Details of Selected Balance Sheet Accounts

6 Months Ended

Jun. 30, 2021

Details of Selected Balance Sheet Accounts [Abstract]

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