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PLANT, PROPERTY AND EQUIPMENT, NET | 6 Months Ended
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Jul. 03, 2021
Property, Plant and Equipment [Abstract] |
PLANT, PROPERTY AND EQUIPMENT, NET | PLANT, PROPERTY AND EQUIPMENT, NET
| Useful life (in years) |  | July 3, 2021 |  | December 31, 2020
Machinery and equipment | 2 - 10 |  |  | $ | 1,207.3 |  |  |  |  | $ | 1,205.7 |  |
Buildings and improvements | 5 - 40 |  |  | 270.5 |  |  |  |  | 273.9 |  |
Furniture, fixtures and office equipment | 3 - 7 |  |  | 81.1 |  |  |  |  | 82.0 |  |
Construction work in progress |  |  |  | 40.2 |  |  |  |  | 44.7 |  |
Land and improvements |  |  |  | 33.7 |  |  |  |  | 34.6 |  |
Other |  |  |  | 4.9 |  |  |  |  | 5.0 |  |
Plant, property and equipment, gross |  |  |  | 1,637.7 |  |  |  |  | 1,645.9 |  |
Less: Accumulated depreciation |  |  |  | (1,135.0) |  |  |  |  | (1,120.8) |  |
Plant, property and equipment, net |  |  |  | $ | 502.7 |  |  |  |  | $ | 525.1 |  |
Depreciation expense of $21.5 and $20.7, and $42.9 and $41.2 was recognized in the three and six months ended July 3, 2021 and June 27, 2020, respectively. During the first quarter of 2020, we recorded an impairment of $4.0 for a business within IP due to challenging economic conditions in the upstream oil and gas market combined with impacts associated with the COVID-19 pandemic. Long-lived assets of the business, with a carrying value of $14.0, primarily building and improvements, machinery and equipment, were reduced to their current estimated fair value of $10.0. The estimate of fair value, categorized within Level 3 of the fair value hierarchy, was determined based on a market approach estimating the net proceeds that would be received for the sale of the assets. Significant additional adverse changes to the economic environment or future cash flows of our businesses could cause us to record additional impairment charges in future periods, which may be material.

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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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