Quarterly report pursuant to Section 13 or 15(d)

Other Operating Expense, Net

v3.23.3
Other Operating Expense, Net
 9 Months Ended
Sep. 30, 2023
Other Income and Expenses [Abstract]  
Other Operating Expense, Net

NOTE 12. OTHER OPERATING EXPENSE, NET

Other operating expense, net is comprised of the following:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(Gain) loss on disposal of assets

 

$

(1.3

)

 

$

0.6

 

 

$

(0.3

)

 

$

2.6

 

Litigation expenses and accruals for legal contingencies

 

 

10.3

 

 

 

—

 

 

 

23.5

 

 

 

4.0

 

Severance charges

 

 

1.1

 

 

 

—

 

 

 

1.1

 

 

 

—

 

Acquisition earnout adjustment

 

 

—

 

 

 

—

 

 

 

(6.6

)

 

 

—

 

Provision for credit losses, net of recoveries

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

—

 

Total

 

$

10.1

 

 

$

0.6

 

 

$

17.8

 

 

$

6.6

 

(Gain) loss on disposal of assets, net consists of gains and losses on the sale of excess property, early equipment failures and other asset dispositions.

Litigation expenses and accruals for legal contingencies generally represent legal and professional fees incurred in litigation as well as estimates for loss contingencies with regards to certain vendor disputes and litigation matters. In the nine months ended September 30, 2023, these costs represent litigation costs incurred in connection with a patent infringement lawsuit against Halliburton. See Note 7 for a discussion of significant litigation matters.

Severance charges relate to the departure of two executives in the three months ended September 30, 2023.

The acquisition earnout adjustment represents a decrease in the fair value of the contingent consideration related to our acquisition of REV in December 2022.