Property, plant and equipment, net

12 Months Ended

Dec. 31, 2023

Property Plant and Equipment Income Statement Disclosures [Abstract]

Property, plant and equipment, net consists of the following:


	December 31,
	2023 (1)		2022
Land and improvements	$	30.0	$	54.9
Buildings, building improvements and leasehold improvements	229.9		327.9
Furniture and equipment	433.6		567.5
Software	64.0		65.6
Construction-in-progress	36.7		185.5
Property, plant and equipment, gross	$	794.2	$	1,201.4
Less: Accumulated depreciation and amortization	(411.4)		(383.8)
Total property, plant and equipment, net	$	382.8	$	817.6

(1) During the year ended December 31, 2023, the Company recorded a non-cash impairment charge of $306.7 million related to certain Bioservices long-lived assets. See Note 4, "Long-lived asset impairment and restructuring charges" for more details regarding the impairment charge.

For the year ended December 31, 2023, construction-in-progress primarily included costs incurred to advance the Company's MCM Product capabilities. For the year ended December 31, 2022, construction-in-progress primarily included costs incurred related to construction to advance the Company's Bioservices capabilities.

Property, plant and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization expense associated with property, plant and equipment was $59.5 million, $83.4 million and $62.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. During the year ended December 31, 2022, the Company recorded accelerated depreciation of $12.7 million reflecting a shortening of the useful life of certain property, plant and equipment which were to be used in the manufacturing process to fulfill the manufacturing services agreement (the "Janssen Agreement") with Janssen Pharmaceuticals, Inc. ("Janssen"). For additional information related to the termination of the Janssen Agreement, refer to Note 13 "Revenue recognition".