Property Plant And Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment at December 31, 2020 and 2019 was as follows:

(In millions)	2020		2019
Land	$	34.8	$	34.6
Buildings	564.7		832.7
Equipment and leasehold improvements	2,736.9		3,671.3
	3,336.4		4,538.6
Accumulated depreciation and amortization	(1,867.2)		(2,088.5)
Total property, plant and equipment, net	$	1,469.2	$	2,450.1

The significant declines in the reported balances for buildings, equipment and leasehold improvements, accumulated depreciation and amortization, and net amounts of property, plant and equipment in 2020 reflect asset impairment charges predominantly related to the Company’s December 2020 announcement to cease production of standard stainless sheet products (see Note 3 for further explanation) and the adjustment of the cost basis of these long-lived assets to the carrying value following these impairments.

Construction in progress at December 31, 2020 and 2019 was $233.4 million and $177.3 million, respectively. Depreciation and amortization for the years ended December 31, 2020, 2019 and 2018 was as follows:

(In millions)	2020		2019		2018
Depreciation of property, plant and equipment	$	119.5	$	127.1	$	131.9
Software and other amortization	23.8		24.0		24.5
Total depreciation and amortization	$	143.3	$	151.1	$	156.4