Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net, is comprised of the following as of the dates indicated (in millions):



	September 30, 2019			December 31, 2018
Land	$	70.8		$	73.5
Buildings and improvements	613.8			610.3
Machinery and equipment	2,040.0			2,110.8
	2,724.6			2,794.6
Less: Accumulated depreciation	(1,667.5		)	(1,641.1		)
	$	1,057.1		$	1,153.5

Depreciation expense for continuing operations was $98.9 million and $37.3 million for the three months ended September 30, 2019 and 2018, respectively, and $180 million and $129 million for the nine months ended September 30, 2019 and 2018, respectively. Depreciation expense for discontinued operations was nil and $1.0 million for the three months ended September 30, 2019 and 2018, respectively, and nil and $23.9 million for the nine months ended September 30, 2019 and 2018, respectively. Depreciation expense was nil for 2019 as the Company ceased depreciating property, plant and equipment relating to businesses which satisfied the criteria to be classified as held for sale during the second quarter of 2018.

In 2018, as part of the Accelerated Transformation Plan, the Company approved a plan to market for sale the Commercial Business. This business had been classified as held for sale in the Company's historical Condensed Consolidated Balance Sheets. During the third quarter of 2019, due to a change in strategy by management, the Company decided not to sell the business. As a result, the business no longer satisfied the requirements to be classified as held for sale in the Company's Condensed Consolidated Balance Sheet as of September 30, 2019. Accordingly, the Consolidated Balance Sheet as of December 31, 2018 was recast to reclassify the business from held for sale to held and used. The Company measured the business at the lower of its (i) carrying amount before it was classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the business been continuously classified as held and used, or (ii) fair value at the date the decision not to sell was made. The Company recorded a charge of $35.7 million in the third quarter of 2019 relating to the amount of depreciation expense that would have been recorded in prior periods had the asset been continuously classified as held and used.

During the three and nine months ended September 30, 2018, the Company recorded $5.7 million and $37.3 million, respectively, of impairment charges on certain other long-lived assets, the majority of which relate to the Home Fragrance business in the Home and Outdoor Living segment.