Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment, Net

PP&E consist of the following:

(In thousands)	Estimated Useful Lives	December 31 2024		December 31 2023
Land and improvements	5-20 years	$	94,551	$	93,793
Buildings and improvements (a)	10-30 years	225,688		243,472
Machinery and equipment (b)	3-20 years	1,576,298		1,729,637
Uncompleted construction	—	53,441		66,241
Gross property, plant and equipment		1,949,978		2,133,143
Less: Accumulated depreciation		(1,285,686)		(1,425,746)
Property, plant and equipment, net		$	664,292	$	707,397

(a) Buildings and improvements include leasehold improvements that are amortized over the shorter of their useful lives or the term of the lease.

(b) Includes information technology hardware and software.

In the fourth quarter of 2024, due to lower revenue projections at an HE location in the United States, the Company performed testing which determined that the undiscounted future cash flows were lower than the net book value of the assets at the location. The assets primarily included machinery and equipment along with other PP&E. The Company used a DCF model to estimate the current fair value of the PP&E (Level 3). As a result of this test, the fair value was less than book value and an impairment charge of $13.9 million was recorded, which is included in the caption Property, plant and equipment impairment charge in the Consolidated Statements of Operations.

In the fourth quarter of 2024, an impairment charge of $9.5 million was recorded at an HE location in the Middle East due to a change in the expected long-term use of the asset which is included in the caption Property, plant and equipment impairment charge in the Consolidated Statements of Operations.

In 2023, the Company recorded an impairment charge of $14.1 million related to abandoned equipment at a customer site of HE China, which is included in the caption Property, plant and equipment impairment charge in the Consolidated Statements of Operations.