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Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
10.
Property, Plant and Equipment

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

 

 

September 30,
2023

 

 

December 31,
2022

 

Land and land improvements

 

$

85.2

 

 

$

74.9

 

Buildings

 

 

469.2

 

 

 

441.6

 

Machinery and equipment

 

 

979.3

 

 

 

841.9

 

Software and related costs

 

 

216.1

 

 

 

201.5

 

Equipment on operating lease to others

 

 

9.7

 

 

 

10.2

 

Construction in progress

 

 

257.1

 

 

 

234.3

 

 

 

 

2,016.6

 

 

 

1,804.4

 

Less accumulated depreciation

 

 

(1,061.8

)

 

 

(978.2

)

 

 

$

954.8

 

 

$

826.2

 

 

Depreciation expense was $26.3 million and $21.1 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense was $75.4 million and $63.1 million for the nine months ended September 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 $8.2 million and $9.3 million at September 30, 2023 and December 31, 2022, respectively.