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Significant Accounting Policies, Recent Accounting Pronouncements and Adopted Accounting Standards (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Property, Plant and Equipment, Net

The following table shows estimated useful lives of property, plant and equipment:

Property, plant and equipment

 

Useful Life

Buildings

 

40 to 50 years

Leasehold improvements

 

Lesser of lease term or the life of the asset

Machinery, equipment and furniture

 

3 to 10 years

Computer software

 

5 to 10 years

The components of net property, plant and equipment were as follows:

 

 

 

December 31

 

(in millions)

 

 

2023

 

 

 

2022

 

Land and improvements

 

$

20.9

 

 

$

20.6

 

Buildings and improvements to leaseholds

 

 

130.7

 

 

 

125.3

 

Machinery and equipment

 

 

442.9

 

 

 

439.5

 

Construction in progress

 

 

5.1

 

 

 

3.8

 

 

 

599.6

 

 

 

589.2

 

Less: accumulated depreciation

 

 

(429.5

)

 

 

(404.1

)

Net property, plant and equipment (1)

 

$

170.1

 

 

$

185.1

 

 

(1)
Net property, plant and equipment as of December 31, 2023 and 2022 contained $37.9 million and $52.5 million of computer software assets, respectively, which are classified within machinery and equipment and construction in progress. Depreciation expense for software was $14.1 million, $13.9 million and $12.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.