Annual report [Section 13 and 15(d), not S-K Item 405]

Supplemental balance sheet information

v3.25.0.1
Supplemental balance sheet information
 12 Months Ended
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
Supplemental balance sheet information

3. SUPPLEMENTAL BALANCE SHEET INFORMATION

Inventories

Inventories are comprised of the following:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Raw materials and supplies

 

$

16.2

 

 

$

28.2

 

Work in process

 

 

19.7

 

 

 

26.0

 

Finished products and parts

 

 

165.2

 

 

 

182.4

 

Total

 

$

201.1

 

 

$

236.6

 

Property, Plant, and Equipment, Net

Property, plant and equipment, net is comprised of the following:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Machinery and equipment

 

$

2,455.8

 

 

$

2,130.8

 

Mining property and mine development

 

 

420.3

 

 

 

425.3

 

Buildings and leasehold improvements

 

 

131.0

 

 

 

113.9

 

Land

 

 

12.8

 

 

 

13.3

 

Office equipment, software and other

 

 

17.0

 

 

 

17.6

 

Construction in progress

 

 

36.7

 

 

 

88.3

 

Total

 

 

3,073.6

 

 

 

2,789.2

 

Less: accumulated depreciation, depletion and amortization

 

 

(1,312.4

)

 

 

(1,010.2

)

Property, plant, and equipment, net

 

$

1,761.2

 

 

$

1,779.0

 

The increase in net property, plant, and equipment was partially due to assets of $200.3 million acquired through our 2024 acquisitions (see “Note 4. Business Combinations”).

Depreciation and amortization expense related to property, plant, and equipment was $386.8 million, $387.1 million and $261.2 million in 2024, 2023 and 2022, respectively. Depletion expense was $19.1 million, $16.1 million, and $0.5 million in 2024, 2023 and 2022, respectively.

Intangible Assets, Net

Intangible assets, net is comprised of the following:

 

 

Weighted Average Remaining Amortization period (Years)

 

Estimated
Useful
Life (in years)

 

Gross
Book
Value

 

 

Less: Accumulated
Amortization

 

 

Net Book
Value

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired technology

 

7.9

 

3-10

 

$

124.7

 

 

$

(30.3

)

 

$

94.4

 

Tradename

 

9.3

 

10

 

 

2.9

 

 

 

(0.2

)

 

 

2.7

 

Patents/License

 

8

 

8

 

 

5.9

 

 

 

(0.2

)

 

 

5.7

 

Customer relationships

 

2.1

 

4

 

 

92.5

 

 

 

(46.4

)

 

 

46.1

 

Intangible assets, net

 

6.4

 

 

 

$

226.0

 

 

$

(77.1

)

 

$

148.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired technology

 

8.7

 

3-10

 

$

124.7

 

 

$

(17.2

)

 

$

107.5

 

Customer relationships

 

2.9

 

4

 

 

89.6

 

 

 

(23.6

)

 

 

66.0

 

Intangible assets, net

 

6.5

 

 

 

$

214.3

 

 

$

(40.8

)

 

$

173.5

 

We amortize other identifiable intangible assets with a definite life on a straight-line basis over the estimated useful lives of the assets. Amortization expense related to intangible assets was $36.3 million, $35.2 million, and $5.6 million in 2024, 2023 and 2022, respectively.

The estimated future amortization expense related to intangible assets is $36.7 million in 2025, $35.1 million in 2026, $13.9 million in 2027, $13.6 million in 2028, $12.9 million in 2029, and $36.7 million thereafter.

Accrued Expenses

Accrued expenses are comprised of the following:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Employee compensation and benefits

 

$

22.9

 

 

$

22.6

 

Sales, use, and property taxes

 

 

21.0

 

 

 

24.0

 

Insurance

 

 

13.2

 

 

 

10.9

 

Interest

 

 

6.1

 

 

 

5.4

 

Income taxes

 

 

1.9

 

 

 

1.5

 

Other

 

 

2.1

 

 

 

1.2

 

Total accrued expenses

 

$

67.2

 

 

$

65.6

 

 

Other Current Liabilities

Other current liabilities are comprised of the following:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Acquired unfavorable contracts

 

$

7.6

 

 

$

43.5

 

Accrued supply commitment charges

 

 

12.6

 

 

 

—

 

Munger make-whole liability

 

 

8.6

 

 

 

7.5

 

Accrued legal contingencies

 

 

7.1

 

 

 

20.7

 

Deferred revenue

 

 

7.4

 

 

 

7.3

 

Tax receivable agreement obligation

 

 

3.3

 

 

 

2.8

 

Other

 

 

10.0

 

 

 

2.3

 

Total other current liabilities

 

$

56.6

 

 

$

84.1