Property, Plant and Equipment

9 Months Ended

Sep. 30, 2018

Property Plant And Equipment [Abstract]

4. Property, Plant and Equipment

The components of property, plant and equipment at September 30, 2018 and December 31, 2017 were as follows:

	September 30, 2018			December 31, 2017
Land	$	53.0		$	56.1
Buildings		399.1			417.3
Machinery and equipment		1,832.3			1,885.2
		2,284.4			2,358.6
Less: Accumulated depreciation		(1,738.7	)		(1,743.5	)
Total property, plant and equipment-net	$	545.7		$	615.1

During the three and nine months ended September 30, 2018, depreciation expense was $30.9 million and $96.5 million, respectively. During the three and nine months ended September 30, 2017, depreciation expense was $34.6 million and $105.2 million, respectively.

During the fourth quarter of 2017, we entered into an agreement to sell a building and transfer the related land use rights to a third party for a facility in an international location. During the three months ended December 31, 2017 and nine months ended September 30, 2018, we received non-refundable deposits in accordance with the terms of the agreement of approximately $12.5 million and $32.1 million, respectively, which are recorded in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Additional deposits will be paid to us in accordance with the agreement. Gross proceeds, including deposits, from the sale are expected to be approximately $250.0 million and we expect the transaction to close in 2020 following receipt of government approvals and satisfaction of closing conditions. Final cash proceeds are subject to foreign currency changes. As of September 30, 2018, we continue to classify the carrying cost of the building within property, plant and equipment and record depreciation expense. The carrying cost of the land use rights are classified in Other noncurrent assets and we continue to record amortization expense. The combined carrying cost of the building and land use rights is not significant.