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Supplemental Financial Statement Information | 12 Months Ended
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Dec. 31, 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 $15.7 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 with a balance of $7.3 million at December 31, 2023. The Company is restricted from withdrawing this balance without the prior consent of the sellers. The remaining restricted cash balance of $8.4 million represents collateral for certain borrowings under the 2023 Amended Credit Agreement, and the Company is restricted from withdrawing this balance without the prior consent of the respective lenders. Property, Plant and Equipment, net Components of property, plant and equipment, net were as follows:
| December 31,
(in thousands) | 2023 |  | 2022
Land | $ | 16,916 |  |  | $ | 9,578 |
Buildings and improvements | 50,376 |  |  | 27,199 |
Machinery and equipment | 48,844 |  |  | 26,948 |
Capitalized software | 9,148 |  |  | 7,889 |
Furniture and fixtures | 11,022 |  |  | 6,346 |
Vehicles | 1,738 |  |  | 1,713 |
Construction in progress(1) | 6,025 |  |  | 3,140 |
Total | 144,069 |  |  | 82,813 |
Accumulated depreciation and amortization | (30,258) |  |  | (18,418) |
Property, plant and equipment, net | $ | 113,811 |  |  | $ | 64,395 |
(1) Construction in progress primarily relates to upgrades to certain of the Company's information technology systems that we expect to place in service in the next 12 months. Depreciation expense for property, plant and equipment was $13.1 million in 2023 and $6.5 million in 2022. Amortization expense for capitalized software was $2.6 million in 2023 and $1.6 million in 2022. Rental Equipment, net Rental equipment, net consisted of the following:
| December 31,
(in thousands) | 2023 |  | 2022
Rental equipment | $ | 52,387 |  |  | $ | 63,184 |
Accumulated depreciation | (27,812) |  |  | (36,045) |
Rental equipment, net | $ | 24,575 |  |  | $ | 27,139 |
Depreciation expense included in cost of sales for rental equipment was $7.6 million and $8.0 million for 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:
| December 31,
(in thousands) | 2023 |  | 2022
Accrued compensation | $ | 25,371 |  |  | $ | 24,094 |
Accrued severance and acquisition related retention bonus | 21,128 |  |  | 927 |
Accrued and withheld taxes, other than income taxes | 8,661 |  |  | 4,885 |
Deferred acquisition payments and accrued earnout liabilities | 7,513 |  |  | 1,383 |
Accrued stock-based compensation | 5,573 |  |  | 3,340 |
Accrued customer rebates | 5,473 |  |  | 5,053 |
Accrued interest | 3,301 |  |  | 1,775 |
Accrued income taxes | 1,994 |  |  | 731 |
Accrued health benefits | 1,728 |  |  | 1,306 |
Deferred revenue | 810 |  |  | 2,313 |
Other | 15,689 |  |  | 16,870 |
Total accrued expenses and other current liabilities | $ | 97,241 |  |  | $ | 62,677 |
Other Liabilities Other liabilities consisted of the following:
| December 31,
(in thousands) | 2023 |  | 2022
Security bonus plan | $ | 8,666 |  |  | $ | 9,651 |
Deferred compensation | 11,041 |  |  | 9,962 |
Other | 5,736 |  |  | 4,036 |
Total other liabilities | $ | 25,443 |  |  | $ | 23,649 |
Security Bonus Plan The Company has a security bonus plan which was previously created for the benefit of its Lawson independent sales representatives, under the terms of which participants are credited with a percentage of their annual net commissions. The aggregate amounts credited to participants’ accounts vest 25% after five years, and an additional 5% vests each year thereafter upon qualification for the plan. On January 1, 2013, the Company converted all of its Lawson U.S. independent sales representatives to employees. The security bonuses for those converted employees continue to vest, but their accounts are no longer credited with a percentage of net commissions. For financial reporting purposes, amounts are charged to operations over the vesting period. Expenses incurred for the security bonus plan were $0.2 million for the year ended December 31, 2023. The security bonus plan is partially funded by an $8.2 million investment in the cash surrender value in life insurance of certain employees which is included as a component of Cash value of life insurance in the Consolidated Balance Sheets. As of December 31, 2023, t he $8.9 million liability is primarily included in the Security bonus plan in the Consolidated Balance Sheets with the remaining portion included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.

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