Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Note 2—Property, Plant and Equipment, net

Property, plant and equipment and the related accumulated depreciation are as follows (in millions):


	September 30,			December 31,
	2024			2023
Land	$	38.7		$	37.7
Building and improvements		265.8			265.5
Equipment, furniture, and fixtures		568.8			525.7
		873.3			828.9
Less: accumulated depreciation		(563.9	)		(513.6	)
Total property, plant and equipment, net	$	309.4		$	315.3

Depreciation expense for the three and nine months ended September 30, 2024 was $18.9 million and $55.2 million, respectively. Depreciation expense for the three and nine months ended September 30, 2023 was $18.0 million and $55.1 million, respectively. As of September 30, 2024 and December 31, 2023, assets held for sale were $5.9 million and $9.0 million, respectively, and are presented in prepaid expenses and other current assets in our condensed consolidated balance sheet. As of September 30, 2024, we are exploring a sale of certain real estate assets with a carrying value of approximately $49 million. As the potential sale is not currently considered probable within twelve months, these assets have not been classified as held for sale. An estimated loss of

approximately $35 million would be recorded if the held for sale criteria were met. Unpaid property, plant and equipment additions of $5.9 million and $2.9 million are included in accounts payable and other accrued expenses as of September 30, 2024 and December 31, 2023, respectively, in our condensed consolidated balance sheet.