Operating Lease Right of Use Assets

12 Months Ended

Dec. 31, 2024

Operating Lease Right Of Use Asset [Abstract]

Operating Lease Right of Use Assets

NOTE 5 – OPERATING LEASE RIGHT-OF-USE ASSETS:

The manufacturing facilities of one of the Corporation’s cast roll joint ventures in China (see Note 7) are located on land leased by the joint venture from the other partner. The land lease commenced in 2007, the date the joint venture was formed, and continues through 2054, the expected end date of the joint venture, and includes variable lease payment provisions based on the land standard price prevailing in Taiyuan, China, where the joint venture is located. In addition, the Corporation leases certain buildings, including factory and office space, with rent subject to an annual escalation as defined in each of the lease agreements.

The net book value of the right-of-use assets as of December 31, 2024 and 2023 was comprised of the following:

	2024		2023
Land	$	2,359	$	2,232
Buildings		1,654		2,195
Machinery and equipment		278		246
Other		301		94
Operating lease right-of-use assets, net	$	4,592	$	4,767