Property, Plant and Equipment

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant And Equipment

Property, Plant and Equipment

Property, plant and equipment consisted of the following (in millions):

	March 31, 2017			December 31, 2016
Land	$	42.5		$	44.7
Buildings and leasehold improvements	217.5			206.5
Machinery, equipment and office furnishings	696.4			714.4
Construction in progress	51.8			53.5
Total gross book value	1,008.2			1,019.1
Less accumulated depreciation	(479.2		)	(489.8		)
Total net book value	$	529.0		$	529.3

Depreciation expense for the three fiscal months ended March 31, 2017 and April 1, 2016 was $17.5 million and $18.7 million, respectively.

2016 Egypt Asset Impairment

In the first quarter of 2016, the Egyptian financial outlook, including anticipated cash flows from potential sales transactions, deteriorated due to evolving political and macroeconomic conditions in Egypt. Using a probability weighted-average approach, based on updated internal projections developed by management, the Company determined that the undiscounted expected future cash flows were less than the carrying value of the assets. A valuation of the Egypt machinery and equipment and real property assets was performed using Level 3 inputs including potential sales transactions and negotiations with third party purchasers. Based on the results of the analysis, the Company recorded an impairment charge of $6.0 million in the first quarter of 2016. The impairment charge was recorded in the Cost of sales caption in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Egyptian results are reported within the Africa/Asia Pacific reportable segment.