Registration of securities issued in business combination transactions

Property, plant, and equipment

v3.22.2.2
Property, plant, and equipment
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]    
Property, plant, and equipment
5. Property, plant, and equipment
The following table summarizes the components of our property, plant, and equipment, net as of June 30, 2022, and December 31, 2021:
 
(In thousands)
   
June 30,

2022
     
December 31,

2021
  
Machinery and equipment
    $ 1,070,672      $ 760,829  
Mining property and mine development
      48,464        34,809  
Office equipment, software and other
      14,303        5,550  
Land
      950        —    
Buildings and leasehold improvements
      24,587        15,947  
    
 
 
     
 
 
  
Total
      1,158,976        817,135  
Less: accumulated depreciation and depletion
      (566,960 )       (464,178 ) 
Construction in progress
      72,229        10,730  
    
 
 
     
 
 
  
Property, plant, and equipment, net
    $ 664,245      $ 363,687  
    
 
 
     
 
 
  
The increase in net property, plant, and equipment from December 31, 2021, to June 30, 2022, was due to acquired assets of $328.7 million related to our FTSI and Flotek acquisitions. This increase was partially offset by $48.2 million of FTSI assets sold in the sale lease-back transaction immediately following the FTSI acquisition.
Depreciation expense for the three months ended June 30, 2022 and 2021, was $63.6 million and $34.7 million, respectively. Depreciation expense for the six months ended June 30, 2022 and 2021, was $107.8 million and $70.1 million, respectively.
Major classifications of property, plant, and equipment and their respective useful lives are as follows:
 
Machinery and equipment
      2 years—10 years  
Office equipment, software, and other
      3 years—7 years  
Buildings and leasehold improvements
      2 years—40 years  
4. Property, plant, and equipment
The following table summarizes the components of our property, plant, and equipment, net as of December 31, 2021 and December 31, 2020:
 
    
December 31,
2021
     
December 31,
2020
  
Machinery and equipment
    $ 760,829      $ 738,312  
Mining property and mine development
      34,809        4,809  
Office equipment, software and other
      5,550        4,820  
Buildings and leasehold improvements
      15,947        16,695  
    
 
 
     
 
 
  
Total
      817,135        764,636  
Less: accumulated depreciation and depletion
      (464,178 )       (352,565 ) 
Construction in progress
      10,730        17,613  
    
 
 
     
 
 
  
Property, plant, and equipment, net
    $ 363,687      $ 429,684  
    
 
 
     
 
 
  
Depreciation expense for the years ended December 31, 2021 and 2020 was $140.7 million and $150.7 million, respectively.
Major classifications of property, plant, and equipment and their respective useful lives are as follows:
 
Machinery and equipment
      2 years—10 years  
Office equipment, software, and other
      3 years—7 years  
Buildings and leasehold improvements
      2 years—40 years