Details of Selected Balance Sheet Accounts

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Selected Balance Sheet Accounts

Additional information regarding selected balance sheet accounts as of March 31, 2024 and December 31, 2023 is presented below (in thousands):


	March 31, 2024			December 31, 2023
Accounts receivable, net:
Trade	$	134,870		$	128,405
Unbilled revenue	23,815			27,756
Contract assets	41,355			46,746
Other	5,094			4,801
Total accounts receivable	205,134			207,708
Allowance for doubtful accounts	(4,369)			(4,497)
	$	200,765		$	203,211

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


	March 31, 2024		December 31, 2023
Deferred revenue (contract liabilities)	$	41,528	$	36,757

As of March 31, 2024, accounts receivable, net in the United States and the United Kingdom represented 65% and 15%, 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, 2024.

For the three months ended March 31, 2024, the $5.4 million net decrease in contract assets was primarily attributable to $27.4 million transferred to accounts receivable, which was partially offset by $22.0 million in revenue recognized during the period. Deferred revenue (contract liabilities) increased by $4.8 million in the first three months of 2024, primarily reflecting $10.7 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $5.9 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, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Allowance for doubtful accounts – January 1	$	4,497	$	5,226
Provisions	12		133
Write-offs	(135)		(21)
Other	(5)		21
Allowance for doubtful accounts – March 31	$	4,369	$	5,359


	March 31, 2024		December 31, 2023
Inventories, net:
Finished goods and purchased products	$	102,464	$	103,599
Work in process	34,795		30,546
Raw materials	114,390		109,627
Total inventories	251,649		243,772
Allowance for excess or obsolete inventory	(41,460)		(41,745)
	$	210,189	$	202,027


			March 31, 2024			December 31, 2023
Property, plant and equipment, net:







Property, plant and equipment	$	754,882		$	754,143
Accumulated depreciation	(476,799)			(473,754)
							$	278,083	$	280,389

For the three months ended March 31, 2024 and 2023, depreciation expense was $9.9 million and $11.0 million, respectively.


	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships	$	141,317	$	58,708	$	82,609	$	141,342	$	56,499	$	84,843
Patents/Technology/Know-how	70,129		35,833		34,296		70,113		34,541		35,572
Tradenames and other	52,502		20,673		31,829		52,505		19,910		32,595
	$	263,948	$	115,214	$	148,734	$	263,960	$	110,950	$	153,010

For the three months ended March 31, 2024 and 2023, amortization expense was $4.3 million and $4.3 million, respectively.


	March 31, 2024		December 31, 2023
Other noncurrent assets:
Deferred compensation plan	$	17,637	$	17,255
Deferred financing costs	1,768		1,109
Deferred income taxes	2,137		2,211
Other	2,674		2,678
	$	24,216	$	23,253


	March 31, 2024		December 31, 2023
Accrued liabilities:
Accrued compensation	$	13,457	$	27,131
Accrued taxes, other than income taxes	2,902		2,076
Insurance liabilities	4,000		3,839
Accrued interest	3,295		1,690
Accrued commissions	2,716		3,060
Other	8,451		6,431
	$	34,821	$	44,227