Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.20.2
Property, Plant and Equipment
9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
The major components of property, plant and equipment were as follows:
 (dollars in millions) September 30, 2020 December 31, 2019
Land and leasehold improvements $ 51.3  $ 68.6 
Buildings and improvements 133.9  113.5 
Machinery, equipment, fixtures and software 240.9  220.0 
Construction in process 20.7  16.0 
Total property, plant and equipment 446.8  418.1 
Accumulated depreciation (212.2) (153.3)
Property, plant and equipment, net $ 234.6  $ 264.8 
For the three months ended September 30, 2020 and 2019, the Company recorded depreciation expense of $10.7 million and $10.1 million, respectively. For the nine months ended September 30, 2020 and 2019, the Company recorded depreciation expense of $31.7 million and $30.8 million, respectively.
During the third quarter of 2020, the Company met the requirements to classify a dormant facility in New Jersey, included in its Electronics segment, as held for sale. The current assets held for sale represent the net book value of the land of $17.2 million and the building of $2.7 million as of September 30, 2020. No impairment was identified. The Company received an initial
deposit of $3.6 million, which is included in "Other, net" in the Condensed Consolidated Statements of Cash Flows as a cash inflow from investing activities.