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OTHER FINANCIAL INFORMATION
 6 Months Ended
Jul. 01, 2017
Balance Sheet Related Disclosures [Abstract]  
OTHER FINANCIAL INFORMATION
OTHER FINANCIAL INFORMATION
Inventories
The approximate percentage distribution between major classes of inventories was as follows:
 
July 1,
2017
 
December 31,
2016
Raw Material and Work in Process
48%
 
45%
Finished Goods and Purchased Parts
52%
 
55%


Inventories are stated at cost, which is not in excess of market. Cost for approximately 50% of the Company's inventory at July 1, 2017, and 55% at December 31, 2016 was determined using the LIFO method.
Property, Plant and Equipment
Property, plant, and equipment by major classification was as follows (dollars in millions):
 
Useful Life in Years
 
July 1,
2017
 
December 31,
2016
Land and Improvements
 
 
$
79.6

 
$
76.7

Buildings and Improvements
3 - 50
 
292.2

 
280.4

Machinery and Equipment
3 - 15
 
970.8

 
929.9

Property, Plant and Equipment
 
 
1,342.6

 
1,287.0

Less: Accumulated Depreciation
 
 
(705.3
)
 
(659.5
)
Net Property, Plant and Equipment
 
 
$
637.3

 
$
627.5


Other

As part of the purchase agreement of the 2008 acquisition of the Wuxi Hwada Motor Co., the Company agreed that if certain relocation compensation was received for the relocation of the business, the Company would pay a portion of that compensation to the seller as part of a deferred contingent purchase price. During the six months ended July 1, 2017, a final deferred contingent purchase price payment of $5.3 million was made under this agreement.