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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Components of Income Tax Expense (Benefit) | The following table summarizes the components of income tax expense (benefit):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current income taxes: |  |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | (1.1 | ) |  | $ | 1.7 |
State |  |  | 3.7 |  |  |  | 2.2 |  |  |  | 3.7 |
Total current |  |  | 3.7 |  |  |  | 1.1 |  |  |  | 5.4 |
Deferred income taxes: |  |  |  |  |  |  |  |  |
Federal |  |  | (9.6 | ) |  |  | — |  |  |  | 3.6 |
State |  |  | (1.1 | ) |  |  | 0.1 |  |  |  | 0.1 |
Total deferred |  |  | (10.7 | ) |  |  | 0.1 |  |  |  | 3.7 |
Income tax expense (benefit) |  | $ | (7.0 | ) |  | $ | 1.2 |  |  | $ | 9.1 |
Summary of Actual Income Tax Expense (Benefit) Differed From the Amount Computed by Applying the Statutory Federal Income Tax Rate to Income (Loss) Before Income Taxes | Actual income tax expense (benefit) differed from the amount computed by applying the statutory federal income tax rate to income (loss) before income taxes as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income (loss) before income taxes |  | $ | (214.8 | ) |  | $ | (58.0 | ) |  | $ | 351.8 |
Statutory rate |  | 21% |  |  | 21% |  |  | 21% |
Federal income tax expense (benefit) at statutory rate |  |  | (45.1 | ) |  |  | (12.2 | ) |  |  | 73.9 |
State taxes, net of federal benefit |  |  | (0.8 | ) |  |  | 0.8 |  |  |  | 9.5 |
Permanent items |  |  | 3.4 |  |  |  | 7.2 |  |  |  | 13.6 |
Other |  |  | 3.6 |  |  |  | (1.3 | ) |  |  | (3.2 | )
Non-controlling interest |  |  | - |  |  |  | (10.7 | ) |  |  | (59.9 | )
Business combination adjustment |  |  | - |  |  |  | (8.3 | ) |  |  | - |
Valuation allowance |  |  | 31.9 |  |  |  | 25.7 |  |  |  | (24.8 | )
Income tax expense (benefit) |  | $ | (7.0 | ) |  | $ | 1.2 |  |  | $ | 9.1 |
Effective tax rate |  |  | 3.3 | % |  |  | -2.1 | % |  |  | 2.6 | %
Summary of Temporary Differences That Gives Rise to Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforward |  | $ | 147.1 |  |  | $ | 162.9 |
Interest carryforward |  |  | 31.4 |  |  |  | - |
Tax receivable agreement |  |  | - |  |  |  | 74.1 |
Lease liability |  |  | 39.8 |  |  |  | - |
Intangible assets and goodwill |  |  | 198.6 |  |  |  | 8.0 |
Other |  |  | 31.8 |  |  |  | 10.4 |
Gross deferred tax assets |  |  | 448.7 |  |  |  | 255.4 |
Valuation allowance |  |  | (139.2 | ) |  |  | (91.1 | )
Total deferred tax assets |  |  | 309.5 |  |  |  | 164.3 |
Deferred tax liabilities: |  |  |  |  |  |
Property, Plant & Equipment |  |  | (280.2 | ) |  |  | - |
Investment in ProFrac Holdings, LLC |  |  | - |  |  |  | (156.5 | )
Right-of-use asset and other |  |  | (44.2 | ) |  |  | (7.5 | )
Total deferred tax liabilities |  |  | (324.4 | ) |  |  | (164.0 | )
Net deferred tax assets (liabilities) |  | $ | (14.9 | ) |  | $ | 0.3 |

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