Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

The components of inventories, net, consisted of the following:

	March 31,			December 31,
	2023			2022
New equipment	$	320.9		$	258.5
Used equipment		59.7			59.0
Work in process		10.7			8.6
Parts		83.4			78.8
Gross inventory		474.7			404.9
Inventory reserves		(5.6	)		(5.2	)
Inventories, net	$	469.1		$	399.7

Direct labor of $2.0 million and $1.8 million incurred for open service orders were capitalized and included in work in process at March 31, 2023 and December 31, 2022, respectively. The remaining work in process balances as of March 31, 2023 and December 31, 2022 primarily represent parts applied to open service orders. Rental depreciation expense for new and used equipment inventory to be sold after short-term leases expire was $2.5 million and $1.4 million for the three months ended March 31, 2023 and 2022, respectively.