Property, Plant and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

8. Property, Plant, and Equipment

The components of property, plant, and equipment as of March 31, 2023 and December 31, 2022 are summarized as follows:

	March 31, 2023			December 31, 2022
Land	$	14.7		$	17.9
Building and improvements		197.0			194.7
Machinery, equipment, and tooling		305.3			300.6
Furniture and fixtures		14.0			13.8
Computer hardware and software		130.5			129.4
Rental cranes		159.4			157.8
Construction in progress		10.4			8.4
Total cost		831.3			822.6
Less: accumulated depreciation		(499.7	)		(487.3	)
Property, plant, and equipment - net	$	331.6		$	335.3

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

Assets Held for Sale

As of March 31, 2023, the Company had $6.2 million of property, plant and equipment classified as assets held for sale in other current assets in the Condensed Consolidated Balance Sheets. This amount relates to land held for sale by one of the Company's Indian subsidiaries and a manufacturing building and land in Fanzeres, Portugal.