INNOVATE Corp
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
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(7) Property, Plant and Equipment, Net
- Property, Plant and Equipment, Net
Property, plant and equipment, net, ("PP&E") consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Equipment, furniture and fixtures, and software | $210.7 | $196.0 |
| Building and leasehold improvements | 42.9 | 44.8 |
| Land | 25.8 | 26.1 |
| Construction in progress | 4.8 | 8.4 |
| Plant and transportation equipment | 8.1 | 8.2 |
| $292.3 | $283.5 | |
| Less: Accumulated depreciation | 137.7 | 118.5 |
| Total | $154.6 | $165.0 |
Depreciation expense was $24.9 million and $25.6 million for the years ended December 31, 2023 and 2022, respectively. These amounts included $15.8 million and $15.0 million of depreciation expense recognized within cost of revenue for the years ended December 31, 2023 and 2022, respectively.
As of December 31, 2023 and 2022, the net book value of equipment under finance leases included in PP&E was $2.3 million and $2.1 million, respectively. As of December 31, 2023 and 2022, the gross value of capitalized internal-use software included in PP&E was $40.9 million and $35.6 million, respectively, and the net book value was $9.9 million and $5.6 million, respectively.
As of December 31, 2023, $3.1 million in assets held for sale are presented separately in the Consolidated Balance Sheet and primarily consist oftwo buildings and their associated building improvements at the Company's Infrastructure segment.
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