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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Property, Plant and Equipment

The following table shows estimated useful lives of property, plant and equipment:

Property, plant and equipment		Useful Life
Buildings		40 to 50 years
Leasehold improvements		Lesser of lease term or the life of the asset
Machinery, equipment and furniture		3 to 10 years
Computer software		5 to 10 years

The components of net property, plant and equipment were as follows:

	December 31,
(in millions)	2019				2018
Land and improvements	$	24.0			$	25.2
Buildings and improvements to leaseholds	145.0				144.2
Machinery and equipment	475.1				440.7
Construction in progress	7.6				8.6
	651.7				618.7
Less: accumulated depreciation	(384.6		)		(355.0		)
Property, plant and equipment, net(1)	$	267.1			$	263.7

(1)

Net property, plant and equipment as of December 31, 2019 and 2018 contained $68.5 million and $51.9 million of computer software assets, respectively, which are classified within machinery and equipment and construction in progress. Depreciation expense for software was $8.9 million, $8.2 million and $7.1 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Schedule of Recently Adopted Accounting Standards

The cumulative effect of the changes on our January 1, 2019, opening Consolidated Balance Sheet due to the adoption of ASU 2016-02 was as follows:

(in millions)	Balance at December 31, 2018				Adjustments due to ASU 2016-02				Balance at January 1, 2019
Assets:
Property, plant and equipment, net	$	263.7			$	(0.9	)		$	262.8
Right of use asset, leases	—				90.9				90.9
Liabilities and stockholders' equity:
Current portion of long-term debt	39.5				(0.1		)		39.4
Lease liabilities	—				24.1				24.1
Long-term debt, net	843.0				(0.1		)		842.9
Long-term lease liabilities	11.0				65.6				76.6
Accumulated deficit	(656.8		)		0.5				(656.3		)

The impact of the adoption of ASU 2016-02 on our Consolidated Balance Sheet for the year ended December 31, 2019 was as follows:

(in millions)	As Reported				Balances without adoption of ASU 2016-02				Effect of Change Higher/(Lower)
Assets:
Property, plant and equipment, net	$	267.1			$	267.9			$	(0.8	)
Right of use asset, leases	101.9				—				101.9
Liabilities and stockholders' equity:
Current portion of long-term debt	29.5				29.6				(0.1		)
Lease liabilities	21.8				0.2				21.6
Long-term debt, net	777.2				777.4				(0.2		)
Long-term lease liabilities	89.8				10.5				79.3
Accumulated deficit	(574.2		)		(574.7		)		0.5

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Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

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