Details of Selected Balance Sheet Accounts

9 Months Ended

Sep. 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 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