Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Note 9 - Property, Plant and Equipment

The components of property, plant and equipment, net as of December 31, 2024 and 2023 were as follows:


	December 31,
	2024			2023
Land	$	11.2		$	11.2
Buildings and improvements		436.0			429.2
Machinery and equipment		1,375.5			1,367.6
Construction in progress		92.1			59.3
Subtotal		1,914.8			1,867.3
Less allowances for depreciation		(1,407.5	)		(1,374.8	)
Property, plant and equipment, net	$	507.3		$	492.5

Total depreciation expense was $52.4 million, $54.6 million, and $55.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. There was no accelerated depreciation for the years ended December 31, 2024, 2023 and 2022.

For the year ended December 31, 2024, the Company recorded a net loss on sale and disposal of assets of $0.6 million primarily related to the write-offs of aged assets removed from service. No impairment charges were recognized in 2024.

For the year ended December 31, 2023, the Company recorded a net gain on sale and disposal of assets of $2.5 million primarily related to the sale of the small-diameter seamless mechanical tubing machinery and equipment, partially offset by assets removed from service. No impairment charges were recognized in 2023.

For the year ended December 31, 2022, the Company recorded a net loss on sale of assets of $1.9 million primarily related to the sale of the remaining land and buildings at the Company's former facility in Houston, Texas, as well as the disposition of excess and aged assets. No impairment charges were recognized in 2022.

Supplemental cash flow information related to non-cash investing activity was as follows:


	Year Ended December 31,
	2024		2023		2022
Accrued property, plant and equipment purchases	$	17.6	$	12.1	$	10.6