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Property, Plant and Equipment
 6 Months Ended
Jun. 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:

 

 

 

June 30,
2026

 

 

December 31,
2025

 

Land and land improvements

 

$

9,155

 

 

$

9,321

 

Buildings and leasehold improvements

 

 

69,898

 

 

 

70,319

 

Machinery and equipment

 

 

348,995

 

 

 

347,030

 

Construction-in-progress

 

 

9,393

 

 

 

6,088

 

Other

 

 

6,448

 

 

 

6,447

 

 

 

443,889

 

 

 

439,205

 

Accumulated depreciation and amortization

 

 

(316,910

)

 

 

(310,072

)

Property, plant and equipment, net

 

$

126,979

 

 

$

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 June 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 $55,656 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 $3,504 and $1,920, respectively, as of June 30, 2026 and $3,795 and $1,966, respectively, at December 31, 2025.

Depreciation expense approximated $4,172 and $5,280, including depreciation of assets under finance leases of approximately $98 and $79, for the three months ended June 30, 2026 and 2025, respectively. Depreciation expense approximated $8,372 and $9,830, including depreciation of assets under finance leases of approximately $192 and $156 for the six months ended June 30, 2026 and 2025, respectively.