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

Note 5 – Property, Plant and Equipment

Property, plant and equipment were comprised of the following:

 

 

 

September 30,
2026

 

 

December 31,
2025

 

Land and land improvements

 

$

9,073

 

 

$

9,321

 

Buildings and leasehold improvements

 

 

70,046

 

 

 

70,319

 

Machinery and equipment

 

 

348,384

 

 

 

347,030

 

Construction-in-progress

 

 

10,564

 

 

 

6,088

 

Other

 

 

6,448

 

 

 

6,447

 

 

 

444,515

 

 

 

439,205

 

Accumulated depreciation and amortization

 

 

(319,389

)

 

 

(310,072

)

Property, plant and equipment, net

 

$

125,126

 

 

$

129,133

 

 

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, 2026, 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 $55,990 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 transactions, 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 $3,416 and $1,947, respectively, as of September 30, 2026 and $3,795 and $1,966, respectively, at December 31, 2025.

Depreciation expense approximated $4,076 and $7,021, including depreciation of assets under finance leases of approximately $95 and $81, for the three months ended September 30, 2026 and 2025, respectively. Depreciation expense approximated $12,448 and $16,851, including depreciation of assets under finance leases of approximately $287 and $237 for the nine months ended September 30, 2026 and 2025, respectively.