ALTA EQUIPMENT GROUP INC
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 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:
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| New equipment | $403.4 | $373.6 |
| Used equipment | 60.9 | 54.6 |
| Work in process | 7.2 | 8.2 |
| Parts | 102.8 | 101.9 |
| Gross inventory | 574.3 | 538.3 |
| Inventory reserves | (9.1) | (7.6) |
| Inventories, net | $565.2 | $530.7 |
Direct labor of$0.3 million and$1.2 million incurred for open service orders were capitalized and included in work in process as of September 30, 2024 and December 31, 2023, respectively. The remaining work in process balances as of September 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 $4.3 million and $3.1 million for the three months ended September 30, 2024 and 2023, respectively, and $11.4 million and $8.7 million for the nine months ended September 30, 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.