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Debt and Credit Arrangements | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Debt and Credit Arrangements | Note 7 - Debt and Credit Arrangements
| December 31,
| 2025 |  | 2024
Short-term debt |  |  |
Notes payable to banks |  |  |
Thailand Bhat denominated at 3.20% | $ | 318 |  |  | $ | 2,599 |
Thailand Bhat denominated at 3.50% | 318 |  |  | — |
Poland Zloty denominated at 5.04% | 450 |  |  | — |
China Yuan Renminbi denominated at 3.05% | — |  |  | 685 |
China Yuan Renminbi denominated at 3.05% | — |  |  | 412 |
Brazil Real denominated at 7.00% | 127 |  |  | — |
Indonesia U.S. Dollar denominated at 5.86% | — |  |  | 4,086 |
Current portion of long-term debt |  |  |
U.S. Dollar denominated at 2.74% | 2,050 |  |  | 2,050 |
Poland Zloty denominated at 5.04% | 1,462 |  |  | — |
Spain Euro denominated at 2.60% | 466 |  |  | — |
Spain Euro denominated at 2.65% | 684 |  |  | — |
Spain Euro denominated at 2.50% | 570 |  |  | — |
Brazil Real denominated at 8.30% | — |  |  | 200 |
Czech Republic Koruna denominated at 3.00% | — |  |  | 42 |
Czech Republic Koruna denominated at 4.00% | 101 |  |  | 86 |
Czech Republic Koruna denominated at 2.00% | 59 |  |  | 52 |
Total short-term debt | $ | 6,605 |  |  | $ | 10,212 |
Long-term debt, including current portion |  |  |
U.S. Dollar denominated at 2.74%, due 2031 | $ | 10,592 |  |  | $ | 12,642 |
Poland Zloty denominated at 5.26% due 2028 | 5,013 |  |  | 4,390 |
Poland Zloty denominated at 5.04% due 2035 | 10,691 |  |  | — |
Austria Euro denominated at 3.10% due 2028 | 1,118 |  |  | 990 |
New Zealand Dollar denominated at 4.27% due 2028 | 1,828 |  |  | 1,779 |
Brazil Real denominated at 8.30% due 2025 | — |  |  | 200 |
Spain Euro denominated at 2.60% due 2030 | 2,812 |  |  | — |
Spain Euro denominated at 2.65% due 2031 | 2,815 |  |  | — |
Spain Euro denominated at 2.50% due 2030 | 2,524 |  |  | — |
Czech Republic Koruna denominated at 7.00% due 2030 | 245 |  |  | 80 |
Czech Republic Koruna denominated at 4.00% due 2031 | 555 |  |  | 560 |
Czech Republic Koruna denominated at 3.00% due 2025 | — |  |  | 42 |
Czech Republic Koruna denominated at 2.00% due 2026 | 59 |  |  | 104 |
Total long-term debt | 38,252 |  |  | 20,787 |
Less current portion | (5,392) |  |  | (2,430) |
Total long-term debt, less current portion | 32,860 |  |  | 18,357 |
Total debt | $ | 39,465 |  |  | $ | 28,569 |
PNC Bank Credit Facility As of December 31, 2025, the Company maintained a credit facility (the "Facility") with PNC Bank, National Association ("PNC") with a capacity of $60.0 million. On March 14, 2025, the Company amended the Facility to extend the maturity date from March 2, 2026 to June 30, 2028. In addition, the amendment increased the amount of unsecured borrowings that the Company is permitted to incur outside of the Facility from $40.0 million to $60.0 million and included PLP Spain as an additional borrower. On July 30, 2025, the Company amended the Facility to reduce the borrowing capacity from $90.0 million to $60.0 million, as well as increase the permitted indebtedness limit secured by mortgages, security interests or other liens from $35.0 million to $55.0 million. There were no other material changes to the Facility. The interest rate for U.S. borrowing is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.225% unless the Company’s funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 3.00 to 1, at which point the SOFR spread becomes 1.600%. At December 31, 2025, the Company had utilized $8.0 million with $52.0 million available on the Facility. There were no long-term outstanding letters of credit on the Facility as of December 31, 2025. Our bank debt to equity percentage was 8.3%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At December 31, 2025, the Company was in compliance with these covenants. Corporate Aircraft Term Loan On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $20.5 million for the full amount of the purchase price for a new corporate aircraft. The term of the loan is 120 months at a fixed interest rate of 2.744%. The loan is payable in 119 equal monthly installments, which commenced on March 1, 2021 with a final payment of any outstanding principal and accrued interest due and payable on the final monthly payment date. Of the $10.6 million outstanding on this debt facility at December 31, 2025, $2.1 million was classified as current. The aircraft has been pledged as collateral against the loan. International Borrowing Facilities The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At December 31, 2025, and December 31, 2024, $20.9 million and $8.8 million were outstanding, of which $4.6 million and $8.2 million were classified as current, respectively. Of the $20.9 million outstanding at December 31, 2025, $11.1 million is attributable to the Poland subsidiary and $8.2 million is attributable to the Spain subsidiary. These facilities support commitments made in the ordinary course of business. On July 16, 2025, PLP Poland (Belos) S.A. ("PLP Poland"), a subsidiary of the Company, entered into a non-revolving investment loan with Bank Polska Kasa Opieki Spolka Akcyjna ("Bank Pekao S.A") to finance the construction of a new manufacturing plant for an amount up to PLN100.3 million ($27.9 million). The maturity date of the loan is January 31, 2035 and is payable in annual installments in the amounts of PLN5.3 million ($1.5 million) in 2026, PLN9.0 million ($2.5 million) in 2027, PLN9.6 million ($2.7 million) in 2028 through 2034, and PLN18.8 million ($5.0 million) in 2035. The loan bears interest at the one month Warsaw Interbank Offered Rate ("WIBOR") plus 1.0% unless the Company does not meet the covenants as set forth in the Facility with PNC, at which point the WIBOR spread becomes 1.5%. The current manufacturing plant owned by PLP Poland, the plant under construction and all fixed assets within the plants are pledged as collateral against the loan. The loan also is guaranteed by the Company. Restricted Cash The Company’s Asia-Pacific segment had $0.1 million in restricted cash used to secure bank guarantees as of December 31, 2025, and 2024, respectively. The restricted cash is shown on the Company’s Consolidated Balance Sheets in Cash, cash equivalents and restricted cash. Aggregate Maturities of Long-term Debt & Interest Paid Aggregate maturities of long-term debt during the next five years are as follows: $5.4 million for 2026, $6.4 million for 2027, $13.5 for 2028, $6.7 million for 2029, $6.3 million for 2030 and thereafter. Interest paid was $1.4 million in 2025, $2.2 million in 2024, and $3.8 million in 2023. Guarantees and Letters of Credit The Company has provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees vary with end dates ranging from the current year through the completion of such transactions. The guarantees would typically be triggered in the event of non-performance. As of December 31, 2025, the Company had total outstanding guarantees of $14.1 million. Additionally, certain domestic and foreign customers require the Company to issue letters of credit or performance bonds as a condition of placing an order. As of December 31, 2025, the Company had total outstanding letters of credit of $3.1 million.

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