sep. 30, 2019

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 5. Property, Plant and Equipment

The components of the Company’s property, plant and equipment at September 30, 2019 and December 31, 2018 were as follows:

	September 30, 2019			December 31, 2018
Land	$	2.8		$	10.0
Buildings		33.1			36.2
Machinery and equipment		112.1			106.3
		148.0			152.5
Less: Accumulated depreciation		(123.0	)		(120.3	)
Total	$	25.0		$	32.2

On September 27, 2019, the Company entered into a sale-leaseback agreement in which it sold a building and land at fair market value for proceeds of $30.6 million, and entered into an operating lease of the property through September 2029 with the option to terminate after three years. The $19.2 million net gain on the sale of the property is recorded in other operating income, within the U.S. segment, in the condensed consolidated statements of operations for the three and nine months ended September 30, 2019.

Depreciation expense was $2.1 million and $1.6 million for the three months ended September 30, 2019 and 2018, respectively, and $5.4 million and $5.4 million for the nine months ended September 30, 2019 and 2018.