Property, Plant and Equipment

9 Months Ended

Sep. 30, 2012

4. Property, Plant and Equipment


	September 30, 2012			December 31, 2011
Land	$	99.2		$	107.4
Buildings		1,166.1			1,173.2
Machinery and equipment		6,030.6			6,054.4

		7,295.9			7,335.0
Less: Accumulated depreciation		(5,627.5	)		(5,480.4	)

Total	$	1,668.4		$	1,854.6

On September 20, 2012, the Company entered into a sale-leaseback agreement in which it sold an office building and land at fair market value for net proceeds of $34.2 million, and entered into an operating lease of the property through September 2027. The $7.6 million gain on the sale of the property will be amortized over the remaining life of the lease and recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

During the three and nine months ended September 30, 2012, depreciation expense was $89.3 million and $277.3 million, respectively. During the three and nine months ended September 30, 2011, depreciation expense was $103.8 million and $316.1 million, respectively.

Assets Held for Sale

Primarily as a result of restructuring actions, certain facilities and equipment are considered held for sale. The net book value of assets held for sale was $21.9 million and $20.2 million at September 30, 2012 and December 31, 2011, respectively. These assets were included in other current assets in the Condensed Consolidated Balance Sheets at September 30, 2012 and December 31, 2011 at the lower of their historical net book value and their estimated fair value, less estimated costs to sell.

- 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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