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Plant, Property and Equipment, Net (Notes) | 12 Months Ended
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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.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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