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Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment are stated at cost, less accumulated depreciation. Interest is capitalized as a component of the cost of construction for large projects. Expenditures for betterments are capitalized whereas normal repairs and maintenance are expensed as incurred. Property, other than land, is depreciated on a straight-line
basis for financial reporting purposes. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the balance sheet, and any gain or loss on the transaction is normally included in Cost of products sold or Other income (expense).

Property, plant and equipment (and related depreciable lives) consisted of the following (in millions):
December 31,
20232022
Land and improvements$78.3 $75.9 
Buildings and improvements (20 to 40 years or remaining life of relevant lease)
191.6 176.4 
Machinery and equipment (5 to 20 years)
558.6 526.4 
Construction in progress50.0 45.4 
Gross property, plant and equipment878.5 824.1 
Less: Accumulated depreciation206.0 132.6 
Property, plant and equipment, net$672.5 $691.5 
Depreciation expense was $81.7 million, $51.9 million, and $26.2 million during the years ended December 31, 2023, 2022, and 2021, respectively. Refer to Note 13. Restructuring and Other Impairment Activities for asset impairment expenses during the year ended December 31, 2023.