Inventories

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

Inventories, net, consisted of the following:

	March 31,			December 31,
	2025			2024
New equipment	$	386.2		$	374.0
Used equipment		58.0			62.0
Work in process		8.6			7.5
Parts		103.0			101.8
Gross inventory		555.8			545.3
Inventory reserves		(11.2	)		(9.4	)
Inventories, net	$	544.6		$	535.9

Direct labor of $0.7 million and $0.6 million incurred for open service orders were capitalized and included in work in process as of March 31, 2025 and December 31, 2024, respectively. The remaining work in process balances as of March 31, 2025 and December 31, 2024 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 $2.8 million and $3.1 million for the three months ended March 31, 2025 and 2024, respectively.