PLANT, PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2017

Property, Plant and Equipment [Abstract]

PLANT, PROPERTY AND EQUIPMENT, NET

PLANT, PROPERTY AND EQUIPMENT, NET

	June 30, 2017				December 31, 2016
Land and improvements		$	28.3			$	28.2
Machinery and equipment		951.6				898.6
Buildings and improvements		242.7				244.6
Furniture, fixtures and office equipment		70.6				68.0
Construction work in progress		81.6				68.5
Other		10.7				5.3
Plant, property and equipment, gross		1,385.5				1,313.2
Less: Accumulated depreciation		(894.3		)		(848.7		)
Plant, property and equipment, net		$	491.2			$	464.5

Depreciation expense of $19.2 and $19.3 and $37.5 and $37.4 was recognized in the three and six months ended June 30, 2017 and 2016, respectively.

The Company entered into an agreement to sell fully depreciated excess property for a cash purchase price of approximately $41. On April 16, 2017, the purchaser’s due diligence period ended. There are remaining conditions to closing which are anticipated to be finalized in the first half of 2018. At closing, the Company will receive the cash proceeds and is expected to record a gain of approximately $38 to $40.