PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

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



	June 30,		December 31,
	2022		2021
Land and improvements	$	10.2	$	10.8
Building and improvements	41.2		43.5
Machinery and equipment	75.1		82.2
Office furniture, fixtures and capitalized software	54.2		62.6
Leasehold improvements	16.5		18.0
Construction-in-progress	8.2		8.8
Right-of-Use assets	61.6		71.4
Property, plant and equipment and Right-of-Use assets, net	$	267.0	$	297.3

Depreciation and amortization expense on property, plant and equipment and right-of-use assets for the three months ended June 30, 2022 and June 30, 2021 was $13.7 million and $17.1 million, respectively. Depreciation and amortization expense on property, plant and equipment and right-of-use assets for the six months ended June 30, 2022 and June 30, 2021 was $27.9 million and $34.2 million, respectively. Accumulated depreciation and amortization was $552.0 million and $551.3 million as of June 30, 2022 and December 31, 2021, respectively.

In connection with the lease rejections that were approved by the Bankruptcy Court and were deemed effective as of the Petition Date, the associated right-of-use asset was written-off.

During the second quarter of 2022, as a result of the continued global supply chain disruptions resulting from the COVID-19 pandemic and other macroeconomic factors, 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. 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 assessment, the Company concluded that the carrying amounts of its PP&E, including its lease ROU assets, were not impaired as of June 30, 2022.