7. Property, Plant, and Equipment

Property, plant, and equipment is depreciated over the estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

Additions to property, plant, and equipment included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 were $2.2 million and $1.8 million, respectively.

Assets Held for Sale

During the three months ended March 31, 2026, the Company committed to a plan to sell its Bauxite, Arkansas facility and certain related assets. The Company determined the assets met the criteria for classification as held for sale under Accounting Standards Codification (“ASC”) Topic 360, “Property, Plant, and Equipment,” as the assets are available for immediate sale in their present condition and management has committed to and initiated an active program to locate a buyer.

The assets have been reclassified from property, plant, and equipment to assets held for sale on the Condensed Consolidated Balance Sheets as of March 31, 2026. Depreciation on these assets ceased upon reclassification. The assets were recorded at the lower of their carrying amount or estimated fair value less costs to sell. Assets held for sale consisted of $0.7 million of buildings, $0.5 million of machinery and equipment, and $0.2 million of land and land improvements.

The Company expects to complete the sale of the assets within 12 months of the classification date. These assets are reported within the Americas segment. No assurance can be given that the Company will be able to sell the assets at their estimated fair value or within the expected timeframe.