INNOVATE Corp
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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Sep 30, 2024 · Filed Nov 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):
| September 30,2024 | December 31, 2023 | |
|---|---|---|
| Equipment, furniture and fixtures, and software | $203.0 | $210.7 |
| Building and leasehold improvements | 36.8 | 42.9 |
| Land | 18.6 | 25.8 |
| Construction in progress | 10.3 | 4.8 |
| Plant and transportation equipment | 7.4 | 8.1 |
| $276.1 | $292.3 | |
| Less: Accumulated depreciation | 143.5 | 137.7 |
| Total | $132.6 | $154.6 |
Depreciation expense was $6.1 million and $6.1 million for the three months ended September 30, 2024 and 2023, respectively. These amounts included $3.7 million and $3.8 million of depreciation expense recognized within cost of revenue for the three months ended September 30, 2024 and 2023, respectively.
Depreciation expense was $19.0 million and $18.5 million for the nine months ended September 30, 2024 and 2023, respectively. These amounts included $11.6 million and $11.8 million of depreciation expense recognized within cost of revenue for the nine months ended September 30, 2024 and 2023, respectively.
As of September 30, 2024, and December 31, 2023, the net book value of equipment held under finance leases included in PP&E was $0.6 million and $2.3 million, respectively. As of September 30, 2024 and December 31, 2023, the gross value of capitalized internal-use software included in PP&E was $14.2 million and $15.0 million, respectively, and the net book value was $4.1 million and $5.9 million, respectively.
Assets held-for-sale are presented separately in the Condensed Consolidated Balance Sheets. As of September 30, 2024, the $7.3 million in assets held-for-sale primarily consisted ofone building and land and the associated building and land improvements at the Company's Infrastructure segment. As of December 31, 2023, $3.1 million in assets held-for-sale primarily consisted oftwo buildings and the associated building improvements at the Company's Infrastructure segment, which were sold subsequent to year-end.
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