Property, Plant and Equipment

3 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

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

	December 31,			September 30,
	2017			2017
Land and land improvements	$	58.1		$	58.5
Buildings	298.2			298.5
Machinery and equipment	657.6			652.2
Software and related costs	151.7			149.6
Equipment on operating lease to others	28.8			30.0
	1,194.4			1,188.8
Less accumulated depreciation	(736.4		)	(718.9		)
	$	458.0		$	469.9

Depreciation expense was $20.1 million and $18.9 million for the three months ended December 31, 2017 and 2016, 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 December 31, 2017 and September 30, 2017 was $19.8 million and $21.6 million, respectively.