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GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS | 3 Months Ended
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Mar. 31, 2021
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:
| March 31, |  | December 31, |  | March 31,
| 2021 |  | 2020 |  | 2020
Land | $ | 256.2 |  |  | $ | 283.5 |  |  | $ | 238.0 |
Buildings | 1,067.3 |  |  | 1,098.0 |  |  | 1,041.0 |
Machinery and equipment | 2,978.7 |  |  | 3,026.8 |  |  | 2,920.1 |
Construction in progress | 154.8 |  |  | 140.5 |  |  | 186.5 |
Property, plant and equipment, gross | 4,457.0 |  |  | 4,548.8 |  |  | 4,385.6 |
Less allowances for depreciation | 2,676.6 |  |  | 2,714.3 |  |  | 2,556.1 |
Property, plant and equipment, net | $ | 1,780.4 |  |  | $ | 1,834.5 |  |  | $ | 1,829.5 |
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 March 31, 2021, 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 2020 impairment tests performed during the fourth quarter of 2020. 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 or other underlying assumptions could have a significant impact and future impairment charges could be required.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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