ALTA EQUIPMENT GROUP INC
For the period ended Mar 31, 2024. Filed May 8, 2024.
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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
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Property and Equipment
NOTE 6 — PROPERTY AND EQUIPMENT
Property and equipment, net, consisted of the following:
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Land | $3.2 | $2.1 |
| Rental fleet | 609.3 | 600.8 |
| Buildings, equipment, and leasehold improvements: | ||
| Machinery and equipment | 9.1 | 8.5 |
| Autos and trucks | 7.6 | 7.7 |
| Buildings and leasehold improvements | 21.8 | 20.8 |
| Construction in progress | 5.8 | 6.1 |
| Finance lease right-of-use assets | 52.9 | 48.4 |
| Office equipment | 5.3 | 4.9 |
| Computer equipment | 14.3 | 13.3 |
| Total cost | 729.3 | 712.6 |
| Less: accumulated depreciation and amortization: | ||
| Rental fleet | (210.2) | (209.4) |
| Buildings, equipment, autos and trucks, leasehold improvements, finance leases and office and computer equipment | (42.1) | (38.4) |
| Total accumulated depreciation and amortization | (252.3) | (247.8) |
| Property and equipment, net | $477.0 | $464.8 |
Total depreciation and amortization on property and equipment was $28.3 million and $23.4 million for the three months ended March 31, 2024 and 2023, respectively. The Company had assets related to finance leases with gross carrying values totaling$52.9 million and $48.4 million, and accumulated amortization balances totaling $12.7 million and $10.8 million, as of March 31, 2024 and December 31, 2023, respectively.
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