PLANT, PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]


	Useful life (in years)	March 31, 2021			December 31, 2020
Machinery and equipment	2 - 10		$	1,187.4		$	1,205.7
Buildings and improvements	5 - 40		269.0			273.9
Furniture, fixtures and office equipment	3 - 7		79.6			82.0
Construction work in progress			37.0			44.7
Land and improvements			33.6			34.6
Other			4.7			5.0
Plant, property and equipment, gross			1,611.3			1,645.9
Less: Accumulated depreciation			(1,110.1)			(1,120.8)
Plant, property and equipment, net			$	501.2		$	525.1

Depreciation expense of $21.4 and $20.5 was recognized in the three months ended March 31, 2021 and 2020, 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. The 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 or future cash flows of our businesses could cause us to record additional impairment charges in future periods, which may be material.