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Details of Selected Balance Sheet Accounts | 9 Months Ended
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Sep. 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 September 30, 2021 and December 31, 2020 is presented below (in thousands):
| September 30, 2021 |  | December 31, 2020
Accounts receivable, net: |  |  |
Trade | $ | 112,077 |  |  | $ | 109,294 |
Unbilled revenue | 21,523 |  |  | 23,173 |
Contract assets | 22,428 |  |  | 35,870 |
Other | 11,672 |  |  | 3,102 |
Total accounts receivable | 167,700 |  |  | 171,439 |
Allowance for doubtful accounts | (6,260) |  |  | (8,304) |
| $ | 161,440 |  |  | $ | 163,135 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 4 | % |  | 5 | %
| September 30, 2021 |  | December 31, 2020
Deferred revenue (contract liabilities) | $ | 42,512 |  |  | $ | 43,384 |
As of September 30, 2021, accounts receivable, net in the United States and the United Kingdom represented 77% and 12%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company's total accounts receivable as of September 30, 2021. For the nine months ended September 30, 2021, the $13.4 million net decrease in contract assets was primarily attributable to $34.6 million transferred to accounts receivable, which was partially offset by $21.1 million in revenue recognized during the period. Deferred revenue (contract liabilities) decreased by $0.9 million in the first nine months of 2021, primarily reflecting the recognition of $6.1 million of revenue that was deferred at the beginning of the period, partially offset by $5.3 million in new customer billings which were not recognized as revenue during the period. The following provides a summary of activity in the allowance for doubtful accounts for the nine months ended September 30, 2021 and 2020 (in thousands):
| Nine Months Ended September 30,
| 2021 |  | 2020
Allowance for doubtful accounts – January 1 | $ | 8,304 |  |  | $ | 8,745 |
Provisions | 20 |  |  | 2,787 |
Write-offs | (2,200) |  |  | (2,490) |
Other | 136 |  |  | 1,158 |
Allowance for doubtful accounts – September 30 | $ | 6,260 |  |  | $ | 10,200 |
| September 30, 2021 |  | December 31, 2020
Inventories, net: |  |  |
Finished goods and purchased products | $ | 90,558 |  |  | $ | 88,634 |
Work in process | 33,852 |  |  | 27,063 |
Raw materials | 93,779 |  |  | 95,410 |
Total inventories | 218,189 |  |  | 211,107 |
Allowance for excess or obsolete inventory | (40,111) |  |  | (40,731) |
| $ | 178,078 |  |  | $ | 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. During the third quarter of 2020, the Company recorded an impairment charge of $5.9 million to reduce the carrying value of inventories within the Downhole Technologies segment to their estimated net realizable value based on changes in expectations regarding the near-term utility, customer demand and market pricing of certain goods. The Company recorded an impairment charge of $2.1 million in the third quarter of 2021 to reduce the carrying value of inventories within the Downhole Technologies segment to their estimated net realizable value based primarily on management's decision to exit a product offering.
|  |  | September 30, 2021 |  | December 31, 2020
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |
Land |  | $ | 33,622 |  |  | $ | 34,968 |
Buildings and leasehold improvements |  |  |  |  |  |  | 260,772 |  |  | 267,072 |
Machinery and equipment |  |  |  |  |  |  | 240,302 |  |  | 239,986 |
Completion-related rental equipment |  |  |  |  |  |  | 504,890 |  |  | 507,755 |
Office furniture and equipment |  |  |  |  |  |  | 32,936 |  |  | 35,767 |
Vehicles |  |  |  |  |  |  | 75,119 |  |  | 81,607 |
Construction in progress |  | 8,059 |  |  | 7,207 |
Total property, plant and equipment |  | 1,155,700 |  |  | 1,174,362 |
Accumulated depreciation |  | (815,316) |  |  | (790,800) |
|  |  |  |  |  |  | $ | 340,384 |  |  | $ | 383,562 |
For the three months ended September 30, 2021 and 2020, depreciation expense was $14.7 million and $18.0 million, respectively. Depreciation expense was $46.7 million and $56.6 million for the nine months ended September 30, 2021 and 2020, respectively.
| September 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 | $ | 168,283 |  |  | $ | 63,956 |  |  | $ | 104,327 |  |  | $ | 168,288 |  |  | $ | 55,380 |  |  | $ | 112,908 |
Patents/Technology/Know-how | 78,692 |  |  | 31,497 |  |  | 47,195 |  |  | 75,920 |  |  | 26,124 |  |  | 49,796 |
Noncompete agreements | — |  |  | — |  |  | — |  |  | 16,044 |  |  | 14,742 |  |  | 1,302 |
Tradenames and other | 53,708 |  |  | 14,385 |  |  | 39,323 |  |  | 53,708 |  |  | 11,965 |  |  | 41,743 |
| $ | 300,683 |  |  | $ | 109,838 |  |  | $ | 190,845 |  |  | $ | 313,960 |  |  | $ | 108,211 |  |  | $ | 205,749 |
For the three months ended September 30, 2021 and 2020, amortization expense was $4.9 million and $6.2 million, respectively. Amortization expense was $15.4 million and $18.7 million for the nine months ended September 30, 2021 and 2020, respectively.
| September 30, 2021 |  | December 31, 2020
Other noncurrent assets: |  |  |
Deferred compensation plan | $ | 24,609 |  |  | $ | 22,801 |
Deferred financing costs | 2,886 |  |  | — |
Deferred income taxes | 1,281 |  |  | 1,280 |
Other | 5,089 |  |  | 5,646 |
| $ | 33,865 |  |  | $ | 29,727 |
| September 30, 2021 |  | December 31, 2020
Accrued liabilities: |  |  |
Accrued compensation | $ | 22,072 |  |  | $ | 18,463 |
Accrued taxes, other than income taxes | 12,558 |  |  | 7,307 |
Insurance liabilities | 6,684 |  |  | 7,694 |
Accrued interest | 5,185 |  |  | 2,202 |
Accrued commissions | 1,664 |  |  | 1,416 |
Other | 5,268 |  |  | 7,422 |
| $ | 53,431 |  |  | $ | 44,504 |

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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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