Details of Selected Balance Sheet Accounts

12 Months Ended

Dec. 31, 2022

Details of Selected Balance Sheet Accounts [Abstract]

Details of Selected Balance Sheet Accounts

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


	December 31, 2022			December 31, 2021
Accounts receivable, net:
Trade	$	145,540		$	116,434
Unbilled revenue	29,679			24,389
Contract assets	42,599			39,755
Other	6,177			9,973
Total accounts receivable	223,995			190,551
Allowance for doubtful accounts	(5,226)			(4,471)
	$	218,769		$	186,080

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


	December 31, 2022		December 31, 2021
Deferred revenue (contract liabilities)	$	44,790	$	43,236

As of December 31, 2022, accounts receivable, net in the United States represented 77%, of the total. No other country or single customer accounted for more than 10% of the Company's total accounts receivable as of December 31, 2022. A summary of activity in the allowance for doubtful accounts for the years ended December 31, 2022, 2021 and 2020 is provided in Note 16, "Valuation Allowances."

For the majority of contracts with customers, the Company receives payments based upon established contractual terms as products are delivered and services are performed. The Company's larger project-related contracts within the Offshore/Manufactured Products segment often provide for customer payments as milestones are achieved.

Contract assets relate to the Company's right to consideration for work completed but not billed as of December 31, 2022 and 2021 on certain project-related contracts within the Offshore/Manufactured Products segment. Contract assets are transferred to unbilled or trade receivables when the right to consideration becomes unconditional. Contract liabilities primarily relate to advance consideration received from customers (i.e. milestone payments) for contracts for project-driven products as well as others which require significant advance investment in materials. Consistent with industry practice, the Company classifies assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year. All contracts are reported on the consolidated balance sheets in a net asset (contract asset) or liability (deferred revenue) position on a contract-by-contract basis at the end of each reporting period. In the normal course of business, the Company also receives advance consideration from customers on many other short-term, smaller product and service contracts which is deferred and recognized as revenue once the related performance obligation is satisfied.

For the year ended December 31, 2022, the $2.8 million net increase in contract assets was attributable to $34.8 million in revenue recognized during the period, which was partially offset by $31.7 million transferred to accounts receivable. Deferred revenue (contract liabilities) increased by $1.6 million in 2022, reflecting $19.0 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $17.2 million of revenue that was deferred at the beginning of the period.

For the year ended December 31, 2021, the $3.9 million net increase in contract assets was primarily attributable to $38.9 million in revenue recognized during the year, which was partially offset by $35.0 million transferred to accounts receivable. Deferred revenue (contract liabilities) decreased by $0.1 million in 2021, reflecting the recognition of $10.5 million of revenue that was deferred at the beginning of the period, offset by $10.4 million in new customer billings which were not recognized as revenue during the year.


	December 31, 2022		December 31, 2021
Inventories, net:
Finished goods and purchased products	$	90,443	$	87,934
Work in process	32,079		24,722
Raw materials	97,817		96,357
Total inventories	220,339		209,013
Allowance for excess or obsolete inventory	(37,681)		(40,440)
	$	182,658	$	168,573

The Company recorded impairment charges totaling $3.6 million in 2021 to reduce the carrying value of inventories to their estimated net realizable value based primarily on management's decision to exit certain product and service offerings.

During 2020, the Company recorded impairment charges totaling $31.2 million to reduce the carrying value of inventories to their estimated net realizable value based on changes in expectations regarding the near-term utility, customer demand and market pricing of certain goods.


	Estimated Useful Life (years)			December 31, 2022		December 31, 2021
Property, plant and equipment, net:
Land				$	32,875	$	33,536
Buildings and leasehold improvements	1	–	40	247,274		255,530
Machinery and equipment	2	–	28	241,257		247,285
Completion-related equipment	3	–	10	504,770		510,816
Office furniture and equipment	1	–	10	33,529		33,155
Vehicles	3	–	10	59,076		66,431
Construction in progress				10,053		4,780
Total property, plant and equipment				$	1,128,834	$	1,151,533
Accumulated depreciation				(824,999)		(812,950)
				$	303,835	$	338,583

For the years ended December 31, 2022, 2021 and 2020, depreciation expense was $47.0 million, $60.1 million and $73.6 million, respectively.

During 2020, the Well Site Services segment recognized a non-cash impairment charge of $5.2 million to reduce the carrying value of the segment's drilling rigs to their estimated realizable value and $3.6 million to reduce the carrying value of certain other facilities to their estimated realizable value. Also during 2020, the Downhole Technologies segment recognized a non-cash impairment charge of $1.6 million to reduce the carrying value of certain of the segment's fixed assets to their estimated realizable value.

During 2021, the Well Site Services segment recognized non-cash impairment charges of $1.4 million to reduce the carrying value of certain of the segment's fixed assets to their estimated realizable value.


	December 31, 2022		December 31, 2021
Other noncurrent assets:
Deferred compensation plan	$	17,551	$	23,348
Deferred financing costs	1,893		2,674
Deferred income taxes	1,517		1,878
Other	4,726		4,989
	$	25,687	$	32,889


	December 31, 2022		December 31, 2021
Accrued liabilities:
Accrued compensation	$	33,659	$	20,904
Accrued taxes, other than income taxes	1,865		5,130
Insurance liabilities	4,640		6,361
Accrued interest	1,784		3,629
Accrued commissions	2,302		2,194
Other	4,807		5,183
	$	49,057	$	43,401