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GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS
 3 Months Ended
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,
202120202020
Land$256.2 $283.5 $238.0 
Buildings1,067.3 1,098.0 1,041.0 
Machinery and equipment2,978.7 3,026.8 2,920.1 
Construction in progress154.8 140.5 186.5 
Property, plant and equipment, gross4,457.0 4,548.8 4,385.6 
Less allowances for depreciation2,676.6 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.