PLANT, PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]


	Useful life (in years)	June 30, 2020					December 31, 2019
Machinery and equipment	2 - 10		$	1,126.3	$	1,128.9
Buildings and improvements	5 - 40		271.3		279.3
Furniture, fixtures and office equipment	3 - 7		78.1		79.8
Construction work in progress			48.9		48.8
Land and improvements			32.3		33.3
Other			4.9		10.5
Plant, property and equipment, gross			1,561.8		1,580.6
Less: Accumulated depreciation			(1,056.4)		(1,049.1)
Plant, property and equipment, net			$	505.4	$	531.5

Depreciation expense of $20.7 and $20.5, and $41.2 and $40.7 was recognized in the three and six months ended June 30, 2020 and 2019, respectively.

During the first quarter of 2020, we recorded an impairment of $4.0 for a business within IP due to challenging economic conditions in the upstream oil and gas market combined with impacts associated with the COVID-19 pandemic. Long-lived assets of the business, with a carrying value of $14.0, primarily building and improvements, machinery and equipment, were reduced to their current estimated fair value of $10.0. Our current estimate of fair value, categorized within Level 3 of the fair value hierarchy, was determined based on a market approach estimating the net proceeds that would be received for the sale of the assets. Significant additional adverse changes to the economic environment and future cash flows of other businesses could cause us to record additional impairment charges in future periods, which may be material.