Details of Selected Balance Sheet Accounts

3 Months Ended

Mar. 31, 2022

Details of Selected Balance Sheet Accounts [Abstract]

Details of Selected Balance Sheet Accounts

Additional information regarding selected balance sheet accounts as of March 31, 2022 and December 31, 2021 is presented below (in thousands):


	March 31, 2022			December 31, 2021
Accounts receivable, net:
Trade	$	124,692		$	116,434
Unbilled revenue	24,368			24,389
Contract assets	39,937			39,755
Other	10,039			9,973
Total accounts receivable	199,036			190,551
Allowance for doubtful accounts	(4,779)			(4,471)
	$	194,257		$	186,080

Allowance for doubtful accounts as a percentage of total accounts receivable	2		%	2		%


	March 31, 2022		December 31, 2021
Deferred revenue (contract liabilities)	$	47,560	$43,236

As of March 31, 2022, accounts receivable, net in the United States and the United Kingdom represented 78% 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 March 31, 2022.

For the three months ended March 31, 2022, the $0.2 million net increase in contract assets was attributable to $15.3 million in revenue recognized during the period, which was substantially offset by $15.1 million transferred to accounts receivable. Deferred revenue (contract liabilities) increased by $4.3 million in the first three months of 2022, reflecting $10.9 million in new customer billings which were not recognized as revenue during the period, offset by the recognition of $6.6 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 three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended March 31,
	2022		2021
Allowance for doubtful accounts – January 1	$	4,471	$	8,304
Provisions	943		214
Write-offs	(635)		(116)
Other	—		143
Allowance for doubtful accounts – March 31	$	4,779	$	8,545


	March 31, 2022		December 31, 2021
Inventories, net:
Finished goods and purchased products	$	91,215	$	87,934
Work in process	30,706		24,722
Raw materials	98,285		96,357
Total inventories	220,206		209,013
Allowance for excess or obsolete inventory	(39,320)		(40,440)
	$	180,886	$	168,573


			March 31, 2022			December 31, 2021
Property, plant and equipment, net:







Property, plant and equipment	$	1,140,743		$	1,151,533
Accumulated depreciation	(810,625)			(812,950)
							$	330,118	$	338,583

For the three months ended March 31, 2022 and 2021, depreciation expense was $12.7 million and $16.4 million, respectively.

During the first quarter of 2021, the Well Site Services segment recognized non-cash impairment charges of $0.7 million to reduce the carrying value of certain of the segment's fixed assets to their estimated realizable value.


	March 31, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships	$	168,276	$	69,509	$	98,767	$	168,284	$	66,734	$	101,550
Patents/Technology/Know-how	78,815		34,679		44,136		78,821		33,151		45,670
Tradenames and other	53,682		15,946		37,736		53,708		15,179		38,529
	$	301,299	$	120,660	$	180,639	$	300,813	$	115,064	$	185,749

For the three months ended March 31, 2022 and 2021, amortization expense was $5.2 million and $5.2 million, respectively.


	March 31, 2022		December 31, 2021
Other noncurrent assets:
Deferred compensation plan	$	21,607	$	23,348
Deferred financing costs	2,525		2,674
Deferred income taxes	1,341		1,878
Other	4,815		4,989
	$	30,288	$	32,889


	March 31, 2022		December 31, 2021
Accrued liabilities:
Accrued compensation	$	16,586	$	20,904
Accrued taxes, other than income taxes	6,758		5,130
Insurance liabilities	5,231		6,361
Accrued interest	5,337		3,629
Accrued commissions	2,502		2,194
Other	5,127		5,183
	$	41,541	$	43,401