Property, Plant and Equipment

6 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

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

	March 31,			September 30,
	2018			2017
Land and land improvements	$	59.0		$	58.5
Buildings	302.0			298.5
Machinery and equipment	664.7			652.2
Software and related costs	156.8			149.6
Equipment on operating lease to others	27.8			30.0
	1,210.3			1,188.8
Less accumulated depreciation	(751.6		)	(718.9		)
	$	458.7		$	469.9

Depreciation expense was $19.9 million and $20.4 million for the three months ended March 31, 2018 and 2017, respectively. Depreciation expense was $40.0 million and $39.3 million for the six months ended March 31, 2018 and 2017, 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 March 31, 2018 and September 30, 2017 was $18.6 million and $21.6 million, respectively.