Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

The components of inventories, net, consisted of the following (amounts in millions):

	March 31,			December 31,
	2022			2021
New equipment	$	186.7		$	146.0
Used equipment		41.3			34.3
Work in process		8.6			6.7
Parts		58.9			55.7
Gross inventory	$	295.5		$	242.7
Inventory reserves		(4.5	)		(3.5	)
Inventories, net	$	291.0		$	239.2

Direct labor of $2.1 million and $1.6 million incurred for open service orders were capitalized and included in work in process at March 31, 2022 and December 31, 2021, respectively. The remaining work in process balances as of March 31, 2022 and December 31, 2021 primarily represent parts applied to open service orders. Rental depreciation expense in connection with our new and used equipment was $1.4 million and $2.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively.