Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant, and Equipment

The components of property, plant, and equipment as of March 31, 2024 and December 31, 2023 are summarized as follows:

	March 31, 2024			December 31, 2023
Land	$	14.7		$	14.9
Building and improvements		199.6			201.5
Machinery, equipment, and tooling		320.7			318.4
Furniture and fixtures		13.3			13.8
Computer hardware and software		134.8			135.8
Rental cranes		199.3			201.9
Construction in progress		6.7			7.2
Total cost		889.1			893.5
Less: accumulated depreciation		(531.6	)		(527.4	)
Property, plant, and equipment - net	$	357.5		$	366.1

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.

Additions to property, plant, and equipment included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 were $5.8 million and $7.0 million, respectively.

Assets Held for Sale

As of March 31, 2024 and December 31, 2023, the Company had $3.5 million and $3.0 million, respectively, 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 a manufacturing building and land in Fanzeres, Portugal.