XML 30 R16.htm IDEA: XBRL DOCUMENT v3.22.4
PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
The major components of property, plant and equipment, net were as follows:
December 31,
  (dollars in millions)
20222021
Land and leasehold improvements$52.0 $54.8 
Buildings and improvements163.9 162.0 
Machinery, equipment, fixtures and software299.8 290.6 
Construction in process50.3 37.7 
Total property, plant and equipment566.0 545.1 
Accumulated depreciation (288.8)(267.0)
Property, plant and equipment, net$277.2 $278.1 
For 2022, 2021 and 2020, the Company recorded depreciation expense of $41.6 million, $39.7 million and $42.2 million, respectively. 
During the third quarter of 2020, the Company met the requirements to classify as held for sale a dormant facility in New Jersey, included in its Electronics business segment. The sale of the facility was completed in January 2021, and the Company recognized a gain of $3.9 million in "Selling, technical, general and administrative" in the Consolidated Statements of Operations. In connection with the sale, the Company received an initial cash deposit of $4.6 million in the second half of 2020 and the remaining cash balance of $19.0 million in the first quarter of 2021. Cash flows associated with the sale of this facility are included in "Other, net" in the Consolidated Statements of Cash Flows as a cash inflow from investing activities.