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Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | 11. Property, Plant and Equipment Property, plant and equipment consisted of the following (in millions):
|  | March 31, 2024 |  |  | December 31, 2023 |
Land and land improvements |  | $ | 102.1 |  |  | $ | 100.5 |
Buildings |  |  | 484.2 |  |  |  | 478.3 |
Machinery and equipment |  |  | 1,030.9 |  |  |  | 1,006.3 |
Software and related costs |  |  | 223.8 |  |  |  | 222.0 |
Equipment on operating lease to others |  |  | 8.2 |  |  |  | 7.1 |
Construction in progress |  |  | 372.2 |  |  |  | 348.4 |
|  |  | 2,221.4 |  |  |  | 2,162.6 |
Less accumulated depreciation |  |  | (1,118.5 | ) |  |  | (1,093.1 | )
|  | $ | 1,102.9 |  |  | $ | 1,069.5 |
Depreciation expense was $26.1 million and $23.3 million for the three months ended March 31, 2024 and 2023, 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 $7.0 million and $6.0 million at March 31, 2024 and December 31, 2023, 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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