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3. SUPPLEMENTAL BALANCE SHEET INFORMATION
Inventories
Inventories are comprised of the following:
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December 31, |
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2025 |
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2024 |
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Raw materials and supplies |
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$ |
10.8 |
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$ |
16.2 |
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Work in process |
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12.4 |
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19.7 |
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Finished products and parts |
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128.1 |
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|
165.2 |
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Total |
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$ |
151.3 |
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|
$ |
201.1 |
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Property, Plant, and Equipment, Net
Property, plant and equipment, net is comprised of the following:
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December 31, |
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2025 |
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2024 |
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Machinery and equipment |
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$ |
2,441.4 |
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|
$ |
2,455.8 |
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Mining property and mine development |
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391.2 |
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420.3 |
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Buildings and leasehold improvements |
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151.1 |
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131.0 |
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Land |
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10.2 |
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12.8 |
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Office equipment, software and other |
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17.3 |
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17.0 |
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Construction in progress |
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35.3 |
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36.7 |
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Total |
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3,046.5 |
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|
3,073.6 |
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Less: accumulated depreciation, depletion and amortization |
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(1,582.2 |
) |
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|
(1,312.4 |
) |
Property, plant, and equipment, net |
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$ |
1,464.3 |
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|
$ |
1,761.2 |
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Depreciation and amortization expense related to property, plant, and equipment was $359.1 million, $386.8 million and $387.1 million in 2025, 2024 and 2023, respectively. Depletion expense was $20.8 million, $19.1 million, and $16.1 million in 2025, 2024 and 2023, respectively.
Intangible Assets, Net
Intangible assets, net is comprised of the following:
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Weighted Average Remaining Amortization period (Years) |
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Estimated
Useful
Life (in years) |
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Gross
Book
Value |
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Less: Accumulated
Amortization |
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Net Book
Value |
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As of December 31, 2025 |
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Acquired technology |
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6.8 |
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3-10 |
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$ |
121.2 |
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|
$ |
(39.9 |
) |
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$ |
81.3 |
|
Tradename |
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8.3 |
|
10 |
|
|
2.9 |
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|
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(0.5 |
) |
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2.4 |
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Patents/License |
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7 |
|
8 |
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5.9 |
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|
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(0.9 |
) |
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5.0 |
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Customer relationships |
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1.2 |
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4-5 |
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92.5 |
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(69.4 |
) |
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23.1 |
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Intangible assets, net |
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5.7 |
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$ |
222.5 |
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|
$ |
(110.7 |
) |
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$ |
111.8 |
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As of December 31, 2024 |
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Acquired technology |
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7.9 |
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3-10 |
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$ |
124.7 |
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$ |
(30.3 |
) |
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$ |
94.4 |
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Tradename |
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9.3 |
|
10 |
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2.9 |
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|
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(0.2 |
) |
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2.7 |
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Patents/License |
|
8 |
|
8 |
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5.9 |
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|
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(0.2 |
) |
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5.7 |
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Customer relationships |
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2.1 |
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4-5 |
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|
92.5 |
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(46.4 |
) |
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46.1 |
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Intangible assets, net |
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6.4 |
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$ |
226.0 |
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$ |
(77.1 |
) |
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$ |
148.9 |
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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 $36.4 million, $36.3 million, and $35.2 million in 2025, 2024 and 2023, respectively.
The estimated future amortization expense related to intangible assets is $34.7 million in 2026, $13.9 million in 2027, $13.6 million in 2028, $12.9 million in 2029, $12.8 million in 2030, and $23.9 million thereafter.
Accrued Expenses
Accrued expenses are comprised of the following:
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December 31, |
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2025 |
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2024 |
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Employee compensation and benefits |
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$ |
27.9 |
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$ |
22.9 |
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Sales, use, and property taxes |
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16.8 |
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21.0 |
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Insurance |
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18.2 |
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13.2 |
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Interest |
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8.2 |
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6.1 |
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Income taxes |
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0.7 |
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1.9 |
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Other |
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2.2 |
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2.1 |
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Total accrued expenses |
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$ |
74.0 |
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$ |
67.2 |
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Other Current Liabilities
Other current liabilities are comprised of the following:
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December 31, |
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2025 |
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2024 |
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Accrued supply commitment charges |
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$ |
12.6 |
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$ |
12.6 |
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Accrued legal contingencies |
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5.5 |
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7.1 |
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Deferred revenue |
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0.8 |
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7.4 |
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Tax receivable agreement obligation |
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4.6 |
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3.3 |
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Acquired unfavorable contracts |
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— |
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7.6 |
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Munger make-whole liability |
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— |
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8.6 |
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Other |
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5.3 |
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|
10.0 |
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Total other current liabilities |
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$ |
28.8 |
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$ |
56.6 |
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