ALTA EQUIPMENT GROUP INC
For the period ended Mar 31, 2024. Filed May 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Inventories
NOTE 5 —INVENTORIES
Inventories, net, consisted of the following:
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| New equipment | $398.4 | $373.6 |
| Used equipment | 52.2 | 54.6 |
| Work in process | 9.7 | 8.2 |
| Parts | 101.6 | 101.9 |
| Gross inventory | 561.9 | 538.3 |
| Inventory reserves | (8.2) | (7.6) |
| Inventories, net | $553.7 | $530.7 |
Direct labor of$1.3 million and$1.2 million incurred for open service orders were capitalized and included in work in process as of March 31, 2024 and December 31, 2023, respectively. The remaining work in process balances as of March 31, 2024 and December 31, 2023 primarily represent parts applied to open service orders. Rental depreciation expense, for new and used equipment inventory under short-term leases with purchase options, was $3.1 million and $2.5 million for the three months ended March 31, 2024 and 2023, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.