Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

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


	March 31, 2020		December 31, 2019
Land	$	82	$	86
Buildings and improvements	633		641
Machinery and equipment	2,146		2,151
	2,861		2,878
Less: Accumulated depreciation	(1,738)		(1,723)
	$	1,123	$	1,155

Depreciation expense for continuing operations was $48 million and $40 million for the three months ended March 31, 2020 and 2019, respectively. Depreciation expense for discontinued operations 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 first quarter of 2020, the Company concluded that a triggering event had occurred for all of its reporting units as a result of the COVID-19 pandemic. Pursuant to the authoritative accounting literature, the Company compared the sum of the undiscounted future cash flows attributable to the asset or group of assets (the lowest level for which identifiable cash flows are available) to their respective carrying amount. As a result of the impairment testing performed in connection with the triggering event, the Company recorded a non-cash fixed asset impairment charge of approximately $1 million during the three months ended March 31, 2020 in the Home and Outdoor Living segment associated with its Yankee Candle retail store business. See Footnote 1 for further information.