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GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS
Included in Property, plant and equipment, net were the following:
June 30,December 31,June 30,
202020192019
Land$282.9  $242.1  $244.0  
Buildings1,052.0  1,044.2  1,010.4  
Machinery and equipment2,931.9  2,952.1  2,816.1  
Construction in progress114.6  144.0  136.6  
Property, plant and equipment, gross4,381.4  4,382.4  4,207.1  
Less allowances for depreciation2,582.8  2,547.2  2,433.5  
Property, plant and equipment, net$1,798.6  $1,835.2  $1,773.6  
In accordance with the Goodwill and Other Intangibles Topic of the ASC, goodwill and indefinite-lived intangible assets are tested for impairment annually during the fourth quarter, and interim impairment tests are performed whenever an event occurs or circumstances change that indicate an impairment has more likely than not occurred.
As of June 30, 2020, the Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its potential impact on each of the reporting units and intangible assets. During this review, management considered the Company's current market capitalization, forecasts for reporting units, as well as the results of the annual 2019 impairment tests performed during the fourth quarter of 2019. The Company determined it was not more likely than not that the goodwill and intangible assets were impaired, and thus, a triggering event had not occurred which would require an interim impairment test to be performed.
Although the Company believes its assumptions and estimates of fair value related to reporting units and indefinite-lived trademarks are reasonable, actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates. Changes in assumptions concerning future financial results (including sales projections which have a significant impact on the valuation of trademarks under the royalty savings method) or other underlying assumptions could have a significant impact and future impairment charges could be required.