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Property, Plant and Equipment
12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 11 - Property, Plant and Equipment

The components of property, plant and equipment, net as of December 31, 2023 and 2022 were as follows:

 

 

December 31,

 

 

 

2023

 

 

2022

 

Land

 

$

11.2

 

 

$

11.2

 

Buildings and improvements

 

 

429.2

 

 

 

414.6

 

Machinery and equipment

 

 

1,367.6

 

 

 

1,391.5

 

Construction in progress

 

 

59.3

 

 

 

30.8

 

Subtotal

 

 

1,867.3

 

 

 

1,848.1

 

Less allowances for depreciation

 

 

(1,374.8

)

 

 

(1,362.0

)

Property, plant and equipment, net

 

$

492.5

 

 

$

486.1

 

 

Total depreciation expense was $54.6 million, $55.5 million, and $59.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Depreciation expense for the year ended December 31, 2021 includes $1.5 million of accelerated depreciation related to the closure of TMS which was announced in the fourth quarter of 2019 and the discontinuation of specific small-diameter seamless mechanical tube manufacturing announced in the third quarter of 2020. There was no accelerated depreciation for the years ended December 31, 2023 and 2022.

For the year ended December 31, 2023, the Company recorded a gain on sale and disposal of assets of $2.5 million primarily related to the sale of the small-diameter seamless mechanical tubing machinery and equipment, partially offset by assets removed from service. No impairment charges were recognized in 2023.

For the year ended December 31, 2022, the Company recorded a loss on sale and disposal of assets of $1.9 million primarily related to the sale of the remaining land and buildings at the Company's former TMS facility, as well as the disposition of excess and aged assets. No impairment charges were recognized in 2022.

For the year ended December 31, 2021, the Company recorded a net loss on sale of assets of $1.3 million related to the disposition of excess assets. During 2021, the Company also recorded approximately $10.6 million of impairment charges related to the indefinite idling of the Harrison melt and casting assets, the impairment of certain assets at our St. Clair facility due to the early termination of a customer program, and the disposition of assets at our former TMS facility.

Supplemental cash flow information related to non-cash investing activity was as follows:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Accrued property, plant and equipment purchases

 

$

12.1

 

 

$

10.6

 

 

$

3.6