Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

10. Property, Plant and Equipment

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

	December 31,						September 30,
	2022			2021			2021
Land and land improvements	$	74.9		$	72.0		$	71.4
Buildings		441.6			410.9			407.3
Machinery and equipment		841.9			740.9			729.5
Software and related costs		201.5			201.3			203.0
Equipment on operating lease to others		10.2			9.9			18.8
Construction in progress		234.3			45.3			37.1
		1,804.4			1,480.3			1,467.1
Less accumulated depreciation		(978.2	)		(887.1	)		(871.2	)
	$	826.2		$	593.2		$	595.9

Depreciation expense was $84.7 million in fiscal 2022, $21.7 million in the three months ended December 31, 2021, $87.5 million (including $3.6 million of accelerated depreciation related to restructuring actions) in the year ended September 30, 2021, and $89.1 million (including $6.9 million of accelerated depreciation related to restructuring actions) in the year ended September 30, 2020. 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 to others was $9.3 million at December 31 2022, $8.9 million at December 31, 2021 and $15.4 million at September 30, 2021.