Property, Plant and Equipment

3 Months Ended

Mar. 31, 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):

	March 31, 2022			December 31, 2021
Land and land improvements	$	72.7		$	72.0
Buildings		413.0			410.9
Machinery and equipment		768.1			740.9
Software and related costs		200.4			201.3
Equipment on operating lease to others		9.2			9.9
Construction in progress		45.3			45.3
		1,508.7			1,480.3
Less accumulated depreciation		(905.0	)		(887.1	)
	$	603.7		$	593.2

Depreciation expense was $20.7 million and $20.2 million for the three months ended March 31, 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 and 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 at March 31, 2022 and December 31, 2021 was $8.2 million and $8.9 million, respectively.