XML 24 R16.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Note 5 – Property, Plant and Equipment

Property, plant and equipment were comprised of the following:


	September 30, 2025			December 31, 2024
Land and land improvements	$	9,256		$	8,788
Buildings and leasehold improvements		74,134			70,400
Machinery and equipment		386,610			377,938
Construction-in-progress		6,488			4,544
Other		6,491			6,337
		482,979			468,007
Accumulated depreciation and amortization		(341,694	)		(319,951	)
Property, plant and equipment, net	$	141,285		$	148,056

The decision to exit the operations of UES-UK in the second quarter of 2025 was deemed to be a triggering event under ASC 360, Property, Plant and Equipment, causing the Corporation to evaluate whether the property, plant and equipment of the corresponding asset group within the FCEP segment was impaired. Accordingly, in the second quarter of 2025, the Corporation completed a quantitative analysis of the long-lived assets for the cast roll asset group and determined the assets were not impaired.

The Corporation also evaluated the estimated remaining useful lives and expected residual values of its U.K. assets and determined the estimated remaining useful lives of these assets were less than one year. Accordingly, beginning June 1, 2025, the Corporation began accelerating depreciation for certain of these assets. As of September 30, 2025, the property, plant and equipment of UES-UK had a net book value of approximately $10,851 (£8,073).

Certain property, plant and equipment are held as collateral including:

•

Certain of the machinery and equipment with a book value equal to approximately $24,239 at September 30, 2025, purchased with proceeds from the equipment finance facility (Note 8), are held as collateral for the equipment financing facility.

•

Certain land and land improvements and buildings and leasehold improvements with a book value equal to approximately $55,158 are included in the sale-leaseback financing transactions and Disbursement Agreement (Note 8). Title to these assets lies with the lender; however, since the transactions qualified as financing transactions, versus sales, the assets remain recorded on the Corporation’s condensed consolidated balance sheets.

•

The remaining assets, other than real property, are pledged as collateral for the Corporation’s revolving credit facility and Equipment Term Notes (Note 8).

The gross value of assets under finance leases and the related accumulated depreciation approximated $3,264 and $1,851, respectively, as of September 30, 2025 and $2,964 and $1,498, respectively, at December 31, 2024.

Depreciation expense approximated $7,021 and $4,497, including depreciation of assets under finance leases of approximately $81 and $80, for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense approximated $16,851 and $13,692, including depreciation of assets under finance leases of approximately $237 and $242, for the nine months ended September 30, 2025 and 2024, respectively.