Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

Inventories, net, consisted of the following:

	December 31,			December 31,
	2024			2023
New equipment	$	374.0		$	373.6
Used equipment		62.0			54.6
Work in process		7.5			8.2
Parts		101.8			101.9
Gross inventory		545.3			538.3
Inventory reserves		(9.4	)		(7.6	)
Inventories, net	$	535.9		$	530.7

Direct labor of $0.6 million and $1.2 million incurred for open service orders were capitalized and included in work in process as of December 31, 2024 and 2023, respectively. The remaining work in process balances as of December 31, 2024 and 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 $15.2 million, $12.4 million and $7.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.