Company: UFPT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001171843-25-003049
Chunk: 90

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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			2025

			2024

			Raw materials

			$
			65,336

			$
			65,747

			Work in process

			6,540

			5,730

			Finished goods

			17,963

			16,059

			Total inventory

			$
			89,839

			$
			87,536

17

			(10)

			Property, Plant and Equipment

Property, plant, and equipment consist of the following (in thousands):

			March 31,

			December 31,

			2025

			2024

			Land and improvements

			$
			5,802

			$
			5,759

			Buildings and improvements

			37,996

			37,895

			Leasehold improvements

			11,890

			11,216

			Machinery & equipment

			66,622

			65,244

			Furniture, fixtures, computers & software

			8,827

			8,314

			Construction in progress

			7,031

			6,506

			Property, plant and equipment

			$
			138,168

			$
			134,934

			Accumulated depreciation and amortization

			(66,662
			)

			(64,370
			)

			Net property, plant and equipment

			$
			71,506

			$
			70,564

			(11)

			Leases

The Company has operating and finance leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the right of use (“ROU”) assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense. The Company determines if an arrangement is a lease at the inception of a contract. Operating and finance lease ROU