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Details of Selected Balance Sheet Accounts | 9 Months Ended
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Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Details of Selected Balance Sheet Accounts | Details of Selected Balance Sheet Accounts Additional information regarding selected balance sheet accounts as of September 30, 2023 and December 31, 2022 is presented below (in thousands):
| September 30, 2023 |  | December 31, 2022
Accounts receivable, net: |  |  |
Trade | $ | 137,020 |  |  | $ | 145,540 |
Unbilled revenue | 26,973 |  |  | 29,679 |
Contract assets | 26,005 |  |  | 42,599 |
Other | 4,310 |  |  | 6,177 |
Total accounts receivable | 194,308 |  |  | 223,995 |
Allowance for doubtful accounts | (5,059) |  |  | (5,226) |
| $ | 189,249 |  |  | $ | 218,769 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 3 | % |  | 2 | %
| September 30, 2023 |  | December 31, 2022
Deferred revenue (contract liabilities) | $ | 50,370 |  |  | $ | 44,790 |
As of September 30, 2023, accounts receivable, net in the United States and the United Kingdom represented 68% and 11%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company's total accounts receivable as of September 30, 2023. For the nine months ended September 30, 2023, the $16.6 million net decrease in contract assets was attributable to $39.9 million transferred to accounts receivable during the period, which was partially offset by $23.3 million in revenue recognized. Deferred revenue (contract liabilities) increased by $5.6 million in the first nine months of 2023, reflecting $20.7 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $15.1 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 nine months ended September 30, 2023 and 2022 (in thousands):
| Nine Months Ended September 30,
| 2023 |  | 2022
Allowance for doubtful accounts – January 1 | $ | 5,226 |  |  | $ | 4,471 |
Provisions | 23 |  |  | 1,237 |
Write-offs | (208) |  |  | (1,581) |
Other | 18 |  |  | 272 |
Allowance for doubtful accounts – September 30 | $ | 5,059 |  |  | $ | 4,399 |
| September 30, 2023 |  | December 31, 2022
Inventories, net: |  |  |
Finished goods and purchased products | $ | 105,009 |  |  | $ | 90,443 |
Work in process | 31,258 |  |  | 32,079 |
Raw materials | 110,401 |  |  | 97,817 |
Total inventories | 246,668 |  |  | 220,339 |
Allowance for excess or obsolete inventory | (40,127) |  |  | (37,681) |
| $ | 206,541 |  |  | $ | 182,658 |
|  |  | September 30, 2023 |  | December 31, 2022
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 886,920 |  |  | $ | 1,128,834 |
Accumulated depreciation |  | (607,774) |  |  | (824,999) |
|  |  |  |  |  |  | $ | 279,146 |  |  | $ | 303,835 |
During 2023, certain facilities in the Offshore/Manufactured Products segment were reclassified as held for sale assets, and transferred from property, plant and equipment to prepaid and other current assets. The carrying value of these facilities totaled $17.2 million as of September 30, 2023. For the three months ended September 30, 2023 and 2022, depreciation expense was $11.1 million and $11.3 million, respectively. Depreciation expense was $33.3 million and $35.9 million, respectively, for the nine months ended September 30, 2023 and 2022.
| September 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 | $ | 141,215 |  |  | $ | 54,268 |  |  | $ | 86,947 |  |  | $ | 141,179 |  |  | $ | 47,629 |  |  | $ | 93,550 |
Patents/Technology/Know-how | 69,971 |  |  | 33,188 |  |  | 36,783 |  |  | 69,830 |  |  | 29,214 |  |  | 40,616 |
Tradenames and other | 52,492 |  |  | 19,145 |  |  | 33,347 |  |  | 52,488 |  |  | 16,856 |  |  | 35,632 |
| $ | 263,678 |  |  | $ | 106,601 |  |  | $ | 157,077 |  |  | $ | 263,497 |  |  | $ | 93,699 |  |  | $ | 169,798 |
For the three months ended September 30, 2023 and 2022, amortization expense was $4.3 million and $5.1 million, respectively. Amortization expense was $12.9 million and $15.5 million for the nine months ended September 30, 2023 and 2022, respectively.
| September 30, 2023 |  | December 31, 2022
Other noncurrent assets: |  |  |
Deferred compensation plan | $ | 19,477 |  |  | $ | 17,551 |
Deferred financing costs | 1,317 |  |  | 1,893 |
Deferred income taxes | 2,274 |  |  | 1,517 |
Other | 2,619 |  |  | 4,726 |
| $ | 25,687 |  |  | $ | 25,687 |
| September 30, 2023 |  | December 31, 2022
Accrued liabilities: |  |  |
Accrued compensation | $ | 24,783 |  |  | $ | 33,659 |
Accrued taxes, other than income taxes | 5,142 |  |  | 1,865 |
Insurance liabilities | 3,653 |  |  | 4,640 |
Accrued interest | 3,288 |  |  | 1,784 |
Accrued commissions | 3,226 |  |  | 2,302 |
Other | 9,046 |  |  | 4,807 |
| $ | 49,138 |  |  | $ | 49,057 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//210/tableOfContent + Details
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