Property, Plant and Equipment

6 Months Ended

Jun. 30, 2014

4. Property, Plant and Equipment

The components of the Company’s property, plant and equipment at June 30, 2014 and December 31, 2013 were as follows:

	June 30,			December 31,
	2014			2013
Land	$	119.3		$	94.3
Buildings		1,238.7			1,160.6
Machinery and equipment		6,255.0			6,024.0
		7,613.0			7,278.9
Accumulated depreciation		(5,963.0	)		(5,848.8	)
Total	$	1,650.0		$	1,430.1

During the three and six months ended June 30, 2014, depreciation expense was $91.4 million and $179.3 million, respectively. During the three and six months ended June 30, 2013 depreciation expense was $86.4 million and $174.9 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 $20.9 million and $18.5 million at June 30, 2014 and December 31, 2013, respectively. These assets were included in other current assets in the Condensed Consolidated Balance Sheets at June 30, 2014 and December 31, 2013 at the lower of their historical net book value or their estimated fair value, less estimated costs to sell.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details