INNOVATE Corp.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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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, | ||
|---|---|---|
| 2024 | 2023 | |
| Equipment, furniture and fixtures, and software | $211.0 | $210.7 |
| Building and leasehold improvements | 36.8 | 42.9 |
| Land | 18.6 | 25.8 |
| Construction in progress | 8.0 | 4.8 |
| Plant and transportation equipment | 7.4 | 8.1 |
| $281.8 | $292.3 | |
| Less: Accumulated depreciation | 148.2 | 137.7 |
| Total | $133.6 | $154.6 |
Depreciation expense was $25.0 million and $24.9 million for the years ended December 31, 2024 and 2023, respectively. These amounts included $15.3 million and $15.8 million of depreciation expense recognized within cost of revenue for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2024, and December 31, 2023, the net book value of equipment held under finance leases included in PP&E was $0.5 million and $2.3 million, respectively. As of December 31, 2024, and December 31, 2023, the gross value of capitalized internal-use software included in PP&E was $20.7 million and $15.0 million, respectively, and the net book value was $9.8 million and $5.9 million, respectively.
Assets held-for-sale are included within Other current assets in the Consolidated Balance Sheets. As of December 31, 2024, there were $7.0 million in assets held-for-sale, which primarily consisted ofone building, equipment and land and the associated improvements at the Company's Infrastructure segment. As of December 31, 2023, there were $3.1 million in assets held-for-sale, which primarily consisted oftwo buildings and the associated building improvements at the Company's Infrastructure segment, which were subsequently sold.
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