Quarterly report pursuant to Section 13 or 15(d)

Supplemental balance sheet information

v3.22.2.2
Supplemental balance sheet information
6 Months Ended
Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]  
Supplemental balance sheet information

4. Supplemental balance sheet information

Inventories

The following table summarizes the components of our inventories as of June 30, 2022, and December 31, 2021:

 

(In thousands)

 

June 30,

2022

 

 

December 31,

2021

 

Raw materials and supplies

 

$

82,865

 

 

$

13,911

 

Work in process

 

 

8,769

 

 

 

3,288

 

Finished products and parts

 

 

100,743

 

 

 

56,743

 

Total

 

$

192,377

 

 

$

73,942

 

 

The increase in inventory from December 31, 2021, to June 30, 2022 was partially due to acquired inventory of $54.5 million related to our acquisitions of FTS International, Inc. (“FTSI”) and Flotek Industries, Inc. (“Flotek”). The remaining increase is related to our increased activity levels in 2022.

Accrued Expenses

The following table summarizes our accrued expenses as of June 30, 2022, and December 31, 2021:

 

(In thousands)

 

June 30,

2022

 

 

December 31,

2021

 

Accrual for purchased materials

 

$

64,617

 

 

$

15,600

 

Employee compensation and benefits

 

 

27,134

 

 

 

8,107

 

Sales, use, and property taxes

 

 

12,007

 

 

 

5,974

 

Interest

 

 

9,058

 

 

 

879

 

Income taxes

 

 

3,600

 

 

 

 

Tax receivable agreement

 

 

3,448

 

 

 

 

Tax distribution to redeemable noncontrolling interests

 

 

15,644

 

 

 

 

Other

 

 

23,796

 

 

 

7,589

 

Total

 

$

159,304

 

 

$

38,149