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Property, Plant and Equipment

6 Months Ended

Mar. 31, 2020

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

10. Property, Plant and Equipment

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

		March 31, 2020				September 30, 2019
Land and land improvements		$	62.8			$	55.8
Buildings			363.5				325.8
Machinery and equipment			718.7				701.0
Software and related costs			165.8				181.2
Equipment on operating lease to others			20.0				39.5
Construction in progress			25.6				57.6
			1,356.4				1,360.9
Less accumulated depreciation			(804.7	)			(787.3	)
		$	551.7			$	573.6

Depreciation expense was $20.4 million and $18.7 million for the three months ended March 31, 2020 and 2019, respectively. Depreciation expense was $40.7 million and $37.8 million for the six months ended March 31, 2020 and 2019, 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, 2020 and September 30, 2019 was $17.9 million and $31.3 million, respectively.

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- References

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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