Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

	December 31, 2023			December 31, 2022
New equipment	$	373.6		$	258.5
Used equipment		54.6			59.0
Work in process		8.2			8.6
Parts		101.9			78.8
Gross inventory		538.3			404.9
Inventory reserves		(7.6	)		(5.2	)
Inventories, net	$	530.7		$	399.7

Direct labor of $1.2 million and $1.8 million incurred for open service orders were capitalized and included in work in process as of December 31, 2023 and 2022, respectively. The remaining work in process balances as of December 31, 2023 and 2022, primarily represent parts applied to open service orders. Rental depreciation expense, for new and used equipment inventory under short-term leases with purchase options, was $12.4 million, $7.6 million and $5.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.