ALTA EQUIPMENT GROUP INC
For the period ended Jun 30, 2024. Filed Aug 7, 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.
Jun 30, 2024 · Filed Aug 7, 2024
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Inventories
NOTE 5 —INVENTORIES
Inventories, net, consisted of the following:
| June 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| New equipment | $390.6 | $373.6 |
| Used equipment | 52.9 | 54.6 |
| Work in process | 8.3 | 8.2 |
| Parts | 103.7 | 101.9 |
| Gross inventory | 555.5 | 538.3 |
| Inventory reserves | (8.2) | (7.6) |
| Inventories, net | $547.3 | $530.7 |
Direct labor of$1.0 million and$1.2 million incurred for open service orders were capitalized and included in work in process as of June 30, 2024 and December 31, 2023, respectively. The remaining work in process balances as of June 30, 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 $4.0 million and $3.1 million for the three months ended June 30, 2024 and 2023, respectively, and $7.1 million and $5.6 million for the six months ended June 30, 2024 and 2023, respectively.
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