PLANT, PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

PLANT, PROPERTY AND EQUIPMENT, NET

PLANT, PROPERTY AND EQUIPMENT, NET

	September 30, 2017				December 31, 2016
Land and improvements		$	29.2			$	28.2
Machinery and equipment		999.4				898.6
Buildings and improvements		258.0				244.6
Furniture, fixtures and office equipment		72.4				68.0
Construction work in progress		62.0				68.5
Other		11.0				5.3
Plant, property and equipment, gross		1,432.0				1,313.2
Less: Accumulated depreciation		(928.5		)		(848.7		)
Plant, property and equipment, net		$	503.5			$	464.5

Depreciation expense of $19.7 and $18.1 and $57.2 and $55.5 was recognized in the three and nine months ended September 30, 2017 and 2016, respectively.

The Company entered into an agreement to sell excess property for a cash purchase price of approximately $41. On April 16, 2017, the purchaser’s due diligence period ended. There are remaining conditions to closing which are anticipated to be finalized in the first half of 2018. At closing, the Company will receive the cash proceeds and is expected to record a gain of approximately $38 to $40.