Property, Plant and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant, and Equipment

The components of property, plant, and equipment as of June 30, 2024 and December 31, 2023 are summarized as follows:

	June 30, 2024			December 31, 2023
Land	$	14.6		$	14.9
Building and improvements		198.9			201.5
Machinery, equipment, and tooling		323.0			318.4
Furniture and fixtures		13.3			13.8
Computer hardware and software		136.6			135.8
Rental cranes		202.6			201.9
Construction in progress		8.7			7.2
Total cost		897.7			893.5
Less accumulated depreciation		(542.2	)		(527.4	)
Property, plant, and equipment — net	$	355.5		$	366.1

Property, plant, and equipment is depreciated over the estimated useful life 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 June 30, 2024 and December 31, 2023 were $2.9 million and $7.0 million, respectively.

Assets Held for Sale

As of December 31, 2023, the Company had $3.0 million of property, plant, and equipment classified as assets held for sale in other current assets in the Condensed Consolidated Balance Sheets. As of June 30, 2024, the Company had sold the property, plant, and equipment previously classified as assets held for sale.