Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Property, Plant and Equipment

The following table provides the detail behind the useful lives and proportion of our machinery and equipment (“M&E”) in each useful life category.

Percent of M&E Cost	Depreciable Life in Years	Types of Assets
21	5 to 10	Production control system equipment and hardware, laboratory testing equipment
11	15	Control systems, instrumentation, metering equipment
49	20	Production vessels and kilns, storage tanks, piping
7	25 to 30	Blending equipment, storage tanks, piping, shipping equipment and platforms, safety equipment
3	40	Machinery & equipment support structures and foundations
9	Various	Various

Property, plant, and equipment, net consist of the following:

	December 31,
In millions	2021		2020
Machinery and equipment	$	1,113.3	$	1,065.5
Buildings and leasehold improvements	177.2		174.0
Land and land improvements	20.4		20.0
Construction in progress	64.4		43.7
Total cost	$	1,375.3	$	1,303.2
Less: accumulated depreciation	(655.6)		(599.6)
Property, plant, and equipment, net (1)	$	719.7	$	703.6

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(1) This includes finance leases related to machinery and equipment of $94.5 million and $86.0 million, and net carrying value of $27.7 million and $21.3 million; buildings and leasehold improvements of $29.0 million and $29.0 million, and net carrying value of $26.2 million and $28.0 million; and construction in progress of zero and $9.2 million at December 31, 2021 and 2020, respectively. Amortization expense associated with these finance leases is included within depreciation expense. The payments remaining under these finance leases obligations are included within Note 13.

Lease Maturity Terms

Our operating leases principally relate to the following leased asset classes:

Leased Asset Class	Remaining Lease Term
Administrative offices	1 to 15 years
Manufacturing buildings	9 to 28 years
Manufacturing and office equipment	1 to 10 years
Warehousing and storage facilities	5 to 10 years
Vehicles	3 to 6 years
Rail cars	1 to 8 years