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Inventories
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
INVENTORIES

NOTE 5 — INVENTORIES

 

 

 

December 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

New equipment

 

$

146.0

 

 

$

153.5

 

Used equipment

 

 

34.3

 

 

 

31.4

 

Work in process

 

 

6.7

 

 

 

5.4

 

Parts

 

 

55.7

 

 

 

41.6

 

Gross Inventory

 

$

242.7

 

 

$

231.9

 

Inventory reserves

 

 

(3.5

)

 

 

(2.9

)

 

 

$

239.2

 

 

$

229.0

 

 

Direct labor of $1.6 million and $1.7 million incurred for open service orders were capitalized and included in work in process at December 31, 2021 and 2020, respectively. The remaining work in process balances as of December 31, 2021 and 2020, 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 $5.8 million and $3.0 million for the year ended December 31, 2021 and 2020, respectively.