ITT INC
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
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FY2023 · Filed Feb 12, 2024
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Plant, Property and Equipment, Net
NOTE 11
PLANT, PROPERTY AND EQUIPMENT, NET
The following table summarizes our property, plant, and equipment, net of accumulated depreciation.
| As of December 31 | Useful life(in years) | 2023 | 2022 |
|---|---|---|---|
| Machinery and equipment | 2 - 10 | $1,317.9 | $1,208.3 |
| Buildings and improvements | 5 - 40 | 298.4 | 277.6 |
| Furniture, fixtures and office equipment | 3 - 7 | 83.7 | 80.5 |
| Construction in progress | 78.1 | 86.9 | |
| Land and improvements | 29.5 | 29.3 | |
| Other | 1.7 | 3.3 | |
| Plant, property and equipment, gross | 1,809.3 | 1,685.9 | |
| Less: accumulated depreciation | (1,248.3) | (1,159.1) | |
| Plant, property and equipment, net | $561.0 | $526.8 |
Depreciation expense of $84.2, $80.7, and $85.8 was recognized in 2023, 2022 and 2021, respectively.
During 2022, we recorded a gain of $14.7 related to the sale of a former operating facility that was previously held by a business within our IP segment. During 2021, we recorded a gain of $7.0 related to the sale of land that was previously held by a business within our MT segment. These gains were recorded within Gain on sale of long-lived assets in our Consolidated Statements of Operations for the years ended December 31, 2022 and 2021.
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