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Long-Term Assets | 6 Months Ended
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Jul. 04, 2020
Property, Plant and Equipment [Abstract] |
Long-Term Assets | Long-Term Assets Property, plant and equipment is stated at cost. Costs associated with the repair and maintenance of the Company’s property, plant and equipment are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency or safety of the Company’s property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Depreciable property is depreciated over the estimated useful lives of the assets, using principally the straight-line method. A summary of property, plant and equipment is shown below (in millions):
| July 4, 2020 |  | December 31, 2019
Land | $ | 109.6 |  |  | $ | 113.1 |
Buildings and improvements | 819.3 |  |  | 831.3 |
Machinery and equipment | 3,980.5 |  |  | 3,844.1 |
Construction in progress | 318.2 |  |  | 382.4 |
Total property, plant and equipment | 5,227.6 |  |  | 5,170.9 |
Less – accumulated depreciation | (2,609.3 | ) |  | (2,466.7 | )
Property, plant and equipment, net | $ | 2,618.3 |  |  | $ | 2,704.2 |
Depreciation expense was $114.3 million and $112.4 million in the three months ended July 4, 2020 and June 29, 2019, respectively, and $227.7 million and $223.3 million in the six months ended July 4, 2020 and June 29, 2019, respectively. The Company monitors its long-lived assets for impairment indicators on an ongoing basis in accordance with GAAP. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. In the first six months of 2020, the Company did not recognize any long-lived asset impairment charges, except as discussed below. The Company will, however, continue to assess the impact of significant industry events on the realization of its long-lived assets. In the first six months of 2020 and 2019, the Company recognized asset impairment charges of $12.4 million and $3.6 million, respectively, in conjunction with its restructuring actions (Note 3, "Restructuring"). In the six months ended July 4, 2020, the Company recognized additional asset impairment charges of $0.6 million.

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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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