v3.26.3
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant and Equipment

7. Property, Plant, and Equipment

The components of property, plant, and equipment as of September 30, 2026 and December 31, 2025 are summarized as follows:

 

 

 

September 30,
2026

 

 

December 31,
2025

 

Land

 

$

14.8

 

 

$

15.5

 

Building and improvements

 

 

214.9

 

 

 

219.7

 

Machinery, equipment, and tooling

 

 

350.1

 

 

 

357.4

 

Furniture and fixtures

 

 

14.9

 

 

 

14.5

 

Computer hardware and software

 

 

133.3

 

 

 

131.7

 

Rental cranes

 

 

179.7

 

 

 

175.8

 

Construction in progress

 

 

8.6

 

 

 

7.3

 

Total cost

 

 

916.3

 

 

 

921.9

 

Less accumulated depreciation

 

 

(584.1

)

 

 

(578.9

)

Property, plant, and equipment — net

 

$

332.2

 

 

$

343.0

 

 

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 September 30, 2026 and December 31, 2025 were $3.4 million and $1.8 million, respectively.

 

Assets Held for Sale

During the nine months ended September 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. 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.

 

During the nine months ended September 30, 2026, the Company sold $0.7 million of buildings, $0.5 million of machinery and equipment, and $0.2 million of land and land improvements for cash proceeds net of selling costs of $1.4 million. As of September 30, 2026, there are no remaining assets held for sale recorded in other current assets on the Condensed Consolidated Balance Sheets.