Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

Inventories, net, consisted of the following:

	March 31,			December 31,
	2024			2023
New equipment	$	398.4		$	373.6
Used equipment		52.2			54.6
Work in process		9.7			8.2
Parts		101.6			101.9
Gross inventory		561.9			538.3
Inventory reserves		(8.2	)		(7.6	)
Inventories, net	$	553.7		$	530.7

Direct labor of $1.3 million and $1.2 million incurred for open service orders were capitalized and included in work in process as of March 31, 2024 and December 31, 2023, respectively. The remaining work in process balances as of March 31, 2024 and December 31, 2023 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 $3.1 million and $2.5 million for the three months ended March 31, 2024 and 2023, respectively.