Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The “Property, plant and equipment, net” line item in the consolidated statements of financial position consisted of the following:

	As of December 31,
(Dollars in millions)	2023		2022
Land and improvements	$	16.8	$	23.9
Buildings and improvements	177.2		169.5
Machinery and equipment	343.0		334.1
Office equipment	70.7		61.5
Property plant and equipment, gross	607.7		589.0
Accumulated depreciation	(385.7)		(381.6)
Property, plant and equipment, net	222.0		207.4
Construction in process	144.3		151.0
Total property, plant and equipment, net	$	366.3	$	358.4

Depreciation expense was $37.7 million, $29.5 million and $29.0 million in 2023, 2022 and 2021, respectively. Additionally, we recognized $47.2 million and $0.5 million of impairment charges in 2022 and 2021, respectively. For additional information related to the impairment charges, refer to “Note 14 – Supplemental Financial Information.”