INNOVATE Corp.
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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FY2025 · Filed Mar 26, 2026
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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, | ||
|---|---|---|
| 2025 | 2024 | |
| Equipment, furniture and fixtures, and software | $223.3 | $211.0 |
| Building and leasehold improvements | 42.4 | 36.8 |
| Land | 25.3 | 18.6 |
| Construction in progress | 16.3 | 8.0 |
| Plant and transportation equipment | 6.7 | 7.4 |
| $314.0 | $281.8 | |
| Less: Accumulated depreciation | 172.2 | 148.2 |
| Total | $141.8 | $133.6 |
Depreciation expense was $22.9 million and $25.0 million for the years ended December 31, 2025 and 2024, respectively. These amounts included $12.9 million and $15.3 million of depreciation expense recognized within cost of revenue for the years ended December 31, 2025 and 2024, respectively.
As of December 31, 2025 and 2024, the gross value of capitalized internal-use software included in PP&E was $21.0 million and $20.7 million, respectively, and the net book value as of December 31, 2025 and 2024, was $6.6 million and $9.8 million, respectively.
Assets held-for-sale are included within Other current assets in the Consolidated Balance Sheets. As of December 31, 2025, there wereno assets held-for-sale. As of December 31, 2024, there were $7.0 million in assets held-for-sale, which primarily consisted ofone building and associated building improvements, land, and equipment at the Company's Infrastructure segment.
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