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Long-Lived Assets | 3 Months Ended
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Apr. 02, 2022
Property, Plant and Equipment [Abstract] |
Long-Lived Assets | Long-Lived Assets Property, Plant and Equipment 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):
| April 2, 2022 |  | December 31, 2021
Land | $ | 106.9 |  |  | $ | 108.7 |
Buildings and improvements | 860.5 |  |  | 850.3 |
Machinery and equipment | 4,672.2 |  |  | 4,497.7 |
Construction in progress | 349.2 |  |  | 345.6 |
Total property, plant and equipment | 5,988.8 |  |  | 5,802.3 |
Less – accumulated depreciation | (3,162.1) |  |  | (3,082.2) |
Property, plant and equipment, net | $ | 2,826.7 |  |  | $ | 2,720.1 |
Depreciation expense was $127.7 million and $124.3 million in the three months ended April 2, 2022 and April 3, 2021, respectively. Impairment of Long-Lived Assets 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 three months of 2022 and 2021, the Company recognized fixed asset impairment charges of $0.5 million and $0.2 million, respectively, in conjunction with its restructuring actions (Note 4, "Restructuring"). In the first three months of 2022, the Company recognized additional asset impairment charges of $1.1 million. The Company will continue to assess the impact of significant industry and other events on the realization of its long-lived assets.

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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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