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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

11. Property, Plant and Equipment

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

 

 

December 31,

 

 

 

2023

 

 

2022

 

Land and land improvements

 

$

100.5

 

 

$

74.9

 

Buildings

 

 

478.3

 

 

 

441.6

 

Machinery and equipment

 

 

1,006.3

 

 

 

841.9

 

Software and related costs

 

 

222.0

 

 

 

201.5

 

Equipment on operating lease to others

 

 

7.1

 

 

 

10.2

 

Construction in progress

 

 

348.4

 

 

 

234.3

 

 

 

2,162.6

 

 

 

1,804.4

 

Less accumulated depreciation

 

 

(1,093.1

)

 

 

(978.2

)

 

$

1,069.5

 

 

$

826.2

 

Depreciation expense was $103.2 million in 2023, $84.7 million in 2022, $21.7 million for the three months ended December 31, 2021 and $87.5 million (including $3.6 million of accelerated depreciation related to restructuring actions) in fiscal 2021. 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 $6.0 million at December 31, 2023 and $9.3 million at December 31, 2022.