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.

	October 3, 2020			December 31, 2019
Land	$	111.9		$	113.1
Buildings and improvements		838.1			831.3
Machinery and equipment		4,124.7			3,844.1
Construction in progress		271.5			382.4
Total property, plant and equipment		5,346.2			5,170.9
Less – accumulated depreciation		(2,718.9	)		(2,466.7	)
Property, plant and equipment, net	$	2,627.3		$	2,704.2

Depreciation expense was $120.0 million and $111.8 million in the three months ended October 3, 2020 and September 28, 2019, respectively, and $347.7 million and $335.1 million in the nine months ended October 3, 2020 and September 28, 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 nine months of 2020 and 2019, the Company recognized asset impairment charges of $12.5 million and $4.0 million, respectively, in conjunction with its restructuring actions (Note 3, "Restructuring"). In the nine months ended October 3, 2020, the Company recognized additional asset impairment charges of $3.4 million. The Company will continue to assess the impact of significant industry and other events on the realization of its long-lived assets.

In July 2019, the Company deconsolidated Guangzhou Automobile Group Component Co., Ltd ("GACC") as it no longer controls this entity. As a result, the carrying values of the assets and liabilities of GACC are not reflected in the condensed consolidated balance sheets as of October 3, 2020 and December 31, 2019. In addition, the Company recorded a gain of $4.0 million related to the excess of the estimated fair value over the carrying value of its interest in GACC immediately prior to deconsolidation. The gain is included in other expense, net in the accompanying condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 28, 2019.