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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 27.8 $ 67.0
Accounts receivable less allowances for discounts and doubtful accounts of $16.4 and $16.0, respectively 453.7 428.4
Inventories 283.3 340.6
Other current assets 41.2 44.2
Total current assets 806.0 880.2
Total property, plant and equipment 651.7 618.7
Less: accumulated depreciation (384.6) (355.0)
Property, plant and equipment, net [1] 267.1 263.7
Right of use asset, leases 101.9 0.0
Deferred income taxes 119.0 115.1
Goodwill 718.6 708.9
Identifiable intangibles, net of accumulated amortization of $271.9 and $236.4, respectively 758.6 787.0
Other non-current assets 17.4 31.5
Total assets 2,788.6 2,786.4
Current liabilities:    
Notes payable 3.7 0.0
Current portion of long-term debt 29.5 39.5
Accounts payable 245.7 274.6
Accrued compensation 48.5 41.6
Accrued customer program liabilities 99.7 114.5
Operating Lease, Liability, Current 21.8 0.0
Other current liabilities 139.9 129.0
Total current liabilities 588.8 599.2
Long-term debt, net of debt issuance costs of $5.6 and $5.5, respectively 777.2 843.0
Long-term lease liabilities 89.8 11.0
Deferred income taxes 177.5 176.2
Pension and post-retirement benefit obligations 283.2 257.2
Other non-current liabilities 98.4 110.1
Total liabilities 2,014.9 1,996.7
Stockholders' equity:    
Preferred stock, $0.01 par value, 25,000,000 shares authorized; none issued and outstanding 0.0 0.0
Common stock, $0.01 par value, 200,000,000 shares authorized; 100,412,933 and 106,249,322 shares issued and 96,445,488 and 102,748,700 outstanding, respectively 1.0 1.1
Treasury stock, 3,967,445 and 3,500,622 shares, respectively (38.2) (33.9)
Paid-in capital 1,890.8 1,941.0
Accumulated other comprehensive loss (505.7) (461.7)
Accumulated deficit (574.2) (656.8)
Total stockholders' equity 773.7 789.7
Total liabilities and stockholders' equity $ 2,788.6 $ 2,786.4
[1]
Net property, plant and equipment as of December 31, 2019 and 2018 contained $68.5 million and $51.9 million of computer software assets, respectively, which are classified within machinery and equipment and construction in progress. Depreciation expense for software was $8.9 million, $8.2 million and $7.1 million for the years ended December 31, 2019, 2018 and 2017, respectively.