Property, Plant, and Equipment

6 Months Ended

Jun. 30, 2014

Property, Plant, and Equipment

4. Property, Plant, and Equipment

Property, plant, and equipment, net includes the following:

	June 30, 2014			June 30, 2013			December 31, 2013
	(In thousands)
Land	$	27,666		$	26,605		$	27,555
Buildings		272,169			268,985			269,874
Machinery and equipment		709,002			680,861			673,546
Software		317,388			275,626			301,284
Tools, dies, and molds		763,490			709,723			713,749
Capital leases		23,921			23,271			23,271
Leasehold improvements		233,937			221,322			230,271
		2,347,573			2,206,393			2,239,550
Less: accumulated depreciation		(1,643,140	)		(1,585,225	)		(1,580,217	)
	$	704,433		$	621,168		$	659,333

Property, plant, and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over estimated useful lives of 10 to 30 years for buildings, 3 to 10 years for machinery and equipment, 3 to 7 years for software, and 10 to 20 years, not to exceed the lease term, for leasehold improvements. Tools, dies, and molds are depreciated using the straight-line method over 3 years. Estimated useful lives are periodically reviewed and, where appropriate, changes are made prospectively. The carrying value of property, plant, and equipment is reviewed when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Any potential impairment identified is assessed by evaluating the operating performance and future undiscounted cash flows of the underlying assets. When property is sold or retired, the cost of the property and the related accumulated depreciation are removed from the consolidated balance sheet, and any resulting gain or loss is included in the results of operations.