Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

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


	December 31,
	2023		2022
	(In thousands)
Land and land improvements	$	27,627	$	25,547
Buildings and leasehold improvements	108,960		102,451
Machinery and equipment	666,527		631,680
Computer equipment and software	132,668		127,434
Construction in process	157,056		106,361
Gross property, plant and equipment	1,092,838		993,473
Accumulated depreciation	(641,769)		(611,609)
Net property, plant and equipment	$	451,069	$	381,864

Depreciation Expense

We recognized depreciation expense in income from continuing operations of $51.4 million, $46.7 million, and $43.9 million in 2023, 2022, and 2021, respectively.

Gain on Sale of Assets

During 2022, we sold certain real estate in the United States for $42.2 million, net of transaction costs and recognized a $37.9 million pre-tax gain on sale. This gain on sale was excluded from Segment EBITDA of our Industrial Automation Solutions segment.

Sale-Leasebacks

During 2023, we sold certain real estate in Canada as part of a sale and leaseback transaction for CAD$18.6 million (approximately $13.8 million), net of transaction costs and recognized a $12.1 million pre-tax gain on sale. This gain on sale was excluded from Segment EBITDA of our Industrial Automation Solutions segment. The lease is for a term of 10 years and as of December 31, 2023, had a total right-of-use asset balance of $10.1 million.

During 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, 2023 and 2022, had a total right-of-use asset balance of $20.5 million and $21.7 million, respectively. When the assets met the held for sale criteria during 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 Automation Solutions segment.

Asset Impairments

During 2021, we sold an oil and gas business in Brazil and recognized an impairment charge of $3.4 million (includes a goodwill impairment of $1.7 million and intangible asset impairment of $1.0 million). See Note 5.

During 2021, we also performed a recoverability test over certain held and used long-lived assets in our Industrial Automation 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 Automation Solutions segment.