Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

The carrying values of property, plant and equipment were as follows:


	December 31,
	2021		2020
	(In thousands)
Land and land improvements	$	27,579	$	29,321
Buildings and leasehold improvements	113,281		136,427
Machinery and equipment	622,002		608,618
Computer equipment and software	150,229		137,512
Construction in process	66,407		63,589
Gross property, plant and equipment	979,498		975,467
Accumulated depreciation	(629,684)		(606,847)
Net property, plant and equipment	$	349,814	$	368,620

Depreciation Expense

We recognized depreciation expense in income from continuing operations of $45.9 million, $42.5 million, and $40.4 million in 2021, 2020, and 2019, respectively.

Sale-Leaseback

During the fourth quarter of 2021, we sold certain real estate in Germany as part of a sale and leaseback transaction for €24.5 million (approximately $27.8 million) and recognized a $0.6 million loss on the sale. The lease is for a term of 10 years and as of December 31, 2021, had a total right-of-use asset balance of $25.3 million. When the assets met the held for sale criteria during the third quarter of 2021, we performed a recoverability test and determined that the carrying values of the assets were not recoverable and as a result, recognized a $2.3 million impairment charge to write them down to fair value. The impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment.

Asset Impairment

During the first quarter of 2021, we committed to a plan to sell our oil and gas business in Brazil and recognized an impairment charge of $3.4 million (includes a goodwill impairment of $1.7 million). During the second quarter of 2021, we completed the sale of this business. See Note 5.

During the first quarter of 2021, we also performed a recoverability test over certain held and used long-lived assets in our Industrial Solutions segment. We determined that the carrying values of the assets were not recoverable and recognized a $3.6 million impairment charge to write them down to fair value. This impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment.