Property, Plant and Equipment

12 Months Ended

Dec. 31, 2017

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant and Equipment

The components of property, plant and equipment at December 31, 2017 and December 31, 2016 are summarized as follows:

(in millions)	2017			2016
Land	$	25.4		$	23.6
Building and improvements		196.4		$	225.0
Machinery, equipment and tooling		263.6		$	292.6
Furniture and fixtures		15.6		$	16.7
Computer hardware and software		114.4		$	126.0
Rental cranes		90.2		$	89.0
Construction in progress		17.3		$	16.7
Total cost		722.9			789.6
Less accumulated depreciation		(428.0	)		(480.8	)
Property, plant and equipment-net	$	294.9		$	308.8

In the twelve months ended December 31, 2017 and 2016, the Company recorded $0.1 million and $96.9 million in asset impairment charges, respectively.  See additional discussion of impairments in Note 19, “Restructuring and Asset Impairments.”

Assets Held for Sale

The Company has classified the Manitowoc, Wisconsin manufacturing building and Corporate headquarters as held for sale on the consolidated balance sheet. The net book value of assets held for sale were $25.0 million as of December 31, 2017 and are included in other current assets on the balance sheet. No assets were classified as held for sale on the balance sheet as of December 31, 2016.

These assets were carried at the lesser of the original cost or fair value, less the estimated costs to sell. The fair values were determined by the Company to be Level 3 (see Note 4, “Fair Value of Financial Instruments,” for the definition of Level 3 inputs) under the fair value hierarchy and were estimated based on broker quotes and internal expertise related to current marketplace conditions.