Plant, Property and Equipment, Net (Notes)

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Machinery and equipment	2 - 10	$	1,317.9	$	1,208.3
Buildings and improvements	5 - 40	298.4		277.6
Furniture, fixtures and office equipment	3 - 7	83.7		80.5
Construction in progress		78.1		86.9
Land and improvements		29.5		29.3
Other		1.7		3.3
Plant, property and equipment, gross		1,809.3		1,685.9
Less: accumulated depreciation		(1,248.3)		(1,159.1)
Plant, property and equipment, net		$	561.0	$	526.8

Depreciation expense of $84.2, $80.7, and $85.8 was recognized in 2023, 2022 and 2021, respectively.

During 2022, we recorded a gain of $14.7 related to the sale of a former operating facility 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 that was previously held by a business within our MT segment. These gains were recorded within Gain on sale of long-lived assets in our Consolidated Statements of Operations for the years ended December 31, 2022 and 2021.