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Plant, Property and Equipment, Net (Notes) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023
Machinery and equipment | 2 - 10 |  | $ | 1,263.4 |  |  | $ | 1,317.9 |
Buildings and improvements | 5 - 40 |  | 293.4 |  |  | 298.4 |
Furniture, fixtures and office equipment | 3 - 7 |  | 73.6 |  |  | 83.7 |
Construction in progress |  |  | 103.0 |  |  | 78.1 |
Land and improvements |  |  | 25.1 |  |  | 29.5 |
Other |  |  | 2.0 |  |  | 1.7 |
Plant, property and equipment, gross |  |  | 1,760.5 |  |  | 1,809.3 |
Less: accumulated depreciation |  |  | (1,183.3) |  |  | (1,248.3) |
Plant, property and equipment, net |  |  | $ | 577.2 |  |  | $ | 561.0 |
Depreciation expense of $88.2, $84.2, and $80.7 was recognized in 2024, 2023 and 2022, 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. This gain was recorded within Gain on sale of long-lived assets in our Consolidated Statements of Operations for the year ended December 31, 2022.

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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/1943274/2147477798/958-360-50-6 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/1943274/2147477798/958-360-50-1 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/1943274/2147477798/958-360-50-7 + Details
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