Property, Plant and Equipment, net

3 Months Ended

Mar. 31, 2012

Property, Plant and Equipment, net

Property, Plant and Equipment, net

9. Property, Plant and Equipment, net

        Property, plant and equipment, net consisted of the following:

	March 31, 2012		December 31, 2011
	(in millions)
Land	$	1.6	$	1.6
Building and improvements		7.3		7.3
Plant and equipment		303.5		302.8
Construction in progress		8.7		3.0
		321.1		314.7
Less: Accumulated depreciation and amortization		231.3		226.9
	$	89.8	$	87.8

        Plant turnarounds—Scheduled inspections, replacements and overhauls of plant machinery and equipment at our continuous process manufacturing facility are referred to as plant turnarounds. The expenditures related to turnarounds are capitalized when incurred and are included in "Plant and equipment" in the table above. The following is a summary of plant turnaround activity for the three months ended March 31, 2012 and 2011.

	Three months ended March 31,
	2012			2011
	(in millions)
Net capitalized turnaround costs:
Beginning balance	$	6.5		$	13.4
Additions		—			0.6
Depreciation		(0.8	)		(2.1	)
Ending balance	$	5.7		$	11.9

        Scheduled replacements and overhauls of plant and equipment include the dismantling, repair or replacement and installation of various components including piping, valves, motors, turbines, pumps, compressors, heat exchangers and the replacement of catalysts when a full plant shutdown occurs. Scheduled inspections are also conducted during full plant shutdowns, including required safety inspections which entail the disassembly of various components such as steam boilers, pressure vessels and other equipment requiring safety certifications. Internal employee costs and overhead are not considered turnaround costs and are not capitalized.