EQUITY INVESTMENTS

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

The Company owns 24.7% interest in Grupo Vasconia S.A.B (“Vasconia”), an integrated manufacturer of aluminum products and a housewares company in Mexico. Shares of Vasconia’s capital stock are traded on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. The Quotation Key is VASCONI. The Company accounts for its Vasconia investment at fair value in accordance with Accounting Standards Codification (“ASC”) Topic 321: Investments — Equity Securities, with any changes in fair value recorded within income (loss) on equity securities on the consolidated statements of operations. The fair value of the Vasconia investment was not material as of December 31, 2025.

Given Vasconia’s limited trading activity, recent operating results of Vasconia and impacts of bankruptcy related activity, the fair value of the Vasconia investment was measured using the income approach based on Level 3 unobservable inputs.

In the second quarter of 2024, Vasconia’s shareholders’ approved a resolution to a reorganization process in terms of the Law of Commercial Bankruptcy in Mexico and subsequently a bankruptcy suit was filed against Vasconia by one of its largest suppliers. The Company concluded that the recent events constituted a loss of significant influence and resulted in the discontinuation of the equity method of accounting. As a result of the loss of significant influence, the accumulated other comprehensive losses previously recognized under the equity method of accounting were reclassified to the carrying value of the Vasconia investment and subsequently resulted in a non-cash loss of $14.2 million to reduce the investment to its fair value during the three months ended June 30, 2024.

Prior to accounting for the investment in Vasconia at fair value, equity in losses, net of taxes recognized for the years ended December 31, 2024 and 2023 in the accompanying consolidated statements of operations are as follows:


	Year Ended December 31,
	2024		2023
	(in thousands)

Vasconia equity in losses, net of taxes	$	(2,092)	$	(5,831)


Impairment on investment in Vasconia	—		(6,834)
Equity in (losses) earnings, net of taxes	$	(2,092)	$	(12,665)

On March 13, 2025, the Company and Vasconia entered into Amendment No. 6 of the Shares Subscription Agreement, which among other items, terminated the Company’s rights to designate individuals to be nominated as members of Vasconia Board of Directors. The Company did not have any designated members to the Vasconia Board of Directors as of the date of the amendment.