Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

8. Property, Plant and Equipment

The components of property, plant and equipment as of September 30, 2022 and December 31, 2021 are summarized as follows:

	September 30, 2022			December 31, 2021
Land	$	17.6		$	19.4
Building and improvements		190.3			203.4
Machinery, equipment and tooling		284.2			298.9
Furniture and fixtures		13.4			14.5
Computer hardware and software		126.7			125.6
Rental cranes		140.1			144.2
Construction in progress		10.3			15.1
Total cost		782.6			821.1
Less accumulated depreciation		(469.7	)		(462.3	)
Property, plant and equipment — net	$	312.9		$	358.8

Property, plant and equipment are depreciated over the asset’s estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

Assets Held for Sale

As of September 30, 2022 and December 31, 2021, the Company had $2.7 million and $3.1 million, respectively, classified as other current assets in the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, assets held for sale primarily related to a manufacturing building and land in Fanzeres, Portugal.

Asset Impairment

During the three months ended September 30, 2021, the Company recorded an asset impairment of $1.9 million to write-down the value of one of the Company's Brazilian entities to its expected sale price.