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Inventories
 9 Months Ended
Sep. 30, 2022
Inventory Disclosure [Abstract]  
INVENTORIES

NOTE 5 — INVENTORIES

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

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

New equipment

 

$

215.6

 

 

$

146.0

 

Used equipment

 

 

50.5

 

 

 

34.3

 

Work in process

 

 

9.6

 

 

 

6.7

 

Parts

 

 

68.9

 

 

 

55.7

 

Gross inventory

 

$

344.6

 

 

$

242.7

 

Inventory reserves

 

 

(6.1

)

 

 

(3.5

)

Inventories, net

 

$

338.5

 

 

$

239.2

 

Direct labor of $2.3 million and $1.6 million incurred for open service orders were capitalized and included in work in process at September 30, 2022 and December 31, 2021, respectively. The remaining work in process balances as of September 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 $2.3 million and $1.3 million for the three months ended September 30, 2022 and 2021, respectively, and $5.4 million and $4.5 million for the nine months ended September 30, 2022 and 2021, respectively.