INNOVATE Corp.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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Jun 30, 2026 · Filed Aug 6, 2026
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) Property, Plant and Equipment, Net
- Property, Plant and Equipment, Net
Property, plant and equipment, net, ("PP&E") consisted of the following (in millions):
| June 30,2026 | December 31, 2025 | |
|---|---|---|
| Equipment, furniture and fixtures, and software | $195.4 | $183.7 |
| Building and leasehold improvements | 41.9 | 42.4 |
| Land | 19.1 | 25.3 |
| Construction in progress | 18.1 | 15.4 |
| Plant and transportation equipment | 6.3 | 6.6 |
| $280.8 | $273.4 | |
| Less: Accumulated depreciation | 144.5 | 141.8 |
| Total | $136.3 | $131.6 |
Depreciation expense was $5.3 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively. These amounts included $3.5 million and $3.0 million of depreciation expense recognized within cost of revenue for the three months ended June 30, 2026 and 2025, respectively. Depreciation expense was $11.0 million and $11.4 million for the six months ended June 30, 2026 and 2025, respectively. These amounts included $6.7 million and $6.5 million of depreciation expense recognized within cost of revenue for the six months ended June 30, 2026 and 2025, respectively.
As of June 30, 2026 and December 31, 2025, the gross value of capitalized internal-use software included in PP&E was $23.2 million and $20.9 million, respectively, and the net book value as of June 30, 2026 and December 31, 2025, was $6.9 million and $6.6 million, respectively.
Other assets held for sale, for our segments that are not presented as held for sale, are included within Other current assets in the Condensed Consolidated Balance Sheets. As of June 30, 2026, there were $5.4 million in assets held for sale which primarily consisted of one building, equipment and land and the associated improvements at the Company's Infrastructure segment. The Spectrum segment met the criteria for classification as held for sale during the second quarter of 2026. Refer to Note 3. Assets and Liabilities Held for Sale for more information.
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