Plant, Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

PLANT, PROPERTY AND EQUIPMENT, NET


	Useful life (in years)	2020		2019
Machinery and equipment	2 - 10	$	1,205.7	$	1,128.9
Buildings and improvements	5 - 40	273.9		279.3
Furniture, fixtures and office equipment	3 - 7	82.0		79.8
Construction work in progress		44.7		48.8
Land and improvements		34.6		33.3
Other		5.0		10.5
Plant, property and equipment, gross		1,645.9		1,580.6
Less: accumulated depreciation		(1,120.8)		(1,049.1)
Plant, property and equipment, net		$	525.1	$	531.5

Depreciation expense of $83.2, $84.1 and $82.8 was recognized in 2020, 2019 and 2018, respectively.

During 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.