The components of property, plant and equipment at March 31, 2021 and December 31, 2020 were as follows:

	March 31, 2021			December 31, 2020
Land	$	38.2		$	38.2
Buildings		360.7			361.0
Machinery and equipment		1,691.6			1,703.1
		2,090.5			2,102.3
Less: Accumulated depreciation		(1,660.6	)		(1,663.5	)
Total property, plant and equipment-net	$	429.9		$	438.8

During the three months ended March 31, 2021 and 2020 depreciation expense was $23.4 million and $28.2 million, respectively.

During the fourth quarter of 2017, we entered into an agreement to sell a printing facility in Shenzhen, China and transfer the related land use rights. As of March 31, 2021, we have received deposits in accordance with the terms of the agreement of approximately $123.3 million which are recorded in other noncurrent liabilities on the Condensed Consolidated Balance Sheets. As of March 31, 2021, the carrying cost of the building and land use rights is recorded in other noncurrent assets and is not material. Additional deposits are required to be paid to us in accordance with the agreement. Gross proceeds from the sale are expected to be approximately $250.0 million, subject to changes in the exchange rate, and we expect the transaction to close in 2022 after closing conditions are satisfied and government approvals are obtained. Our contract with the buyer requires them to pay the final installment in 2022 even if the government’s approval is further delayed. If the buyer fails to comply with terms of the agreement or terminates for any reason, the Company is entitled to retain 30% of the purchase price as liquidated damages.