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Long-Lived Assets
 9 Months Ended
Sep. 28, 2024
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):
September 28,
2024		December 31,
2023
Land$106.0 $105.6 
Buildings and improvements940.8 919.4 
Machinery and equipment5,626.8 5,324.4 
Construction in progress316.8 408.7 
Total property, plant and equipment6,990.4 6,758.1 
Less – accumulated depreciation(4,078.2)(3,780.7)
Property, plant and equipment, net$2,912.2 $2,977.4 
Depreciation expense was $141.7 million and $136.4 million in the three months ended September 28, 2024 and September 30, 2023, respectively, and $423.1 million and $402.9 million in the nine months ended September 28, 2024 and September 30, 2023, 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. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value estimates of long-lived assets are based on independent appraisals or discounted cash flows, giving consideration to the highest and best use of the assets. Key assumptions used in the appraisals are based on a combination of market and cost approaches, as appropriate.
In the first nine months of 2024 and 2023, the Company recognized property, plant and equipment impairment charges of $1.6 million and $2.8 million, respectively, in conjunction with its restructuring actions (Note 3, "Restructuring"). In the first nine months of 2024 and 2023, the Company recognized additional property, plant and equipment impairment charges of $3.9 million and $2.6 million, respectively. The impairment charges are included in cost of sales in the accompanying condensed consolidated statements of comprehensive income (loss).
Definite-Lived Intangible Assets
In the nine months ended September 30, 2023, the Company recognized impairment charges of $1.9 million related to certain intangible assets of its E-Systems segment resulting from a change in the intended use of such assets. The impairment charges are included in amortization of intangible assets in the accompanying condensed consolidated statement of comprehensive income (loss).