INNOVATE Corp.
For the period ended Mar 31, 2025. Filed May 6, 2025.
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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.
Mar 31, 2025 · Filed May 6, 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):
| March 31,2025 | December 31, 2024 | |
|---|---|---|
| Equipment, furniture and fixtures, and software | $212.6 | $211.0 |
| Building and leasehold improvements | 36.9 | 36.8 |
| Land | 18.6 | 18.6 |
| Construction in progress | 10.9 | 8.0 |
| Plant and transportation equipment | 7.4 | 7.4 |
| $286.4 | $281.8 | |
| Less: Accumulated depreciation | 153.8 | 148.2 |
| Total | $132.6 | $133.6 |
Depreciation expense was $5.9 million and $6.5 million for the three months ended March 31, 2025 and 2024, respectively. These amounts included $3.5 million and $4.0 million of depreciation expense recognized within cost of revenue for the three months ended March 31, 2025 and 2024, respectively.
As of March 31, 2025 and December 31, 2024, the net book value of equipment held under finance leases included in PP&E was $0.1 million and $0.5 million, respectively. As of both March 31, 2025 and December 31, 2024, the gross value of capitalized internal-use software included in PP&E was $20.7 million, and the net book value as of March 31, 2025 and December 31, 2024, was $9.0 million and $9.8 million, respectively.
Assets held-for-sale are included within Other current assets in the Condensed Consolidated Balance Sheets. As of March 31, 2025, there were $6.0 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, 2024, there were $7.0 million in assets held-for-sale, which primarily consisted ofone building, equipment and land and the associated building improvements at the Company's Infrastructure segment.
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