ProFrac Holding Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property, plant, and equipment

Property, plant, and equipment

9 Months Ended

Sep. 30, 2022

Property Plant And Equipment [Abstract]

5. Property, plant, and equipment

The following table summarizes the components of our property, plant, and equipment, net as of September 30, 2022, and December 31, 2021:

(In thousands)	September 30, 2022			December 31, 2021
Machinery and equipment	$	1,180,092		$	760,829
Mining property and mine development		97,265			34,809
Office equipment, software and other		15,156			5,550
Land		950			—
Buildings and leasehold improvements		27,373			15,947
Total		1,320,836			817,135
Less: accumulated depreciation and depletion		(632,801	)		(464,178	)
Construction in progress		133,174			10,730
Property, plant, and equipment, net	$	821,209		$	363,687

The increase in net property, plant, and equipment from December 31, 2021, to September 30, 2022, was due to acquired assets of $328.7 million related to our FTSI and Flotek acquisitions, and $103.7 million from the acquisition of Monahans (as defined herein). 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 September 30, 2022 and 2021, was $68.1 million and $35.1 million, respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021, was $175.6 million and $105.1 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