Property, Plant and Equipment

9 Months Ended

Sep. 28, 2012

Property, Plant and Equipment [Abstract]

Property, Plant And Equipment

Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Costs assigned to property, plant and equipment related to acquisitions are based on estimated fair values on the acquisition date. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets: buildings, from 15 to 50 years, and machinery, equipment and office furnishings, from 2 to 15 years. Leasehold improvements are depreciated over the shorter of the lease term or the useful life of the asset, unless acquired in a business combination, in which case the leasehold improvements are amortized over the shorter of the useful life of the asset or a term that includes the reasonably assured life of the lease.

Property, plant and equipment consisted of the following (in millions):

	September 28, 2012			December 31, 2011
Land	$	115.9		$	110.5
Buildings and leasehold improvements	329.8			302.2
Machinery, equipment and office furnishings	1,159.3			1,051.6
Construction in progress	86.9			95.3
Total gross book value	1,691.9			1,559.6
Less accumulated depreciation	(604.6		)	(535.8		)
Total net book value	$	1,087.3		$	1,023.8

Depreciation expense for the three and nine fiscal months ended September 28, 2012 was $24.5 million and $72.2 million, respectively. Depreciation expense for the three and nine fiscal months ended September 30, 2011 was $25.5 million and $74.1 million, respectively.

The Company periodically evaluates the recoverability of the carrying amount of long-lived assets (including property, plant and equipment and intangible assets with determinable lives) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. The Company evaluates events or changes in circumstances based mostly on actual historical operating results, but business plans, forecasts, general and industry trends, and anticipated cash flows are also considered. Impairment is assessed when the undiscounted expected future cash flows derived from an asset are less than its carrying amount. Impairment losses are measured as the amount by which the carrying value of an asset exceeds its fair value and are recognized in earnings. The Company also continually evaluates the estimated useful lives of all long-lived assets and, when warranted, revises such estimates based on current events. No material impairment charges occurred during the nine fiscal months ended September 28, 2012 and September 30, 2011.