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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Note 8 - Property, Plant and Equipment
The components of property, plant and equipment, net at December 31, 2024 and 2023 were as follows:
20242023
Land and buildings$673.6 $679.9 
Machinery and equipment2,439.4 2,483.4 
Subtotal$3,113.0 $3,163.3 
Less: accumulated depreciation(1,806.1)(1,851.4)
Property, Plant and Equipment, net$1,306.9 $1,311.9 
Total depreciation expense was $136.3 million, $129.0 million and $113.4 million in 2024, 2023 and 2022, respectively.
At December 31, 2024 and 2023, $21.4 million and $22.9 million of property, plant and equipment was included in accounts payable, trade and were paid subsequent to year-end. The Consolidated Statements of Cash Flows were adjusted accordingly.
On September 30, 2024, the Company completed the sale of its former bearing plant in Gaffney, South Carolina. The Company received $16.0 million in cash proceeds for the Gaffney plant and recognized a pretax gain of $13.8 million on the sale. The gain was reflected in gain on sale of real estate in the Consolidated Statements of Income.