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Details of Selected Balance Sheet Accounts | 6 Months Ended
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Jun. 30, 2021
Details of Selected Balance Sheet Accounts [Abstract] |
Details of Selected Balance Sheet Accounts | Details of Selected Balance Sheet Accounts Additional information regarding selected balance sheet accounts as of June 30, 2021 and December 31, 2020 is presented below (in thousands):
| June 30, 2021 |  | December 31, 2020
Accounts receivable, net: |  |  |
Trade | $ | 125,332 |  |  | $ | 109,294 |
Unbilled revenue | 23,813 |  |  | 23,173 |
Contract assets | 18,074 |  |  | 35,870 |
Other | 10,903 |  |  | 3,102 |
Total accounts receivable | 178,122 |  |  | 171,439 |
Allowance for doubtful accounts | (7,698) |  |  | (8,304) |
| $ | 170,424 |  |  | $ | 163,135 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 4 | % |  | 5 | %
| June 30, 2021 |  | December 31, 2020
Deferred revenue (contract liabilities) | $ | 45,210 |  |  | $ | 43,384 |
As of June 30, 2021, accounts receivable, net in the United States and the United Kingdom represented 64% and 20%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company's total accounts receivable as of June 30, 2021. For the six months ended June 30, 2021, the $17.8 million net decrease in contract assets was primarily attributable to $33.3 million transferred to accounts receivable, which was partially offset by $15.4 million in revenue recognized during the period. Deferred revenue (contract liabilities) increased by $1.8 million in the first half of 2021, primarily reflecting $7.2 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $5.4 million of revenue that was deferred at the beginning of the period. The following provides a summary of activity in the allowance for doubtful accounts for the six months ended June 30, 2021 and 2020 (in thousands):
| Six Months Ended June 30,
| 2021 |  | 2020
Allowance for doubtful accounts – January 1 | $ | 8,304 |  |  | $ | 8,745 |
Provisions | 61 |  |  | 2,549 |
Write-offs | (815) |  |  | (2,184) |
Other | 148 |  |  | 1,152 |
Allowance for doubtful accounts – June 30 | $ | 7,698 |  |  | $ | 10,262 |
| June 30, 2021 |  | December 31, 2020
Inventories, net: |  |  |
Finished goods and purchased products | $ | 90,623 |  |  | $ | 88,634 |
Work in process | 30,248 |  |  | 27,063 |
Raw materials | 93,968 |  |  | 95,410 |
Total inventories | 214,839 |  |  | 211,107 |
Allowance for excess or obsolete inventory | (39,790) |  |  | (40,731) |
| $ | 175,049 |  |  | $ | 170,376 |
The Company recorded impairment charges totaling $25.2 million in the first quarter of 2020 to reduce the carrying value of inventories to their estimated net realizable value following the March 2020 decline in crude oil prices, which reduced the near-term utility of certain goods within the Offshore/Manufactured Products and Well Site Services segments.
|  |  | June 30, 2021 |  | December 31, 2020
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |
Land |  | $ | 34,661 |  |  | $ | 34,968 |
Buildings and leasehold improvements |  |  |  |  |  |  | 265,793 |  |  | 267,072 |
Machinery and equipment |  |  |  |  |  |  | 242,849 |  |  | 239,986 |
Completion-related rental equipment |  |  |  |  |  |  | 505,795 |  |  | 507,755 |
Office furniture and equipment |  |  |  |  |  |  | 32,329 |  |  | 35,767 |
Vehicles |  |  |  |  |  |  | 77,415 |  |  | 81,607 |
Construction in progress |  | 5,879 |  |  | 7,207 |
Total property, plant and equipment |  | 1,164,721 |  |  | 1,174,362 |
Accumulated depreciation |  | (809,316) |  |  | (790,800) |
|  |  |  |  |  |  | $ | 355,405 |  |  | $ | 383,562 |
For the three months ended June 30, 2021 and 2020, depreciation expense was $15.6 million and $18.5 million, respectively. Depreciation expense was $32.0 million and $38.6 million for the six months ended June 30, 2021 and 2020, respectively.
| June 30, 2021 |  | December 31, 2020
Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Other intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 168,290 |  |  | $ | 60,937 |  |  | $ | 107,353 |  |  | $ | 168,288 |  |  | $ | 55,380 |  |  | $ | 112,908 |
Patents/Technology/Know-how | 78,528 |  |  | 30,425 |  |  | 48,103 |  |  | 75,920 |  |  | 26,124 |  |  | 49,796 |
Noncompete agreements | — |  |  | — |  |  | — |  |  | 16,044 |  |  | 14,742 |  |  | 1,302 |
Tradenames and other | 53,708 |  |  | 13,552 |  |  | 40,156 |  |  | 53,708 |  |  | 11,965 |  |  | 41,743 |
| $ | 300,526 |  |  | $ | 104,914 |  |  | $ | 195,612 |  |  | $ | 313,960 |  |  | $ | 108,211 |  |  | $ | 205,749 |
For the three months ended June 30, 2021 and 2020, amortization expense was $5.3 million and $6.1 million, respectively. Amortization expense was $10.5 million and $12.5 million for the six months ended June 30, 2021 and 2020, respectively.
| June 30, 2021 |  | December 31, 2020
Other noncurrent assets: |  |  |
Deferred compensation plan | $ | 24,026 |  |  | $ | 22,801 |
Deferred financing costs | 3,097 |  |  | — |
Deferred income taxes | 1,466 |  |  | 1,280 |
Other | 5,159 |  |  | 5,646 |
| $ | 33,748 |  |  | $ | 29,727 |
| June 30, 2021 |  | December 31, 2020
Accrued liabilities: |  |  |
Accrued compensation | $ | 16,840 |  |  | $ | 18,463 |
Accrued taxes, other than income taxes | 11,029 |  |  | 7,307 |
Insurance liabilities | 6,677 |  |  | 7,694 |
Accrued interest | 3,605 |  |  | 2,202 |
Accrued commissions | 1,263 |  |  | 1,416 |
Other | 5,974 |  |  | 7,422 |
| $ | 45,388 |  |  | $ | 44,504 |

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- Definition Details of Selected Balance Sheet Accounts [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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