Property, Plant And Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, plant and equipment consisted of the following:


	December 31,
(In millions)	2020		2019
Land and land improvements	$	88.4	$	108.4
Buildings	611.0		626.9
Vessels	1,968.1		2,091.9
Machinery and equipment	1,919.4		1,930.6
Office fixtures and furniture	292.0		285.0
Construction in process	148.1		130.9
Other	243.5		277.1
	5,270.5		5,450.8
Accumulated depreciation	(2,408.7)		(2,288.8)
Property, plant and equipment, net	$	2,861.8	$	3,162.0

Depreciation expense was $323.5 million, $383.5 million and $367.8 million in 2020, 2019 and 2018, respectively. The amount of interest cost capitalized was not material for the years presented.

During 2020 and 2019, we determined the carrying amount of certain of our long-lived assets exceeded their fair value and recorded an impairment. See Note 19 for further details.

In December 2020, we declared our intent to sell our G1200 vessel as part of our overall strategy to optimize the profile and size of our subsea fleet and classified it as an asset held for sale in Other Current Assets in our consolidated balance sheet. We also evaluated the vessel’s book value and recorded an impairment charge of $8.3 million within Impairment, Restructuring and Other Expenses in our consolidated statement of income for the year ended December 31, 2020.

In December 2019, we completed the sale of our G1201 vessel as part of our overall strategy to optimize the profile and size of our subsea fleet. We recorded a net loss of $7.1 million, which is included in other income (expense), net in our consolidated statements of income.