Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

9.Property, Plant and Equipment

Property, plant and equipment consisted of the following (in millions):

	September 30, 2022			December 31, 2021
Land and land improvements	$	73.2		$	72.0
Buildings		418.0			410.9
Machinery and equipment		811.0			740.9
Software and related costs		199.8			201.3
Equipment on operating lease to others		10.1			9.9
Construction in progress		139.1			45.3
		1,651.2			1,480.3
Less accumulated depreciation		(950.3	)		(887.1	)
	$	700.9		$	593.2

Depreciation expense was $21.1 million and $21.5 million for the three months ended September 30, 2022 and 2021, respectively. Depreciation expense was $63.1 million and $63.7 million (including $0.8 million of accelerated depreciation related to restructuring actions) for the nine months ended September 30, 2022 and 2021, respectively. Capitalized interest was insignificant for all reported periods.

Equipment on operating lease to others represents the cost of equipment shipped to customers for whom the Company has guaranteed the residual value of equipment on short-term leases. These transactions are accounted for as operating leases with the related assets capitalized and depreciated over their estimated economic lives of five to ten years. Cost less accumulated depreciation for equipment on operating lease was $8.9 million at both September 30, 2022 and December 31, 2021.