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Property, Plant, and Equipment, net (Notes)
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net
5. Property, Plant, and Equipment, net

The following table details the major components of property, plant, and equipment, net:
(in millions)June 30, 2024December 31, 2023
Land$14.1 $14.3 
Buildings and improvements121.0 122.5 
Machinery, equipment, and other511.2 518.2 
Subtotal646.3 655.0 
Less accumulated depreciation(486.9)(479.6)
Total$159.4 $175.4 

Depreciation expense totaled $7.7 million and $8.2 million for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023 depreciation expense totaled $15.8 million and $17.4 million, respectively.

During the three months ended June 30, 2023, the Company entered into an agreement to sell certain of its machinery and equipment related to the Consumer MEMS Microphones ("CMM") segment to a third party for total proceeds of $11.4 million, which were received in their entirety in the second quarter of 2023. In addition, the Company received $1.1 million in the second quarter of 2023, which was initially reserved for a third-party payment. The Company transferred control of assets with a fair value of approximately $5.7 million during the three months ended June 30, 2023, resulting in a gain on sale of approximately $5.7 million. The remaining assets were transferred to the buyer in the third quarter of 2023 for a gain on sale of $5.3 million and in the first quarter of 2024 for an immaterial gain. During the three months ended June 30, 2024, the Company recorded an additional gain on the sale of these assets of approximately $1.1 million as a result of changing its estimate on the amount owed to the third party. The Company has now completed this sale transaction.

The gains on sale are reflected in the Consolidated Statements of Earnings as follows:
Three Months Ended June 30,
(in millions)20242023
Gain on sale of fixed assets$(1.1)$(4.8)
Restructuring charges - cost of goods sold (1)
— (0.9)
Total$(1.1)$(5.7)
(1) See also Note 7. Restructuring and Related Activities.