Details of Selected Balance Sheet Accounts

3 Months Ended

Mar. 31, 2023

Details of Selected Balance Sheet Accounts [Abstract]

Details of Selected Balance Sheet Accounts

Additional information regarding selected balance sheet accounts as of March 31, 2023 and December 31, 2022 is presented below (in thousands):


	March 31, 2023			December 31, 2022
Accounts receivable, net:
Trade	$	163,360		$	145,540
Unbilled revenue	27,849			29,679
Contract assets	27,731			42,599
Other	6,621			6,177
Total accounts receivable	225,561			223,995
Allowance for doubtful accounts	(5,359)			(5,226)
	$	220,202		$	218,769

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


	March 31, 2023		December 31, 2022
Deferred revenue (contract liabilities)	$	48,969	$	44,790

As of March 31, 2023, accounts receivable, net in the United States and the United Kingdom represented 75% 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, 2023.

For the three months ended March 31, 2023, the $14.9 million net decrease in contract assets was attributable to $27.8 million transferred to accounts receivable during the period, which was partially offset by $12.9 million in revenue recognized. Deferred revenue (contract liabilities) increased by $4.2 million in the first three months of 2023, reflecting $13.2 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $9.0 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, 2023 and 2022 (in thousands):


	Three Months Ended March 31,
	2023		2022
Allowance for doubtful accounts – January 1	$	5,226	$	4,471
Provisions	133		943
Write-offs	(21)		(635)
Other	21		—
Allowance for doubtful accounts – March 31	$	5,359	$	4,779


	March 31, 2023		December 31, 2022
Inventories, net:
Finished goods and purchased products	$	95,094	$	90,443
Work in process	31,632		32,079
Raw materials	108,058		97,817
Total inventories	234,784		220,339
Allowance for excess or obsolete inventory	(38,506)		(37,681)
	$	196,278	$	182,658


			March 31, 2023			December 31, 2022
Property, plant and equipment, net:







Property, plant and equipment	$	1,139,138		$	1,128,834
Accumulated depreciation	(833,004)			(824,999)
							$	306,134	$	303,835

For the three months ended March 31, 2023 and 2022, depreciation expense was $11.0 million and $12.7 million, respectively.


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships	$	141,259	$	49,851	$	91,408	$	141,179	$	47,629	$	93,550
Patents/Technology/Know-how	69,925		30,537		39,388		69,830		29,214		40,616
Tradenames and other	52,497		17,620		34,877		52,488		16,856		35,632
	$	263,681	$	98,008	$	165,673	$	263,497	$	93,699	$	169,798

For the three months ended March 31, 2023 and 2022, amortization expense was $4.3 million and $5.2 million, respectively.


	March 31, 2023		December 31, 2022
Other noncurrent assets:
Deferred compensation plan	$	18,349	$	17,551
Deferred financing costs(1)	—		1,893
Deferred income taxes	1,518		1,517
Other	4,639		4,726
	$	24,506	$	25,687

____________________

(1)Unamortized deferred financing costs are presented as an offset to outstanding borrowing under the ABL Facility as of March 31, 2023.


	March 31, 2023		December 31, 2022
Accrued liabilities:
Accrued compensation	$	15,882	$	33,659
Accrued taxes, other than income taxes	3,175		1,865
Insurance liabilities	4,976		4,640
Accrued interest	3,324		1,784
Accrued commissions	2,432		2,302
Other	5,625		4,807
	$	35,414	$	49,057