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v3.23.1

Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2023
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, 2023 |  |  | December 31, 2022 |
Land and land improvements |  | $ | 80.3 |  |  | $ | 74.9 |
Buildings |  |  | 460.2 |  |  |  | 441.6 |
Machinery and equipment |  |  | 857.5 |  |  |  | 841.9 |
Software and related costs |  |  | 205.9 |  |  |  | 201.5 |
Equipment on operating lease to others |  |  | 10.2 |  |  |  | 10.2 |
Construction in progress |  |  | 259.5 |  |  |  | 234.3 |
|  |  | 1,873.6 |  |  |  | 1,804.4 |
Less accumulated depreciation |  |  | (1,002.1 | ) |  |  | (978.2 | )
|  | $ | 871.5 |  |  | $ | 826.2 |
Depreciation expense was $23.3 million and $20.7 million for the three months ended March 31, 2023 and 2022, 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 $9.1 million and $9.3 million at March 31, 2023 and December 31, 2022, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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