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Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consist of the following (in millions):


	March 31, 2021		December 31, 2020
Accounts receivable	$	109.5	$	113.2
Allowances and doubtful accounts:
Doubtful accounts	(3.9)		(4.4)
Sales discounts	(0.3)		(0.2)
Accounts receivable, net of allowances	$	105.3	$	108.6

Losses on receivables are estimated based on known troubled accounts and historical experience. Receivables are considered impaired and written off when it is probable that payments due will not be collected. Our provision for doubtful accounts was a net benefit of $0.4 million in the three months ended March 31, 2021.

Inventories

Inventories at the lower of cost (determined on the LIFO/FIFO or weighted-average cost methods) or market consist of the following (in millions):


	March 31, 2021						December 31, 2020
	LIFO		Non- LIFO		Total		LIFO		Non- LIFO		Total
Raw materials	$	46.3	$	3.0	$	49.3	$	43.9	$	3.1	$	47.0
Work in process	32.6		0.1		32.7		32.2		0.1		32.3
Finished goods	67.4		16.0		83.4		73.5		16.9		90.4
Supplies and other	—		6.3		6.3		—		6.7		6.7
	146.3		25.4		171.7		149.6		26.8		176.4
Excess of FIFO or weighted-average cost over LIFO cost	(6.5)		—		(6.5)		(7.5)		—		(7.5)
Total	$	139.8	$	25.4	$	165.2	$	142.1	$	26.8	$	168.9

Property, Plant and Equipment

Property, plant and equipment consists of the following (in millions):


	March 31, 2021		December 31, 2020
Land	$	1.1	$	1.1
Buildings	46.7		46.8
Machinery and equipment	219.6		218.2
Construction in progress	24.5		23.3
	291.9		289.4
Less accumulated depreciation	(118.5)		(114.1)
Total	$	173.4	$	175.3

Depreciation expense was $5.5 million for the three months ended March 31, 2021 compared to $5.8 million for the three months ended March 31, 2020.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows (in millions):


	Goodwill
Balance, December 31, 2020	$	802.5
Currency translation adjustment	(0.4)
Balance, March 31, 2021	$	802.1

Intangible assets subject to amortization consist of the following (in millions):


	March 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks	$	90.9	$	(61.9)	$	29.0	$	90.9	$	(61.2)	$	29.7
Patents and acquired technologies	281.5		(179.4)		102.1		282.0		(177.2)		104.8
Other	61.3		(38.8)		22.5		61.4		(38.2)		23.2
Total	$	433.7	$	(280.1)	$	153.6	$	434.3	$	(276.6)	$	157.7

Amortization expense for intangible assets was $4.2 million for the three months ended March 31, 2021 compared to $4.8 million for the three months ended March 31, 2020.

We estimate amortization expense for the remainder of 2021 and the following four years and beyond will be (in millions):


	Amount
Remainder of 2021	$	12.3
2022	16.1
2023	15.2
2024	15.1
2025	14.6
Thereafter	80.3
Total	$	153.6

Accrued Expenses

Accrued expenses consist of the following (in millions):


	March 31, 2021		December 31, 2020
Accrued rebates and customer incentives	$	19.4	$	22.5
Accrued salaries and wages	21.3		36.0
Accrued taxes	3.4		2.7
Other(a)	36.2		22.0
Total	$	80.3	$	83.2

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(a)As of March 31, 2021, “Other” includes amounts accrued pursuant to a potential resolution of a matter with the U.S. Department of Justice, as described in “Commitments and Contingencies” in Note 8 to these condensed consolidated financial statements.

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in millions):


	March 31, 2021		December 31, 2020
Taxes payable	$	0.4	$	0.4
Accrued compensation and benefits	5.6		5.8
Other	4.9		4.8
Total	$	10.9	$	11.0