Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Additional Financial Information Disclosure [Abstract]

Balance Sheet Components

Balance Sheet Components 

	December 31,
	2022		2021
	(In millions)
RECEIVABLES
Customers	$	431.3	$	354.9
Other	19.5		8.7
Total	450.8		363.6
Less allowance for credit losses	8.0		7.2
Total receivables - net	$	442.8	$	356.4
INVENTORIES
Raw materials and components parts	$	301.2	$	229.4
Work in process	54.3		47.4
Finished goods	115.4		93.6
Total inventories	$	470.9	$	370.4
PROPERTY, PLANT AND EQUIPMENT
Land and improvements	$	35.2	$	39.1
Buildings and improvements	214.2		197.9
Machinery, equipment and other	492.4		467.8
Office and transportation equipment	100.6		96.7
Construction in progress	56.4		30.5
Total	898.8		832.0
Less accumulated depreciation and amortization	516.7		504.7
Total property, plant and equipment - net	$	382.1	$	327.3
ACCRUED EXPENSES
Payroll and related items	$	102.7	$	91.5
Management incentive compensation	26.4		25.0
Income taxes payable	30.2		17.9
Insurance	11.2		11.0
Warranty	8.1		7.6
Deferred revenue	44.7		49.0
Lease liability	21.6		17.6
Restructuring	1.4		2.8
Accrued interest	5.5		3.6
Pension and retiree medical obligations	3.3		3.5
Other	34.0		30.3
Total accrued expenses	$	289.1	$	259.8
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	$	55.1	$	82.2
Transition tax payable	9.1		14.1
Deferred revenue	15.0		32.2
Lease liability	96.6		93.4
Other	20.0		25.5
Total other noncurrent liabilities	$	195.8	$	247.4

The valuation and qualifying account activity for the years ended December 31, 2022 and 2021 is as follows:

	2022		2021
	(In millions)
ALLOWANCE FOR CREDIT LOSSES
Beginning balance January 1	$	7.2	$	6.1
Charged to costs and expenses, net of recoveries	2.2		1.5
Utilization	(1.2)		(0.9)
Other adjustments, including acquisitions and currency translation	(0.2)		0.5
Ending balance December 31	$	8.0	$	7.2