Property, Plant and Equipment

12 Months Ended

Dec. 31, 2013

Note 7—Property, Plant and Equipment

The following is a summary of property, plant and equipment by major asset class at December 31, (in millions):

	2013			2012

Land	$	34.9		$	33.8
Building and leasehold improvements		301.7			271.9
Machinery, equipment, software and furniture and fixtures		362.6			337.3


		699.2			643.0
Less accumulated depreciation and amortization		(399.7	)		(359.4	)


Property, plant and equipment, net	$	299.5		$	283.6

Depreciation expense, which includes the amortization of leasehold improvements, for the years ended December 31, 2013, 2012 and 2011 was $40.5 million, $37.1 million and $34.8 million, respectively.

The Company recorded an impairment charge for the year ended December 31, 2012 in the amount of $6.0 million, related to property, plant and equipment within the Chemical and Applied Markets (CAM) division within the BSI segment as a result of experiencing increased deterioration in its financial performance and the BEST segment based on the abandonment of a project, to reduce the carrying value of those assets to their estimated fair values. The charge is recorded within "Impairment of assets" in the accompanying statements of income and comprehensive income.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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