Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment Property and equipment is stated on the basis of cost. Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and 3 to 25 years for equipment). We review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Impairment is determined by comparing projected undiscounted cash flows to be generated by the asset to its carrying value. If an impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value utilizing a discounted cash flow analysis, and the cost basis is adjusted.

At December 31, property and equipment consisted of the following:

	2019		2018
Land	$	28.3	$	27.6
Buildings	608.5		567.2
Equipment	1,109.4		1,025.1
Construction in progress	139.1		181.1
Finance lease asset	0.5		—
	1,885.8		1,801.0
Less accumulated depreciation	(930.5)		(878.6)
Property and equipment, net	$	955.3	$	922.4

Depreciation expense related to property and equipment was as follows:

	2019		2018		2017
Depreciation expense	$	93.7	$	81.3	$	79.8