Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

The following table shows estimated useful lives of property, plant and equipment:



Property, plant and equipment		Useful Life
Buildings		40 to 50 years
Leasehold improvements		Lesser of lease term or the life of the asset
Machinery, equipment and furniture		3 to 10 years
Computer software		5 to 10 years

The components of net property, plant and equipment were as follows:



	December 31,
(in millions)	2018			2017
Land and improvements	$	25.2		$	28.0
Buildings and improvements to leaseholds	144.2			152.6
Machinery and equipment	440.7			453.5
Construction in progress	8.6			11.1
	618.7			645.2
Less: accumulated depreciation	(355.0		)	(366.7		)
Property, plant and equipment, net⁽¹⁾	$	263.7		$	278.5


(1)	Net property, plant and equipment as of December 31, 2018 and 2017 contained $51.9 million and $42.1 million, respectively of computer software assets, respectively, which are classified within machinery and equipment and construction in progress. Amortization expense for software was $8.2 million, $7.1 million and $7.0 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Schedule of Recently Adopted Accounting Standards

The cumulative effect of the changes on our January 1, 2018 opening Consolidated Balance Sheet due to the adoption of ASU 2014-09 was as follows:



(in millions)	Balance at December 31, 2017			Adjustments due to ASU 2014-09			Balance at January 1, 2018
Assets:
Inventories	$	254.2		$	(3.5	)	$	250.7
Other current assets	29.2			6.9			36.1

Liabilities and stockholders' equity:
Accrued customer program liabilities	141.1			1.1			142.2
Other current liabilities	113.8			0.1			113.9
Deferred income taxes	177.1			0.6			177.7
Accumulated deficit	(739.2		)	1.6			(737.6		)

The impact of the adoption of ASU 2014-09 on our Consolidated Statements of Income and Consolidated Balance Sheet for the year ended December 31, 2018 was as follows:



(in millions)	As Reported			Balances without adoption of ASU 2014-09			Effect of Change Higher/(Lower)
Consolidated Statements of Income:
Net sales	$	1,941.2		$	1,943.4		$	(2.2	)
Cost of products sold	1,313.4			1,314.7			(1.3		)
Income tax expense	51.2			51.4			(0.2		)
Net income	106.7			107.4			(0.7		)

Consolidated Balance Sheet:
Assets:
Accounts receivable, net	428.4			425.7			2.7
Inventories	340.6			342.8			(2.2		)
Other current assets	44.2			39.1			5.1

Liabilities and stockholders' equity:
Accrued customer program liabilities	114.5			115.6			(1.1		)
Other current liabilities	127.8			122.4			5.4
Deferred income taxes	176.2			175.8			0.4
Accumulated deficit	(656.8		)	(657.7		)	0.9