Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Components of Property, plant and equipment, net are summarized as follows:



(In millions)	September 30, 2018			December 31, 2017
Land	$	296.2		$	332.3
Buildings and leasehold improvements	2,975.1			1,940.7
Machinery, equipment and other	3,942.5			3,106.3
Assets under construction	759.4			2,568.2
Total property, plant and equipment at cost	7,973.2			7,947.5
Less: Accumulated depreciation	(1,520.2		)	(1,312.1		)
Property, plant and equipment, net	$	6,453.0		$	6,635.4

Depreciation expense for the three and nine months ended September 30, 2018 was $156.8 million and $432.8 million, respectively, and for the three and nine months ended September 30, 2017 was $119.9 million and $363.5 million, respectively.

In the second quarter of 2018, the FDA approved a new plasma manufacturing facility near Covington, Georgia. Following the approval, $1,840.5 million of assets were reclassified from Asset under construction to Buildings and leasehold improvements and Machinery, equipment and other assets classes.