Plant, Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PLANT, PROPERTY AND EQUIPMENT, NET

The following table summarizes our property, plant, and equipment, net of accumulated depreciation.


As of December 31	Useful life (in years)	2021		2020
Machinery and equipment	2 - 10	$	1,202.0	$	1,205.7
Buildings and improvements	5 - 40	265.5		273.9
Furniture, fixtures and office equipment	3 - 7	78.3		82.0
Construction work in progress		62.8		44.7
Land and improvements		32.5		34.6
Other		4.3		5.0
Plant, property and equipment, gross		1,645.4		1,645.9
Less: accumulated depreciation		(1,136.3)		(1,120.8)
Plant, property and equipment, net		$	509.1	$	525.1

Depreciation expense of $85.8, $83.2 and $84.1 was recognized in 2021, 2020 and 2019, respectively.

During 2020, we recorded an impairment of $4.0 for a business within our IP segment 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 estimated fair value of $10.0. Our 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.