Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

The components of inventories, net, consisted of the following:

	June 30,			December 31,
	2023			2022
New equipment	$	330.9		$	258.5
Used equipment		74.5			59.0
Work in process		10.6			8.6
Parts		88.7			78.8
Gross inventory		504.7			404.9
Inventory reserves		(6.7	)		(5.2	)
Inventories, net	$	498.0		$	399.7

Direct labor of $2.2 million and $1.8 million incurred for open service orders were capitalized and included in work in process at June 30, 2023 and December 31, 2022, respectively. The remaining work in process balances as of June 30, 2023 and December 31, 2022 primarily represent parts applied to open service orders. Rental depreciation expense for new and used equipment inventory to be sold after short-term leases expire was $3.1 million and $1.7 million for the three months ended June 30, 2023 and 2022, respectively, and $5.6 million and $3.1 million for the six months ended June 30, 2023 and 2022, respectively.