Note 10. Property, Plant, and Equipment, Net

Property, plant, and equipment, net included gross assets under finance leases of $87 and $101 at March 31, 2026 and December 31, 2025, respectively.

Depreciation expense amounted to $79 and $88 for the three months ended March 31, 2026 and 2025, respectively.

The Company had previously committed to selling the land of its manufacturing site in Kuan Yin, Republic of China, following the announcement of its closure on July 27, 2023, as part of the Titanium Technologies Transformation Plan. The land was not available for immediate sale pending the removal of an environmental pollution mark from the land titles and the completion of dismantling, removal, and remediation activities at the decommissioned site. During the year ended December 31, 2025, following completion of dismantling and removal activities and remediation efforts, the Company sold certain parcels of land previously classified as held for sale and recorded a gain on sale of $7, which is reflected within "Other Income, Net" in the Consolidated Statements of Operations in the Annual Report on Form 10-K for the year ended December 31, 2025. At each of March 31, 2026 and December 31, 2025, $21 of land met the held for sale criteria and is classified as Assets held for sale on the Consolidated Balance Sheets. In January 2026, the Company entered into four separate Real Estate Sale and Purchase Agreements with four entities affiliated with each other, to sell the remaining ten parcels of land in Kuan Yin, Taiwan, for a total purchase price of approximately $360. Subsequent to the date of these financial statements, in April 2026, the Company completed the sale of nine of the ten parcels and received net cash proceeds locally of approximately $287. The net cash proceeds include approximately $300 of gross cash proceeds, less approximately $12 of transfer taxes and approximately $1 of transaction costs. The net cash proceeds received in April do not include future expected withholding taxes the Company would incur when it distributes cash out of the country. The Company expects to recognize a gain on sale of these nine parcels of approximately $265 in the second quarter of 2026. The sale of the tenth parcel of land is expected to be completed by the end of 2026, subject to the satisfaction of certain closing conditions set forth in the respective Purchase Agreement and local regulatory approval, including environmental conditions.  The purchase price for the tenth parcel of land is expected to be approximately $55.