Property, Plant and Equipment, net

6 Months Ended

Jun. 30, 2013

9. Property, Plant and Equipment, net

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

	June 30, 2013			December 31, 2012

	(in millions)
Land	$	1.6		$	1.6
Building and improvements		8.1			7.6
Plant and equipment		300.2			306.4
Construction in progress		83.6			45.7

		393.5			361.3
Less: Accumulated depreciation and amortization		(232.4	)		233.2

	$	161.1		$	128.1

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. The following is a summary of plant turnaround activity for the six months ended June 30, 2013 and 2012.

	Six months ended June 30,

	2013			2012
	(in millions)
Net capitalized turnaround costs:
Beginning balance	$	2.6		$	6.5
Additions		—			—
Depreciation		(2.0	)		(2.0	)

Ending balance	$	0.6		$	4.5

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 catalyst 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.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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