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Property, Plant and Equipment
 3 Months Ended
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.