A summary of changes in property, plant and equipment follows (in millions):
December 31,
2024
Additions / (Depreciation)December 31,
2025
Land$1.2 $— $1.2 
Buildings and leasehold improvements5.6 1.2 6.8 
Machinery and equipment5.0 1.6 6.6 
Construction in progress
2.9 18.7 21.6 
Property, plant and equipment, gross14.7 21.5 36.2 
Accumulated depreciation(5.3)(1.4)(6.7)
Property, plant and equipment, net$9.4 $20.1 $29.5 

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 7, 2025
2023Feb 9, 2024
2022Feb 22, 2023
2021Mar 11, 2022
2020Mar 22, 2021
2019Mar 27, 2020
2018Apr 1, 2019
2017Mar 15, 2018
2016Mar 31, 2017
2015Mar 23, 2016

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.