Axalta Coating Systems Ltd
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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(1) PROPERTY, PLANT AND EQUIPMENT, NET
(14)PROPERTY, PLANT AND EQUIPMENT, NET
| Year Ended December 31, | |||||
|---|---|---|---|---|---|
| Useful Lives (years) · 2023 · 2022 | |||||
| Land | $76.2 | $75.3 | |||
| Buildings and improvements | 5 | - | 25 | 526.2 | 508.3 |
| Machinery and equipment | 5 | - | 25 | 1,409.3 | 1,337.4 |
| Software | 5 | - | 15 | 283.3 | 185.4 |
| Other | 3 | - | 20 | 73.5 | 74.6 |
| Construction in progress | 85.4 | 187.9 | |||
| Total | 2,453.9 | 2,368.9 | |||
| Accumulated depreciation | (1,249.6) | (1,178.7) | |||
| Property, plant and equipment, net | $1,204.3 | $1,190.2 | |||
Depreciation expense amounted to $120.8 million,$117.3 million and $127.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
We capitalized interest of $5.6 million, $2.8 million and $2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.
During April 2023, approximately $33.8 million of capitalized project costs relating to a manufacturing facility previously classified as construction in progress was placed in service and depreciation was initiated. The costs will be depreciated over a weighted average useful life of approximately 22 years.
During May 2023, approximately $86.2 million of capitalized project costs relating to an enterprise resource planning system implementation previously classified as construction in progress was placed in service and depreciation was initiated. The costs will be depreciated over a weighted average useful life of approximately 12 years.
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