Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

The components of inventories, net, consisted of the following (amounts in millions):

	June 30,			December 31,
	2022			2021
New equipment	$	184.7		$	146.0
Used equipment		46.5			34.3
Work in process		8.2			6.7
Parts		62.6			55.7
Gross inventory	$	302.0		$	242.7
Inventory reserves		(5.4	)		(3.5	)
Inventories, net	$	296.6		$	239.2

Direct labor of $1.7 million and $1.6 million incurred for open service orders were capitalized and included in work in process at June 30, 2022 and December 31, 2021, respectively. The remaining work in process balances as of June 30, 2022 and December 31, 2021 primarily represent parts applied to open service orders. Rental depreciation expense in connection with our new and used equipment was $1.7 million and $1.0 million for the three months ended June 30, 2022 and 2021, respectively, and $3.1 million and $3.2 million for the six months ended June 30, 2022 and 2021, respectively.