Property, Plant and Equipment

9 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

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

	June 30,			September 30,
	2016			2015
Land and land improvements	$	57.3		$	57.5
Buildings	277.6			274.8
Machinery and equipment	728.1			681.1
Equipment on operating lease to others	42.4			42.2
Construction in progress	28.9			38.1
	1,134.3			1,093.7
Less accumulated depreciation	(655.2		)	(617.9		)
	$	479.1		$	475.8

Depreciation expense was $18.4 million and $16.1 million for the three months ended June 30, 2016 and 2015, respectively. Depreciation expense was $54.2 million and $48.4 million for the nine months ended June 30, 2016 and 2015, 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 and 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 at June 30, 2016 and September 30, 2015 was $34.4 million and $33.9 million, respectively.