Property, Plant and Equipment

12 Months Ended

Dec. 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 December 31, 2024 and 2023 are summarized as follows:

	2024			2023
Land	$	14.3		$	14.9
Building and improvements		203.3			201.5
Machinery, equipment, and tooling		318.3			318.4
Furniture and fixtures		13.3			13.8
Computer hardware and software		129.6			135.8
Rental cranes		185.7			201.9
Construction in progress		6.9			7.2
Total cost		871.4			893.5
Less accumulated depreciation		(525.2	)		(527.4	)
Property, plant, and equipment — net	$	346.2		$	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 Consolidated Balance Sheets as of December 31, 2024 and 2023 was $5.3 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 recorded in other current assets in the Consolidated Balance Sheets. This amount relates to a manufacturing building and land in Fanzeres, Portugal. As of December 31, 2024, the Company had sold the property, plant, and equipment previously classified as assets held for sale.