Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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. 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,
	2024		2023
Land and improvements	$	68.2	$	78.3
Buildings and improvements (20 to 40 years or remaining life of relevant lease)	192.6		191.6
Machinery and equipment (5 to 20 years)	597.8		558.6
Construction in progress	33.8		50.0
Gross property, plant and equipment	892.4		878.5
Less: Accumulated depreciation	272.1		206.0
Property, plant and equipment, net	$	620.3	$	672.5

Depreciation expense was $77.7 million, $81.7 million, and $51.9 million during the years ended December 31, 2024, 2023, and 2022, respectively. Refer to Note 12. Restructuring and Other Impairment Activities for asset impairment expenses during the year ended December 31, 2024.