Details of Selected Balance Sheet Accounts

6 Months Ended

Jun. 30, 2022

Details of Selected Balance Sheet Accounts [Abstract]

Details of Selected Balance Sheet Accounts

Additional information regarding selected balance sheet accounts as of June 30, 2022 and December 31, 2021 is presented below (in thousands):


	June 30, 2022			December 31, 2021
Accounts receivable, net:
Trade	$	135,121		$	116,434
Unbilled revenue	21,640			24,389
Contract assets	42,876			39,755
Other	9,916			9,973
Total accounts receivable	209,553			190,551
Allowance for doubtful accounts	(5,166)			(4,471)
	$	204,387		$	186,080

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


	June 30, 2022		December 31, 2021
Deferred revenue (contract liabilities)	$	47,883	$43,236

As of June 30, 2022, accounts receivable, net in the United States and the United Kingdom represented 74% and 14%, 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, 2022.

For the six months ended June 30, 2022, the $3.1 million net increase in contract assets was attributable to $30.1 million in revenue recognized during the period, which was partially offset by $26.7 million transferred to accounts receivable. Deferred revenue (contract liabilities) increased by $4.6 million in the first six months of 2022, reflecting $16.2 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $11.2 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, 2022 and 2021 (in thousands):


	Six Months Ended June 30,
	2022		2021
Allowance for doubtful accounts – January 1	$	4,471	$	8,304
Provisions	1,044		61
Write-offs	(629)		(815)
Other	280		148
Allowance for doubtful accounts – June 30	$	5,166	$	7,698


	June 30, 2022		December 31, 2021
Inventories, net:
Finished goods and purchased products	$	90,948	$	87,934
Work in process	31,464		24,722
Raw materials	94,558		96,357
Total inventories	216,970		209,013
Allowance for excess or obsolete inventory	(37,151)		(40,440)
	$	179,819	$	168,573


			June 30, 2022			December 31, 2021
Property, plant and equipment, net:







Property, plant and equipment	$	1,126,777		$	1,151,533
Accumulated depreciation	(811,879)			(812,950)
							$	314,898	$	338,583

For the three months ended June 30, 2022 and 2021, depreciation expense was $12.0 million and $15.6 million, respectively. Depreciation expense was $24.6 million and $32.0 million, respectively, for the six months ended June 30, 2022 and 2021.

During the first and second quarters of 2021, the Well Site Services segment recognized non-cash fixed and operating lease asset impairment charges of $0.7 million and $2.8 million, respectively, associated with the closure of additional facilities coupled with other management actions. During the second quarter of 2021, the segment also recorded an additional $1.9 million charge associated with the exit of a leased facility.


	June 30, 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	$	170,933	$	72,305	$	98,628	$	168,284	$	66,734	$	101,550
Patents/Technology/Know-how	79,872		36,234		43,638		78,821		33,151		45,670
Tradenames and other	54,158		16,833		37,325		53,708		15,179		38,529
	$	304,963	$	125,372	$	179,591	$	300,813	$	115,064	$	185,749

For the three months ended June 30, 2022 and 2021, amortization expense was $5.3 million and $5.3 million, respectively. Amortization expense was $10.4 million and $10.5 million for the six months ended June 30, 2022 and 2021, respectively.


	June 30, 2022		December 31, 2021
Other noncurrent assets:
Deferred compensation plan	$	19,015	$	23,348
Deferred financing costs	2,308		2,674
Deferred income taxes	1,269		1,878
Other	4,760		4,989
	$	27,352	$	32,889


	June 30, 2022		December 31, 2021
Accrued liabilities:
Accrued compensation	$	20,924	$	20,904
Accrued taxes, other than income taxes	7,579		5,130
Insurance liabilities	5,073		6,361
Accrued interest	3,982		3,629
Accrued commissions	2,380		2,194
Other	6,406		5,183
	$	46,344	$	43,401