Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

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 2023		December 31 2022
Land	—	$	72,099	$	72,020
Land improvements	5-20 years	17,149		16,750
Buildings and improvements (a)	10-30 years	218,877		217,926
Machinery and equipment (b)	3-20 years	1,652,562		1,513,238
Uncompleted construction	—	59,335		84,472
Gross property, plant and equipment		2,020,022		1,904,406
Less: Accumulated depreciation		(1,356,738)		(1,247,531)
Property, plant and equipment, net		$	663,284	$	656,875

(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 third quarter of 2020, a customer of HE in China ceased steel making operations at its steel mill site in order to relocate the operations to a new site, as a result of a government mandate to improve environmental conditions of the area, which led to HE having idled equipment on-site. The Company continues to provide services to the same customer at the new site. The customer had entered into an agreement with the government where it will receive compensation for the losses the customer has incurred as a result of the forced shutdown, and the Company pursued similar compensation from the customer as well as seeking relief directly from the local government. During the quarter ended June 30, 2023, the Company determined that recovery was no longer probable and recorded an impairment charge of $14.1 million related to the now abandoned equipment at the previous site, which is included in the caption Property, plant and equipment impairment charge in the Condensed Consolidated Statements of Operations.