Details of Selected Balance Sheet Accounts

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Selected Balance Sheet Accounts

Additional information regarding selected balance sheet accounts as of June 30, 2023 and December 31, 2022 is presented below (in thousands):


	June 30, 2023			December 31, 2022
Accounts receivable, net:
Trade	$	131,726		$	145,540
Unbilled revenue	26,796			29,679
Contract assets	23,714			42,599
Other	3,754			6,177
Total accounts receivable	185,990			223,995
Allowance for doubtful accounts	(5,073)			(5,226)
	$	180,917		$	218,769

Allowance for doubtful accounts as a percentage of total accounts receivable	3		%	2		%


	June 30, 2023		December 31, 2022
Deferred revenue (contract liabilities)	$	53,027	$	44,790

As of June 30, 2023, accounts receivable, net in the United States and the United Kingdom represented 73% and 10%, 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, 2023.

For the six months ended June 30, 2023, the $18.9 million net decrease in contract assets was attributable to $37.3 million transferred to accounts receivable during the period, which was partially offset by $18.4 million in revenue recognized. Deferred revenue (contract liabilities) increased by $8.2 million in the first six months of 2023, reflecting $20.6 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $12.4 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, 2023 and 2022 (in thousands):


	Six Months Ended June 30,
	2023		2022
Allowance for doubtful accounts – January 1	$	5,226	$	4,471
Provisions	14		1,044
Write-offs	(204)		(629)
Other	37		280
Allowance for doubtful accounts – June 30	$	5,073	$	5,166


	June 30, 2023		December 31, 2022
Inventories, net:
Finished goods and purchased products	$	103,641	$	90,443
Work in process	33,431		32,079
Raw materials	107,781		97,817
Total inventories	244,853		220,339
Allowance for excess or obsolete inventory	(39,721)		(37,681)
	$	205,132	$	182,658


			June 30, 2023			December 31, 2022
Property, plant and equipment, net:







Property, plant and equipment	$	1,054,155		$	1,128,834
Accumulated depreciation	(758,140)			(824,999)
							$	296,015	$	303,835

During the second quarter of 2023, a facility held for sale by the Offshore/Manufactured Products segment was reclassified from property, plant and equipment to prepaid and other current assets. The estimated fair value of the facility exceeded its net carrying value of $6.9 million and, thus no impairment charge was recognized.

For the three months ended June 30, 2023 and 2022, depreciation expense was $11.2 million and $12.0 million, respectively. Depreciation expense was $22.2 million and $24.6 million, respectively, for the six months ended June 30, 2023 and 2022.


	June 30, 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	$	141,313	$	52,069	$	89,244	$	141,179	$	47,629	$	93,550
Patents/Technology/Know-how	69,977		31,863		38,114		69,830		29,214		40,616
Tradenames and other	52,502		18,384		34,118		52,488		16,856		35,632
	$	263,792	$	102,316	$	161,476	$	263,497	$	93,699	$	169,798

For the three months ended June 30, 2023 and 2022, amortization expense was $4.3 million and $5.3 million, respectively. Amortization expense was $8.6 million and $10.4 million for the six months ended June 30, 2023 and 2022, respectively.


	June 30, 2023		December 31, 2022
Other noncurrent assets:
Deferred compensation plan	$	19,231	$	17,551
Deferred financing costs	1,543		1,893
Deferred income taxes	2,351		1,517
Other	4,674		4,726
	$	27,799	$	25,687


	June 30, 2023		December 31, 2022
Accrued liabilities:
Accrued compensation	$	21,742	$	33,659
Accrued taxes, other than income taxes	3,762		1,865
Insurance liabilities	4,150		4,640
Accrued interest	1,685		1,784
Accrued commissions	2,475		2,302
Other	9,173		4,807
	$	42,987	$	49,057