Property, plant and equipment at cost and Accumulated depreciation at June 30, 2025 and 2024 are as follows:
| | | | | | | | | | | | | | |
| | | June 30, |
| | | 2025 | | 2024 |
| | | (in millions) |
| Property, plant and equipment: | | | | |
| Land and buildings | | $ | 2.5 | | | $ | 2.5 | |
| Equipment | | 440.1 | | | 383.4 | |
| Furniture, leaseholds and other | | 216.7 | | | 220.7 | |
| | 659.2 | | | 606.6 | |
| Less: Accumulated depreciation | | (489.1) | | | (444.4) | |
| Property, plant and equipment, net | | $ | 170.1 | | | $ | 162.2 | |
Depreciation expense for Property, plant and equipment for the years ended June 30, 2025, 2024 and 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Years ended June 30, |
| | | 2025 | | 2024 | | 2023 |
| | | (in millions) |
| Depreciation expense for Property, plant and equipment | | $ | 43.6 | | | $ | 40.6 | | | $ | 41.2 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.