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 June 30, 2026 and December 31, 2025 were $2.2 million and $1.8 million, respectively.

Assets Held for Sale

During the six months ended June 30, 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.

During the three months ended June 30, 2026, the Company sold $0.7 million of buildings and $0.2 million of land and land improvements for cash proceeds net of selling costs of $1.0 million. The Company has $0.5 million of machinery and equipment recorded in other current assets on the Condensed Consolidated Balance Sheets as of June 30, 2026. Depreciation on these assets ceased upon their reclassification as assets held for sale and the assets were recorded at the lower of their carrying amount or estimated fair value less costs to sell.

The Company expects to complete the sale of the remaining 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.