The processes and services include forging, heat-treating and machining. Also uncertain is the timing, duration, shape and magnitude of recovery. Backlog information may not be indicative of future sales. The energy industry is also cyclical in nature. SIFCO has contracts for programs where the period of performance may exceed one year. We do not currently have the ability to manufacture these components ourselves. The PPP Loan was made by the Company's current lenders. SIFCO is subject to income taxes in the United States, Italy and Ireland. Restoration of the building structure is nearly complete. Amounts do not exceed their net realizable value. Refer to Note 7, Income Taxes, of the consolidated financial statements. Accordingly, we express no such opinion. The functional currency for the Company\'s other non-U.S. subsidiaries is the Euro. The Company writes off accounts receivable when they become uncollectible. Bad debt expense totaled $80 and $39 in fiscal 2020 and fiscal 2019, respectively. F. PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are stated at cost. Depreciation is generally computed using the straight-line method. In fiscal 2020, the Company evaluated triggers for asset impairment three times. The fourth quarter assessment resulted in further evaluation. Certain qualitative factors were triggered at its Orange location. The Company has selected July 31 as the annual impairment testing date. This ASU is effective beginning October 1, 2021. Changes in valuation allowances are recorded in the period of change. This income will effectively be taxed at a 10.5% tax rate. GILTI was effective for the Company starting in fiscal 2019. This evaluation requires management to perform two steps. This previous requirement prior to the Fourth Amendment reset on July 1, 2020. The Company factors receivables from one of its customers. The note has an aggregate principal amount of approximately $5,025 and a two year term. The vesting of such shares is determined at the end of the performance period. 7.Incorporation of Provisions of the Plan. Actual results could differ from those estimates. & The methodology for determining fair values was consistent for the periods presented. &