Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.21.2
Property, Plant and Equipment
9 Months Ended
Sep. 30, 2021
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, 2021 December 31, 2020
Land and leasehold improvements $ 54.6  $ 53.2 
Buildings and improvements 160.9  139.5 
Machinery, equipment, fixtures and software 282.4  245.8 
Construction in process 29.7  22.3 
Total property, plant and equipment 527.6  460.8 
Accumulated depreciation (256.9) (220.4)
Property, plant and equipment, net $ 270.7  $ 240.4 
For the three months ended September 30, 2021 and 2020, the Company recorded depreciation expense of $9.6 million and $10.7 million, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded depreciation expense of $28.7 million and $31.7 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 business segment, as held for sale. The sale of the facility was completed in January 2021 and the Company recognized a gain of $3.9 million in "Selling, technical, general and administrative" in the Condensed Consolidated Statements of Operations. The Company had received initial cash deposits of $4.6 million in the second half of 2020 and received the remaining cash balance of $19.0 million associated with the sale during the first quarter of 2021. Cash flows associated with the sale of this facility are included in "Other, net" in the Condensed Consolidated Statements of Cash Flows as a cash inflow from investing activities.