PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

The Company's property, plant and equipment, net balances consisted of the following:



	December 31,
	2020		2019
Land and improvements	$	11.4	$	10.8
Building and improvements	48.3		51.6
Machinery and equipment	98.7		114.7
Office furniture, fixtures and capitalized software	76.2		100.3
Leasehold improvements	21.3		24.5
Construction-in-progress	9.1		14.0
Right-of-Use assets	87.0		92.7
Property, plant and equipment and Right-of-Use assets, net	$	352.0	$	408.6

Depreciation and amortization expense on property, plant and equipment and right-of-use assets for December 31, 2020 and December 31, 2019 was $76.3 million and $86.4 million, respectively. Accumulated depreciation and amortization was $528.9 million and $488.1 million as of December 31, 2020 and December 31, 2019, respectively.

Leases

The Company leases facilities for executive offices, warehousing, research and development and sales operations and leases various types of equipment under operating and finance lease agreements. The majority of the Company’s real estate leases, in terms of total undiscounted payments, are located in the U.S.

At the effective date of January 1, 2019, the Company adopted ASU No. 2016-02 using a modified retrospective approach applying the standard’s transition provisions provided by such ASU. Refer to Note 1, "Description of Business and Summary of Significant Accounting Policies," in the 2019 Form 10-K for additional information regarding the Company's adoption of ASU No. 2016-02.

Impairment Considerations

During the first, second and third quarter of 2020, as a result of COVID-19’s impact on the Company’s operations, the Company considered whether indicators of impairment existed for its Property, Plant and Equipment ("PP&E"), including its Right-of-Use ("ROU") assets consisting of the Company's leases as described above. The Company also considered whether indicators of impairment on its PP&E existed as of December 31, 2020.

In accordance with ASC Topic 360, "Property, Plant and Equipment," for purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. An impairment loss is recognized only if the carrying amount of a long-lived asset and/or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset and/or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset and/or asset group and the impairment loss is measured as the amount by which the carrying amount of a long-lived asset and/or asset group exceeds its fair value. In performing such review, the Company considers several indicators of impairment, including, among other factors, the following: (i) whether there exists any significant adverse change in the extent or manner in which a long-lived asset and/or asset group is being used; (ii) whether there exists any projection or forecast demonstrating losses associated with the use of a long-lived asset and/or asset group; and (iii) whether there exists a current expectation that, more likely than not, a long-lived asset and/or asset group will be sold or otherwise disposed of significantly before the end of its previously-estimated useful life.

Following its interim assessments during 2020, as well as its year-end assessment as of December 31, 2020, the Company concluded that the carrying amounts of its PP&E, including its lease ROU assets, were not impaired as of December 31, 2020.

The following table includes disclosure related to the ASC 842 lease standard for the periods presented, after application of the applicable practical expedients and short-term lease considerations:


	Year Ended
	December 31, 2020			December 31, 2019
Lease Cost:
Finance Lease Cost:
Amortization of ROU assets	$	0.3		$	0.3
Interest on lease liabilities	0.1			0.2
Operating Lease Cost	38.9			41.7
Total Lease Cost	$	39.3		$	42.2

Other Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	0.1			0.2
Operating cash flows from operating leases	36.3			39.4
Financing cash flows from finance leases	0.2			0.8

	December 31, 2020			December 31, 2019
ROU assets for finance leases	0.6			1.0
ROU assets for operating leases	86.3			91.4
Accumulated amortization on ROU assets for finance leases	0.6			0.3
Accumulated amortization on ROU assets for operating leases	39.9			23.2

Weighted-average remaining lease term - finance leases	2.1 years			2.8 years
Weighted-average remaining lease term - operating leases	6.5 years			6.2 years

Weighted-average discount rate - finance leases	15.0		%	15.6		%
Weighted-average discount rate - operating leases	15.8		%	15.8		%

Maturities of lease liabilities as of December 31, 2020 were as follows:


	Operating Leases		Finance Leases
2021	$	36.5	$	0.5
2022	27.7		0.3
2023	22.9		—
2024	18.8		—
2025	13.7		—
Thereafter	52.7		—
Total undiscounted cash flows	$	172.3	$	0.8

Present value:
Short-term lease liability	$	16.3	$	0.3
Long-term lease liability	86.6		0.3
Total lease liability	$	102.9	$	0.6
Difference between undiscounted cash flows and discounted cash flows	$	69.4	$	0.2