Annual report pursuant to Section 13 and 15(d)

Supplemental balance sheet information

v3.24.0.1
Supplemental balance sheet information
12 Months Ended
Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]  
Supplemental balance sheet information

3. SUPPLEMENTAL BALANCE SHEET INFORMATION

Inventories

Inventories are comprised of the following:

 

 

December 31,

 

 

 

2023

 

 

2022

 

Raw materials and supplies

 

$

84.2

 

 

$

97.3

 

Work in process

 

 

20.5

 

 

 

12.2

 

Finished products and parts

 

 

131.9

 

 

 

140.0

 

Total

 

$

236.6

 

 

$

249.5

 

Property, Plant, and Equipment, Net

Property, plant and equipment, net is comprised of the following:

 

 

December 31,

 

 

 

2023

 

 

2022

 

Machinery and equipment

 

$

2,130.8

 

 

$

1,665.1

 

Mining property and mine development

 

 

425.3

 

 

 

172.1

 

Buildings and leasehold improvements

 

 

113.9

 

 

 

102.0

 

Land

 

 

13.3

 

 

 

5.6

 

Office equipment, software and other

 

 

17.6

 

 

 

12.6

 

Construction in progress

 

 

88.3

 

 

 

156.1

 

Total

 

 

2,789.2

 

 

 

2,113.5

 

Less: accumulated depreciation, depletion and amortization

 

 

(1,010.2

)

 

 

(717.1

)

Property, plant, and equipment, net

 

$

1,779.0

 

 

$

1,396.4

 

The increase in net property, plant, and equipment was partially due to assets of $506.4 million acquired through our 2023 acquisitions (see Note 4).

Depreciation and amortization expense related to property, plant, and equipment was $398.0 million, $261.2 million and $139.9 million in 2023, 2022 and 2021, respectively. Depletion expense was $5.2 million, $0.5 million, and $0.2 million in 2023, 2022 and 2021, respectively.

Intangible Assets, Net

Intangible assets, net is comprised of the following:

 

 

Weighted Average Remaining Amortization period (Years)

 

Estimated
Useful
Life (in years)

 

Gross
Book
Value

 

 

Less: Accumulated
Amortization

 

 

Net Book
Value

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired technology

 

8.7

 

3-10

 

$

124.7

 

 

$

(17.2

)

 

$

107.5

 

Customer relationships

 

2.9

 

4

 

 

89.6

 

 

 

(23.6

)

 

 

66.0

 

Intangible assets, net

 

6.5

 

 

 

$

214.3

 

 

$

(40.8

)

 

$

173.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired technology

 

9.6

 

3-10

 

$

124.7

 

 

$

(4.2

)

 

$

120.5

 

Customer relationships

 

3.9

 

4

 

 

84.0

 

 

 

(1.4

)

 

 

82.6

 

Intangible assets, net

 

7.3

 

 

 

$

208.7

 

 

$

(5.6

)

 

$

203.1

 

We amortize other identifiable intangible assets with a definite life on a straight-line basis over the estimated useful lives of the assets. Our definite-lived intangible assets consist of acquired technology and customer relationships.

Amortization expense related to intangible assets was $35.2 million, $5.6 million, and $0.6 million in 2023, 2022 and 2021, respectively.

The estimated future amortization expense related to intangible assets is $35.4 million in 2024, $35.1 million in 2025, $33.5 million in 2026, $12.4 million in 2027, $12.0 million in 2028, and $45.1 million thereafter.

Accrued Expenses

Accrued expenses are comprised of the following:

 

 

December 31,

 

 

 

2023

 

 

2022

 

Employee compensation and benefits

 

$

22.6

 

 

$

39.6

 

Sales, use, and property taxes

 

 

24.0

 

 

 

20.1

 

Insurance

 

 

10.9

 

 

 

7.4

 

Interest

 

 

5.4

 

 

 

17.5

 

Income taxes

 

 

1.5

 

 

 

0.7

 

Other

 

 

1.2

 

 

 

18.4

 

Total accrued expenses

 

$

65.6

 

 

$

103.7

 

 

Other Current Liabilities

Other current liabilities are comprised of the following:

 

 

December 31,

 

 

 

2023

 

 

2022

 

Acquired contract liabilities

 

$

43.5

 

 

$

15.8

 

Accrued legal contingencies

 

 

20.7

 

 

 

7.0

 

Deferred revenue

 

 

7.3

 

 

 

23.1

 

Tax receivable agreement obligation

 

 

2.8

 

 

 

3.3

 

Other

 

 

9.8

 

 

 

4.0

 

Total other current liabilities

 

$

84.1

 

 

$

53.2