INNOVATE Corp
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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Jun 30, 2024 · Filed Aug 7, 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):
| June 30,2024 | December 31, 2023 | |
|---|---|---|
| Equipment, furniture and fixtures, and software | $209.1 | $210.7 |
| Building and leasehold improvements | 40.9 | 42.9 |
| Land | 24.8 | 25.8 |
| Construction in progress | 8.5 | 4.8 |
| Plant and transportation equipment | 7.7 | 8.1 |
| $291.0 | $292.3 | |
| Less: Accumulated depreciation | 147.3 | 137.7 |
| Total | $143.7 | $154.6 |
Depreciation expense was $6.4 million and $6.2 million for the three months ended June 30, 2024 and 2023, respectively. These amounts included $3.9 million and $4.1 million of depreciation expense recognized within cost of revenue for the three months ended June 30, 2024 and 2023, respectively.
Depreciation expense was $12.9 million and $12.5 million for the six months ended June 30, 2024 and 2023, respectively. These amounts included $7.9 million and $8.0 million of depreciation expense recognized within cost of revenue for the six months ended June 30, 2024 and 2023, respectively.
As of June 30, 2024 and December 31, 2023, the net book value of equipment held under finance leases included in PP&E was $0.7 million and $2.3 million, respectively. As of June 30, 2024 and December 31, 2023, the gross value of capitalized internal-use software included in PP&E was $14.8 million and $15.0 million, respectively, and the net book value was $4.8 million and $5.9 million, respectively.
As of December 31, 2023, $3.1 million in assets held-for-sale were presented separately in the Consolidated Balance Sheets and primarily consisted oftwo buildings and their associated building improvements at the Company's Infrastructure segment.
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