Property, Plant and Equipment

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

The major components of property, plant and equipment, including equipment under capital leases, were as follows:

(amounts in millions)	September 30, 2015			December 31, 2014
Land and leasehold improvements	$	44.2		$	36.6
Buildings and improvements	83.0			47.9
Machinery, equipment, fixtures and software	180.1			109.7
Assets under capital leases	8.5			5.4
	315.8			199.6
Less: accumulated depreciation	(57.9		)	(25.2		)
	257.9			174.4
Construction in process	9.0			4.2
Property, plant and equipment, net	$	266.9		$	178.6

For the three months ended September 30, 2015 and 2014, the Company recorded depreciation expense of $11.6 million and $4.7 million, respectively. For the nine months ended September 30, 2015 and 2014, the Company recorded depreciation expense of $33.7 million and $14.0 million, respectively.

The net book value of assets acquired under capital leases was $4.3 million and $2.6 million at September 30, 2015 and December 31, 2014, respectively.

As of June 30, 2015, the Company designated Performance Application's San Marcos, CA facility, with a book value of $10.9 million, as an asset held-for-sale, in accordance with a restructuring plan to streamline the newspaper printing plate operations. The facility was sold during the third quarter of 2015 and the Company recognized a net loss on the sale of the land and building totaling $2.3 million.