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Supplemental Financial Statement Information | 6 Months Ended
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Jun. 30, 2023
Condensed Financial Information Disclosure [Abstract] |
Supplemental Financial Statements Information | Note 5 – Supplemental Financial Statement Information Restricted Cash The Company has agreed to maintain restricted cash of $20.6 million under agreements with outside parties. An escrow account of $12.5 million was established in conjunction with the Hisco Transaction, to be released upon Hisco meeting certain working capital and other post closing requirements as of the one year post-acquisition date. The Company is restricted from withdrawing this balance without the prior consent of the sellers. The remaining balance of $8.1 million of restricted cash represents collateral for certain borrowings under the 2023 Credit Agreement, and the Company is restricted from withdrawing this balance without the prior consent of the respective lenders. Inventories, net Inventories, net, consisting of purchased products and manufactured electronic equipment offered for resale, were as follows:
(in thousands) | June 30, 2023 |  | December 31, 2022
Inventories, gross | $ | 339,879 |  |  | $ | 275,072 |
Reserve for obsolete and excess inventory | (13,643) |  |  | (10,698) |
Inventories, net | $ | 326,236 |  |  | $ | 264,374 |
Property, Plant and Equipment, net Components of property, plant and equipment were as follows:
(in thousands) | June 30, 2023 |  | December 31, 2022
Land | $ | 16,791 |  |  | $ | 9,578 |
Buildings and improvements | 49,982 |  |  | 27,199 |
Machinery and equipment | 47,394 |  |  | 26,948 |
Capitalized software | 10,055 |  |  | 7,889 |
Furniture and fixtures | 8,406 |  |  | 6,346 |
Vehicles | 2,015 |  |  | 1,713 |
Construction in progress(1) | 3,644 |  |  | 3,140 |
Total | 138,287 |  |  | 82,813 |
Accumulated depreciation and amortization | (24,958) |  |  | (18,418) |
Property, plant and equipment, net | $ | 113,329 |  |  | $ | 64,395 |
(1)Construction in progress primarily related to upgrades to certain of the Company's distribution facilities that we expect to place in service in the next 12 months. Depreciation expense for property, plant and equipment was $2.5 million and $2.5 million for the second quarter of 2023 and 2022, respectively, and $6.0 million and $3.1 million for the first six months of 2023 and 2022, respectively. Amortization expense for capitalized software was $0.8 million and $0.9 million for the second quarter of 2023 and 2022, respectively, and $1.5 million and $1.1 million for the first six months of 2023 and 2022, respectively. Rental Equipment, net Rental equipment, net consisted of the following:
(in thousands) | June 30, 2023 |  | December 31, 2022
Rental equipment | $ | 64,707 |  |  | $ | 63,184 |
Accumulated depreciation | (37,601) |  |  | (36,045) |
Rental equipment, net | $ | 27,106 |  |  | $ | 27,139 |
Depreciation expense included in cost of sales for rental equipment was $1.9 million and $1.5 million for the second quarter of 2023 and 2022, respectively and $4.2 million and $2.9 million for the first six months of 2023 and 2022, respectively. Refer to Note 4 – Revenue Recognition for a discussion on the Company's activities as lessor. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following:
(in thousand) | June 30, 2023 |  | December 31, 2022
Accrued compensation | $ | 22,753 |  |  | $ | 24,094 |
Deferred acquisition payments and accrued earnout liabilities | 18,679 |  |  | 1,383 |
Accrued and withheld taxes, other than income taxes | 8,779 |  |  | 4,885 |
Accrued customer rebates | 5,592 |  |  | 5,053 |
Accrued stock-based compensation | 5,484 |  |  | 3,340 |
Accrued interest | 3,591 |  |  | 1,775 |
Accrued severance and acquisition related retention bonus | 3,170 |  |  | 927 |
Accrued health benefits | 1,793 |  |  | 1,306 |
Deferred revenue | 1,170 |  |  | 2,313 |
Accrued income taxes | 125 |  |  | 731 |
Other | 21,863 |  |  | 16,870 |
Total accrued expenses and other current liabilities | $ | 92,999 |  |  | $ | 62,677 |
Other Liabilities Other liabilities consisted of the following:
(in thousand) | June 30, 2023 |  | December 31, 2022
Security bonus plan | $ | 9,628 |  |  | $ | 9,651 |
Deferred compensation | 10,425 |  |  | 9,962 |
Other | 4,350 |  |  | 4,036 |
Total other liabilities | $ | 24,403 |  |  | $ | 23,649 |

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