Plant, Property and Equipment, Net (Notes)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Plant, Property and Equipment, Net

PLANT, PROPERTY AND EQUIPMENT, NET

The following table summarizes our property, plant, and equipment, net of accumulated depreciation.

As of December 31	Useful life (in years)	2022		2021
Machinery and equipment	2 - 10	$	1,208.3	$	1,202.0
Buildings and improvements	5 - 40	277.6		265.5
Furniture, fixtures and office equipment	3 - 7	80.5		78.3
Land and improvements		29.3		32.5
Construction in progress		86.9		62.8
Other		3.3		4.3
Plant, property and equipment, gross		1,685.9		1,645.4
Less: accumulated depreciation		(1,159.1)		(1,136.3)
Plant, property and equipment, net		$	526.8	$	509.1

Depreciation expense of $80.7, $85.8, and $83.2 was recognized in 2022, 2021 and 2020, respectively.

During 2022, we recorded a gain of $14.7 related to the sale of a former operating facility with a book value of $3.1 that was previously held by a business within our IP segment. During 2021, we recorded a gain of $7.0 related to the sale of land with a book value of $0.1 that was previously held by a business within our MT segment. The gains were recorded within Gain on sale of long-lived assets in our Consolidated Statements of Operations.