Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

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


	June 30, 2023			December 31, 2022
Land and land improvements	$	82.6		$	74.9
Buildings		456.1			441.6
Machinery and equipment		947.9			841.9
Software and related costs		211.9			201.5
Equipment on operating lease to others		9.3			10.2
Construction in progress		212.7			234.3
		1,920.5			1,804.4
Less accumulated depreciation		(1,030.0	)		(978.2	)
	$	890.5		$	826.2

Depreciation expense was $25.8 million and $21.3 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation expense was $49.1 million and $42.0 million for the six months ended June 30, 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 $7.9 million and $9.3 million at June 30, 2023 and December 31, 2022, respectively.